The India Static Compression Therapy market is estimated to be valued at US$ 181.1 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Static compression therapy products provide support with the help of wraps, sleeves, tights and stockings. These products are medically indicated to be used post surgeries to reduce swelling and improve blood circulation. They find applications in treatment for varicose veins, deep vein thrombosis, edema and other chronic venous diseases. With rise in incidences sports related injuries and accidents, the demand for static compression therapy for faster recovery is growing in India.
Market key trends:
The key trends driving the growth of India static compression therapy market include rising incidences of sports injuries and road accidents. According to a recent study, the rate of sports injuries are increasing in India. Factors such as growing sports culture, fitness awareness, and participation in competitive sports are contributing to rise in sports injuries. Similarly, road accidents and resultant injuries are also increasing rapidly owing to rising vehicle ownership and improper road infrastructure in the country. This has boosted the demand for compression therapies to treat injuries and aid faster recovery. One of the main trends is growing consumer preference for lightweight, breathable, and comfortable compression products. Manufacturers are focusing on new product innovations catering to these emerging needs to accelerate market penetration.
Porter's Analysis
Threat of new entrants: Low capital requirements and established brand loyalty act as a entry barriers for new players in the market.
Bargaining power of suppliers: Major players operating in the market are integrated with suppliers leading to less bargaining power of suppliers.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and low switching costs.
Threat of new substitutes: Substitutes like elastic stockings poses threat to compression therapy market.
Competitive rivalry: Intense competition due to presence of established players.
SWOT Analysis
Strengths: Established distribution channel and brand recognition of major players. Wide acceptance of compression therapy for treatment of varicose veins, deep vein thrombosis and lymphedema acts as key strength.
Weaknesses: High cost associated with compression therapy limits its adoption. Lack of awareness regarding advantages of compression therapy in rural areas.
Opportunities: Growing geriatric population prone to varicose veins and deep vein thrombosis creates significant growth opportunities. Increasing healthcare expenditure in developing countries offer lucrative opportunities.
Threats: Availability of alternative treatment options like sclerotherapy acts as a major threat to market growth. Stringent regulatory approvals delay market entry of new players.
Key Takeaways
The India Static Compression Therapy Market Size is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing prevalence of varicose veins, DVT and lymphedema in the country. As per WHO, varicose veins affect about 30-40% of adult population, thereby creating demand for compression therapy.
Regionally, Western and Southern India hold majority share of the India static compression therapy market due to presence of leading healthcare facilities and rising medical tourism. States like Maharashtra and Karnataka are fastest growing markets.
Key players operating in the India static compression therapy market are 3M , BSN Medical, Sigvaris AG, Cardinal Health,Medi GmbH & Co, ArjoHuntleigh Healthcare India, Bio Compression Systems Inc, Zimmer Biomet India, Spectrum Healthcare and Vissco Healthcare. Major players are focused on new product launches and partnerships to strengthen their market position.
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