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Hernia Repair Market Size, Share, Trends and Revenue | Ethicon Inc. (US), AbbVie Inc. (US), Medtronic plc (Ireland), Becton Dickinson and Company (US)

06-25-2024 04:31 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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Hernia Repair Market Dynamics:

Drivers:

1. Increasing hernia prevalence

Restraint:

1. High costs of mesh repair and availability of less-expensive approaches

Opportunities:

1. Growth potential offered by emerging markets

Challenge:

1. Dearth of expertise in laparoscopic surgery

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%

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MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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