The Static Compression Therapy Industry in India is estimated to account for US$ 112.0 million by the end of 2016 and is projected to register a compound annual growth rate (CAGR) of 7.2% in terms of value due to rising demand for compression garments and bandages, fueled by increase in diabetic and geriatric population during the forecast period, according to a new report by Market Research Future (MRFR).
Static compression therapy is a non-invasive treatment method that uses elastic bandages or garments to apply pressure to the affected area. It is commonly used to treat venous diseases, such as varicose veins and deep vein thrombosis, as well as lymphedema, a condition that causes swelling in the arms and legs due to a buildup of lymphatic fluid.
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Strong demand from diabetics and geriatric population will continue to drive the growth of the India Static Compression Therapy Industry in 2016. Demand will also grow on account of rising incidence of venous ulcers and other vein diseases. Compression bandages will continue to outsell compression garments, with the former accounting for a revenue share of over 60% in 2015. Overall, the India static compression therapy market is anticipated to rake in US$ 112 Mn in revenues in 2016.
Retail pharmacies will remain the dominant distribution channel, accounting for over 62% revenue share of the market in 2016. Valued at US$ 63 Mn in 2015, the retail pharmacies distribution channel will grow at 7.4% in terms of revenues to reach US$ 67.6 Mn in revenues in 2016.
Sales of compression therapy products and services are also growing through online channels. Online pharmacies are leveraging on offering doorstep delivery and competitive pricing to appeal to end-users. Sales through online pharmacies totalled US$ 39.9 Mn in 2015, and are expected to grow at 5.5% in 2016 to reach US$ 42.11 Mn.
Several players are anticipated to enter the India Static Compression Therapy Industry, considering the steady growth that the market is currently experiencing. 3M Co., BSN Medical, Sigvaris AG, and Vissco Healthcare are some of the leading players in the India static compression therapy market.
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The key players in the India Static Compression Therapy Industry market are focusing on establishing the distribution channels and creating awareness about the benefits of compression stocks among patients. Coban 2 Lite Compression Systems, Jobst, and Vissco Platinum are some of the well-known static compression therapy products available in the market.
Long-term Outlook: The long-term outlook on the India Static Compression Therapy Industry is positive, with total revenues expected to increase at a CAGR of 7.2% during the forecast period 2015-2025.
Key Segments Covered
By Product Type
- Compression Bandages
- Compression Garments
- Upper Garments
- Lower Garments
By Distribution Channel
- Retail Pharmacies
- Online Pharmacies
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