Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- A market study based on the global hernia repair market recently released by Transparency Market Research (TMR), estimates that the market will expand at a CAGR of 7.5% over a period from 2014 to 2020 and reach a valuation of US$5936.43 million by the end of the forecast period.The research study, titled "Hernia Repair Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019", reports that the market for hernia repair devices generated revenue of US$3578.21 million in 2012.The report presents a detailed study of the global hernia repair devices market on the basis of the present and historical performance of various segments of this market.According to the report, the market for hernia repair devices across the globe is classified on the basis of products, procedures, and the regional markets. Based on products, the markets for polymer and prosthetic mesh, surgical instruments, biologic materials, and endoscopy equipment are the major segments, whereas by procedures, open tension repair and tension free repair are the key segments of the global hernia repair devices market.
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Presently, the market for polymer and prosthetic mesh leads the global hernia repair devices market based on products. This market segment is expected to retain its dominance over the forecast period. The market for biologic materials is also expected to report significant growth between 2013 and 2019.Based on procedures, the market for tension free repair is projected to register steady growth between 2013 and 2019, due to the faster recovery and minimal post-operative pain these procedures tend to generate.On a regional basis, the report segments the global market for hernia repair devices into the markets in North America, Europe, Asia Pacific, and the Rest of the World, wherein North America hold the leading position, accounting for almost 41.3% of the global hernia repair devices market. The presence of highly developed infrastructure and skilled medical and healthcare professionals in this region is the major factor behind its dominance. Additionally, the market in Asia Pacific is estimated to report significant growth during the forecast period on account of various initiatives by the respective governments to improve the overall medical and healthcare infrastructure in this region.
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The study signifies that a continual rise in geriatric as well as obese population base, increase in demand for advanced biologic meshes, and the expanding uptake of tension-free hernia repair procedures are the factors that are propelling the global hernia repair devices market. However, the high cost associated with the production of hernia repair devices and lack of appropriate reimbursement policies are limiting the market's growth prospects.B.Braun Melsungen AG, Covidien Plc., Cook Medical, Inc., C. R. Bard, Inc., Life Cell Corp., Ethicon, Inc., W.L.Gore & Associates, and Olympus Corp. are some of the major participants of the global hernia repair devices market profiled in this report.
The global hernia repair devices market is segmented as:
Hernia Repair Devices Market, by Products and Equipments
- Polymer and Prosthetic Mesh
- Biologic Materials
- Surgical Instruments
- Endoscopy Equipments
Hernia Repair Devices Market, by Procedures
- Open Tension Repair
- Tension Free Repair
Hernia Repair Devices Market, by Geography
- North America
- Asia Pacific
- Rest of the World (RoW)
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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Source:Transparency Market Research