Global Hernia Repair Devices & Consumables Market: Overview
Hernia is a medical disorder, wherein either an organ or fatty tissue pushes out through a weak spot where it is normally confined. A surgical operation is carried out to treat hernia, and is the most the common procedure performed across the globe. Over 3 million hernia repair procedures are conducted across the world every year. Around 1.2 million hernia repair procedures are carried out in the U.S. every year. The two most common methods for hernia repair include laparoscopic hernia repair surgery and open tension-free repair surgery. These surgeries are conducted with the aid of fixation devices and consumables (mesh-based surgery).
Global Hernia Repair Devices & Consumables Market: Key Trends
Factors propelling the global hernia repair devices & consumables market include rise in prevalence of hernia, high rate of adoption of open tension-free repair procedures, technological advancements in consumables such as biological mesh offered by key players, and high demand for robotic surgeries. However, high cost of hernia repair surgeries and unreliable reimbursement policies hamper market growth. Nevertheless, developing regions are expected to provide lucrative opportunities in the market during the forecast period.
Global Hernia Repair Devices & Consumables Market: Segmentation
The global hernia repair devices & consumables market can be segmented based on product, type of surgery, type of hernia, and region. In terms of product, the market can be bifurcated into fixation devices and consumables. The fixation devices segment can be divided into tack and others. The tack sub-segment can be classified into absorbable tack and non-absorbable tack. The consumables segment can be categorized into mesh and others. The mesh sub-segment can be split into synthetic mesh and biological mesh. The consumables segment accounted for the largest market share in 2018 and the trend is anticipated to continue during the forecast period.
Based on type of surgery, the global hernia repair devices & consumables market can be bifurcated into open tension-free repair and laparoscopic surgeries. The open tension-free repair segment held the largest market share in 2018.
Based on hernia type, the global hernia repair devices & consumables market can be classified into incisional hernia, femoral hernia, umbilical hernia, inguinal hernia, and others. The inguinal hernia segment accounted for the largest market share in 2018.
Global Hernia Repair Devices & Consumables Market: Regional Analysis
In terms of region, the global hernia repair devices & consumables market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to capture major market share during the forecast period owing to increase in health care investment by manufacturers and high R&D expenditure by companies for the development of these devices. Moreover, rise in prevalence of hernia fuels the growth of the hernia repair devices & consumables market in the region. However, the market in Asia Pacific is expected to expand at a high CAGR from 2019 to 2027. Large population base, rise in disposable income, and increase in patient awareness about hernia surgical procedures are likely to boost market growth in the region during the forecast period.
Global Hernia Repair Devices & Consumables Market: Competitive Landscape
Key players in the global hernia repair devices & consumables market include Cook Medical, Inc., C. R. Bard, B. Braun Melsungen AG, LifeCell Corporation, Herniamesh S. R. L., Ethicon, Inc., W. L. Gore & Associates, Inc., Medtronic plc, Baxter International, Inc., and CooperSurgical, Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
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