ID: PMRREP3603| 250 Pages | 26 Jan 2023 | Format: PDF, Excel, PPT* | Healthcare
Newly-released Hernia Repair Devices Market analysis report by Persistence Market Research reveals that global sales of Hernia Repair Devices in 2023 were held at US$ 3.4 Billion. With a 9% projected CAGR from 2023 to 2033, the market is expected to reach a valuation of US$ 8.6 Billion by the end of the forecast period. Hernia Mesh is expected to be the highest revenue-generating segment, projected to grow at a CAGR of over 9.3% from 2023 to 2033.
|
Attribute |
Details |
|
Global Hernia Repair Devices Market (2023) |
US$ 3.6 Billion |
|
Global Hernia Repair Devices Market (2033) |
US$ 8.6 Billion |
|
Global Hernia Repair Devices Market CAGR (2023 to 2033) |
9% |
|
U.S. Hernia Repair Devices Market CAGR (2023 to 2033) |
9.9% |
|
Key Companies Profiled |
|
As per the Hernia Repair Devices Market industry research by Persistence Market Research - a market research and competitive intelligence provider, historically, from 2018 to 2022, the market increased at around 7.7% CAGR. The market is projected to grow at a CAGR of 9% over the coming ten years.
The key driver of the hernia mesh repair industry is the rising number of older adults and people that are obese. On top of these healthcare advancements, some individuals have their hernias identified earlier.
The body's strength and curative capacity diminish with age, which increases the risk of hernias. According to a study, the prevalence of hernia rises with age, 45% of males aged 75 and up have a hernia. As a result, total hernia incidence is likely to rise in the coming years as the population ages.
Players in the worldwide hernia repair devices market are focusing on countries where composite mesh adoption is increasing, as this is projected to provide attractive growth prospects. Manufacturers of hernia repair mesh systems have lucrative commercial potential with the introduction of novel and technologically enhanced hernia repair devices.
The market for hernia repair devices is growing, as observed by the increased use of composite mesh systems, which are more expensive. The United States, Canada, Germany, France, and other key countries have seen an upsurge in composite mesh use.
According to researchers from Bucharest's University Politehnica in July 2020, for example, coatings of hydrogen, which is based on methacryloyl mucin and methacryloyl gelatin, have the ability to change the integration of polypropylene mesh in abdominal wall repair.
Which region significant opportunity for Hernia Repair Devices?
In 2022, North America accounted for significant revenue in the hernia repair devices market. The key factor that contributes to the market expansion in the region is the presence of a large pool of hernia patients as well as a well-functioning and appealing healthcare system. On the other hand, the market's growth is being stifled by expensive mesh costs, long wait periods, and the emergence of non-mesh repair methods.
China Hernia Repair Devices Market Analysis
The market in China is expected to reach a valuation of US$ 749 Million by 2033, with a CAGR of 10% from 2023 to 2033. In China, medical tourism is on the rise owing to low-cost treatments. Furthermore, due to a huge patient pool, demand for hernia repair devices is rising in China.
Due to a huge number of undiagnosed and untreated cases, the market in the country is projected to account for strong growth, which would further fuel the market expansion in the country.
U.K. Hernia Repair Devices Market Analysis
The market in the U.K. is expected to reach a valuation of US$ 242 Million by 2033. Growing with a CAGR of 6.9% in the forecast period, the market in the country is projected to garner an absolute dollar opportunity of around US$ 119 Million.
Japan Hernia Repair Devices Market Analysis
In Japan, the market is expected to grow at a CAGR of 9.7% from 2023 to 2033, reaching around US$ 254 Million by 2033. The market in the country is expected to gross an absolute dollar opportunity of US$ 154 Million during the forecast period.
South Korea Hernia Repair Devices Market Analysis
The market in South Korea is expected to reach a valuation of around US$ 150 Million by 2033, growing at a CAGR of 9.5% from 2023 to 2033. The market in the country is expected to witness an absolute dollar opportunity of around US$ 89.6 Million.
What is the contribution of the hernia mesh segment in the Hernia Repair Devices Market?
Due to the widespread use of these devices, the hernia mesh segment held a significant market in 2023. The capacity to give long-term tensile strength to prevent a recurrence is credited with the segment's rise. Biological and synthetic mesh are two types of hernia mesh.
What is the future prospect for the hernia fixation devices segment?
During the projected period, the market revenue through hernia fixation devices is expected to grow at a significant pace. Sutures, tack applicators, and adhesive applicators are different types of hernia fixation devices. Tack applicators and sutures account for a significant proportion of the market. Due to their benefits such as fewer post-operative issues, the glue applicators segment is predicted to grow at the fastest rate during the projection period.
How did COVID-19 affect the Hernia Repair Devices Market?
During the peak 3 months of disruption caused by the COVID-19 pandemic, it was projected that about 28 million elective operations and surgeries were canceled. Inguinal hernias accounted for around 2.5% of emergency repairs and procedures in February 2019, whereas incisional and umbilical hernias accounted for 5.9 percent.
The German government announced that elective surgical procedures will be discontinued in mid-March 2020. Furthermore, Herniamed reported a significant decrease in the number of hernia repairs during March 2020. In April 2020, the lowest number of hernia repair surgeries were recorded, with around a quarter of those performed between February and June 2019 being hernia repair surgeries.
With the progressive drop in COVID-19 cases after May 2020, limits on overall elective surgery in German hospitals were eased, resulting in a rise in elective hernia repairs. Despite Germany's liberalization of hospitalization policies, the number of hernia repairs performed in June 2020 was significantly less than in June 2019.
The key players in the global Hernia Repair Devices market are Abbvie, B Braun Melsungen AG, Baxter International Inc., Becton, Dickinson, and Company, Cook Medical, Johnson and Johnson, DynaMesh, Integra Lifesciences Holdings Corporation, Medtronic Plc, and Meril Life Sciences.
The global Hernia Repair Devices market size was estimated at USD 3.4 billion in 2022 and is expected to grow further to USD 3.6 billion in 2023.
Value of Hernia Repair Devices Market is projected to increase at a CAGR of around 9.0% during 2023 – 2033.
Value of Hernia Repair Devices Market increased at a CAGR of around 7.7% during 2018 – 2022.
Due to an increase in hernia instances and increased awareness for the condition, the global hernia repair devices market has grown at a significant rate in recent years.
Top 5 countries driving demand for the Hernia Repair Devices Market are the United States, China, Japan, U.K. and South Korea
United States accounted for over 47% of global Hernia Repair Devices Market demand in 2022.
The UK market for Hernia Repair Devices Market is projected to expand at a CAGR of around 6.9% during 2023 – 2033.
By Product Type
By Surgery Type
By Procedure Type
By Region
Delivery Timelines
For more information on this report and its delivery timelines please get in touch with our sales team.
