Hernia Repair Devices Market Outlook 2028
- The global hernia repair devices market was valued at US$ 5.5 Bnin 2020
- It is estimated to expand at a CAGR of 9%from 2021 to 2028
- The global hernia repair devices market is expected to reach the value of US$ 8.62 Bnby the end of 2028
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Analysts’ Viewpoint on Hernia Repair Devices Market Scenario
Cash-rich companies are entering into mergers acquisitions to innovate in hernia repair devices amid the COVID-19 pandemic. Since the time taken to introduce a new hernia repair device in the market is usually very time-consuming owing to several regulatory and clinical requirements, the recent pandemic holds potentials to speed up these processes. In order to lower the cost of technologically advanced hernia repair devices, med-tech companies should join forces with doctors, surgeons, and nurses to increase the availability of products. Manufacturers should conduct a cost-benefit analysis before implementing any new polymer prosthetic meshes, surgical instruments, implants, and the likes in healthcare facilities.
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Healthcare Burden of Geriatric Population Triggering Innovations in Hernia Repair Devices
Hernia is associated with high morbidity in patients. Hence, med-tech companies in the hernia repair devices market are increasing RD spending on innovations in products and equipment. The growing burden of geriatric population on the healthcare system has compelled manufacturers to develop efficacious hernia mesh, biologic materials, and endoscopy equipment, among others to improve medical outcomes. The population aged 55 years above is more likely to develop hernia due to the high risk of acquiring health disorders and natural weakening of muscles.
The global hernia repair devices market is slated to clock a favorable CAGR during the forecast period. The rise in prevalence of hernia can be attributed to increase in geriatric population, rapidly changing lifestyle habits, and high obesity among people.
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Increase in Footfalls in Hospitals Post COVID-19 Peak Augmenting Market Revival
Since masks are not mandatory anymore in most regions of the world, patients are now more willing to visit healthcare facilities instead of postponing treatments or other elective procedures. However, the healthcare system in China and the U.K. is again under stress due to a new coronavirus wave. Nevertheless, new trends such as telehealth and remote patient monitoring are emerging as important strategies to offset revenue losses made in 2020 and 2021.
Companies in the hernia repair devices market are taking data-driven decisions before investing in new manufacturing technologies to make optimum use of their financial budgets. They are rethinking global sales order to ensure timely delivery of hernia repair devices.
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Time-consuming Approval for Hernia Repair Devices Hampering Market Growth
A common problem that stakeholders in the hernia repair devices market face is the time-consuming development phase of medical devices and high cost of research development. Hence, stakeholders should actively participate with governments to establish a process, which speeds up the time for the new product to reach the market.
It has been found that a manufacturer of hernia repair device should comply with several regulatory and clinical requirements before launching the product. Such findings are slowing down the growth of the hernia repair devices market. Hence, companies should work closely with governments and healthcare organizations to introduce standardization of processes to make devices easily and instantly available in the market.
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