Europe Hernia Repair Devices And Consumables Market Forecast 2021-2028
The Europe hernia repair devices and consumables market is anticipated to record a CAGR of 3.85%, over the forecast years of 2021 to 2028. The key market growth drivers are the increasing geriatric population susceptible to an inguinal hernia, and the need for advanced medical applications.
The Europe hernia repair devices and consumables market growth is analyzed across France, the United Kingdom, Belgium, Germany, Italy, Russia, Poland, and the rest of Europe. The growing geriatric population, incorporated with an increase in healthcare expenditure, drives the market growth in Belgium. For instance, in 2018, over 2 million people residing in the country were aged 65 years and older and accounted for nearly 19% of Belgium’s population. This figure is anticipated to further increase, to 21% in 2025, and 26% by 2050, as per the Belgian Federal Planning Bureau. Moreover, the geriatric populace is highly vulnerable to inguinal hernias, owing to their deteriorating abdominal musculature.
On the other hand, according to recent data, the total health expenditure as a share of Belgium’s gross domestic product (GDP), amounted to over 10%, in 2019. This is also the joint-highest share, within the given time interval. Likewise, since 2009, the country has spent at least 10% of its GDP on health, each year. As a result, these factors are expected to drive the market growth, over the forecast period.
Distinguished players operating in the market are, Braun Melsungen AG, Baxter International Inc, CR Bard (acquired by Becton, Dickinson, and Company), Integra Lifesciences Corporation, etc.
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