India Hemostat Market to reach US$ 105.1 million by 2027 | CAGR: 5.4%: Coherent Market Insights
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A hemostat is used in both minor and major surgeries, primarily in orthopedic and cardiac cases where there is extensive blood flow once incisions are made. Hemostats are also used in excision, amputations, emergency surgeries, and other such procedures.
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In 2018, the India hemostat market was valued at US$ 63.1 million and is expected to reach US$ 105.1 million by 2027.
India Hemostat Market: Drivers
Growth of the India hemostat market is expected to be driven by the increasing number of hospitals and healthcare facilities and surge in healthcare expenditure. According to the Ministry of Health and Family Welfare, Government of India, the number of government hospitals in India increased from 35,416 in 2017 to 37,725 in 2018.
India Hemostat Market: Opportunities
The growing medical tourism sector is expected to provide significant growth opportunities to key players. For instance, according to the India Brand Equity Foundation’s January 2019 release, the estimated Foreign Tourist Arrivals (FTAs) in India on medical purposes during 2015, 2016, and 2017 were 233,918, 427,014, and 495,056 respectively.
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India Hemostat Market: Restraints
The low doctor-patient ratio is expected to hamper the India hemostat market growth. For example, according to the World Health Organization’s (WHO’s) data updated in April 2019, in India, there is one government doctor for every 10,189 people or a deficit of 600,000 doctors, and the nurse: patient ratio is 1:483.
Based on the product form, the mechanical segment dominated the India hemostat market in 2018, accounting for 88.8% of the market share in terms of value. Moreover, the segment is expected to witness lucrative growth as it is the primary hemostatic technique employed in hospitals. Mechanical hemostatic techniques such as the use of staples, sutures, and ligating clips are cost-effective.
In 2018, the surgeries segment dominated the India hemostat market, accounting for 63.1% of the market share in terms of value, followed by the trauma cases segment. Moreover, the growth of the segment is expected to be driven by the increasing number of surgical procedures in both domestic and international patients. For example, in 2018, the All India Institute of Medical Science (AIIMS) performed ~0.2 million surgeries.
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In 2018, the hospital segment dominated the India hemostat market in 2018, accounting for 40.9% of market share in terms of value, followed by the ambulatory surgical centers and clinics segment. Moreover, the growth of the segment is expected to be driven by the increasing healthcare investment and reimbursement facilities. For example, the government of India approved the continuation of the National Health Mission with a budget of US$ 4.40 billion under the Union Budget 2019-20. Furthermore, Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (PMJAY), the largest government-funded healthcare program targeting more than 500 million beneficiaries, has been allocated US$ 887.04 million under the Union Budget 2019-20.
Local players in the market are focused on expanding their business in developed markets. For example, in March 2018, Axio Biosolutions Private Limited, an India-based medical device manufacturer, received the U.S. FDA clearance for its Axiostat chitosan hemostatic dressing.
Key players are focused on distributing their products through online platforms to increase their market share. For instance, Ethicon Inc., a subsidiary of Johnson & Johnson, offers Ethicon Surgicel absorbable hemostat and other products on various e-commerce platforms.
India Hemostat Market: Competitive Landscape
Major players operating in India hemostat market are Ethicon Inc., Aegis Lifesciences. Eucare Pharmaceuticals (P) Ltd., Baxter International, Axio Biosolutions Private Limited, and Mil Laboratories.
India Hemostat Market: Key Developments
Key players are focused on expanding their manufacturing facilities. For example, in April 2019, Axio Biosolutions Private Limited expanded its state-of-the-art manufacturing facility at Gujarat Pharma Techno Park in Ahmedabad, India.
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Key players are engaged in strategic mergers and acquisitions to expand their product portfolio. For example, in March 2018, Baxter International closed the US$ 153 million acquisition of hemostat and sealant assets from Mallinckrodt Pharmaceuticals.
- By Product Form
- By Product Base
- By Application
- Trauma Cases
- By End-User
- Ambulatory Surgical Centers
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