The Hernia Repair Market is anticipated to grow at a substantial CAGR of 3.5%. It is projected that the Market Value will further reach up to USD 8.5 Billion in the forecast period 2021-2028. A hernia is a disease that occurs when the muscles of the inner layer of the abdomen get weak. It further bulges and forms a sack. This condition can be harmful as it affects the groin, navel, and surgery site.
There are various types of hernias that can happen. Some common hernias are femoral, incisional, and inguinal. However, with proper medication and surgical process, it is possible to treat a hernia. As the cases of hernia are growing rapidly, the market growth will improve accordingly. However, the Asia-Pacific region is projected to have the fastest market growth in the upcoming years. Also, the US in North America is estimated to hold the largest Hernia Repair Market.
The increasing cases of COVID-19 disease are one of the major disruptions. It further led to a lockdown and halt in the manufacturing process as well. Even the companies in the healthcare sector faced huge losses due to the pandemic. Moreover, it is anticipated that Hernia Repair Market in the future years can grow at a significant rate with various technological developments.
The increasing use of mesh for efficient treatment will be a positive factor for the market. Along with that, the rising cases of hernia among individuals around the world and technological developments will further drive the Hernia Repair Market in the future years.
The increasing costs of the mesh repair are considered to be a significant restraint for Hernia Repair Market. It is because the mesh is manufactured in developed countries makes it is expensive for middle and low-income countries. Apart from that, the emergence of less-expensive alternatives can also slow down the market growth.
According to the Hernia Repair Market Forecast, various opportunities such as mergers, acquisitions, etc. by the key players will be favorable for the market growth. Therefore, the market will grow at a gradual rate with these strategic steps by the key players.
The low availability of skilled laborers is one of the crucial challenges speculated to hinder the Hernia Repair Market Growth. Also, the low awareness in the low-income countries and high costs of new products and infrastructure will challenge the market in the future years.
The Compound Annual Growth Rate (CAGR) of the Market is evaluated to reach up to 3.5%. Apart from that, the Hernia Repair Market Value is expected to reach up to USD 5.59 Billion in the forecast period 2021-2028. It is because of the various developments and drivers such as the increasing older population, rising cases of hernia, and rising awareness that will fuel the market growth.
Value Chain Analysis
The improvement in the supply chain and increasing focus of governments across various countries to improve healthcare will be beneficial for the market. These factors will eventually increase the Hernia Repair Market Trends in the studied forecast period. Furthermore, the market value will simultaneously increase with the growing demand in the forthcoming years.
The Hernia Repair Market Size is segmented into hernia type, care setting, fixation, product, and surgery. Based on hernia type, the industry is segmented into Femoral Hernia, Umbilical Hernia, Inguinal Hernia, Hiatal hernia, Epigastric Hernia, and Incisional Hernia.
Based on product, the Market is divided into Consumables, Devices, and Others. The consumables sub-segment is again divided into Biological materials, and Synthetic Materials.
Based on Surgery, the Hernia Repair Market is again divided into Laparoscopy, and Open Hernia Surgery.
Based on fixation, the market is again segmented into Glue, Suture, and Stack.
Based on the care setting, the Hernia Repair Market is divided into Out-Patient and In-Patient.
Based on region, the Hernia Repair Market is segmented into Europe, the Americas, Africa, and the Middle East, and Asia-Pacific. According to the Hernia Repair Market Analysis, Americas will have the largest share. This region is further segmented into Latin America and North America. Especially, North America will have significant growth in the future years.
Also, the European region is depicted to have the second-largest share in the forthcoming years. Technological development and investments for development and research are crucial reasons for market growth.
Furthermore, the Asia-Pacific region is anticipated to have the fastest market growth in the studied forces period. The growing population of the older generation, increasing technological development, are the important drivers in this region. Also, the rising development by the key players in countries such as India, China, South Korea, etc. is fuelling the Hernia Repair Market Growth.
Also, Africa and the Middle East region are expected to witness gradual growth as compared to the previous years. However, it will have the least share as compared to other regions. But with growing awareness, the Hernia Repair Market will have a gradual growth in this region.
The Hernia Repair Market Size is highly fragmented with the presence of various key players. The key players do acquisitions, market analysis, mergers, collaborations, partnerships, new product launches, etc. Some of the key players in the Hernia Repair Market are listed below.
No Recent Development was found.
The report overview of the Hernia Repair Market Outlook is as follows.
Report Score and Segmentation
The report score offers information about the Hernia Repair Market. It covers information about the market CAGR, drivers, challenges, developments, and many more. The information provided in this report is gathered from various secondary and primary sources.
|Market Size||2022: USD 8.5 Million|
|CAGR||2020-2027: Substantial CAGR|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Hernia type, Products and Surgery Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ABISS, A.M.I. GmbH, Angiologica B.M., Aspide Medical, Atrium Medical Corporation, B. Braun Melsungen AG, Baxter Internationals, C. R. Bard, Inc. (Davol Inc), COOK MEDICAL INC., Cousin Biotech, Covidien (Medtronic), Ethicon, Integra LifeSciences Corporation|
|Key Market Opportunities||Strategic collaborations, mergers, and product launches, strategies undertaken by key players in the market|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The valuation of the hernia repair market is estimated to increase to USD 8.5 BN by the end of 2022.
Increase hernia cases, growing awareness about the disease and availability of treatments, advancements in hernia repair, and increasing medical expenditure are the major tailwinds pushing the growth of the global hernia repair market.
North America holds the largest share in the global hernia repair market, followed by Europe and the Asia Pacific, respectively.
Angiologica B.M. (Italy), A.M.I. GmbH (Austria), Aspide Medical (France), B. Braun Melsungen AG (Germany), Atrium Medical Corporation (Germany), Baxter Internationals (U.S.), Cook Medical Inc. (US), C. R. Bard, Inc. (US), Cousin Biotech (France), Ethicon (U.S.), Covidien (Ireland), ABISS (France), and Integra Life Sciences Corporation (U.S), are some of the major players operating in the hernia repair market.
Strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology/ product launch are some of the growth strategies that players operating in the global hernia repair market adopt to gain a larger competitive advantage.