Published: Dec, 2016
The rivalry among the players operating in the global hernia repair devices market is high and is expected to intensify over the forthcoming years owing to the oligopolistic nature of the market, says Transparency Market Research (TMR) in a research report. The leading players are incessantly focusing on building efficient marketing strategies to increase their market share and sustain in the market.
Companies are also taking initiatives for enhancing marketing and product innovation and differentiation such as strategic agreements with different participants in the supply chain. The four leading players in the market, Covidien, Ethicon, C.R. Bard, and Cook Medical together accounted for a share of 79% in the global hernia repair devices market in 2012. The global hernia repair devices market is projected to exhibit strong growth over the forecast period. The market is expected to rise to US$5,936.4 mn by the end of 2019.
Synthetic Polymer to Gain Importance among Professionals
In terms of product, the polymer and prosthetic mesh segment emerged dominant in 2015 with a market worth US$1,827.0 mn and is anticipated to retain a lead by reaching US$2,505.2 mn in 2019. Polymer and prosthetic meshes are materials used in surgeries to repair, reconstruct, and substitute damaged tissues. Synthetic polymer and prosthetic meshes enable a laparoscopic tension free hernia repair procedure and minimize the risk of foreign body reactions and infections. As a result of these benefits, the demand for polymer and prosthetic mesh is likely to boost over the next couple of years. Biologic materials are expected to lead the market in terms of growth. This segment will witness a strong growth owing to its high use during hernia repair surgeries to reconstruct the abdominal wall and enable a speedy recovery.
Geographically, North America led the global hernia repair devices market in 2012 and is projected to maintain a lead with a share of 50% in 2019. According to a TMR analyst, “The growth of the North America hernia repair devices market can be attributed to the constant increase of the geriatric population in the region.” The prevalence of a well-equipped healthcare and medical infrastructure and advanced healthcare facilities are further expected to drive the growth of the hernia repair devices market in North America. The market is also driven by the rising awareness regarding advanced medical procedures and availability of minimally invasive procedures. However, the dearth of technological innovations and stringent FDA regulation are likely to hinder the growth of the market.
Rise in Number of Obese People to Fuel Market Growth
Obesity is one of the most prominent health concerns across the globe. Obesity causes a potential threat to health thus leading to several diseases and infections. Numerous chronic diseases such as diabetes and cardiovascular diseases. According to a survey by the Trust for American’s Health, the number of people affected by obesity will rise byUS$48 billion to US$66 billion in the United States by 2030. With such high growth rate of the obese population, the incidences of hernia are also likely to increase thus giving rise a high demand for hernia repair devices. Moreover, the market is also likely to be supported by the consistent growth in the geriatric population, growing adoption of tension free hernia repair techniques, and rising demand for biologic mesh are likely to bode well for the growth of the market. Lack of proper reimbursement policies and expensive development of hernia repair devices are likely to restrain the growth of the market over the coming years. However, manufacturers can gain by focusing on countries with high adoption of composite mesh.
This review is based on a Transparency Market Research report titled, “Hernia Repair Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013-2019.”
The global hernia repair devicesmarket is segmented into the following categories:
- Hernia Repair Devices Market, by Products and Equipments
- Polymer and Prosthetic Mesh
- Biologic Materials
- Surgical Instruments
- Endoscopy Equipments
- Hernia Repair Devices Market, by Procedures
- Open Tension Repair
- Tension Free Repair
- Hernia Repair Devices Market, by Geography
- North America
- Rest of the World (RoW)
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