shcri.com - Already in possession of the world's most valuable hernia repair sector, India is set to claim an even greater market share with impressive revenue growth in the near future, states Hernia Repair - Global Analysis and Market Forecasts.
According to Hernia Repair - Global Analysis and Market Forecasts, India's hernia repair market value will climb from a 2012 value of $588m to $789m in 2019, increasing at a Compound Annual Growth Rate (OTCPK:CAGR) of 4.3%.
Only the UK market is expected to grow at a faster rate (CAGR: 5.2%), and the increase will see India's share of the global hernia repair market expand from 30% to 37% over the seven-year period.
The US is expected to remain the second largest for hernia repair procedures by the end of the forecast period, but while sales are predicted to grow by approximately $21m, Hernia Repair - Global Analysis and Market Forecasts anticipates market share to drop from 24% to 21% in 2019, due to the stronger growth of other international markets.
There are a number of drivers spurring the growth of the hernia repair market in India .The first is the growth in population which will see an increase of over 100 million to 1.3 billion in 2019. The second is the increased adoption of the laparoscopic procedure and the subsequent utilization of meshes that are specifically designed for the technique.
Composite meshes that can be placed intraperitoneally are the standard of care for incisional hernia repair performed laparoscopically. As the percentage of repairs performed via this method increases by almost 25% over the forecast period, the utilization of this much more expensive mesh type will significantly drive the country's market value. Hernia Repair - Global Analysis and Market Forecasts
By 2019, this portion of the market is expected to reach a value of $394m, overtaking the currently dominant inguinal hernia procedures market, which is forecast to hit $326m in the same year.
Hernia Repair - Global Analysis and Market Forecasts predicts the global hernia repair market to grow at a modest CAGR of 2% between 2012 and 2019, with total revenue climbing from $1.8 billion to $2.1 billion.
Hernia Repair - Global Analysis and Market Forecasts provides a comprehensive evaluation of the global hernia market, including development and sales of inguinal, incisional and umbilical hernia repair products in the US, Germany, Italy, Spain, the UK, France, Brazil, China, India and Japan.