Hernia Repair Market in terms of revenue was estimated to be worth $4.1 billion in 2024 and is poised to reach $5.1 billion by 2029, growing at a CAGR of 4.2% from 2024 to 2029 according to a new report by MarketsandMarkets™. Factors such as increasing hernia prevalence, rising geriatric population, technological advancement, increasing adoption of mesh in hernia repair surgeries, new product development, effectiveness of mesh repair and efficient reimbursement system are high growth prospects for the hernia repair market during the forecast period.
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Hernia Repair Market Dynamics:
Drivers:
1. Increasing hernia prevalence
Restraint:
1. High costs of mesh repair and availability of less-expensive approaches
Opportunities:
1. Growth potential offered by emerging markets
Challenge:
1. Dearth of expertise in laparoscopic surgery
Key Market Players of Hernia Repair Industry:
As of 2023, prominent players in hernia repair are Ethicon Inc. (US), AbbVie Inc. (US), Medtronic plc (Ireland), Becton Dickinson and Company (US), Baxter International Inc. (US), B. Braun SE (Germany), W. L. Gore & Associates (US), Cook Group Inc (US), Integra Lifesciences Holdings Corporation (US), among others.
Asia Pacific registered the highest CAGR in the market during the forecast period.
In 2024, Asia Pacific is expected to register the highest CAGR in the market for hernia repair during the forecast period. Asia Pacific comprises China, India, South Korea, Taiwan, and Singapore, and the rest of Asia Pacific. Factors such as the growing adoption of advanced treatment options, presence of a large target patient population and improving diagnosis and treatment rates are driving the growth of the APAC hernia repair market during the forecast period.
Recent Developments of Hernia Repair Industry:
- In October 2022, W. L. Gore & Associates launched GORE SYNECOR Intraperitoneal Biomaterial in Europe, The Middle East and South Africa.
- In May 2020, Cook Group Inc. partnered with the European Hernia Society for improving patient hernia outcomes through continuing research and education.
- In May 2020, AbbVie Inc. acquired Allergan and diversified their hernia repair business.
