Static Compression Therapy Market : High incidence of Diabetes and Venous Ulcer to drive the demand for Static Compression Therapy Products : India Industry Analysis and Opportunity Assessment, 2015 - 2025

  • No. of Pages: 62
  • Published: 2016-07-13
  • Report Code: REP-IN-1680

An Incisive, In-depth Analysis on the India Static Compression Therapy Market

This study offers a comprehensive, 360 degree analysis on the India Static Compression Therapy market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global India Static Compression Therapy market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.

Static compression therapy is defined as application of pressure on body parts to reduce swelling and regulate blood flow in order to provide relief to patients with foot ulcers, varicose veins, spider veins, etc. Static compression therapy is becoming increasingly popular in India, mainly due to increasing healthcare expenditure and developments in distribution channel of static compression therapy products by companies. Over the years, demand for effective compression therapy products has increased, thus many new companies are entering the static compression therapy market by emphasizing on new technology to deliver quality products.

The static compression therapy market in India is estimated to account for US$ 112.0 Mn by the end of 2016 and is projected to register a CAGR of 7.2% terms of value due to rising demand for compression garments and bandages, fueled by increase in diabetic and geriatric population during the forecast period

Drivers and Trends

Increasing diabetic population in India is expected to create increasing demand for compression stockings and diabetic socks. Around 5.4% of the total world population is expected to be diabetic by 2025. By 2030, 80 Mn people are expected to suffer from diabetes, creating significant opportunity for the static compression therapy market. Indian healthcare spending is increasing rapidly and the healthcare industry in the country is expected to reach US$ 280 Bn by 2020. This is in turn expected to boost growth of the static compression therapy market in India over the forecast period. Favourable government schemes such as Jan Aushadhi Scheme, which is focused on reducing prices, and providing quality medicines to poorer masses in the country, and is expected to boost demand for static compression therapy products. Also, geriatric population in India is expected to reach 198 Mn by 2030. Growing geriatric population is expected to drive growth of the static compression therapy market as almost 70% of pressure ulcers occur among this age group.

Currently, in India, the use of compression bandages is higher than that of compression stockings, mainly because compression bandages are relatively cheaper. However, ease of wearing compression stockings is one of the major factors expected to lead to increasing shift in preference for compression stockings and diabetic socks over compression bandages over the forecast period.  

Analysis by Region

By region, the market in south India is expected to exhibit the highest CAGR, followed by north India. Factors such as high prevalence rate of diabetes and rising geriatric population are expected to drive market growth in these regions during the forecast period.

Analysis by Product Type

By product type, the static compression therapy market in India is segmented into compression bandages and compression garments. Compression bandages segment is estimated to account for around 67.6% share in terms of value of the overall static compression therapy market in India by 2016 end. However, compression garments segment is expected to exhibit higher growth than compression bandages segment during the forecast period. Compression garments segment is further sub-segmented into upper garments and lower garments.

Analysis by Distribution Channel

Based on distribution channel, the static compression therapy market in India is segmented into retail pharmacies and online pharmacies. Retail pharmacies segment is expected to dominate the market throughout the forecast period, with CAGR of 8.0%. However, online pharmacies segment is expected to register significant Y-o-Y growth. High internet penetration and increasing awareness of online pharmacies in India are factors expected to drive growth of this segment over the forecast period.

Competitive Landscape

Key market participants covered in the report include 3M Co., BSN Medical., Sigvaris AG and Vissco Healthcare. The primary focus of these companies is towards establishing distribution channel and creating awareness about benefits of static compression therapy in India. The report covers several important developments in these companies as well as their SWOT analysis.  

 

 

 

 

       

Future Market Insights offers a 10-year forecast of the static compression therapy market in India between 2015 and 2025. In terms of value, the market is expected to register a CAGR of 7.2% during the forecast period. This study demonstrates market dynamics and trends in India that are expected to influence the current environment and future status of the static compression therapy market over the forecast period.

Report Description

This Future Market Insights report examines the static compression therapy market for the period 2015–2025. The primary objective of the report is to offer insights into developments in the static compression therapy market that are significantly helping transform the Indian healthcare industry.

This report on the static compression therapy market in India begins by defining static compression therapy and listing related products. The overview section includes FMI’s analysis on key trends, drivers, restraints and opportunities that are influencing growth of the static compression therapy market in India currently.

Some of the factors driving growth of the static compression therapy market in India are significant increase in diabetic patients in the country, increasing geriatric population, incidence rate of varicose and spider veins, increase in per capita healthcare expenditure and increasing awareness about static compression therapy for treatment foot ulcer and regulation of blood circulation. On the other hand, factors hampering growth of the static compression therapy market in India are high cost of and low awareness about static compression therapy products in the country. 

