The Hernia Repair Devices Market has gain significant attraction over the recent years owing to its fast-growing applications in repairing defects or weaknesses in abdominal muscle wall known as hernias. Hernias may develop in the groin, umbilical area or abdominal wall and cause bulges or lumps that appear as soft spots in the muscle wall. Hernia repair devices such as mesh or mesh patches are surgically placed to reinforce damaged or weakened muscle and connective tissues.
Market Overview:
Hernia repair devices are used for repairing all types of abdominal wall hernias. Hernia meshes are mainly made of synthetic and biological materials such as polypropylene, polystyrene, polyester, and collagen. Surgical repair with the help of hernia meshes and other repair devices reduces the chances of hernia recurrence and complications. Technological advancements have led to the development of new improved hernia meshes and fixation devices with better biocompatibility and stronger mechanical properties.
Market key trends:
The global hernia repair devices market is driven by rising incidence of abdominal wall hernias worldwide. According to the European Hernia Society, abdominal wall hernias affect 27% of the adult population. Additionally, growing geriatric population, increasing obesity rates, and lifestyle changes are some of the major factors contributing to the high prevalence of hernias. Furthermore, favorable reimbursement policies and growing awareness about hernia treatment options are prompting more patients to opt for surgical repairs. New product approvals and launches by market players are also boosting the market growth. For instance, in 2018, Ethicon Endo-Surgery received FDA approval for Ventralex hernia repair mesh and introducer system.
Porter’s Analysis
Threat of new entrants: The hernia repair devices market requires huge capital investments and regulatory approvals which limits threat of new entrants.
Bargaining power of buyers: Large group purchasing organizations have significant bargaining power over device manufacturers which impacts pricing.
Bargaining power of suppliers: Major suppliers of raw materials face less threat as device manufacturers rely on them for quality inputs.
Threat of new substitutes: Though laparoscopic surgeries gaining acceptance, mesh implants still remain gold standard with no major substitute threats yet.
Competitive rivalry: Major players differentiate through innovations and brand loyalty while regional players compete on pricing leading to industry competition.
SWOT Analysis
Strengths: Leading brands have robust R&D and manufacturing capabilities to introduce advanced devices meeting unmet clinical needs.
Weaknesses: High production costs and significant sales, marketing investments required to promote devices and educate surgeons.
Opportunities: Growing geriatric population vulnerable to hernias, emerging markets expansion, favorable reimbursements driving volume growth.
Threats: Stringent regulations for approval delays market access, mesh implant recalls and litigations impact brand image and sales.
Key Takeaways
The global hernia repair devices market is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing number of hernia surgeries being performed worldwide. North America dominated the market in 2023, owing to the rising prevalence of obesity and a strong medical device industry in the region. The high costs of surgeries along with the availability of advanced healthcare infrastructure is driving the regional market.
Regionally, Asia Pacific is expected to be the fastest growing market during the forecast period. This is attributed to factors such as growing medical tourism industry and rising disposable incomes in emerging economies such as India and China.
Key players operating in the hernia repair devices market are Johnson & Johnson Services, Inc., Cooper Companies Inc., Lifecell Corporation (Allergan Plc), W. L. Gore & Associates, Inc., Maquet Holding B.V. & Co. KG, Becton, Dickinson and Company, Medtronic Plc, Cook Medical Inc., Baxter International Inc., and B. Braun Melsungen AG.
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