by The India hemostat market offers a wide range of products like thrombin-based hemostats, combination hemostats, oxidized regenerated cellulose-based hemostats, and gelatin-based hemostats that help control bleeding during surgical procedures. These hemostats play a crucial role in absorbing excess fluid from a bleeding site and promoting the formation of blood clots to stop bleeding. They are widely used in cardiovascular, neuro, ENT, orthopedic, pediatric, trauma and general surgeries.
India hemostat market is estimated to be valued at US$ 90.54 Mn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the India hemostat market are Ethicon Inc.(a subsidiary of Johnson Johnson Services,Inc.), Aegis Lifesciences. Eucare Pharmaceuticals (P) Ltd., Baxter , Axio Biosolutions Pvt Ltd, and Mil Laboratories Pvt Ltd. The increasing prevalence of chronic diseases, road accidents and rise in number of surgical procedures have fueled the demand for hemostats in India. With rising healthcare expenditure and focus on reducing healthcare costs, several key players are expanding their presence in India with focus on rural regions to capture market share.
The growing demand for effective blood loss management in various surgical procedures has enhanced the adoption of hemostats in India hemostat market growth As per the National Health Profile 2019 report by the Central Bureau of Health Intelligence, Ministry of Health and Family Welfare, around
4.7 million surgeries were performed in India in 2018 reflecting increased demand for hemostats. Furthermore, rising healthcare expenditure in India from 3.5% of GDP in 2018 to 5% of GDP by 2025 will further aid the market growth over the forecast period.
Owing to India’s growing medical tourism industry, several global market leaders are expanding their footprint in India to tap the potential offered. In the recent years, India has emerged as a top destination for medical tourism supported by quality healthcare infrastructure and skilled professionals at affordable costs compared to developed nations surgeries. This has attracted foreign patients to India for elective surgeries augmenting the demand for hemostats.
Market key trends
Adoption of advanced hemostats is one the key trends witnessed in the India hemostat market. Leading players have developed advanced product variants such as combination hemostats and absorbable plant-based hemostats to reduce procedure time and risks of infections. Additionally, growing surgical capabilities and focus on minimally-invasive surgeries have impelled adoption of advanced topical hemostats over conventional products. With rising burden of chronic diseases, innovative manufacturer focus towards developing hemostats tailored for specific surgeries will remain key trend shaping market growth during the forecast period.
Porter’s Analysis
Threat of new entrants: High capital requirements for establishing production facility poses barrier for new players.
Bargaining power of buyers: Presence of many established brands and undifferentiated products results in more bargaining power to buyers.
Bargaining power of suppliers: Established suppliers with specialized products exercise some pricing leverage.
Threat of new substitutes: Some new wound-healing products targeting hemorrhage control can be considered as substitutes, limiting market growth.
Competitive rivalry: Intense competition exists between major established players to gain market share through innovative product launches and acquisitions.
The India Hemostat Market Regions Analysis shows that India has been the largest regional market for hemostats in terms of value owing to factors such as a large patient population, increasing incidence of chronic wounds, trauma cases, and surgeries. North America has emerged as the fastest-growing regional market due to new product approvals, a rise in aesthetic surgeries, and trauma cases. The United States holds the major share in the North America hemostat market owing to well-developed healthcare infrastructure and reimbursement policies.
Geographical Regions:
The Indian market accounts for around 30% value share of the global hemostat market led by factors such as large base of diabetic and obese population resulting in higher incidence of chronic wounds, road accidents, and surgeries. States like Maharashtra, Tamil Nadu, Uttar Pradesh account for majority demand in the country.
North America region is emerging as the fastest growing market owing to new product approvals, high adoption of advanced hemostats, increasing aesthetic surgeries and trauma cases. The United States holds a dominant share and is expected to witness high single digit growth during the forecast period supported by favorable reimbursement policies and well developed healthcare infrastructure in the country.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn
