by The Hernia Repair Devices Market is estimated to be valued at US$ 7,799.55 Mn or Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hernia repair devices are used in surgical procedures to repair abdominal hernias through open or laparoscopic surgery. The major types of hernia repair devices include fixation devices, mesh and mesh fixation products. Fixation devices such as Sutures, tack and glue are used to fixate mesh during hernia repair surgery. Various types of meshes including biological and synthetic meshes are available for hernia repair. Bioabsorbable surgical mesh helps to prevent adhesions and enables gradual transfer of load to patient’s tissues.
Market Dynamics:
Technological advancements in hernia repair devices is a key driver expected to support the market growth over the forecast period. For instance, introduction of lightweight composites and self-gripping meshes reduces the risk of hernia recurrence. Favorable reimbursement policies for minimally invasive hernia repair procedures across developed countries is also supporting market growth. Government funding and initiatives targeted towards reducing hernia surgical procedure costs are also fueling the market growth. However, risks of complications associated with hernia repair devices such as mesh erosion and infection and availability of alternative treatment options is expected to restraints the market growth.
Segment Analysis
The hernia repair devices market can be segmented into mesh repair devices and fixation devices. The mesh repair devices segment currently dominates the market owing to wide mesh availability in various designs, increasing mesh adoption during hernia surgeries, and ability of meshes to provide effective long-term hernia repair.
PEST Analysis
Political: Governments in various countries are focusing on improvising healthcare infrastructure and making quality treatment affordable, which is increasing focus on new hernia repair approaches.
Economic: Rising per capita healthcare expenditure and growing medical tourism are fueling the demand for efficient and cost-effective hernia repair procedures.
Social: Increasing awareness about hernia treatment options and their benefits through various patient education programs is influencing market growth.
Technological: Advancements like lightweight meshes with minimized stiffness and improved biocompatibility are enhancing mesh repair outcomes and acceptance.
Key Takeaways
The global Hernia Repair Devices Market is expected to witness high growth, exhibiting a CAGR of 7.2% over the forecast period, due to increasing adoption of minimally invasive hernia repair procedures.
On a regional basis, North America is expected to dominate the global hernia repair devices market owing to the growing geriatric population, rising incidence of abdominal hernias, and technological advancements. However, Asia Pacific is likely to emerge as the fastest growing market due to increasing healthcare spending and rising medical tourism in the region.
Key players operating in the hernia repair devices market are Johnson & Johnson Services, Inc., Cooper Companies Inc., Lifecell Corporation (Allergan Plc), W. L. Gore & Associates, Inc., Maquet Holding B.V. & Co. KG, Becton, Dickinson and Company, Medtronic Plc, Cook Medical Inc., Baxter International Inc., and B. Braun Melsungen AG. These players are focusing on new product launches, collaborations and geographic expansions to increase their market share.
