Static compression therapy is defined as application of pressure on body parts to reduce swelling and regulate blood flow in order to provide relief to patients with foot ulcers, varicose veins, spider veins, etc. Static compression therapy is becoming increasingly popular in India, mainly due to increasing healthcare expenditure and developments in distribution channel of static compression therapy products by companies. Over the years, demand for effective compression therapy products has increased, thus many new companies are entering the static compression therapy market by emphasizing on new technology to deliver quality products.
The static compression therapy market in India is estimated to account for US$ 112.0 Mn by the end of 2016 and is projected to register a CAGR of 7.2% terms of value due to rising demand for compression garments and bandages, fueled by increase in diabetic and geriatric population during the forecast period
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Drivers and Trends
Increasing diabetic population in India is expected to create increasing demand for compression stockings and diabetic socks. Around 5.4% of the total world population is expected to be diabetic by 2025. By 2030, 80 Mn people are expected to suffer from diabetes, creating significant opportunity for the static compression therapy market. Indian healthcare spending is increasing rapidly and the healthcare industry in the country is expected to reach US$ 280 Bn by 2020. This is in turn expected to boost growth of the static compression therapy market in India over the forecast period. Favourable government schemes such as Jan Aushadhi Scheme, which is focused on reducing prices, and providing quality medicines to poorer masses in the country, and is expected to boost demand for static compression therapy products. Also, geriatric population in India is expected to reach 198 Mn by 2030. Growing geriatric population is expected to drive growth of the static compression therapy market as almost 70% of pressure ulcers occur among this age group.
Currently, in India, the use of compression bandages is higher than that of compression stockings, mainly because compression bandages are relatively cheaper. However, ease of wearing compression stockings is one of the major factors expected to lead to increasing shift in preference for compression stockings and diabetic socks over compression bandages over the forecast period.
Analysis by Region
By region, the market in south India is expected to exhibit the highest CAGR, followed by north India. Factors such as high prevalence rate of diabetes and rising geriatric population are expected to drive market growth in these regions during the forecast period.
Analysis by Product Type
By product type, the static compression therapy market in India is segmented into compression bandages and compression garments. Compression bandages segment is estimated to account for around 67.6% share in terms of value of the overall static compression therapy market in India by 2016 end. However, compression garments segment is expected to exhibit higher growth than compression bandages segment during the forecast period. Compression garments segment is further sub-segmented into upper garments and lower garments.
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Analysis by Distribution Channel
Based on distribution channel, the static compression therapy market in India is segmented into retail pharmacies and online pharmacies. Retail pharmacies segment is expected to dominate the market throughout the forecast period, with CAGR of 8.0%. However, online pharmacies segment is expected to register significant Y-o-Y growth. High internet penetration and increasing awareness of online pharmacies in India are factors expected to drive growth of this segment over the forecast period.
Key market participants covered in the report include 3M Co., BSN Medical., Sigvaris AG and Vissco Healthcare. The primary focus of these companies is towards establishing distribution channel and creating awareness about benefits of static compression therapy in India. The report covers several important developments in these companies as well as their SWOT analysis.