Static compression therapy consists of compression garments and compression bandages that help support veins and lymph vessels to reduce pressure and swelling in the arms and legs. These products are used for treatment of venous diseases, sports injuries, post-surgery recovery, and prevention of deep vein thrombosis. The increasing incidences of chronic venous diseases and sports injuries have generated the need for static compression therapy products.
India static compression therapy market is estimated to be valued at US$ 185 million in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising geriatric population is one of the key trends driving the growth of India static compression therapy market. As per a United Nations report, India's population aged 60 years and above is projected to grow to around 300 million by 2050 from 140 million in 2021. With aging comes increased susceptibility to diseases such as chronic venous diseases. According to a study published in BioMed Research International, the prevalence of chronic venous diseases in elderly population is around 30-40%. The rising geriatric population has increased the patient pool undergoing treatment using static compression therapy products and this is expected to contribute to the market growth over the forecast period.
Segment Analysis
India static compression therapy market is dominated by the compression garments sub-segment. This is because compression garments provide effective and targeted compression to treat various conditions such as edema, varicose veins, and deep vein thrombosis. The lightweight, comfortable, and easy to use nature of compression garments makes them a preferred option over other static compression therapy products.
Key Takeaways
India Static Compression Therapy Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. The growing elderly population suffering from chronic conditions like osteoarthritis is driving the demand for static compression therapy in India.
Regional analysis: The western region of India dominates the static compression therapy market owing to the developed healthcare infrastructure and rising healthcare expenditure in states like Maharashtra. The efforts by public and private players to spread awareness about compression therapy are also boosting the adoption of static compression products in this region.
Key players operating in India static compression therapy market are 3M, BSN Medical, medi GmbH & Co. KG, SIGVARIS, and Therafirm. 3M is one of the leading players due to its wide range of compression bandages and garments addressing various medical conditions. BSN Medical also has a strong presence in India thanks to its compression stockings and wraps.
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