by The global Hernia Repair Devices Market is estimated to be valued at US$ 7,799.55 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 in surgical procedures to repair inguinal, umbilical, and incisional hernias. They help strengthen the weak or damaged tissue walls of the abdomen to prevent injury recurrence. Mesh implants are the most commonly used hernia repair devices. They can be permanent or absorbable depending on the material used. In addition to mesh implants, hernia repair biologics, polymer and composite grafts are also used. Hernia repair surgeries are widely performed globally due to the high prevalence of hernia disorders.
Market key trends:
One of the key trends in the hernia repair devices market is the growing preference for minimally invasive procedures. Minimally invasive hernia repair procedures use small incisions and special surgical instruments. They offer benefits like less post-surgical pain, shorter hospital stays, and faster recovery in comparison to open surgeries. As such, minimally invasive techniques like laparoscopic and robotic-assisted hernia repairs are gaining popularity. Manufacturers are also focusing on developing innovative biologic and absorbable mesh implants to address concerns regarding permanent mesh-related complications. There is a rising demand for bioabsorbable hernia repair devices made from polymers that get absorbed by the body over time.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the Hernia Repair Devices market requires significant R&D investments and the established players hold strong distribution networks.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of many established manufacturers however the availability of alternative treatment options increases the bargaining power.
Bargaining power of suppliers: The bargaining power of suppliers is low since there are many raw material suppliers in the market with low switching costs.
Threat of new substitutes: The threat of new substitutes is moderate as the market continuously observes new product launches addressing unmet needs more efficiently.
Competitive rivalry: Strong competitive rivalry exists among the key players to sustain in this mature market.
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 geriatric population and rise in obesity cases.
Regional analysis
North America dominates the Hernia Repair Devices market owing to presence of advanced healthcare facilities and favorable reimbursement policies. Asia Pacific is expected to exhibit fastest growth over the forecast period attributed to growing medical tourism and rising healthcare expenditure.
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.
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