Static compression therapy products are highly effective in the treatment of varicose veins and spider veins. The adoption of compression bandages is higher compared to compression socks and stockings due their low cost. Stockings used in static compression therapy are effective in the treatment of varicose veins and spider veins. Socks are effective for leg pain in diabetic patients.
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
Increasing prevalence of venous ulcers and other vein diseases is expected to propel growth of India static compression therapy market over the forecast period. For instance, according to the study, ‘Estimation of Prevalence of Varicose Veins Formation and Associated Risks in North Indian Population’, published in 2019 in Research & Reviews: A Journal of Health Professions, the prevalence of varicosities formation was noted high in the Northern Indian population with around one-third of women (in the study group) and one fifth of men found affected by this disorder.
India Static Compression Therapy Market: Opportunities
Older debilitated patients with comorbidities find it difficult to use compression stockings. Market players can focus on developing products that are convenient for the geriatric age group to enhance their market share.
India Static Compression Therapy Market: Restraints
Availability of substitutes is expected to hider growth of India static compression therapy market. The substitute for static compression therapy is dynamic compression therapy. Moreover, increasing use of compression devices could hamper demand for bandages and stockings.
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. The compression bandages provide compression to the injured blood vessels by facilitating blood clot formation, thereby treating rapid blood loss or haemorrhage. Compression bandages are highly suited at stabilizing wounds on limbs. The bandages also find application in treating venomous snake bites, to avoid venom progression into the bloodstream. Pressure bandages are ideal emergency tools for severe injuries such as sports injuries and accidents.
The retail pharmacies segment held dominant position in India static compression therapy market in 2018, accounting for 63.6% share in terms of value, followed by online pharmacies. There is a presence of large number of retail pharmacies in the country who readily make available newer products in the market. Moreover, increasing spending capacity of the population is also expected to support growth of the segment over the forecast period.
Major players in the market are offering sizing mobile apps. For instance, Sigvaris AG offers Sizing App, which helps users find the suitable compression stockings and provides size recommendations and product suggestions.
The use of static compression therapy in gym is a new trend. It helps to increase blood flow to specific parts of the body, thereby providing more oxygen and nutrients to those areas for speedy recovery, relieving pain, and improving performance during various gym activities.
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 May 2018, Sigvaris AG launched DELILAH, a support stockings in the fine-structured 140D FLAT.