Press release
Global Hernia Repair Devices Market to be Driven by Rising Incidences of Hernia in the Forecast Period of 2022-2027
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
• Historical Market Size (2021 ): USD 4.2 billion
• Forecast CAGR (2022-2027): 5.7%
The market for hernia repair devices has seen substantial growth due to factors such as the rising prevalence of hernias around the world. This can be linked to a growing ageing population, unhealthy lifestyles, obesity, and smoking, etc. As a result of the high incidences of hernia, it is among the most prevalent procedures around the world, driving market need for hernia repair equipment and encouraging market growth.
Factors such as increased government investments in healthcare are also fuelling the growth of the hernia repair device market. Furthermore, favourable incentives such as cash rebates, subsidies, and insurance coverage are boosting hernia repair surgery adoption, giving the industry a boost.
Hernia Repair Devices Industry Definition and Major Segments
A hernia is a medical condition marked by the bulging of an organ or fatty tissue through a weak place where it should be contained. Hernia repair is a frequent medical operation that involves the use of devices such as surgical and endoscopic instruments, as well as mesh made of synthetic or biological materials.
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Based on the product type, the industry is divided into:
• Polymeric and Prosthetic Mesh
• Endoscopy Instruments
• Surgical Instruments
• Biologic Materials
• Others
Based on the procedure, the industry is divided into:
• Open Surgery
• Tension-Free Repair
• Laparoscopic Surgery
• Others
Based on the surgery type, the industry is divided into:
• Inguinal Hernia
• Umbilical Hernia
• Incisional Hernia
• Femoral Hernia
• Others
The regional markets for hernia repair devices include:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Hernia Repair Devices Market Trends
Geographically, North America is expected to account for a significant portion of the overall market for hernia repair devices. This is due to North American countries like the United States and Canada having a well-developed and thriving healthcare system. As a result of the rising prevalence of inguinal hernia among adults, a substantial number of ventral hernia procedures are performed in the US.
Premature newborns are at risk of developing groyne hernias, which increases market demand for hernia repair devices in the North America region, boosting regional market expansion. Besides, there are significant investments in research and development (R&D) of various novel and technologically viable operations. This is another factor that is positively affecting the growth of the hernia repair device market in North America.
The global market, on the other hand, has seen a fall in market demand due to COVID-19, which limited non-essential procedures to prevent infection transmission, stifling market growth in 2020. In addition, during the historical period, closure of healthcare machinery production units for goods other than those required for the COVID-19 impeded market expansion. Nonetheless, with the global immunisation campaign and the resumption of hernia procedures in key nations, the industry began to recover.
Key Market Players
The major players in the market are:
Medtronic plc
Johnson & Johnson Services, Inc.
Becton, Dickinson and Company
Atrium Insight Inc.
W. L. Gore and Associates, Inc.
B. Braun Melsungen AG
Baxter International, Inc.
Cook Group Incorporated
Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
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