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11-Dec-2024

Hernia Repair Devices Market Poised for Expansion, Reaching $8.62 Billion by 2028

The global hernia repair devices market is poised for significant growth, with a projected compound annual growth rate (CAGR) of 6.9% from 2021 to 2028. The market, valued at US$ 5.5 billion in 2020, is expected to reach US$ 8.62 billion by 2028. This growth is driven by increasing incidences of hernias, technological advancements in repair devices, and the growing demand for minimally invasive procedures. However, challenges such as the lengthy regulatory approval process and high development costs continue to hinder market progress. This article explores the key drivers, challenges, and opportunities shaping the hernia repair devices market outlook leading up to 2028.

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Analysts’ Viewpoint on Market Trends

In the wake of the COVID-19 pandemic, cash-rich companies have accelerated mergers and acquisitions to innovate within the hernia repair devices market. These strategic moves aim to speed up the development of new devices, addressing the urgent need for more efficient and cost-effective solutions. Traditionally, introducing new hernia repair devices is a time-consuming process due to the rigorous clinical and regulatory requirements. However, the pandemic has opened up opportunities for faster approvals and innovations. Companies are encouraged to collaborate with healthcare professionals to drive advancements while maintaining cost-effectiveness.

The Growing Healthcare Burden of the Geriatric Population

A major factor propelling the hernia repair devices market is the increasing burden of hernias among the aging population. As people age, their muscle strength naturally weakens, making them more susceptible to hernias. The population aged 55 and above is particularly at risk, contributing to a rising number of hernia cases globally. This trend, along with an increase in obesity rates and changing lifestyle habits, is pushing medical device manufacturers to invest more in research and development (R&D). Products like hernia mesh, biologic materials, and endoscopy equipment are in high demand to improve surgical outcomes for the elderly, who are more prone to complex health issues, including hernias.

Market Revival Post-COVID-19 Pandemic

The global healthcare landscape has seen a revival as hospitals witness an increase in patient footfall following the peak of the COVID-19 pandemic. Patients, no longer restricted by the need for masks and social distancing, are returning to healthcare facilities for treatments and elective procedures, including hernia repairs. Though some regions, like China and the UK, face challenges with new COVID-19 waves, emerging strategies such as telehealth and remote patient monitoring are helping mitigate the economic impacts of the pandemic.

For hernia repair device companies, the focus has shifted to optimizing financial resources by making data-driven decisions, improving manufacturing technologies, and ensuring timely deliveries to meet rising demand.

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The Challenge of Long Development Phases

One of the key obstacles in the growth of the hernia repair devices market is the time-consuming approval process for new devices. Regulatory and clinical requirements often extend the time frame needed to bring products to market. This issue is exacerbated by the high cost of R&D, which is an inherent challenge in the medical device industry. To overcome these barriers, manufacturers are encouraged to collaborate closely with governments and regulatory bodies to streamline processes and expedite product approvals. Additionally, hospitals are increasingly adopting a cost-benefit analysis approach when considering new technologies, which can further slow the adoption of advanced yet expensive devices.

Rising Popularity of Mesh Materials for Hernia Repairs

In recent years, the demand for mesh materials, particularly polymer and prosthetic meshes, has surged in the hernia repair devices market. These materials are favored for their ability to assist in abdominal wall reconstruction and facilitate faster recovery times compared to traditional open repair methods. In the U.S., mesh materials are used in over 80% of hernia repair procedures, and manufacturers are continuously innovating to improve their designs. Biologic meshes, which are made from collagen-rich tissues and support the body’s natural healing process, are gaining traction due to their reduced risk of rejection and infections compared to synthetic meshes.

Regional Market Dynamics

North America and Asia-Pacific (APAC) are expected to continue driving the growth of the hernia repair devices market. North America, particularly the U.S., holds a substantial share of the global market, largely due to its mature healthcare infrastructure and the widespread use of biologic mesh devices. As the U.S. market adopts more advanced mesh technologies, med-tech companies are presented with lucrative opportunities for growth.

On the other hand, APAC is experiencing rapid advancements in healthcare technology, medical tourism, and low-cost treatment options. These factors, combined with increasing healthcare reimbursements, make the region a prime target for market expansion. The increasing prevalence of hernias in countries like India, China, and Japan, along with improvements in healthcare access, are anticipated to fuel the demand for hernia repair devices.

The Demand for Advanced Biologic Mesh Systems

Biologic mesh systems are becoming increasingly popular due to their high flexibility, strength, and lower risk of complications compared to synthetic options. These meshes support the abdominal wall until the body can naturally regenerate healthy collagen. The demand for biologic mesh is especially high in cases where patients are at risk of infection or rejection. However, the higher cost of biologic mesh compared to synthetic options has limited its widespread use. Nevertheless, the growing focus on patient outcomes is pushing med-tech companies to further innovate in biologic materials.

Key Market Challenges

Despite favorable market conditions, the high costs associated with the development of hernia repair devices remain a significant challenge. Manufacturers must meet rigorous regulatory requirements, which prolong the development phase and increase initial costs. Additionally, fluctuating reimbursement policies across regions can lead to inconsistent market conditions. Hospitals, which are under increasing financial pressure, often prioritize cost-effective solutions, even when they might not be the most advanced.

Competition Landscape and Key Players

The hernia repair devices market is highly competitive, with major players like Covidien plc, Ethicon, B. Braun Melsungen AG, and W.L. Gore & Associates holding significant market shares. These companies focus on continuous R&D to innovate and launch new products to stay ahead of the competition. Some recent developments include:

  • W.L. Gore & Associates received FDA approval for its GORE SYNECOR Preperitoneal Biomaterial in 2017, a novel solution for repairing hernias.
  • Covidien plc launched the Symbotex composite mesh, designed to simplify laparoscopic and open ventral hernia repairs in 2013.

Conclusion

The hernia repair devices market is expected to witness robust growth over the coming years, driven by technological innovations, the rising geriatric population, and the increasing prevalence of obesity. However, challenges such as regulatory hurdles, high development costs, and inconsistent reimbursement policies may impede market progress. Despite these challenges, the market's future remains promising, especially with the increasing demand for advanced biologic mesh and minimally invasive procedures. By focusing on cost-effective solutions and collaborations with healthcare professionals, med-tech companies can navigate these obstacles and capitalize on the emerging opportunities in the market.

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Hernia Repair Devices Market Poised for Expansion, Reaching $8.62 Billion by 2028

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Last Updated: 12-Dec-2024