Demand for hemostats in India will be worth 56.7 Mn in 2016, up from US$ 54.1 Mn in 2015. Growth will be led by steady demand for mechanical hemostats, such as sponges, gauzes, strips, and films. Mechanical hemostats will account for 88.4% revenue share of the market in 2016.
Adoption of hemostats that reduce post-operative time and increase in complex surgeries will continue to create sustained demand for hemostats. Rising awareness, combined with favourable reimbursement policies will carry forward the momentum in 2016 and beyond.
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Gelatin will continue to witness higher demand vis-à-vis oxidised cellulose, owing to its higher blood absorption properties. The gelatine product material segment will generate revenues worth 43.8 Mn in 2016, witnessing a y-o-y increase of 5.0% over 2015.
Surgeries and trauma cases remain the two leading application areas of hemostats. Revenue share of surgery segment is expected to reach 63.5% in 2016, representing market value of 36 Mn. Use of hemostats is growing in trauma cases, with this segment poised to witness an impressive growth rate in the future.
Hospitals will continue to remain the leading distribution channel for hemostats in 2016, generating 22.8 Mn in revenues. Favourable reimbursement policies, combined with increasing adoption of hemostat products by medical practitioners and surgeons will continue to fuel demand in 2016. Sales of hemostats through e-commerce channel are also expected to witness an increase in 2016, witnessing a y-o-y increase of 4.3% over 2015.
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Ethicon, LLC, Eucare Pharmaceuticals (P) Ltd., Mil Laboratories, and Aegis Lifesciences are the top 4 players in the India hemostat market. The key strategy of the leading players is to market economical products as end users are opting for cheaper alternative in India.
Long-term Outlook: FMI maintains a positive long-term outlook on the India hemostat market and estimates global revenues to increase at 5.8% CAGR during the forecast period 2016-2025.