Hernia Repair Devices Market Growth Opportunities Investment Analysis Report 2021-2028

Hernia Repair Devices Market Outlook 2028

The global hernia repair devices market was valued at US$ 5.5 Bn in 2020

It is estimated to expand at a CAGR of 6.9% from 2021 to 2028

The global hernia repair devices market is expected to reach the value of US$ 8.62 Bn by the end of 2028

Report Overview: https://www.transparencymarketresearch.com/hernia-repair-devices.html

Healthcare Burden of Geriatric Population Triggering Innovations in Hernia Repair Devices

Hernia is associated with high morbidity in patients. Hence, med-tech companies in the hernia repair devices market are increasing R&D spending on innovations in products and equipment. The growing burden of geriatric population on the healthcare system has compelled manufacturers to develop efficacious hernia mesh, biologic materials, and endoscopy equipment, among others to improve medical outcomes. The population aged 55 years & above is more likely to develop hernia due to the high risk of acquiring health disorders and natural weakening of muscles.

The global hernia repair devices market is slated to clock a favorable CAGR during the forecast period. The rise in prevalence of hernia can be attributed to increase in geriatric population, rapidly changing lifestyle habits, and high obesity among people.

Increase in Footfalls in Hospitals Post COVID-19 Peak Augmenting Market Revival

Since masks are not mandatory anymore in most regions of the world, patients are now more willing to visit healthcare facilities instead of postponing treatments or other elective procedures. However, the healthcare system in China and the U.K. is again under stress due to a new coronavirus wave. Nevertheless, new trends such as telehealth and remote patient monitoring are emerging as important strategies to offset revenue losses made in 2020 and 2021.

Companies in the hernia repair devices market are taking data-driven decisions before investing in new manufacturing technologies to make optimum use of their financial budgets. They are rethinking global sales order to ensure timely delivery of hernia repair devices.

Time-consuming Approval for Hernia Repair Devices Hampering Market Growth

A common problem that stakeholders in the hernia repair devices market face is the time-consuming development phase of medical devices and high cost of research & development. Hence, stakeholders should actively participate with governments to establish a process, which speeds up the time for the new product to reach the market.

It has been found that a manufacturer of hernia repair device should comply with several regulatory and clinical requirements before launching the product. Such findings are slowing down the growth of the hernia repair devices market. Hence, companies should work closely with governments and healthcare organizations to introduce standardization of processes to make devices easily and instantly available in the market.

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Mesh Materials Gain Popularity for Hernia Repair Applications in Patients

Innovations in polymer & prosthetic meshes are growing prominent in the hernia repair devices market. There is a demand for continuous R&D to make design improvements in polymer and prosthetic meshes. Med-tech companies in the hernia repair devices market are making products available in various styles. Hernia mesh products are being extensively used for the reconstruction of anatomical abnormalities and for surgical repair applications. The U.S. holds lucrative revenue opportunities for med-tech companies, since mesh materials are a popular choice for more than 80% of hernia repairs in patients.

America and Asia Hold Lucrative Revenue Opportunities for Med-tech Companies

Mature healthcare infrastructure of North America and rapidly growing healthcare architecture in Asia Pacific are grabbing the attention of companies in the hernia repair devices market. High demand and adoption of hernia repair devices in the U.S. accounts for major revenue share of the regional market. The increasing adoption of biologic mesh devices in the U.S. is translating into incremental opportunities for med-tech companies.

Besides, Asia Pacific is being publicized for the rise in technology breakthroughs, medical tourism, low-cost treatment availability, and increased healthcare reimbursements programs.

Hernia Repair Devices Market: Overview

According to Transparency Market Research's latest report on the global hernia repair devices market for the historical period 2017-2019 and forecast period from 2021 to 2028, increase in incidence of hernia, favorable reimbursement policies, and technological advancements in repair devices are projected to drive the global hernia repair devices market during the forecast period

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Rise in Prevalence of Hernia: Key Driver

Increase in prevalence of hernia is a key driver of the global hernia repair devices market. This is primarily due to population growth, particularly among the elderly and obese, as well as advancements in healthcare systems that have allowed for early detection and treatment of hernias.

Obesity is one of the most apparent health issues across the globe. Obesity, often known as being overweight, is a condition in which an excessive amount of fat accumulates in the body and presents a health risk. Obesity is rising in both emerging and developed countries, particularly in urban areas. According to the World Health Organization (WHO), around 39% of adults globally was obese in June 2021, putting them at a higher risk of acquiring chronic health problems.

Increase in the global geriatric population has a direct impact on the growth of the hernia repair devices market, as the condition is most common in the elderly people. Old age is one of the primary hazards of getting a hernia, and the global rise in the elderly population necessitates the development of effective and minimally invasive hernia repair treatments.

The body's capacities and natural healing skills slow down with age, which increases the chance of hernia. According to a research published in the U.S., prevalence of hernia rises with age; 5% people in the age group 25 and 31% in the age group 65-74 had hernia. Additionally, the incidence of hernia among men aged 75 years & above was found to be 45%.

Demand for Advanced Biologic Mesh to Boost Market Growth

Advancement of mesh systems in hernia repair provides lucrative business opportunities for the development of efficient hernia repair devices. Mesh systems are used in hernia repair, as these allow for abdominal wall reconstruction and a faster recovery time than traditional open repair procedures.

Biological meshes support the abdominal wall until the patient's body produces healthy collagen, which replaces the mesh and allows the abdominal wall to be stabilized. Biologic mesh is created by extracting collagen-rich tissues that are high in growth factors and aid in native collagen tissue regeneration.

Demand for biologic mesh is high as it provides high flexibility and strength, while reducing the chances of rejection. This, in turn, reduces the risk of infection when compared to prosthetic or polymer mesh systems. However, when compared to the extensive use of prosthetic or polymer mesh systems, these are used in less serious hernia repair procedures.

High Cost of Development of Hernia Repair Devices and Inconsistent Reimbursement Policies

Hamper Market: Key Restraints

High cost of research & development and lengthy development phase of medical devices hamper the growth of the global market. Before releasing a hernia repair device, the manufacturer must meet a number of regulatory and clinical requirements. Due to lengthy development and approval process, medical device manufacturers are forced to maintain the initial high cost of hernia repair devices.

A shift in hospital decision-making from surgeons and nurses to hospital administrators and accountants has also slowed the adoption of more effective, but more expensive medical devices and technologies. Hence, as a cost-cutting measure, most hospitals conduct a cost-benefit analysis before implementing any new surgical instruments, implants, or procedures. As a result, in such markets, the higher cost of technologically advanced surgical products makes their adoption difficult.

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Hernia Repair Devices Market: Competition Landscape

This report profiles major players in the global hernia repair devices market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments

The global hernia repair devices market is competitive, with the top 10 players accounting for major share of the market and companies focusing on research & development to produce better pharmaceutical and vaccine products for the existing diseases

Leading players operating in the global hernia repair devices market are

Covidien plc

Ethicon

B. Braun Melsungen AG

C. R. Bard

W. L. Gore & Associates

LifeCell Corporation

Maquet

Cook Medical

Integra Lifesciences

DIPROMED

FEG Textiltechnik mbH

Cousin Biotech

Herniamesh

Stryker Corporation, among others

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