CHICAGO, Feb. 15, 2024 /PRNewswire/ -- Hernia Repair Market in terms of revenue was estimated to be worth $4.1 billion in 2024 and is poised to reach $5.1 billion by 2029, growing at a CAGR of 4.2% from 2024 to 2029 according to a new report by MarketsandMarkets. Factors such as increasing hernia prevalence, rising geriatric population, technological advancement, increasing adoption of mesh in hernia repair surgeries, new product development, effectiveness of mesh repair and efficient reimbursement system are high growth prospects for the hernia repair market during the forecast period.
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Browse in-depth TOC on "Hernia Repair Market"
204 - Tables
41 - Figures
230 - Pages
Hernia Repair Market Scope:
Report Coverage | Details |
Market Revenue in 2024 | $4.1 billion |
Estimated Value by 2029 | $5.1 billion |
Growth Rate | Poised to grow at a CAGR of 4.2% |
Market Size Available for | 2021-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Product, Clinical indication, Surgery type, End user, and Region |
Geographies Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Growth potential offered by emerging markets |
Key Market Drivers | Increasing hernia prevalence |
The mesh segment is to register a significant growth rate over the forecast period of 2024-2029.
Based on the product, over the forecast period of 2024-2029, the mesh segment is to register a significant growth rate. The hernia repair product market is segmented into mesh, sutures and mesh fixators. The hernia mesh segment comprises synthetic and biologic mesh. Sutures are sub-segmented into absorbable and non- absorbable sutures. The hernia mesh fixators comprise tack and glue applicators. The key factors encouraging the growth of mesh segment during the forecast period are the nonpermanent mesh, availability of wide range of existing mesh types and high prices as compared others.
The open surgery segment accounted for the largest share of hernia repair in 2024-2029.
Based on surgery type, the open surgery segment is estimated to hold the largest market share of the Hernia repair market during the forecast period. While in 2024, laparoscopic surgery is expected to register the highest CAGR in the market for hernia repair during the forecast period. Time efficiency, low recurrence rate and economical approach of the technique lead to a large share of the open surgery segment.
Asia Pacific registered the highest CAGR in the market during the forecast period.
In 2024, Asia Pacific is expected to register the highest CAGR in the market for hernia repair during the forecast period. Asia Pacific comprises China, India, South Korea, Taiwan, and Singapore, and the rest of Asia Pacific. Factors such as the growing adoption of advanced treatment options, presence of a large target patient population and improving diagnosis and treatment rates are driving the growth of the APAC hernia repair market during the forecast period.
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Hernia Repair Market Dynamics:
Drivers:
1. Increasing hernia prevalence
Restraint:
1. High costs of mesh repair and availability of less-expensive approaches
Opportunities:
1. Growth potential offered by emerging markets
Challenge:
1. Dearth of expertise in laparoscopic surgery
Key Market Players of Hernia Repair Industry:
As of 2023, prominent players in hernia repair are Ethicon Inc. (US), AbbVie Inc. (US), Medtronic plc (Ireland), Becton Dickinson and Company (US), Baxter International Inc. (US), B. Braun SE (Germany), W. L. Gore & Associates (US), Cook Group Inc (US), Integra Lifesciences Holdings Corporation (US), among others.
A breakdown of the primary participants referred to for this report is provided below:
- By Company Type: Tier 1- 31%, Tier 2- 49%, and Tier 3- 28%
- By Designation: C-level- 28%, Directors- 19%, and Others- 53%
- By Region: North America- 34%, Europe- 36%, Asia Pacific- 22%, Latin America- 6%, MEA- 2%
Recent Developments of Hernia Repair Industry:
- In October 2022, W. L. Gore & Associates launched GORE SYNECOR Intraperitoneal Biomaterial in Europe, The Middle East and South Africa.
- In May 2020, Cook Group Inc. partnered with the European Hernia Society for improving patient hernia outcomes through continuing research and education.
- In May 2020, AbbVie Inc. acquired Allergan and diversified their hernia repair business.
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Hernia Repair Market - Key Benefits of Buying the Report:
The report will enable established firms as well as entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them to garner a larger market share. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their market presence.
This report provides insights on the following pointers:
- Analysis of key drivers (increasing hernia prevalence, effectiveness of mesh repair, availability of reimbursement, technological advancement), restraints (hernia mesh recall and market withdrawals, high costs of mesh repair and availability of less-expensive approaches, long waiting times in developed countries), opportunities (growth potential offered by emerging markets), and challenges (increasing pricing pressure on market players in developed markets, dearth of expertise in laparoscopic surgery) influencing the growth of the hernia repair market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the hernia repair market
- Service Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and service developments in the hernia repair market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new services, growing geographies, and recent developments in the hernia repair market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and services of the leading market players.
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