In 2015, the Indian Hemostat Industry showcased an impressive valuation of US$ 54.1 million, marking a significant milestone in the healthcare sector. A new era of expansion is on the horizon, as it is projected to maintain a compound annual growth rate (CAGR) of 5.8% from 2016 to 2025.
This remarkable growth is attributed to a combination of factors, primarily driven by continuous advancements in hemostatic products and the increasing acceptance of these innovative solutions among healthcare professionals and surgeons across the nation. The relentless commitment to product development has paved the way for safer, more efficient surgical procedures, ultimately benefiting patients and practitioners alike.
Furthermore, the surge in adoption is strongly fueled by the rising number of surgical procedures and trauma cases throughout the country. As India’s healthcare landscape continues to evolve, the demand for hemostatic products is set to witness an upward trajectory, significantly contributing to the overall growth of the market.
The Indian hemostat industry is poised for a promising future, and stakeholders can anticipate a continued journey of advancement and expansion in the coming years.
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However, India’s hemostat market is projected to register a healthy CAGR of 5.8% during the forecast period owing to factors such as benefits offered by these products and creating product image of hemostat among key opinion leaders such as healthcare professionals. Moreover, the increasing number of accidents and trauma injuries is expected to drive the growth of the Indian hemostat industry during the forecast period. This report assesses trends driving the growth of each segment in the market and offers potential takeaways and strategic recommendations for manufacturers seeking to enter the market.
This report covers the Indian hemostat industry and various segments in terms of revenue contribution. The report also includes FMI’s analysis of key trends, drivers, restraints, and opportunities that are influencing the growth of the Indian hemostat industry. Impact analysis of key growth drivers and restraints is included in this report to better equip clients with crystal-clear decision-making insights.
The hemostat industry is segmented based on product type, product material base, applications, and distribution. Based on product type, the market has been segmented into mechanical product type and flowable product type. The mechanical type segment is expected to register a CAGR of 6.0% during the forecast period. The flowable type segment is expected to witness a decline in market share in terms of revenue from 11.7% in 2015 to 10.1% in 2025. Overpriced products are expected to affect demand for hemostat products over the forecast period.
Basically, there are two product material bases; gelatin base and oxidized cellulose base, gelatin base comprises 77.0% market share of the hemostat industry in India owing to the maximum usage of gelatin in all hemostat products as it has the property of absorbing blood flow at a faster speed and healing the wound.
Furthermore, hemostat products are segmented into applications, surgeries, and trauma cases. The surgery segment is expected to witness a decline in market share in terms of revenue from 63.7% in 2015 to 61.8% in 2025. The trauma cases segment is expected to expand at the highest CAGR of 6.3% over the forecast period.
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The market has also been segmented by distribution channel into hospitals, ambulatory surgical centers, clinics, and online channels. The hospital’s segment followed by ambulatory surgical centers is expected to account for the highest demand for hemostat products over the forecast period, registering a CAGR of 7.0% and 5.7%.
Due to reimbursement for surgeries by insurance payers and increased in adoption of hemostat products by medical practitioners and surgeons. To reach out to the consumers and healthcare professionals manufacturers are supplying products through E-Commerce which is expected to push demand for hemostat products in the online channel over the forecast period.
Furthermore, Future Market Insights has developed a market attractiveness index for all four segments: product type, product base, application, and distribution channel segments. This index helps in identifying the real opportunities in the market.
Key market players covered in this report
Johnson and Johnson (Ethicon), Baxter, Aegis Lifesciences, Eucare Pharmaceuticals, and Mil Laboratories. Major players are focusing on enhancing their regional presence through strategic mergers & acquisitions and by expanding operations.
Key Segments Covered
Segmentation on the basis of Product Type
- Mechanical type
- Flowable type
Segmentation on the basis of Product Material Base
- Gelatin
- Oxidized cellulose
Segmentation on Basis of Application
- Surgery
- Trauma cases
Segmentation on the basis of Distribution Channel
- Hospitals
- Ambulatory Surgical Centers
- Clinics
- Online Channels
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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