With Increasing Focus on Product Innovation and Development, Global hernia repair devices Market to Reach US$5.93 Bn Valuation by End of 2019
A recent market research report by Transparency Market Research expects the competitive landscape of the global hernia repair devices market to be a fragmented one. Because of the presence of several well-known and established players and the entry of new & promising players, the research report expects the competition in the hernia repair devices market to intensify in the coming years. Some of the leading players in the global hernia repair devices market include names such as Stryker Corp, C.R.Bard, Ethicon Inc., Covidien Plc., and Cook Medical Plc. among others. These leading companies are increasingly focusing on developing advanced techniques for minimally invasive procedures. This is according to the emerging trend of end-users change of preference. Moreover, innovation and product development is also on the top agenda for these leading players in the global hernia repair devices market.
As per the research report, the global hernia repair devices market was initially valued at US$3.57 bn in 2012. The estimated growth of the market for the forecast period of 2013 to 2019 was of 7.5% CAGR. With this strong rate of growth, the market is thus expected to reach the forecasted value of US$5.93 bn until the end of 2019. In terms of types of devices, the segment of prosthetic and polymer mesh have been getting the maximum spotlight. There has also been a considerable increase in demand for the advanced biologic materials.
Changing Consumer Preference to Influence Market Growth
There are several factors that are helping to drive the growth of the global hernia repair devices market. One of the chief driving factors for the market growth is the growing number of patients suffering from hernia. With the technological advancements and increasing awareness about the developments in the healthcare sector, more number of patients are inclined towards preferring minimally invasive surgical procedures. This factor is expected to play a major role in the development of the global hernia repair devices market as the leading companies are expected to tap this trend for generating more revenue. In addition to this, introduction of biologic materials such as mesh systems and composite mesh systems have also changed the number games in the market. Because of their benefits such as higher resistance to infections and longer lifecycle, the demand for these hernia repair devices is increasing. This too is expected to help in developing the market to newer heights.
North America to Continue to Lead Global Market
The geographical segmentation of the global hernia repair devices market features four major regions viz. North America, Europe, Asia Pacific, and Rest of the World. It is expected that of these regional segments, the global market will be dominated by the segment of North America. Back in 2012, the North America segment accounted for nearly 41% of the overall market share. The region will continue to be the major contributor for the development of the market. Some key factors for the development of the North America market for hernia repair devices are presence of high-tech and advanced healthcare infrastructure and large pool of skilled medical professionals.
Market Segmentation is as follows:
By Products and Equipment
- Polymer and Prosthetic Mesh
- Biologic Materials
- Surgical Instruments
- Endoscopy Equipment
- Open Tension Repair
- Tension Free Repair
- North America
- Asia Pacific
- Rest of the World (RoW)
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