India Static Compression Therapy Market is Estimated To Witness High Growth Owing To Rising Prevalence of Chronic Diseases
The India Static Compression Therapy Market is estimated to be valued at US$ 181.1 Mn in 2022 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 uses compression garments, wraps and devices to apply direct and graduated pressure towards to venous system and lymphatic vessels. These products help in improving blood circulation and reducing leg swelling associated with chronic venous disease, post thrombotic syndrome and varicose veins. They provide relief from aching, cramping and leg tiredness caused by ineffective pumping of blood from legs back to the heart.
Market key trends:
The market is witnessing high growth owing to rising prevalence of chronic diseases such as deep vein thrombosis, lymphedema and chronic venous insufficiency in India. As per estimates, chronic venous disease affects around 2-5% of Indian population. Growing geriatric population which is more prone to such diseases, increasing healthcare expenditure and rising awareness about the effectiveness of static compression products in treatment are some key factors propelling the market growth. Moreover, advancement in compression garment designs providing better comfort and compliance along with expansion of e-commerce are also contributing to industry expansion.
Porter's Analysis
Threat of new entrants: New players face high initial capital investments and established presence of existing players. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes. Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitutes. Threat of new substitutes: Substitutes like compression pumps pose moderate threat. Competitive rivalry: Strong competitive rivalry exists among key established players.
SWOT Analysis
Strengths: Established distribution network and brand loyalty. Weaknesses: High dependency on few therapeutic areas and price pressure from local players. Opportunities: Untapped rural markets and growth in vascular and orthopedic surgeries. Threats: Risk of price regulations and global economic slowdown.
Key Takeaways
The Global India Static Compression Therapy Market Size is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing incidences of venous leg ulcers, deep vein thrombosis and sports injuries. The North Indian region currently dominates the market due to presence of key players and advanced healthcare facilities.
Regional analysis - North India is expected to maintains its dominance during the forecast period, growing at a CAGR of 8.1%. This is attributed to increasing healthcare expenditure and presence of major market players in states like Delhi, Maharashtra and Gujarat. West India is the fastest growing region due to growing medical tourism and awareness.
Key players - 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, and Vissco Healthcare. These players are focusing on new product launches and geographical expansions to strengthen their market presence.
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