The India hemostat market is primarily driven by the increasing incidence of road accidents and trauma injuries in the country. Hemostats are used profusely in surgical procedures to control blood loss or hemorrhage by accelerating the clotting process. They help surgeons perform smooth surgeries and enhance recovery for patients.
The India hemostat market is estimated to be valued at US$ 81.5 million in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the India hemostat market are Ethicon, BD, Meril Life Sciences, Teleflex Incorporated. Hemostats provide an effective option for surgeons to control bleeding during complex surgical procedures like cardiac, orthopedic, and neurosurgeries.
India Hemostat Market Demand geriatric population susceptible to chronic diseases is anticipated to propel the number of surgical procedures in India. Furthermore, private equity investments and increasing healthcare expenditure are expected to boost the expansion of modern healthcare facilities which will drive the uptake of hemostats in the country. Steady economic growth is encouraging patients to opt for critical illness insurance and medical tourism will further aid the market growth.
Market drivers
The rising incidence of road accidents is one of the major drivers of the India hemostat market. India accounts for about 11% of the total road accident deaths globally. As per the National Crime Records Bureau (NCRB), over 148,000 people lost their lives in road crashes in India in 2020. The consequent trauma and injury cases require extensive surgical intervention and hemostats have proven effective in controlling bleeding during such procedures. Therefore, increasing road accidents are expected to augment the demand for hemostats over the coming years.
PEST Analysis
Political: The government focus on increasing healthcare expenditure will drive the market. Government initiatives to increase access to healthcare will support market growth.
Economic: Rising disposable incomes and healthcare spending will contribute to market demand. The expanding medical tourism industry is also driving investments in the healthcare sector.
Social: Growing geriatric population and chronic diseases like cancer are leading to higher surgical procedures. This increases the requirement for hemostats to control bleeding during surgeries.
Technological: Development of advanced hemostats made from natural or synthetic materials helps achieve hemostasis quickly. Hemostats that rapidly degrade after use without side effects are gaining popularity. Integration of technologies like robotics in surgeries is supporting precision and improving clinical outcomes.
Geographical regions with high market value
The southern and western regions of India account for over 60% of the total India hemostat market value. States like Maharashtra, Tamil Nadu, Andhra Pradesh and Karnataka have well-established healthcare infrastructure and see large volumes of surgeries annually due to their large population sizes and economic development. This high surgical volume drives the demand for hemostats in these regions.
Fastest growing region
The northern regions in India are expected to witness the highest growth during the forecast period for hemostat market. States like Uttar Pradesh, Bihar and Rajasthan have seen increased government investments to modernize healthcare facilities in recent years. This has led to a rise in the number of medical colleges, super speciality hospitals and number of surgeries performed. Thus, these underpenetrated northern markets will be major contributors to the overall growth of India hemostat market.
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