TORONTO, Jan. 22, 2013 /PRNewswire/ -- According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, the US soft tissue repair device market will grow moderately to a value of nearly $1.2 billion by 2017, supported by the growing elderly population and rising obesity rate, leading to procedure volume increases. Some devices, such as hernia fixation devices, will see stronger growth.
In recent years, biologic meshes for hernia repair have seen a rapid increase in market penetration, because of their higher biocompatability, which increases vascularization and host tissue incorporation. Their cost is significantly higher, however, and hospitals seeking to control costs have targeted these products, particularly for uncomplicated surgeries. Many physicians are not convinced that the better outcomes are worth their higher cost in many circumstances.
Laparoscopic procedures will see higher penetration in both ventral hernia repair (VHR) and inguinal hernia repair (IHR) procedures, largely due to the increasing number of physicians trained to perform laparoscopic procedures. The result will be an increase in the sales of hernia fixation devices, which are used in such procedures to fixate the mesh more quickly than sutures. The increasing adoption of premium-priced absorbable tackers, which absorb over time and do not leave any foreign material behind, will also help increase revenues in this segment.
"A major factor driving mesh selection, fixation method and surgical technique is postoperative pain, particularly in IHR," said MRG Analyst Travis Allen. "This is an area where smaller companies can compete by offering a superior product. Otherwise, this market is largely dominated by large, stable competitors."
Millennium Research Group's US Markets for Soft Tissue Repair Devices 2013 report includes unit, installed base, average selling price and revenue information, along with market drivers and limiters and competitive landscape for ventral hernia repair devices, vaginal slings, and pelvic floor reconstruction (PFR) devices in the United States.
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources Group company (www.DecisionResourcesGroup.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack™ projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.
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SOURCE Millennium Research Group