Global Hernia Repair Devices Market to Exhibit 7.5% CAGR 2013-2019, Boosted by Demand from Growing Geriatric, Obese Demographics
Leading market research company Transparency Market Research (TMR) has announced the release of a new report on the global hernia repair devices market. The report thus examines one of the fastest growing markets for medical devices in the coming years and is a worthy addition to TMR’s vast repertoire of market research reports on the medical devices industry. According to the TMR report, the “Hernia Repair Devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019″ revenue totaled US$3.6 bn in 2012. Due to rising demand owing to the high prevalence of hernia, the global market is expected to reach a revenue figure of US$5.9 bn by 2019. This represents a CAGR of sturdy 7.5% from 2013 to 2019.
A hernia is an abnormal swelling of an organ through a weak spot within the body. Hernias can become painful and develop into potentially more dangerous conditions. Untreated hernias can lead to more of the internal organs being pushed out through the opening, leading to more potentially dangerous conditions. Hernias can be diagnosed via a physical examination and then fixed with the help of hernia repair devices. The rising prevalence of hernias is the primary driver of the global hernia repair devices market.
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The increase in the prevalence of hernias is due to multiple factors, including the increasing global aging population, the increasing obese population, and increasing prevalence of unhealthy habits and addictions. The elderly have naturally weakened musculature, which is conducive to the formation of hernias. Obesity brings about several adverse changes in body composition, including weakening of the muscles over a period of time, which contributes to the development of a hernia. Habits such as consumption of nicotine or alcohol, popular among the global urban population, are also associated with the development of hernias. Due to the rising prevalence of such factors, the global hernia repair devices market is expected to witness strong growth in the coming years.
Apart from the drivers and restraints affecting the growth trajectory of the global hernia repair devices market, the report also looks into the major segments of the global market on the basis of key criteria.
On the basis of product type, biologic materials, surgical instruments, polymer and prosthetic mesh, and endoscopy equipment are the major segments of the global hernia repair devices market. Of these, synthetic materials such as polymers and prosthetics are used for hernia repair widely. However, these materials present a higher risk of relapse of the hernia, consequently increasing the risk of on-site infections as well. In contrast, biologic materials are experiencing increasing demand owing to their biocompatibility.
Among the types of hernia repair surgeries, tension-free surgeries are rising in demand, shading the demand for conventional tension repair procedures. The minimally invasive nature of tension-free surgeries has aided their demand, since they cause less pain and facilitate a shorter recovery time than conventional procedures.
Geographically, the global hernia repair devices market is led by North America. The easy availability of advanced healthcare technology and skilled personnel in countries such as the U.S. and Canada has allowed the North America market for hernia repair devices to emerge as the dominant segment of the global market. In the coming years, though, the Asia Pacific market for hernia repair devices is expected to exhibit the highest growth rate of all regional segments of the global market.
The report also examines the profiles of major companies operating in the global hernia repair devices market, such as Covidien plc, B. Braun Surgical, Ethicon, and Stryker Corporation.