Hernia Repair Devices Market To Witness High Growth Owing To Rising Prevalence Of Hernia

Market Overview:

Hernia repair devices are surgical equipments used in hernia repair surgeries. Hernia is a medical condition in which an organ or fatty tissue protrudes through a weak spot in the surrounding muscle or connective tissue. Hernia repair devices include meshes, meshes fixation devices, and surgical instruments such as trocars, closure devices and surgical staplers to perform surgery. The meshes act as reinforcers and avoid recurrence of hernia.

Market Dynamics:

The hernia repair devices market is primarily driven by the rising prevalence of hernia. As per data published by the National Institute of Health, around 17.2 million adults in the US suffer from some form of hernias annually with around 386,000 adults undergoing some form of hernia repair surgery in the country. Hernia can occur at any age but is more common in middle aged and elderly people. Other risk factors associated with hernia development include obesity, smoking, family history, and surgery and trauma to the abdomen. The increasing obese population globally is contributing to the rising incidence of hernia which is fueling the adoption of hernia repair devices. Additionally, technological advancements in devices and growing availability of minimally invasive and robotic surgeries for hernia repair is also boosting adoption.

SWOT Analysis

Strength: 

- Rising prevalence of hernia globally is driving the market growth. Hernia repair devices market witnesses substantial adoption owing to increasing hernia procedures.

- Technological advancements in hernia repair devices such as innovative meshes and fixation systems have improved surgical outcomes. Launch of bioabsorbable meshes is gaining traction.

- Favorable reimbursement environment and support from healthcare organizations boost the adoption of hernia repair devices. 

Weakness:

- High costs associated with hernia repair surgeries limits market penetration in low-income countries.

- Lack of awareness about hernia types and treatment options in underdeveloped regions.

Opportunity: 

- Emerging economies offer significant revenue potential owing to growing healthcare expenditures and increasing disposable incomes.

- Expanding medical tourism in developing Asian countries creates new avenues.

- Integration of digital technologies presents opportunities for development of smart hernia repair solutions.

Threats: 

- Stringent regulatory processes for new product approvals increases market entry barriers.

- Patent expiries of blockbuster hernia repair devices enable entry of generic versions.

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 prevalence of hernia cases worldwide. North America dominates the market currently owing to advanced healthcare infrastructure and availability of advanced treatment options. However, Asia Pacific is likely to grow at a high CAGR during the forecast period driven by rising medical tourism and expanding healthcare spending in China and India. 

Regional analysis 

Asia Pacific region is anticipated to register the fastest growth in the Hernia Repair Devices Market during the forecast period. Growing geriatric population, increasing medical tourism, and improving healthcare infrastructure are some factors boosting the Asia Pacific market. China dominates the Asia Pacific market due to large patient pool and favourable government initiatives to strengthen healthcare system. 

Key players 

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 expansion strategies to gain market share.