Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
India Static Compression Therapy Market – Insights
Compression therapy is a form of wound care in which specifically designed stockings are worn to gently apply pressure to the ankles and legs. Static compression therapy products include, compression garments, compression stockings, and compression socks. Bandages are easy to wear and are affordable. Bandages are made from elastic material and used on various parts of the body to reduce swelling.
India static compression therapy market is estimated to account for US$ 138.6 Mn in terms of value in 2019 and is expected to reach US$ 241.8 Mn by the end of 2027.
India Static Compression Therapy Market: Drivers
High incidence of diabetes is expected to aid in growth of India static compression therapy market over the forecast period. For instance, according to the National Diabetes and Diabetic Retinopathy Survey report published in October 2019, the prevalence of diabetes in India was 11.8% during 2015-2019 and the prevalence of known diabetes cases was 8.0% and new diabetes cases was 3.8% during the period.
Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the United Nations April 2019 data, the share of geriatric population in India is expected to increase to nearly 20% in 2050
India Static Compression Therapy Market: Restraints
Lower healthcare spending is expected to hinder growth of India static compression therapy market. For instance, according to the National Health Profile 2019 released in November 2019, in 2016, public spending on health was 1.17% of the GDP, whereas nations classified as Lower Income Countries by the World Bank spent 1.57% of their GDP on health that year.
Moreover, lack of knowledge and low awareness about the use of the static compression products such as bandages and stockings is expected to hinder growth of the market.
India Static Compression Therapy Market: Opportunities
Players in the market may focus on increasing product awareness with major focus on enhancing the distribution channel through strategic partnerships.
Moreover, correct application of compression bandages requires trained professionals. However, India has a poor doctor-patient ratio. Therefore, proper training is expected to aid in growth of the market.
Compression bandages segment in India static compression therapy market was valued at US$ 78.3 Mn in 2018 and is expected to reach US$ 148.4 Mn by 2027 at a CAGR of 7.4% during the forecast period.
Market Trends/Key Takeaways
The product awareness for stockings is low. Sales of diabetic socks and stockings is comparatively higher through online pharmacies, whereas sales of bandages is higher through retail pharmacies, owing to higher availability and accessibility to this channel in semi urban and remote areas. This trend is changing and more users are opting for online pharmacies and online company stores to make purchases.
The product awareness for bandages is high in India, whereas as that for socks is moderate. Shift in the adoption rate of static compression therapy products is slow. Adoption rate of stockings and diabetic socks is increasing and is expected to outpace that of compression bandages. This is attributed to ease of wearing compression garments and availability of newer fashionable stockings in the market.
India Static Compression Therapy Market: Competitive Landscape
Major players operating in India static compression therapy market include, 3M, BSN Medical, Sigvaris AG, and Vissco Healthcare.
India Static Compression Therapy Market: Key Developments
Major players in the market are focused on launching new products to expand their product portfolio. For instance, in April 2018, Sigvaris AG launched the new version of SAMSON stockings for women and men with new colors, improved characteristics, and a new look. The product is has skin-friendly cotton that keeps away moisture and offers long lasting comfort.