PORTLAND, Oregon and PUNE, India, March 14, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Hernia Repair Devices and Consumables Market, by Product, Surgery Type, and Hernia Type: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global hernia repair devices and consumables market was valued at $4,156 million in 2016, and is projected to reach $5,554 million in 2023, registering a CAGR of 4.2% from 2017 to 2023.
Hernia is a medical condition in which the internal organs of the body protrude due to weakened abdominal wall. It is classified in five different types, inguinal hernia, incisional hernia, femoral hernia, umbilical hernia, and others (hiatal hernia and epigastric hernia). Hernia repair is one of the most commonly performed surgical procedures, requiring hernia fixation devices such as tacks or staples and consumables.
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The factors that drive the growth of the hernia repair devices and consumables market include increase in the number of hernia surgical procedures, rise in prevalence of hernia, surge in adoption of advanced meshes as compared to conventional mesh, and technological advancements in hernia surgeries such as use of robotic surgeries. However, high cost of hernia surgical procedures and inconsistent reimbursement policies hamper the market growth. Conversely, the development of advanced hernia repair devices and high market potential in untapped emerging economies provide lucrative growth opportunities for the key players.
The consumables segment accounted for the largest share in 2016, owing to high usage & applicability of hernia repair devices and increase in number of hernia surgeries. Furthermore, the fixation devices segment is expected to grow at the highest CAGR from 2017 to 2023, and is anticipated to continue its dominance during the forecast period.
The utilization rate of hernia repair devices and consumables in open tension-free repair surgeries is high. However, laparoscopic surgeries segment is expected to grow at a highest CAGR during the forecast period, due to technological advancements in hernia repair surgeries. On the basis of hernia type, the inguinal hernia segment occupied the largest share in 2016. On the contrary, the incisional hernia segment is expected to provide lucrative market opportunities during the forecast period.
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Key findings of the Hernia Repair Devices and Consumables Market:
- The consumables segment accounted for more than three-fourths share of the global hernia repair devices and consumables market in 2016.
- The laparoscopic surgery segment is expected to grow at highest CAGR from 2017 to 2023.
- The inguinal hernia segment accounted for around two-thirds share of the global hernia repair devices and consumables market in 2016.
- Europe accounted for around one-third share of the global market in 2016.
- LAMEA is expected to provide lucrative market growth opportunities from 2017 to 2023
North America was the leading revenue contributor to the global hernia repair devices and consumables market in 2016, and is expected to dominate the market during the forecast period. This is attributed to the early approval of hernia repair devices and increased number of hernia procedures. However, Asia-Pacific is expected to grow at the highest CAGR during the study period, due to increase in affordability, surge in healthcare expenditure, and rise in awareness towards hernia repair surgeries
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SOURCE Allied Market Research