PORTLAND, Oregon, July 13, 2020
- Rise in advanced meshes demand, surge in implementation of robotic surgeries, and increase in number of hernia patients drive the global hernia repair devices and consumables market
PORTLAND, Oregon, July 13, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Hernia Repair Devices and Consumables Market by Product (Fixation Devices and Consumables), Surgery Type (Open Tension-Free Repair Surgery and Laparoscopic surgery), and Hernia Type (Incisional Hernia, Umbilical, Inguinal Hernia, and Femoral Hernia): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global hernia repair devices and consumables industry generated $4.74 billion in 2019, and is projected to garner $6.35 billion by 2027, witnessing a CAGR of 3.6% from 2020 to 2027.
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Driving factors, restrains, and opportunities
Rise in advanced meshes demand, surge in implementation of robotic surgeries, and increase in number of hernia patients drive the global hernia repair devices and consumables market. However, high costs related to repair surgeries of hernia and stringent reimbursement policies restrain the market growth. On the other hand, technological advancements and opportunities in emerging countries offer new opportunities in the coming years.
The consumables segment to maintain its dominance during the forecast period
Based on product, the consumables segment held the largest market share in 2019, contributing for more than four-fifths of the global hernia repair devices and consumables market, and is estimated to maintain its dominance during the forecast period. This is attributed to increase in usage and application along with rise in number of hernia surgeries. However, the fixation devices segment is expected to register the highest CAGR of 4.6% from 2020 to 2027, owing to high adoption rate of laparoscopic hernia surgeries and high recurrence rate of suture-based surgery.
The open tension-free repair surgery segment to maintain its lead position by 2027
Based on surgery type, the open tension-free repair surgery segment contributed to more than four-fifths of the global hernia repair devices and consumables market in 2019, and is estimated to maintain its lead position in terms of revenue by 2027. This is due to surge in implementation of open tension-free repair technique, in which, surgical mesh acts as a bridge for growth of new tissues to consolidate the abdominal wall. However, the laparoscopic surgery segment is projected to witness the fastest CAGR of 4.5% during the forecast period. This is attributed to its benefits such as reduction in post-operative pain, rapid recovery, and short hospital stays.
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North America to maintain its dominance in terms of revenue throughout the forecast period
Based on region, North America contributed the majority share, with nearly two-fifths of the total market share of the global hernia repair devices and consumables market in 2019, and will maintain its dominance throughout the forecast period. This is attributed to early approval of hernia repair devices and surge in number of hernia procedures. However, Asia-Pacific is expected to portray the fastest CAGR of 4.9% during the forecast period, owing to affordability, rise in healthcare expenditure, and increase in awareness regarding hernia repair surgeries in emerging nations.
Market players grabbing the largest pie
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