The static compression therapy market in India is segmented on the basis of product type into compression garments and compression bandages. Compression garments segment is further sub-segment into compression stockings and diabetic socks.  The static compression therapy market in India is also segmented on the basis of distribution channel into online pharmacies and retail pharmacies.

The report evaluates the static compression therapy market by product type and by distribution channel based on present scenario and growth prospects of the static compression therapy market for the period 2015 –2025. We have considered 2014 as the base year and provided data for the forecast period, i.e. 2015–2025.

To ascertain size of the static compression therapy market, we have also considered revenue generated by companies that are developing static compression therapy products. The forecast presented here assesses the total revenue generated across the static compression therapy market in India over the forecast period. In order to offer an accurate forecast, we started by sizing up the current market, which forms the basis of how the static compression therapy market is expected to develop in the future. Given the characteristics of the market, we triangulated the outcome on the basis of three different types of analysis, i.e., by supply side, downstream industry demand and the economic envelope.

It is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyses based on key parameters, such as Year-on-Year (Y-o-Y) growth rates, to understand the predictability of the market and to identify the right opportunities in it.

Another key feature of this report is the analysis of key segments in terms of absolute dollar opportunity. This is traditionally overlooked while forecasting the market. However, absolute dollar opportunity is critical for assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective of the static compression therapy market.

To understand key growth segments, Future Market Insights has developed the static compression therapy market ‘Attractiveness Index’. The resulting index helps providers to identify real market opportunities.

In the final section of the report on the static compression therapy market, ‘Competitive Landscape’ is included to provide report audiences with a dashboard view and to access key differentiators among the competitor firms. This section is primarily designed to provide clients with an objective and detailed comparative assessment of key providers specific to a market segment in the static compression therapy value chain and potential players with regard to the same.

Profiles of the companies are also included in the scope of the report to evaluate their long-term and short-term strategies.  Key market participants covered in the report include 3M Co., BSN Medical., Sigvaris AG and Vissco Healthcare. The primary focus of the companies is towards establishing distribution channel and creating awareness about benefits of static compression therapy. 

Key Segments Covered

  • By Product Type
    • Compression Bandages
    • Compression Garments
      • Upper Garments
      • Lower Garments 
  • By Distribution Channel
    • Retail Pharmacies
    • Online Pharmacies 

Key Companies

  • 3M Co.
  • BSN Medical
  • Sigvaris AG
  • Vissco Healthcare

India Static Compression Therapy Market Reports - Table of Contents

India Static Compression Therapy Market Reports - List of Tables

List of Tables

Table 1: India Static Compression Therapy Market Value Forecast By Product, 2015–2025 (US$ Mn)
Table 2: India Static Compression Therapy Market Value Forecast By Distribution Channel, 2015–2025 (US$ Mn)
 

India Static Compression Therapy Market Reports - List of Figures

List of Figures

Figure 1: Indian Compression Therapy Market Value (US$), 2014-2025
Figure 2: Indian Compression Therapy Market Value by Product Type, 2015-2025
Figure 3: India Static Compression Therapy Market Y-o-Y Growth Rate by Product Type, 2015–2025
Figure 4: India Static Compression Therapy Market Value (US$ Mn) & Y-o-Y Growth by Compression Bandages Segment, 2015–2025
Figure 5: Figure 5: India Static Compression Therapy Market Absolute $ Opportunity (US$ Mn) By Compression Bandage Segment, 2015–2025
Figure 6: India Static Compression Therapy Market Value (US$ Mn) & Y-o-Y Growth by Compression Garments Segment, 2015–2025
Figure 7: India Static Compression Therapy Market Absolute $ Opportunity (US$ Mn) by Compression Garments Segment, 2015–2025
Figure 8: India Static Compression Therapy Market Attractiveness Analysis by Product Form, 2015–2025
Figure 9: India Static Compression Therapy Market Value by Distribution Channel, 2015-2025
Figure 10: India Static Compression Therapy Market Y-o-Y Growth Rate by Distribution Channel, 2015–2025
Figure 11: India Static Compression Therapy Market Value (US$ Mn) & Y-o-Y Growth by Retail Pharmacies segment, 2015–2025 
Figure 12: India Static Compression Therapy Market Absolute $ Opportunity (US$ Mn) by Retail Pharmacies Segment, 2015–2025
Figure 13: India Static Compression Therapy Market Value (US$ Mn) & Y-o-Y Growth by online Pharmacies segment, 2015–2025
Figure 14: India Static Compression Therapy Market Absolute $ Opportunity (US$ Mn) by Online Pharmacies Segment, 2015–2025
Figure 15: India Static Compression Therapy Market Attractiveness Analysis by Distribution Channel, 2015–2025

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