In 2020, the global Hernia Repair Devices industry boasted a valuation of US$ 5.5 billion. Projections suggest a steady growth trajectory, with a compound annual growth rate (CAGR) of 6.9% anticipated from 2021 to 2028. By the culmination of 2031, it is forecasted to soar to US$ 8.62 billion.
Market observers highlight the current landscape, noting a trend where financially robust enterprises are engaging in mergers and acquisitions to drive innovation within hernia repair devices, particularly amidst the challenges posed by the COVID-19 pandemic. This crisis has, surprisingly, offered opportunities to expedite the introduction of new hernia repair solutions into the market. Typically, the process of launching such devices involves navigating through rigorous regulatory and clinical prerequisites, making it a time-intensive endeavor. However, the pandemic has emerged as a potential catalyst, potentially accelerating these procedures.
Hernia poses significant health risks, driving med-tech companies to invest in R&D for advanced hernia repair devices. With an aging population, there’s a greater demand for effective mesh, biologic materials, and endoscopy equipment. The market is expected to see a promising CAGR due to factors like aging demographics, lifestyle changes, and obesity contributing to the rise in hernia cases.
Competition Landscape:
Covidien plc,Ethicon,B. Braun Melsungen AG,C. R. Bard,W. L. Gore & Associates,LifeCell Corporation,Maquet,Cook Medical,Integra Lifesciences,DIPROMED,FEG Textiltechnik mbH,Cousin Biotech,Herniamesh,Stryker Corporation, among others
Market Segmentation:
- Product & Equipment
- Polymer & Prosthetic Mesh
- Biologic Materials
- Surgical Instruments
- Endoscopy Equipment
- Procedure
- Open Tension Repair
- Tension Free Repair
Key Developments:
- In June 2017, W. L. Gore & Associates, Inc. (Gore) received the FDA approval for its GORE SYNECOR Preperitoneal Biomaterial hernia repair device. GORE SYNECOR Preperitoneal Biomaterial is a novel solution for repairing preperitoneal hernias.
- In March 2013, Covidien plc announced the launch of Symbotex composite mesh in the U.S., an innovative product designed to make surgical laparoscopic and open ventral hernia repairs easier for surgeons.
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Regions Covered:
North America(USA, Canada and Mexico)
Europe(UK, Germany, France and the Rest of Europe)
Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)
South America(Brazil, Argentina and the Rest of South America)
Middle East and Africa(GCC and Rest of the Middle East and Africa)
Market Drivers and Challenges:
- Drivers: Rising prevalence of hernias, technological advancements in hernia repair devices, increasing demand for minimally invasive procedures, growing geriatric population.
- Challenges: Stringent regulatory requirements, product recalls, high costs associated with hernia repair surgeries.
Market Trends:
- Shift towards laparoscopic and robotic-assisted hernia repair procedures.
- Increasing adoption of biologic meshes for hernia repair.
- Integration of advanced imaging technologies for precise diagnosis and treatment planning.
Future Outlook: The hernia repair devices market is poised for remarkable growth in the coming years, fueled by ongoing research and development activities aimed at introducing novel and more efficient devices. The market will likely witness increased competition as key players strive to innovate and capture a larger market share.
Key Market Study Points:
- Adoption rate of hernia repair devices across different regions.
- Preference for specific types of hernia repair devices among surgeons and patients.
- Regulatory landscape governing the manufacturing and distribution of hernia repair devices.
- Impact of COVID-19 pandemic on the hernia repair devices market and recovery trends.
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