According to the latest market report published by Credence Research, Inc. “Hernia Repair Devices Market – Growth, Future Prospects and Competitive Analysis, 2015 – 2025” the global hernia repair devices market was valued at US$ 2.08 Bn in 2016, and is expected to reach US$ 2.59 Bn by 2025, expanding at a CAGR of 2.5% from 2017 to 2025.
Browse the full report Hernia Repair Devices Market – Growth, Future Prospects and Competitive Analysis, 2017 – 2025 at http://www.credenceresearch.com/report/hernia-repair-devices-market
Hernia repair is among the most common surgeries performed. As reported by the Association of VA surgeons (2014), in the U.S. alone, over 350,000 ventral hernia repair procedures are performed annually. Hernia repair procedures are performed either through large incisions or laparoscopically. It is observed that the demand for laparoscopic repair procedures is high as against the former due to advantages offered by minimally invasive procedures such as small cuts, lesser risk of infections, less blood loss and quicker healing period.
Based on product types, the global hernia repair devices market is segmented as mesh material (biologic hernia repair mesh and synthetic hernia repair mesh), hernia fixation devices, endoscopy equipment and others. It is studied that, mesh material was the major revenue contributing segment in 2016, because treatment approach is shifted from autogenous tissue repair therapy to use of biological and synthetic mesh to lower the risk of recurrence. Furthermore, hernia mesh offers various advantages such as to support the hernia repair, lesser risk of recurrence, and minimized recovery time.
Hernia repair devices market is also classified on the basis of hernia type such as inguinal, femoral, incisional, ventral, umbilical and hiatal hernia. It is observed that, inguinal hernia procedures held the largest market share because it is most common form of hernia among the all hernia type; about 75% of hernias are inguinal type hernia.
North America dominated hernia repair devices market in the base 2016, and it is expected that the region will continue dominance over the forecast period. Prime factors such as higher number of target population, wide availability advanced technology for hernia repair and higher cost of hernia repair devices are fueling the growth of hernia repair devices market in North America. On the other hand, Asia Pacific anticipated to grow at fastest rate during the forecast period mainly due to rising incidence of hernia, developing healthcare infrastructure and growing healthcare awareness.
Market Competition Assessment:
The hernia repair devices market is competitive and involves large number of manufacturers. At present market is dominated by few players such as Angiologica B.M. S.R.L., Aspide Medical S.A.S., Atrium Inc., B. Braun Melsungen AG, C.R. Bard Inc., Cook Medical, Ethicon, Inc., Herniamesh S.r.l., Kollsut International Inc., Lifecell Corporation, Medtronic Inc., Proxy Biomedical, W. L. Gore & Associates, Inc. and others.
Key Market Movements:
- The global hernia repair device market anticipated to grow over the forecast period due to growing prevalence of hernia, increase in number of minimally invasive hernia repair surgeries and technological advancement in hernia repair devices.
- However, inadequate reimbursement policies in some developing countries and higher cost of hernia repair devices are negatively impacting the growth of hernia repair devices market.