Augmenting Cases of Hernia Driving the growth for Global Hernia Repair Devices and Consumables Market

Each year, U.S. accounts for near about 1.2 million procedures out of every 3 million hernia repair surgeries around the world. The figure tends to increase year over year, without any signs of slowdown. Reasons for the same range from anything between incorrect lifestyle choice, or a simple over-straining activity. An abnormal abdominal swelling, accompanied by intense pain and discomfort characterizes its occurrence. Surgical methods are adopted by medical practitioners during the outpatient care provided to patients suffering from the condition. A diverse class of surgical and post-surgical devices and consumables offered by the vendors come to their aid in the process of correction of the condition. 

As per the findings of expert analysts at Allied Market Research, the world hernia repair devices and consumables market size was evaluated worth $3,943 million in 2013. A more detailed study of key industry vitals, projects the value to reach $6,109 million by 2020. According to the same study, the expected CAGR over the forecast period, 2014 to 2020, is 6.5%. This tremendous growth of the market is solely driven by the augmented cases of hernia around the world. 

The hernia repair devices and consumables market by segments

Consideration towards the types of surgical procedures performed is a good platform to start with for a segmented analysis of the hernia repair devices and consumables market. Open or laparoscopic operations are popularly adopted by healthcare professionals. A stark comparison is laid out giving laparoscopic hernia repair techniques an edge over the open surgery. The former is always less painful and offers quick recovery. The possibility of implementing tension-free repair in both the techniques has opened fresh market for different types of mesh and plugs. 

Among the varied cases of the disorder, the most commonly known are incisional, inguinal, femoral, and umbilical hernia. More or less, the repair consumables remain the same for open and laparoscopic surgeries. As reported, inguinal hernia accounts for around three-fourths of the total revenue generated by the hernia repair devices market. Incisional hernia, however, is forecasted to register highest growth rates during the study period. The regions across Europe and North America together capture around 75% of the overall market share. High incidence rates and ready availability of laparoscopic surgical technology as well as its experts over the region keeps them ahead of its geographical competitors.

The total number of hernia repair surgeries carried around the globe was last counted to the figure of 27 million in 2013. Given by the expert approximations, this figure is bound to grow to a whopping 36 million by the end of forecast period. Typically, this type of surgery involves placement of a flat or three-dimensional mesh at the pre-peritoneal space to bridge the incisions. Operative devices, meshes & plugs, and other associated consumables including components such as sutures, staples, and anchors, compile the product portfolio for the hernia repair devices market. The implementation of artificial prosthetics, such as a mesh or plug, is rudimentary to hernia repair procedures. Any error can have serious complications later and might lead to the recurrence of previous condition. Fixation devices are used to affix the edges of synthetic and biological prosthetics or implants to the abdominal wall of the patient, so as to cover incision wounds. 

Market capture by innovative hernia repair consumables

Talking of the types of meshes and plugs, a wide array of commercially available options can be tracked in the hernia repair devices market. The latest among these are developed with the idea of improving patient’s experience during the recovery period. Advanced material meshes have become more comfortable, absorbable, and come with handy self-fixating edges.

Products under the OviTex™ portfolio are used for ventral hernia repair and are developed by TELA Bio, Inc., a surgical reconstruction company. "Without an ideal surgical mesh implant, over the last decade many surgeons have focused on learning novel hernia repair techniques to accommodate for older technology implants," said Dr. Stephen Ferzoco, a Boston-based hernia surgeon. "The reinforced technology in the OviTex™ portfolio combines the strength advantages of synthetics with a natural biologic material, offering the best of both worlds and helping surgeons achieve successful patient outcomes without the need to learn new techniques."

AbsorbaTack 30X fixation devices is absorbed by the body over the course of tissue recovery and renders the entire process to be more comfortable. In another example of product advancements, LifeMesh™ is a self-fixating mesh. The product is being developed by the LifeBond—a company that specializes in bio-surgical devices for tissue repair. Currently, LifeMesh™ is in its pre-clinical development stage. 

The estimated upsurge in the cases of hernia and its recurrence further motivates product developers to look for advanced meshes. As a direct impact of the expanding portfolio, the consumable segment exhibits strong tendencies to lead the overall hernia repair devices and consumables market. However, expensive treatments and sheer lack of appropriate reimbursement policies is expected to hamper the demand.

Intuitive Surgical: A case study
Intuitive Surgical recorded revenue growth of 14% during the second quarter of 2016, amounting to $670 million. In an official press release the company declared its notable non-GAAP earnings to rise by 23% and generate $220 million, at the rate of $5.62 per diluted share. Financial analysts dedicate this rise to the 6% hike in operating expenses, which eventually led to the expansion of gross profit margins for the organization from previous second quarter’s 65.9% to 70.3%. A detailed outlook of this considerable growth during the Q2 2016, leads the analysts to discover the reason behind the increased adoption of general surgery in U.S. Hernia repair was one of the basic surgical procedures that reinforced the high adoption rates of colorectal surgical procedures. “Hernia repair continues to contribute the largest volume of new procedures in general surgery, and surgeon retention and expansion remains encouraging,” observed Patrick Clingan, Finance Director, Intuitive Surgical. 

Trends in the hernia repair devices and consumables market are still tentative. A survey data was presented by Gary Guthart, CEO, Intuitive Surgical, at the JPMorgan Healthcare Conference in January 2016. A comprehensive interpretation of the presented data unveiled that a majority of prostatectomies and hysterectomies are preferably performed with minimally invasive methods. On the other hand, open surgical procedures are still preferred for cases of ventral hernia repair and thoracic surgery. This observation brings to light new investment avenues for the involved market players and business stakeholders.

 

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