Hernia Repair Devices Market to Expand with Significant CAGR during 2028

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%.

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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.

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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

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