The global Hernia Repair Devices Market is estimated to be valued at US$ 7,799.55 Mn or Mn 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 to fix damaged or weak muscles in the abdominal wall. Mesh is inserted to provide support and close the hernia opening. There are various types of meshes like biological, synthetic and composite available to treat different types of hernias.
Market key trends:
One of the key trends in the hernia repair devices market is the growing preference of surgeons for lightweight meshes. Traditionally heavyweight meshes were popular as they were durable and provided strength in holding the tissues together. However, heavyweight meshes were associated with complications like inflammation, foreign body reaction and chronic pain. New generation lightweight meshes are composed of newer materials that provide sufficient strength with low risk of complications. They have a smaller pore size that allows tissue integration with reduced chance of adhesion formation.
Market key trends:
The hernia repair devices market has been witnessing significant growth owing to the increasing geriatric population globally which is more prone to hernia and related conditions. Additionally, technological advancements in hernia repair devices such as self-gripping meshes, absorbable meshes etc. are spurring the demand for minimally invasive hernia repairs. Furthermore, favorable reimbursement policies for hernia repair surgeries in developed nations are further fueling the adoption of hernia repair devices.
SWOT Analysis
Strengths: Advanced biocompatible meshes provide improved strength and durability for hernia repair. Minimally invasive nature of hernia repair procedures reduces post-operative recovery time and pain for patients.
Weaknesses: High costs associated with hernia repair surgeries can limit market growth potential in price-sensitive developing markets. Risk of infection and mesh rejection associated with some hernia repair devices.
Opportunities: Growing medical tourism in emerging economies provide growth opportunities for market players. Untapped growth potential in rural areas of developing nations.
Threats: Presence of alternative treatment methods such as suture-based repair limits complete market dominance. Stringent regulatory approvals and standards for new product launches.
Key Takeaways
The global hernia repair devices market is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing elderly population globally which is more prone to hernia and related conditions.
North America dominates the global market and is expected to grow at a CAGR of 6.5% during the forecast period. This can be attributed to the growing prevalence of hernia in the region along with rising obese population. Additionally, availability of reimbursement and technologically advanced healthcare infrastructure supports market growth in this region.
Key players operating in the hernia repair devices 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. Players are focused on new product launches and geographical expansion to strengthen their market position.
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.