An Incisive, In-depth Analysis on the India Hemostat Market
This study offers a comprehensive, 360 degree analysis on the India Hemostat market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global India Hemostat market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
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.
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
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.
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 market players covered in this report are Johnson and Johnson (Ethicon), Baxter, Aegis Lifesciences, Eucare Pharmaceuticals and Mil Laboratories.
Future Market Insights (FMI) offers a 10-year forecast of the India hemostat market between 2015 and 2025. In terms of value, the market is expected to register a CAGR of 5.8% over the forecast period. This study demonstrates market dynamics and trends that influence the current environment and future status of the hemostat market in India over the forecast period.
Hemostat products are used in surgeries and trauma cases for preventing extensive blood loss. The two basic types of products are mechanical and flowable types. The mechanical type comprises sponges, gauzes, strips, films, while flowable type includes powder base. Mechanical hemostats are preferred more by surgeons and medical practitioner due to these products are ready to use and are manufactured in regular intervals. Currently in India the usage of hemostat products is less due to lack of awareness, high pricing and low adoption rate. However, India hemostat market is projected to register a healthy CAGR of 5.8% during the forecast period owing to factors such as benefits offered by these products and creating product image of hemostat among key opinion leaders such as healthcare professionals. Moreover, increasing number of accidents and trauma injuries is expected to drive growth of the India hemostat market during the forecast period. This report assesses trends driving growth of each segment in the market, and offers potential takeaways and strategic recommendations for manufacturers seeking to enter the market.
The hemostat market is segmented as follows:
- By product type
- By product material base
- By application
- By distribution channel
This report covers the India hemostat market and various segments in terms of revenue contribution. The report also includes FMI’s analysis of key trends, drivers, restraints and opportunities that are influencing growth of the India hemostat market. Impact analysis of key growth drivers and restraints is included in this report to better equip clients with crystal-clear decision-making insights.
The hemostat market is segmented based on product type, product material base, applications and distribution. Based on product type, the market has been segmented into mechanical product type and flowable product type. The mechanical type segment is expected to register a CAGR of 6.0% during the forecast period. Flowable type segment is expected to witness a decline in market share in terms of revenue from 11.7% in 2015 to 10.1% in 2025. Overpriced products is expected to affect demand for hemostat products over the forecast period.
Basically there are two product material base; gelatin base and oxidised cellulose base, gelatin base comprises of 77.0% market share of hemostat market in India owing to maximum usage of gelatin in all hemostat products as it has property of absorbing blood flow at a faster speed and healing the wound.
Furthermore hemostat products are segmented into application, surgeries and trauma cases. Surgery segment is expected to witness a decline in market share in terms of revenue from 63.7% in 2015 to 61.8% in 2025. The trauma cases segment is expected to expand at the highest CAGR of 6.3% over the forecast period.
The market has also been segmented by distribution channel into hospitals, ambulatory surgical centres, clinics and online channels. The hospitals segment followed by ambulatory surgical centres is expected to account for the highest demand for hemostat products over the forecast period, registering a CAGR of 7.0% and 5.7%. Due to reimbursement for surgeries by insurance payers and increased in adoption of hemostat products by medical practitioners and surgeons. To reach out to the consumers and healthcare professionals manufacturers are supplying products through E-Commerce which is expected to push demand for hemostat products in the online channel over the forecast period.
Furthermore, Future Market Insights has developed market attractiveness index for all four segments: product type, product base, application and distribution channel segments. This index helps in identifying the real opportunities in the market.
Last section of the report comprises of competitive landscape of the hemostat market is included with a dashboard view, based on categories of providers, their product portfolio and key differentiators. The key categories providers covered in the report are manufacturers of mechanical and flowable product type. This section gives a detailed comparative analysis of potential vendors in market, key strategies, key differentiators and detailed strength, weakness, opportunity and threat analysis. Also key developments of companies in area of hemostat market, competitor’s product USP and market presence in hemostat market. In-depth analysis of capabilities and successes in the hemostat market.
Key market players covered in this report are Johnson and Johnson (Ethicon), Baxter, Aegis Lifesciences, Eucare Pharmaceuticals and Mil Laboratories. Major players are focusing on enhancing their regional presence through strategic mergers & acquisitions and by expanding operations.
Segmentation on basis of Product Type
- Mechanical type
- Flowable type
Segmentation on basis of Product Material Base
- Oxidized cellulose
Segmentation on basis of Application
- Trauma cases
Segmentation on basis of Distribution Channel
- Ambulatory Surgical Centers
- Online Channels
Segmentation on basis of Geography
India Hemostat Market Reports - Table of Contents
1. Assumptions and Acronyms Used
2. Research Methodology
3. Executive Summary
9. Key Takeaways and Strategic Recommendations