The increasing adoption of mesh in hernia repair surgeries, rising geriatric population, new product developments, and efficient reimbursement system in developed countries are the major factors driving the growth of the market during the forecast period.
Northrook, IL -- (SBWIRE) -- 11/06/2019 -- The Hernia Repair Market is expected to reach USD 4.75 billion by 2023 from USD 4.09 billion in 2018, at a CAGR of 3.0% during the forecast period.
How will the emerging markets provide growth opportunities for players in the hernia repair market?
Emerging markets such as China, India, Brazil, and Mexico are expected to offer significant growth opportunities for players operating in the hernia repair market due to their huge and increasing patient population, growing hernia prevalence, and developing healthcare infrastructure. For instance, the number of hernia repair surgeries carried out in India and China was around 1.95 million and 2.38 million, respectively, in 2016 (Source: NCBI).
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The availability of high-quality surgical treatment at comparatively lower costs has also led to an influx of medical tourists to these countries, which by itself has driven the adoption of advanced products and techniques in countries seeking to expand their medical tourism sector.
Additionally, the Asia Pacific is more adaptive and business-friendly due to its comparatively less-stringent regulations and data requirements. Increasing competition in mature markets will further compel manufacturers of hernia meshes and mesh fixators to focus on the emerging markets.
Will the increasing pricing pressure on market players in the developed markets challenge the growth of the hernia repair market?
Growing pressure to reduce healthcare costs has driven healthcare providers to align themselves with group purchasing organizations (GPOs) and integrated health networks (IHNs). These organizations aggregate the purchasing volume of their members and bargain for competitive prices with suppliers as well as manufacturers of surgical devices. This ultimately affects the profit margins of players in the hernia repair market, particularly for small and medium-sized manufacturers that offer a limited range of hernia meshes and fixators. The effect of this challenge is particularly evident in the US and other developed countries and regions.
However, it is expected that the rising focus on the development of low-cost products will reduce the impact of this challenge to a certain extent in developed countries.
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