Press release
Hernia Repair Devices and Consumables Market to Surpass US$ 10,400.8 Million Threshold by 2025 globally, with North America positioned as the Growth Engine
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Manufacturers are focusing on innovation to tap into emerging markets. For instance, Relia Tack with 7 mm tack received the Food and Drug Administration (FDA) approval in 2015, which is equivalent to the previous Relia Tack that offered 6mm tacks with FDA clearance in 2014. Relia Tack construct allowed deep penetration in tissue, which is useful in patients with thicker tissue. Modified version of iMesh Tacker also received a FDA clearance in March 2016. Fortimedix launched short instruments for SymphonX single-port platform in 2017, which can be used during inguinal hernia repair is expected to increase the standard of laparoscopy surgery.
Continuous evolution of old surgical instrument is also considered as a major factor for the growth of hernia repair devices and consumables market. For instance, needle holder is also included in the surgical instruments as it is used by laparoscopic surgeons to hold suturing needles. Probe, scalpel and cannula together makes a trocar, which has the most important role in the laparoscopic surgery. Bowel grasper enables the surgeon to grasp and manipulate abdomen tissue with precision and it is expected to increase the hernia repair device and consumables market growth.
Browse 42 Market Data Tables and 24 Figures spread through 185 Pages and in-depth TOC on "Hernia Repair Devices and Consumables Market by product type (fixation device, consumables, surgical instrument, and endoscopy equipment), by surgery type (tension repair, tension free repair, and laparoscopy), by hernia type (incisional hernia, umbilical hernia, inguinal hernia, and femoral hernia) and Region - Global Forecast to 2025"
Manufacturers are also collaborating to strengthen their product portfolio related to hernia repair devices and consumables market. Baxter International Inc. and Tel Aviv University, through Ramot, business engagement center, have come together to innovate and introduce new surgical procedures and products to help surgeons for advanced patient care.
Factors such as rise in demand for open tension laparoscopic surgery is expected to boost the hernia repair devices and consumables. The open tension surgery is more cost effective, compared to other surgical procedures. The laparoscopic surgery is expensive having some attractive features, such as minimal invasive surgery, fast recovery, and less time for operating the laparoscopic surgery. 3D printing of hernia repair devices is also expected to provide lucrative growth opportunities for emerging market players.
Most of the reimbursement policies do not cover hernia treatment. For instance, according to Medicare Reimbursement Coding Guide for 2017, for hernia & abdominal wall repair surgery, laparoscopy is not reimbursed in ambulatory surgical center.
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Key takeaways of the market:
The global hernia repair devices and consumables market is expected to exhibit a CAGR of 8% over the forecast period (2017–2025), owing to the rise in the aging population.
The Asia Pacific region in the global hernia repair devices and consumables market is expected to exhibit a high growth rate in terms of value over the forecast period.
Among Surgery type, Open-tension free surgery segment is expected to exhibit a significant CAGR of3%.
The global hernia repair devices and consumables market is characterized by market expansion in Asia Pacific, North America, and Europe, which is expected to generate higher market revenue due to increase in prevalence of disabilities.
Some of the major companies offering hernia repair devices and consumables are C. R. Bard Inc., Baxter International, Medtronic Inc., B Braun Melsungen AG, W.L. Gore & Associates Inc., Cooper Surgicals Inc., and Ethicon Inc.
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