The inguinal hernia device market is expected to register a steady revenue CAGR during the forecast period. Key factors driving the inguinal hernia device market revenue growth are increase in incidence of hernia, favorable reimbursement policies, and technological advancements.
Inguinal hernia has a prevalence of 1.7% for people of all ages and 4% for people over 45. Seventy-five percent of abdominal wall hernias are inguinal hernias, with a lifetime risk of 27 percent for men and 3% for women. The increased rate of hernias is driving demand for an effective solution, which is anticipated to drive revenue growth of the market.
In inguinal hernia tissue such as a portion of the intestine, pushes through a weak area in the abdominal muscles. When we cough, bend over, or lift anything heavy, the bulge may hurt. Many hernias, nevertheless, are painless. An inguinal hernia need not be harmful.
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Some of The Factors Supporting Revenue Growth Of The Market
Increase in the prevalence of inguinal hernia is driving the inguinal hernia device market. Other factors driving the inguinal hernia market are the improvements in healthcare settings, improved healthcare settings, and investments made by the key players in R&D.
Inguinal hernia is one of the most commonly performed surgical procedures worldwide. Men are more prone to getting hernia as compared to women. Inguinal hernias affect 2% of women and 25% of men, respectively. Risk factors for this illness include age, smoking, obesity, and bad lifestyle choices.
Adults experience approximately 75% of all hernias in the groin, which has increased the use of hernia repair devices among the group. Demand for effective hernia repair is rising due to increased hernia incidence, which is expected to drive revenue growth of the market over the forecast period.
The inguinal hernia market growth is hampered by the factors such as high mesh repair prices, the availability of less expensive techniques, and lengthy waiting times in developed nations.
Other factors expected to hamper revenue growth of the market are less awareness and compliance.
In recent years, the number of technologically advanced hernia repair devices has quickly expanded. For issues arising during laparoscopic procedures, innovations like articulating fixation devices and self-fixating (gripping) meshes are created.
These tools give surgeons easier access to weaker points of the abdominal wall and let them safely implant mesh where it is needed.
Technological advancements are the main pillars to create more opportunities in the inguinal hernia market.
Largest Market Share:
North America is expected to dominate over its forecast period. Inguinal hernia is commonly seen in most countries of North America.
North America is projected to be driven by increase in prevalence of the disease. It is estimated that more than 800,000 inguinal hernias (IH) are treated annually in the U.S. and that 1 in 4 men will need an IHR at some point in their lifetime.
Rising healthcare setups, technological advancements, and increased government funding are expected to drive revenue growth of the market in the region.
Some of the other factors driving revenue growth in North America are sedentary lifestyles, ageing population, and a high hernia recurrence rate.
Fastest Growing Region:
Asia Pacific is expected to observe rapid revenue growth during the forecast period due to the increasing investments by market players in the region, rising prevalence of the disease, sedentary lifestyles, increase in geriatric population, and high hernia recurrence rate.
Healthcare expenditure and medical reimbursements are also driving revenue growth in these countries during the forecast period.
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This report offers historical data points, forecasts, and revenue growth at a global, regional & country level, and provides analysis, industry trends, and consumption pattern details for each region, major country, and segment from 2023 to 2032. The global market report includes industry trends, drivers, restraints, opportunities, threats, market strategies, segment revenue, and revenue share contribution by each regional and country market. In addition, the report offers industry analysis and competitive landscape, company financials, and impact analysis.
Key Market Trends and Innovation:
Trend for technological advancements is gaining traction in the inguinal hernia disease.
- Natural Orifice Transluminal Endoscopic Surgery (NOTES), which uses access to the peritoneal cavity through natural orifices without any incisions or without traveling through the anterior abdominal wall, is a new advancement in laparoscopic surgery.
Organic and Inorganic strategies adopted:
- On 23 June 2022, Memic, which is a medical device company dedicated to alter surgery with their proprietary surgical technology, announced that several abstracts describing clinical data related to the Hominis Surgical System for robotic-assisted transvaginal hysterectomy were accepted for presentation at The Society of Robotic and Digital Surgery (SRS) 2022 Annual Meeting held between 30 June – 3 July at the Disney Yacht & Beach Club Resort in Florida.
- In August 2020, the U.S. Food and Drug Administration (FDA) approved Xaracoll for acute postsurgical pain relief for up to 24 hours in adults following open inguinal hernia repair, a painful and frequently performed surgery, according to Innocoll Holdings Limited, a specialty pharmaceutical company and portfolio company of Gurnet Point Capital.
Major Companies in the Market Include
- B Braun Melsungen AG
- Cook Medical
- Medtronic Plc
- Herniamesh S.R.L.
- Baxter International
- Atrium Medical Corporation
- L. Gore & Associates
- Ethicon Inc.
- R Bard Inc.
- Becton Dickenson & Company
- Integra LifeSciences
Product Type Outlook:
- Hernia Mesh
- Hernia Fixation Device
Surgery Type Outlook:
- Inguinal Hernia
- Umbilical Hernia
- Incisional Hernia
- Femoral Hernia
Procedure Type Outlook:
- Open Surgery
- Laparoscopic Surgery
End – Users Outlook:
Regional Outlook (Revenue, USD Billion; 2023-2032)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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