|12-12-2016 10:02 AM CET - Health & Medicine||
Hernia Repair Devices and Consumables Market is Expected to Reach $6.1 Billion, Globally, by 2020
Press release from: Allied Market Research
Hernia Repair Devices and Consumables Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $6.1 Billion by 2020, registering a CAGR of 6.5% during the period 2014-2020. Consumables (mesh, staple and tacks) segment would continue to be the leading segment of the global hernia repair market in 2020, largely due to the augmentation in hernia cases, recurrence rate and emergence of advanced meshes.
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Increase in number of hernia repair surgeries (laparoscopy and open tension-free repair) would be the prime factor responsible for the market growth during the forecast period. As per AMR analysis, total number of hernia repair surgery was ~27 million in 2013 and is expected to reach ~36 million by 2020. Furthermore, other factors driving the market include emergence of novel meshes, technologically advanced hernia fixation devices and growing obese population. However, lack of adequate reimbursement policies and high cost associated with hernia repair procedures would restrain the market growth to a certain extent.
Healthcare professionals still prefer synthetic mesh for hernia repair surgeries despite of chronic pain associated with it. However, biological meshes would be the ultimate choice for patients with high risk. Popularity of synthetic mesh is largely due to the attributes such as cost effectiveness, lesser risk of infection (less than 3%) and hard-wearing (remain permanently in the body). In case of biological mesh, it has few limitations such as risk of infection and less stronger as compared to synthetic mesh. Ongoing improvements in meshes such as absorbable, non-absorbable or partially absorbable is also a significant factor fuelling the consumables market.
Inguinal hernia is most prevalent type of hernia across the world and hence accounted for about 3/4thof the hernia repair market revenue in 2014. Geographically, North America and Europe, collectively contribute ~75% of the market share in 2013 due to increasing adoption of laparoscopic surgery and rising incidences of hernia. Asia-Pacific and LAMEA market is posed to grow at a significant pace due to increasing awareness and rising per capita expenditure on healthcare.
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Key findings of Hernia Repair Devices and Consumables Market:
Consumables segment is most attractive segment with faster growth and higher revenue share within hernia repair market
North America will remain the leading region through 2020, closely followed by Europe
Incisional Hernia is expected to be the fastest growing market segment during the forecast period
Key product manufacturing companies profiled in the report include Medtronic (Covidien), Ethicon, Davol, Cooper Surgical, Cook Medicals, LifeCell Corporation, Insightra medical, B Braun Melsungen, W. L. Gore Inc. and Baxter Inc.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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