If you can open up the wall and burrow out a bit you may be able to cut the pipe beyond the hole and splice on a piece of 4" of whatever meets the code.
If I were going to hire someone I would call a plumber and ask for a price to get it repaired. I would tell the plumber that replacing the whole pipe is not an option so he doesn't get the idea that he can talk you into a "replace the whole line" job.
If you are into DIY you could try burrowing around the pipe before you call the plumber.
Another way if you dig it out would be to encase the area in concrete. That would involve securing a small patch over the hole to keep the concrete out; then load the whole thing with concrete. Another solution would be to repair the area with a complete wrap of fiberglass/epoxy.
The outside of the pipe should be well-cleaned before either concrete or fiberglass is applied.
If I were doing it myself it would probably be the fiberglass/epoxy.
Other DIY options (probably not to code) might be a couple of layers of rubber with large hose clamps.