The outbreak of COVID-19 has adversely impacted various industries across the world. Hernia repair devices market is not an exception in this situation. But the gradual decrease in the cases of COVID-19 after May 2020, the government from different countries has liberated restrictions to some extent. This has fueled growth in the hernia repair devices market as well.
Different restrictions on overall elective surgeries have been lifted by governing bodies. It resulted in rapid growth in the number of repair cases of hernia. So, the growing cases of hernia across different countries of the world are expected to boost demand in the hernia repair devices market.
Hernia repair is a commonly performed medical procedure to cure hernia disorder. There is a rapid increase in hernia cases compared to women. The hernia disorder develops on the back of several risk factors such as age, unhealthy lifestyle, smoking, and obesity. In order to cure this disorder, there is a crucial requirement for services from the hernia repair devices market.
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Hernia Repair Devices Market: Key Trends
The hernia repair devices market is growing with technological advancements in repair devices and favorable reimbursement policies. In addition, the increasing incidences of hernia also develop a demand for efficient repairing devices, and it further boosts in the hernia repair devices market.
Technological advancements in various hernia repair devices have also increased in recent years. Different advancements such as self-fixating meshes and articulating fixation have been developed in order to overcome the issues that occur during laparoscopic processes. Furthermore, these advanced devices also provide surgeons better access to weaker spots within the wall of the abdomen. These devices also enable surgeons to place the mesh securely at a desired site in the human body. This factor is anticipated to boost growth in the hernia repair devices market.
The hernia repair devices market is dominated by the hernia mesh segment in terms of revenue generation. The key reason for this growth is the increased adoption of these hernia mesh devices. The major factors responsible for this growth include the ability to serve with long-term tensile strength and strong resistance to infection.
The hernia mesh segment is bifurcated into the synthetic and biologic mesh. Between these two, the synthetic mesh segment has dominated in the hernia repair devices market. The key reasons for this dominance of the hernia mesh segment include cost-effectiveness, easily available product materials, and high availability of the product in the market. These factors are predicted to boost growth in the hernia repair devices market.
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Hernia Repair Devices Market: Competitive Dynamics and Key Developments
Exogenesis Corporation received premarket clearance of about 510(k) applications in October 2019. The US Food & Drug Administration has provided this clearance for Exogenesis Hernia Mesh that is an innovative implant that intends repairing of soft tissue. The Exogenesis Hernia Mesh is important as it indicates the repairing of abdominal wall deficiencies and abdominal wall hernias.
Some prominent players serving in hernia repair devices market are:
- Herniamesh S.R.L.
- C.R Bard Inc.
- Baxter International
- Medtronic Plc
- LifeCell Corporation
- Cook Medical
- Ethicon Inc.
Hernia Repair Devices Market: Regional Assessment
The hernia repair devices market is operating in different regions across the globe. These regions include North America, Latin America, Europe, Middle East & Africa, and the Asia Pacific. Among other regions, North America dominates the hernia repair devices market with a major portion of the share in the market. This market dominance is on the back of the high recurrence rate of hernia, increasing geriatric population, and sedentary lifestyles. In addition to this, the growth in the expenditure on healthcare and rapid FDA approvals are also adding to the growth in the hernia repair devices market.
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The reports offer answers to the top 7 questions that revolve around the growth of the market
- What are the diverse growth parameters influencing the market?
- Which regions will contribute largely to the growth of the market
- What are the recent innovations and technological advancements in the market?
- What are the emerging trends across the market?
- How has COVID-19 affected the market?
- What will be the post-pandemic scenario of the market?
- What are the major threats that will dent the growth prospects of the market?
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