The global Hernia Repair Devices Market size is expected to reach USD 7.21 billion by 2028, registering a CAGR of 5.65% over the forecast period, according to a new report by Grand View Research, Inc. The market is primarily driven by increasing prevalence of obesity and hernia globally. Being overweight causes the pressure and strain on abdominal muscles and makes them prone to development of the disease. Moreover, technological advancements and several product launches in the field of repair devices are further augmenting the growth.
Factors contributing to the growth include sedentary lifestyle, obesity, large weight loss, poor diet, chronic cough, and pregnancy. Furthermore, favorable reimbursement policies and FDA approvals of various repair devices are encouraging patients to opt for open or laparoscopy surgery. According to NCBI Report, more than 20.0 million hernia repair procedures are performed each year globally. The surgical procedure is an important revenue stream for hospitals, estimated at USD 48.0 billion per year in U.S.
Increasing healthcare expenditure and rising awareness about various surgical procedures in developing countries are also propelling market growth. Furthermore, technological advancement and increasing number of product launches in the field are also adding growth to the market. Rising number of minimally invasive surgeries and advent of robotic suturing are also gaining traction and compelling many patients to undergo surgery, thereby generating revenue to the market.
Asia Pacific is anticipated to witness the fastest CAGR over the forecast period. This is attributed to growth of medical tourism and technological advancements in healthcare devices. In addition, availability of healthcare reimbursements and affordable medical treatment are driving the market in the region. Moreover, presence of large patient pool in Japan and China is anticipated to propel market growth over the forecast period.
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Hernia Repair Devices Market Report Highlights
- North America accounted for the largest share in 2019 owing to favorable reimbursement policies and increasing FDA approvals for various mesh devices
- Asia Pacific is expected to witness robust growth during the forecast period owing to the large patient pool and rising healthcare expenditure
- Mesh devices dominated the market owing to high usage and low cost
- Inguinal hernia accounted for more than 70.0% of the share due to high incidence rate. However, incisional hernia is expected to grow at the fastest rate due to high recurrence rate
- Open surgery dominated the market owing to less post-operative complications and low procedure cost
- The market is very competitive due to presence of many players in the industry. The major players are acquiring new companies to maintain their market share in the industry.