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Hernia Repair Market is Expected to Reach $5.1 Billion | Ethicon Inc. (US), AbbVie Inc. (US), Medtronic plc (Ireland), Becton Dickinson and Company (US), Baxter International Inc. (US)

04-18-2024 12:36 PM CET | Health & Medicine

Press release from: MarketsandMarkets

Hernia Repair Market

Hernia Repair Market

Hernia Repair Market in terms of revenue was estimated to be worth $4.1 billion in 2024 and is poised to reach $5.1 billion by 2029, growing at a CAGR of 4.2% from 2024 to 2029 according to a new report by MarketsandMarkets™. Factors such as increasing hernia prevalence, rising geriatric population, technological advancement, increasing adoption of mesh in hernia repair surgeries, new product development, effectiveness of mesh repair and efficient reimbursement system are high growth prospects for the hernia repair market during the forecast period.

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The mesh segment is to register a significant growth rate over the forecast period of 2024-2029.

Based on the product, over the forecast period of 2024-2029, the mesh segment is to register a significant growth rate. The hernia repair product market is segmented into mesh, sutures and mesh fixators. The hernia mesh segment comprises synthetic and biologic mesh. Sutures are sub-segmented into absorbable and non- absorbable sutures. The hernia mesh fixators comprise tack and glue applicators. The key factors encouraging the growth of mesh segment during the forecast period are the nonpermanent mesh, availability of wide range of existing mesh types and high prices as compared others.

The open surgery segment accounted for the largest share of hernia repair in 2024-2029.

Based on surgery type, the open surgery segment is estimated to hold the largest market share of the Hernia repair market during the forecast period. While in 2024, laparoscopic surgery is expected to register the highest CAGR in the market for hernia repair during the forecast period. Time efficiency, low recurrence rate and economical approach of the technique lead to a large share of the open surgery segment.

Asia Pacific registered the highest CAGR in the market during the forecast period.

In 2024, Asia Pacific is expected to register the highest CAGR in the market for hernia repair during the forecast period. Asia Pacific comprises China, India, South Korea, Taiwan, and Singapore, and the rest of Asia Pacific. Factors such as the growing adoption of advanced treatment options, presence of a large target patient population and improving diagnosis and treatment rates are driving the growth of the APAC hernia repair market during the forecast period.

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Key Market Players of Hernia Repair Industry:

As of 2023, prominent players in hernia repair are Ethicon Inc. (US), AbbVie Inc. (US), Medtronic plc (Ireland), Becton Dickinson and Company (US), Baxter International Inc. (US), B. Braun SE (Germany), W. L. Gore & Associates (US), Cook Group Inc (US), Integra Lifesciences Holdings Corporation (US), among others.

A breakdown of the primary participants referred to for this report is provided below:

By Company Type: Tier 1- 31%, Tier 2- 49%, and Tier 3- 28%
By Designation: C-level- 28%, Directors- 19%, and Others- 53%
By Region: North America- 34%, Europe- 36%, Asia Pacific- 22%, Latin America- 6%, MEA- 2%
Recent Developments of Hernia Repair Industry:

In October 2022, W. L. Gore & Associates launched GORE SYNECOR Intraperitoneal Biomaterial in Europe, The Middle East and South Africa.
In May 2020, Cook Group Inc. partnered with the European Hernia Society for improving patient hernia outcomes through continuing research and education.
In May 2020, AbbVie Inc. acquired Allergan and diversified their hernia repair business.

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