Indian compression garments market is growing at a CAGR of 5.8% during the forecast period. The factors contributing to the growth of the Indian compression garments market include demand for postop, therapeutic, and recovery healthcare products, due to the rising aging and diabetic population, increasing demand for ulcer and wound care. India is the second most populated country in the Asia Pacific after China, with approximately 1.38 billion population. Further, rising awareness regarding advanced innovative products and therapies for quicker healing of otherwise long-time taking treatments is also contributing to market growth. The prevalence of DFU is about 11.6% in India. Also, the number of burn cases are increasing at a rapid rate in India over the years. For instance, according to the WHO, approximately 10 lakh people suffer from moderate or severe burns every year in India. With the rise in awareness among patients as well as healthcare practitioners, the demand for compression garments is expected to remain steady in the country.
In India, the demand for compression garments was hit largely due to the halt of nonessential travel, surgeries, overburdened healthcare institutions, and the general marketplace. However, as of H2 2020, the government has started to open markets and remove domestic and international travel. The demand is expected to slowly revise to the pre-COVID trajectory. However, as there has been a drop in disposable income, the revenue figures for compression garments are expected to remain slightly lower than pre-COVID projections.
The Indian compression garments market is segmented based on product type, application, and distribution channel. Based on product type, the compression garments market is segmented into shapewear, compression tapes, facial garments, full-body garments, and lower and upper extremities garments. Based on application, the compression garments market is segmented into healthcare, sports, and slimwear. Based on the distribution channels, the market is classified into the pharmacy and offline retail, and online.
The Indian market is highly competitive, with most players competing to gain a greater market share. At the regional level, the competition has intensified with several vendors selling the same products with limited product differentiation. The intense competition, rapid advancements in technology to incorporate sustainable ingredients, frequent changes in consumer preferences, and unwillingness to undertake repeat purchases pose significant risks for the vendors. Further, the online channel is expected to gain high traction in post-op recovery applications. The online channel is also witnessing a rise in orders from male customers. Some of the key players operating in the Indian compression garments market include Adidas AG, ASICS Asia Pte. Ltd., Leonisa, LIPOELASTIC, New Balance, and Tynorindia.
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Indian Compression Garments Market Segmentation
By Product Type
- Sharewear
- Compression Tapes
- Facial Garments
- Full Body Garments
- Lower and Upper Extremities Garments
By Application
- Healthcare
- Sports
- Slimwear
By Distribution Channel
- Pharmacy and Offline Retail
- Online
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Company Profiles
- Adidas AG
- Company Overview
- Product Portfolio
- Recent Developments/Activities
- Ascent Meditech, Ltd.
- ASICS Asia Pte. Ltd.
- Leonisa
- LIPOELASTIC S.A.
- Medi GmbH & Co. KG
- New Balance Athletics, Inc.
- NIKE, Inc.
- Tynorindia
- Under Armour, Inc.
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