Global Hernia Repair Market is expected to grow at a CAGR of 4.10% during the forecast period from 2018-2025
A new research report published by Fior Markets with the title Global Hernia Repair Market by Product (Mesh, Mesh Fixators), Surgery Type, and Regionâ?? and Global Forecast 2018-2025.
The global hernia repair market is expected to grow from USD 4.61 Billion in 2017 to USD 6.37 Billion by 2025 at a CAGR of 4.10% during the forecast period from 2018-2025. North America dominates the market during the forecast period. This growth can be attributed to due to improved health care facilities and increasing incidence rates of hernia disorder cases. Government initiatives and rising awareness among people are some of the major factors driving the market in the region.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Some of the eminent market players include include Ethicon, Covidien, B. Braun Melsungen AG, C.R. Bard, LifeCell, W. L. Gore, Cook Medical, Maquet, DIPROMED, Integra, FEG, Herniamesh, Cousin Biotech, Aspide Medical, Via Surgical, TransEasy Medical and others. Companies are involved in the technological advancements of hernia repair devices. For instance, Ariste Medical is developing drug-eluting mesh. These are anticipated to improve the patient outcomes specifically in vascular procedures including hernia and peripheral bypass hemodialysis processes.
The hernia mesh segment is dominating the hernia repair market and anticipated to witness the highest CAGR of 6.37% in the forecast period
The product segment includes mesh and mesh fixators. The hernia mesh segment is dominating the hernia repair market and anticipated to witness the highest CAGR of 6.37% in the forecast period. A mesh is used in strengthening weak spots in the muscle while repairing the hernia. Mesh fixators are used to avoid displacement. The growth can be attributed to the higher prices of meshes as compared to mesh fixators. Surgery segment is classified into inguinal hernia, incisional/ventral hernia, femoral hernia, and umbilical hernia. The inguinal hernia segment is dominating the segment and held the largest market share of 47.30% in 2017. High number of inguinal hernia repair surgeries performed worldwide every year, which in turn is contributing for the growth of the segment.
Growing number of obese patients and high susceptibility of geriatric patients to suffer from hernia are driving the market. In addition, emerging markets hold great potential for growth of due to growing awareness and increase in patients in these regions. The availability of alternatives technologies and lack of skilled professionals to carry out the procedure may hamper the growth of the market. However, well-regulated healthcare insurance and increasing prevalence of an inguinal and ventral hernia in developed economies have increased acceptance of this product.
About the report:
The global hernia repair market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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