Published: May, 2018
As per a new research report by Transparency Market Research (TMR), the global hernia repair devices market demonstrates a highly fragmented competitive landscape. With ample presence of established as well as local vendors of hernia repair devices across the world, the competition within this market is significantly high and is expected to intensify in the years to come. Cook Medical Inc., Covidien Plc, Ethicon Inc., C.R.Bard, and Stryker Corp. These players are focusing heavily on continuous product modifications and technological advancements. The increasing preference for minimally invasive procedures among consumers is encouraging players to come up with novel products to meet their demand, reports the research study.
According to TMR’s estimations, the global market for hernia repair devices was worth US$3.57 bn in 2012. Researchers at TMR expect it rise at a CAGR of 7.5% during the period from 2013 to 2019 and reach a value of US$5.93 bn by the end of the period of the forecast. Polymer and prosthetic mesh have been reporting a significantly high demand among the products and equipment available in this market. Biologic materials are also witnessing a high rise in their demand and these trends are likely to remain so over the next few years. Among the procedures, tension free repair is registering a relatively higher demand and is projected to continue doing so in the near future, states the research report.
North America to Retain Leadership
The global market for hernia repair devices has also been evaluated on the basis of its regional presence in this study. As per it, the market is bifurcated into Europe, North America, Asia Pacific, and the Middle East and Africa. Of these, North America has surfaced as the global leader. In 2012, the North America market for hernia repair devices held more than 41% of the overall market, thanks to the presence of advanced medical and healthcare infrastructure and a number of skilled healthcare professionals. With constant rise in the awareness levels among consumers, this regional market is likely to maintain its dominance over the forthcoming years, notes the market study.
Technological Advancements to Boost Market’s Growth
“The growth of the global market for hernia repair devices depends completely on the number of patients suffering from hernia across the world,” says a TMR analyst. Factors such as old age and obesity are among the main causes of hernia in an individual, thereby, making the increase in the geriatric and obese population a key factor behind the growth of this market. Over the coming years, the market is likely to be influenced by the continual advancements in technology, states the report.
The review is based on a report by Transparency Market Research (TMR), titled “Hernia Repair Devices Market (Product and Equipment - Polymer and Prosthetic Mesh, Biologic Materials, Surgical Instruments, and Endoscopy Equipment; Procedure - Open Tension Repair and Tension Free Repair) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019.”
The global hernia repair devices market is segmented into:
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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