Indian Hemostat Market Projected to Grow at 5.8% CAGR, Expected to Reach New Heights by 2025
Indian Hemostat Market Projected to Grow at 5.8% CAGR, Expected to Reach New Heights by 2025
Blog Article
The Indian hemostat market, valued at USD 54.1 million in 2015, is expected to experience steady growth, expanding at a compound annual growth rate (CAGR) of 5.8% between 2016 and 2025. This growth is largely driven by continuous advancements in hemostat products and their increasing adoption by medical professionals and surgeons across the country.
The rising number of surgeries and trauma cases, fueled by an aging population and a higher incidence of chronic diseases, is contributing to the heightened demand for hemostatic agents. These products are crucial in controlling bleeding during surgeries, which has led to greater acceptance and usage within India’s healthcare system.
Technological innovations, such as the development of more efficient and safer hemostat products, are further boosting market growth. Additionally, the increasing awareness and emphasis on patient safety are propelling the adoption of advanced hemostatic solutions across various healthcare settings.
Key Takeaways:
- Market Growth: The Indian hemostat market is expected to expand at a 5.8% CAGR from 2016 to 2025.
- Increasing Surgical Procedures: Growth is driven by the rise in surgeries and trauma cases across India.
- Technological Advancements: Innovations in hemostatic products are improving effectiveness and safety, fueling their adoption.
- Growing Healthcare Adoption: Surgeons and medical practitioners are increasingly utilizing hemostats to ensure better patient outcomes.
Growth Drivers
- Advancements in Hemostat Products: Continuous innovations in hemostatic agents improve their effectiveness and usability, encouraging adoption in surgical settings.
- Increase in Surgeries and Trauma Cases: A growing number of surgical procedures and trauma incidents necessitate effective hemostatic solutions, driving market demand.
- Adoption by Medical Practitioners: Increased awareness and training among healthcare professionals regarding the benefits of hemostatic agents contribute to their rising usage.
Market Dynamics
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.
Key Players
Key market players covered in this report are Johnson and Johnson (Ethicon), Baxter, Aegis Lifesciences, Eucare Pharmaceuticals and Mil Laboratories. Report this page