Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
India Hemostat Market – Insights
Hemostat an instrument for preventing the flow of blood from an open blood vessel by compression of the vessel. It is available in various sizes, materials, and compositions and used in surgeries and trauma cases, where there is excessive blood flow and loss. Absorbable hemostat powder, hemostat sponge, hemostat strips, hemostat films, and hemostat gauzes are some of the hemostat products.
India hemostat market is estimated to account for US$ 63.1 Mn in terms of value in 2018 and is expected to reach US$ 105.1 Mn by the end of 2027.
India Hemostat Market: Drivers
High prevalence of blood disorders is expected to propel growth of India hemostat market over the forecast period. For instance, according to the World Health Organization, India recorded 42055 new cases and 32,471 deaths due to leukemia in 2018.
Moreover, increase geriatric population is also expected to aid in growth of the market. For instance, according to the United Nations April 2019 data, the share of geriatric population in India is expected to increase to nearly 20% in 2050
Mechanical hemostat held dominant position in India hemostat market in 2018, accounting for 88.8% share in terms of value, followed by 2027.
India Hemostat Market: Restraints
No or low awareness among medical faculty regarding latest hemostat products is expected to hinder growth of India hemostat market. Medical faculty at majority of government-run and private hospitals in India have no or low awareness of the latest hemostat products. Use of conventional practices during surgeries are still followed in a majority of the hospitals across the country. Furthermore, reluctance to shift to newer and more advanced hemostat products is attributed to low availability and visibility of such products in the country.
High cost of hemostat products is also expected to hamper growth of the market. Majority of hemostat products manufacturers offer products at prices that may be seen as steep by some customers. In addition, international products are mainly available in tier 1 cities and are priced relatively higher that those manufactured by domestic players.
India Hemostat Market: Opportunities
Increasing preference for out-patient surgeries is expected to offer lucrative growth opportunities for players in India hemostat market. Out-patient surgeries result in lower healthcare expenditure. Therefore, out-patient surgeries are more preferred for cover by insurance payers offering medical reimbursement services. Moreover, out-patient surgeries do not require overnight or prolonged stays in hospitals.
Moreover, low cost of surgeries is also expected to aid in growth of the market. The average hospital charge for a total knee replacement (TKR) in the U.S. is US$ 49,500, whereas in India the surgery costs around US$ 2,800.
Surgeries segment in India hemostat market was valued at US$ 39.8 Mn in 2018 and is expected to reach US$ 64.4 Mn by 2027 at a CAGR of 5.4% during the forecast period.
Market Trends/Key Takeaways
Mechanical hemostat products are widely utilized more by surgeons and other medical practitioners due to high efficiency in controlling blood loss. Doctors and surgeons in metro cities such as Bangalore and Delhi prefer sponges, gauzes, strips, film, and others during various surgeries.
Surgeons in Tier 1 cities are gradually shifting preference towards hemostat products. This is owing to benefits of hemostats such as superior absorption capability and positive outcomes of patients.
India Hemostat Market: Competitive Landscape
Major players operating in India hemostat market include, Ethicon Inc., Aegis Lifesciences. Eucare Pharmaceuticals (P) Ltd., Baxter International, Axio Biosolutions Private Limited, and Mil Laboratories.
India Hemostat Market: Key Developments
Players in the market are focused on raising funding to expand their geographical presence. For instance, in January 2020, Axio Biosolutions Private Limited raised US$ 5.2 Mn in Series B-1 round. The company plans to use the latest funding to expand its footprint in the U.S. and Western Europe.
Major players in the market are also focused on launching new products to expand their product portfolio. For instance, in December 2019, Baxter International launched its disposable curved applicator that is designed to enhance the delivery of its Floseal Hemostatic Matrix product line.