India Hemostat Market estimates global revenues to increase at 5.8% CAGR during 2016-2025

Introduction

Hemostat is a chemical agent that is used for wound closure and prevents from excessive blood flow. Hemostats are highly effective products used during surgeries and operations to control blood loss. These products come in different forms such as sponges, gauzes, strips, films, powders and others. Increasing geriatric population and rising adoption of hemostat products by medical practitioners is expected to drive growth of the India hemostat market. However, there is low acceptance among medical practitioners and healthcare professional owing to low awareness. Hence, creating awareness among key opinion leaders such as healthcare professionals could open up opportunities for growth of the India hemostat market in the near future.

Market Value and Forecast

In 2015, the Indian hemostat market was valued at US$ 54.1 Mn and is expected to expand at a CAGR of 5.8% over 2016–2025. This expected growth is attributed to advancements in hemostat products and increasing adoption of hemostat products by medical practitioner and surgeons, fuelled by an increase in number of surgeries and trauma cases across the country.

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Market Dynamics

Economic factors such as rise in disposable income and provision of medical reimbursement policies are expected to drive market growth in the country. Surgeons shifting from traditional to new conventional methods for blood clotting is fuelling growth of hemostat market in India. However, various factors such as lower awareness of hemostat, high priced products and government regulations for hemostat is expected to inhibit market growth.

Market Segmentation by Product Type

india-hemostat-market

By product type, the India hemostat market is segmented into mechanical type and flowable type. Mechanical type segment includes gauzes, sponges, strips and films, and flowable type includes powder type segment. Currently, the mechanical type segment accounts for highest market share in the India hemostat market, and is expected to continue to remain the dominant type in terms of value during the forecast period as preference for this type among healthcare professional is high.

Market Segmentation by Product Material Form

By product material form, the hemostat market is segmented into gelatin material and oxidised cellulose material segments. Gelatin material is used for manufacturing gauzes, sponges, films, strips and powder and oxidised cellulose is used in hemostat strips. Currently the gelatin material form accounts for highest market share in the India hemostat market, and this trend is expected to continue in terms of value during the forecast period. This is attributed to high preference among healthcare professionals for this type of product as it absorbs blood more quickly.

Market Segmentation by Application

In terms of application, hemostat are used during surgeries and this segment is expected to account for over 50% of the revenue generated in the India’s hemostat market. Revenue from the trauma cases is expected to increase at the highest CAGR over the forecast period as compared to surgeries.

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Market Segmentation by Distribution Channel

By distribution channel, hospital segment is expected to register an exceptional CAGR during the forecast period owing to increase in adoption rate of hemostat products and acceptance of these products by surgeons and medical practitioners. Ambulatory surgical centre segment is expected to exhibit a constant market share owing to high patient inflow at ASCs due to reimbursement for surgeries from insurance payer, which will result in decreased healthcare expenditure.

Key Players

Key market players covered in this report are Johnson and Johnson (Ethicon), Baxter, Aegis Lifesciences, Eucare Pharmaceuticals and Mil Laboratories.

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This release was published on openPR.