Global Hernia Repair Market – Analysis and Forecast (2018-2024)
Hernia is a medical condition where an organ or fatty tissue protrudes out via a weak point. Hernia repair is a surgical procedure performed for the management of a hernia. Laparoscopic repair surgery and open tension-free repair surgery are the major methods for hernia repair. The global hernia repair market is growing at significant rate, due to mounting occurrence hernia, expanding geriatric population and technological improvement. Different products contributed to the hernia repair market size. The market has witnessed high demand for mesh in the coming years due to higher cost of meshes contrasted to mesh fixators. Market Segmentation Insight by Product On the basis of product the market is subdivided into mesh and mesh fixators. Of all products, mesh segment accounted the largest share in the market, due to higher cost of meshes contrasted to mesh fixators. Hernia repair is done with the help of mesh and mesh fixator. A mesh is operated for strengthening weak spots in the muscle at the same time mending the hernia. In addition, mesh fixators are expended to repair the mesh in its place to evade displacement. The mesh segment is further subdivided into biologic and synthetic. The synthetic mesh segment accounted the largest share in the market due to low price of synthetic mesh in contrast to biologic mesh. In addition mesh fixators segment is further subdivided into track applicators, sutures, and glue applicators. The track applicator segment accounted the largest share in the mesh fixators market due to high cost of track applicators. In addition, glue applicators are expected to grow at fastest rate in the mesh fixators market. Insight by Surgery Type On the basis of surgery type the market is subdivided into femoral, inguinal, umbilical and incisional. Elevated number of inguinal surgeries performed every year is the factors responsible for the growth of the inguinal hernia. Of all the surgery type, the inguinal hernia accounted foremost share in the hernia repair market. Industry Dynamics Growth Drivers Mounting occurrence of hernia, technological improvement in the mesh material such as biological mesh, accessibility of reimbursement, mounting acceptance of mesh in repair surgeries and efficiency of mesh repair are the primary growth drivers for hernia repair market. For instance, according to a study named International Guidelines for Groin Hernia Management conducted by National Center for Biotechnology Information, in 2018, globally approximately 20 million patients undergo groin hernia repair every year. Expanding geriatric population, mounting demand for robotic surgery and mounting healthcare expenditure are also facilitating the growth for the hernia repair market. For instance, according to WHO, globally in 2010 approximately 524 million people were aged 65 years and older, and is expected to reach 1.5 billion in 2050. Challenges Elevated price of mesh repair, lack of skilled professionals, accessibility of less massive approaches and lengthy waiting period in developed countries are the major challenges for the growth of hernia repair market. In addition, complications related to hernia repair are also hindering the growth of the hernia repair market. For instance, according to FDA, pain, infection, hernia recurrence, adhesion, obstruction, bleeding, and a hole in neighboring tissues or organs are the complications related to hernia repair. Industry Ecosystem Globally, the manufacturing companies trying to enter the hernia repair market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier for the entry of new players. This offers an edge to the established players in the industry competition. Geographic Overview Geographically, North America is the largest hernia repair market as in the region the acceptance of hernia repair is increasing. In addition, expanding geriatric population, presence of large pool of hernia patients, mounting healthcare expenditure, technological improvement, and efficient and favorable healthcare system are also up surging growth of the North American hernia repair market. For instance, according to the U.S. Census Bureau, in 2012 approximately 43.1 million people were aged 65 years and older in the U.S. and is expected to reach 83.7 million in 2050. Asia-Pacific is observed to witness fastest growth in the market, due to expanding geriatric population. In addition, mounting medical tourism, improving healthcare infrastructure and mounting healthcare expenditure are also creating a positive impact on the hernia repair market growth in the region. Competitive Insight Key players in the hernia repair market are catering the demand of these devices by investing on technologically advanced products in their product portfolio across the globe. In May 2017, Integra LifeSciences Holdings Corporation launched SurgiMend MP a tissue-building solutions for complex abdominal hernia repair. In addition, in April 2017, Becton, Dickinson and Company acquired Bard, to provide innovative healthcare solutions and to improve its product portfolio. B. Braun Melsungen AG, Becton, Dickinson and Company, Getinge AB, Johnson & Johnson, Cook Group Inc., Medtronic PLC., Integra Lifesciences Holdings Corporation, W. L. Gore & Associates, Via Surgical and Herniamesh are the key players offering repair products. About VynZ Research VynZ Research is a global market research firm offering research, analytics, and consulting services on business strategies. We have a recognized trajectory record and our research database is used by many renowned companies and institutions in the world to strategize and revolutionize business opportunities. The company focuses on providing valuable insights on various technology verticals such as Chemicals, Automotive, Transportation, Energy, Consumer Durables, Healthcare, ICT and other emerging technologies Contact Manager: Client Care Toll-Free: 18882533960 Email: kundan@vynzresearch.com Website: www.vynzresearch.com
73 views • 6 slides
