The demand for global hernia repair devices market will hold steady in the coming years thanks to factors such as a consistent rise in the number of obese and geriatric people worldwide, says Transparency Market Research in a latest report. The report, titled ‘Hernia Repair Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019,’ says that the market will exhibit a 7.5% CAGR from 2013 to 2019. The market, which had a valuation of US$3.57 bn in 2012, is projected to stand at US$5.93 bn by 2019.
Hernia, condition that affects people worldwide, is characterized by internal organs or tissue protruding through areas where the muscles are weak. Hernia is classified based on the location on the body where it occurs. Classified thus, the types of hernia are: umbilical, inguinal, femoral, hiatal, and incisional hernia. 80% of all hernia cases worldwide are diagnosed as being inguinal, making it the most commonly occurring type of hernia. Factors such as obesity and old age are known to heighten the risk of hernia. With the incidence rate of hernia growing, there is a consequent uptick in the demand for hernia repair devices.
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Factors that influence what type of hernia devices are in demand depend largely on the latest surgical procedures in practice. The demand for tension-free hernia repair procedures and surgeons and patients showing a favorable response to the use of biologic mesh for treating hernia will positively impact the market for hernia repair devices. “Companies will find more growth avenues in emerging markets and by catering to the growing demand for minimally-invasive procedures.
For a deeper analysis of the global hernia repair devices market, the report segments the market on the basis of the following criteria: procedures, products and equipment, and geography. By product and equipment type, the market is segmented into: surgical equipment, biologic materials, and polymer and prosthetic mesh. The biologic materials segment will exhibit faster growth than both prosthetic and polymer mesh systems.
Based on the type of procedure employed for treating hernia, the market is segmented into: open-tension repair free and tension repair. The demand for tension-free repair procedures is expected to show stronger growth than tension repair procedures. The latter, by virtue of being minimally invasive, will see greater adoption over the coming years. As a result of this, tension-free repair procedures will show promising growth in the global hernia repair devices market by procedure type.
Based on geography, the report is segmented into the following regions: North America, Asia Pacific, Europe, and Rest of the World. North America was the largest regional market for hernia repair devices in 2012, and was followed by Europe. The report predicts that the Asia Pacific hernia repair devices market, which holds promising prospects, will log an 8% CAGR from 2013 through 2019.Companies at the forefront of the competitive scenario in the global hernia repair devices market are: C.R.Bard, Inc., Covidien Plc, Cook Medical, Inc., Ethicon, Inc., and Stryker Corporation.
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