Hernia occurs mainly due tobulging or protrusion of small tissues through an opening of muscles in theabdominal wall. Any part of the abdominal wall can be affected by hernia;however, the most common sites are groin (inguinal), previously operated regionsand the navel (umbilical).
The global HERNIAREPAIR DEVICES AND CONSUMABLES Market is estimated to account for US$6,381.7 Mn in terms of value in 2020 and is expected to reach US$ 10,587.5 Mnby the end of 2027.
Global HERNIA REPAIR DEVICES ANDCONSUMABLES Market: Drivers
Approval and launch of newproducts is expected to propel growth of the global HERNIA REPAIR DEVICES ANDCONSUMABLES market over the forecast period. For instance, in June 2019,Ethicon, part of the Johnson & Johnson Medical Devices Companies, receiveda 510(k) clearance from the FDA for its Vistaseal applicators, which spray abiological sealant to stem moderate bleeding during open or laparoscopicsurgical procedures.
Global HERNIA REPAIR DEVICES ANDCONSUMABLES Market: Opportunities
Strategic tie-ups with roboticsurgery equipment manufacturers is expected to offer lucrative growthopportunities for players in the global HERNIA REPAIR DEVICES AND CONSUMABLESmarket. Consistent evolution of hernia repair procedures assures market growthas it overcomes the obsolete nature of medical technology and provides amplebusiness opportunities to manufacturers for developing novel technologicalplatforms. Currently, laparoscopic tension-free repair procedures are adoptedon a large scale as compared to conventional incisional repair procedures asthe former ensure fast recovery, lower chance of infection and reducedpost-operative pain. Various technological upgrade that facilitate successfuloperations focus on developing robust and error-free methodologies to performthese operations, thereby reducing ambiguity. The usage of robotic surgeryequipment that enables error-free operations with high clarity is graduallyincreasing. This rise in usage offers ample business opportunities to developcutting edge technologies, and thereby enhance the success rates.
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Global HERNIA REPAIR DEVICES ANDCONSUMABLES Market: Restraints
Inconsistent reimbursementscenario is expected to hinder growth of the global HERNIA REPAIR DEVICES ANDCONSUMABLES market. The reimbursement scenario in the U.S. is well developed ascompared to that in Europe primarily due to the economic slowdown in the regionthat resulted in the reduction of overall healthcare costs. This resulted in adecrease in the scope of reimbursement for hi-tech HERNIA REPAIR DEVICES ANDCONSUMABLES. This would negatively affect the growth and uptake of the overall HERNIAREPAIR DEVICES AND CONSUMABLES market in the region.
Key Takeaways:
The global HERNIA REPAIR DEVICESAND CONSUMABLES market was valued at US$ 5,936.4 Mn in 2019 and is forecast toreach a value of US$ 10,587.5 Mn by 2027 at a CAGR of 7.5% between 2020 and2027. Major factor driving the growth of global HERNIA REPAIR DEVICES ANDCONSUMABLES market during the forecast period include technological advancement,and product launches.
Polymer and Prosthetic Mesh helddominant position in the global HERNIA REPAIR DEVICES AND CONSUMABLES market in2019, accounting for 42.2% share in terms of value, followed by Biologicmaterials respectively. Product launches in the polymer and prosthetic meshcategory is supporting growth of the market.
Market Trends
Increasing technologicaladvancements and product innovations for treating hernia are expected to boostthe global HERNIA REPAIR DEVICES AND CONSUMABLES market growth. For instance,in May 2019, according to the American College of Surgeons, surgicalresearchers developed an online app, where patients and surgeons can use as aguide for preoperative planning, and establish a layout demonstration for how apatient’s ventral hernia repair operation will be carried out.
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Major players in the global HERNIAREPAIR DEVICES AND CONSUMABLES market are focused on adopting M&Astrategies to expand their product portfolio. For instance, in September 2018,TransEnterix, a U.S.-based company acquired Medical Surgery Technologies (MST),an Israel-based medical technology company. This acquisition will enhance TransEnterix‘Senhance digital laparoscopy platform’ by adding the technological advancementof MST AutoLap. AutoLap will show visual images while carrying out surgery.
Global HERNIA REPAIR DEVICES ANDCONSUMABLES Market: Competitive Landscape
Major players operating in theglobal HERNIA REPAIR DEVICES AND CONSUMABLES market include, Johnson &Johnson Services, Inc., Cooper Companies Inc., Lifecell Corporation (AllerganPlc), W. L. Gore & Associates, Inc., Maquet Holding B.V. & Co. KG,Becton, Dickinson and Company, Medtronic Plc, Cook Medical Inc., BaxterInternational Inc., and B. Braun Melsungen AG.
Global HERNIA REPAIR DEVICES ANDCONSUMABLES Market: Key Developments
Major players in the global HERNIAREPAIR DEVICES AND CONSUMABLES market are focused on R&D of new products toexpand their product portfolio. For instance, in July 2020, TELA Bio, Inc., acommercial-stage medical technology company, announced the results of aninterim analysis from the company's post-market BRAVO study evaluating theclinical performance of OviTex for the treatment of ventral hernias.
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