Market Challenges And Opportunities

Global Hernia Repair Devices Market: Restraint

Stringent regulatory approval process is expected to hinder growth of the global hernia repair devices market.

Moreover, high cost of R&D (research and development) of hernia repair devices is also expected to limit the market growth. A manufacturer of hernia repair device has to satisfy various regulatory and clinical requirements before launching the product. This prolonged phase of development and approvals forces medical device manufacturers to maintain initial high cost of hernia repair devices. High cost of products results in lack of appropriate accessibility to various technological advancements, thereby hampering the uptake.

Increasing prevalence of hernia is expected to propel growth of the global hernia repair devices market over the forecast period.

Increasing prevalence of hernia is expected to drive market growth over the forecast period. For instance, according to the study published by national library of medicine titled “Prevalence and risk factors for abdominal wall hernia in the general Russian population,” in May 2019, abdominal wall hernias were found in 20.9% of population.

Increasing geriatric population is expected to boost demand for hernia repair devices and is expected to drive market growth during the forecast period.

Increasing geriatric population is expected to drive market growth over the forecast period. For instance, according to Rural Health Information Hub, a U. S. government organization, as of June, 2019, there are more than 46 million adults with age 65 and older living in the U.S. and by 2050, that number is expected to grow to almost 90 million. Thus, increase in the geriatric population is expected to drive the market growth for the forecast period.