by Static compression therapy products such as stockings, bandages and wraps are used for reducing swelling in legs, ankles and feet caused due to long standing, poor circulation or varicose veins. These products provide graded, circumferential pressure from the toes up the leg which improves blood flow and recovery. The increasing healthcare expenditure along with the rising cases of poor circulation, diabetes and obesity in India is driving the demand for static compression therapy products in the country.
India Static Compression Therapy Market is estimated to be valued at US$ 78.2 million in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
The increasing healthcare expenditure in India has been a major trend propelling the growth of the static compression therapy market. As per the data published by the government, healthcare spending in India is expected to reach US$ 372 billion by 2022 from US$ 100 billion in 2016 registering a CAGR of over 22%. Both public as well as private spending on healthcare has increased substantially over the years. This rising healthcare expenditure has improved access to better quality treatment and therapy options including static compression products across hospitals and clinics in India. The increased funding and focus on healthcare is anticipated to drive the demand for static compression therapy in the country.
SWOT Analysis
Strength: Growing awareness and acceptance of compression therapy in India. Compression therapy products provides effective treatment for various medical conditions.
Weakness: Lack of skilled medical professionals for proper application and guidance related to static compression therapy. High cost of branded compression products poses affordability issues.
Opportunity: Rapidly rising geriatric population suffering from chronic diseases drives the demand. Increasing healthcare expenditure in India also supports market growth.
Threats: Presence of cheaper alternatives limits the sales of premium compression products. Lack of reimbursement policies hinders the market growth.
Key Takeaways
India Static Compression Therapy Market Demand is expected to witness high growth.
Regional analysis related content comprises India dominates the static compression therapy market in Asia Pacific due to growing incidence of varicose veins, deep vein thrombosis and lymphedema. India market is projected to grow at a CAGR of 9.7% during the forecast period.
Key players operating in India static compression therapy market are 3M, BSN Medical, Sigvaris, Medtronic, Juzo, Paul Hartmann AG, Sanyleg S.R.L., Therafirm, and MEDI GMBH & Co KG. 3M holds a major share in India market owing to its wide range of high quality static compression products. BSN Medical also has a significant presence with its compression bandages portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
