by The Indian hemostat market has been witnessing considerable growth over the past few years. Hemostats are essential medical devices used to control bleeding or hemorrhage during surgical procedures by accelerating the blood clotting process. Some key advantages of hemostats include effective hemorrhage management, improved visibility during surgical procedures, reduction in operation time, and effective wound healing. The growing volume of surgical procedures in India and rising prevalence of chronic diseases that require surgical interventions are driving the demand for hemostats in the country.
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 Indian 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 India hemostat market growth is expected to witness lucrative opportunities due to the rising geriatric population, increasing healthcare expenditure, and growing demand for effective blood loss management solutions in the country.
Advanced hemostatic agents that accelerate natural blood clotting without any side effects are gaining traction. Novel technologies such as fibrin and thrombin-based hemostats are driving significant advancements in hemorrhage management.
Market drivers
The rising volume of surgical procedures in India is a key growth driver for the hemostat market. According to the National Health Profile 2019 report, there were approximately 204.4 million surgeries performed in India in 2016. The growing prevalence of chronic diseases will further propel the number of surgical treatments, creating sustained demand for hemorrhage management solutions. Additionally, the increasing healthcare expenditure and focus on improving access to quality healthcare are encouraging the adoption of advanced hemostats in India.
Current challenges in India Hemostat Market:
The India Hemostat Market Regions Analysis indicates that the India hemostat market is facing challenges due to the limited availability of medical facilities in rural areas of the country. As the majority of the population lives in rural India, accessibility to advanced medical procedures remains an issue, acting as a barrier to the growth of the hemostat market. Another challenge is the lack of awareness among citizens about the availability of advanced treatment options. Most people in rural areas are not aware of newer hemostatic agents that help in controlling bleeding during surgeries.
SWOT Analysis
Strength: Advanced hemostatic products available that helps control bleeding faster. Novel technologies being used to develop more effective hemostats.
Weakness: High cost of innovative hemostats limits their widespread adoption. Conventional options still popular in price sensitive markets.
Opportunity: Growing surgical volumes and road accidents in India create demand. Government focus on boosting healthcare infrastructure offers scope.
Threats: Threat from conventional alternatives offers competitiveness challenges. Stringent regulatory norms for new product approval.
In terms of value, the Indian hemostat market is currently concentrated in Southern and Western regions of India. States like Tamil Nadu, Karnataka, Andhra Pradesh and Maharashtra account for more than 60% of overall market share due to higher healthcare expenditure and availability of advanced medical facilities.
The Northern region comprising states like Delhi, Uttar Pradesh, Haryana is expected to witness highest CAGR during the forecast period. This is attributed to factors like rising medical tourism, increasing disease burden and improving healthcare infrastructure in these states.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
About Author - 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, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
