The global procedure trays market size is expected to reach USD 18.9 billion by 2025
LONDON, June 12, 2018 /PRNewswire/ -- Procedure Trays Market Size, Share & Trends Analysis Report By Product (Operating Room, Angiography, Ophthalmology), By End-Use (Hospitals, Clinics), By Region, Vendor Landscape, And Segment Forecasts, 2018 - 2025
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The global procedure trays market size is expected to reach USD 18.9 billion by 2025, according to a new study by Grand View Research Inc., progressing at a CAGR of 10.5% during the forecast period. Increasing number of surgeries across the world is providing a significant boost to the market.
Moreover, governments worldwide are encouraging usage of single-use sterile instruments to avoid infections.This, in turn, is acting as one of the key trends stoking market growth.
Along with the increasing number of surgical procedures, the demand for advanced logistics and inventory management is also growing.
Patients are increasingly preferring noninvasive or minimally invasive surgeries due to high risk of infections associated with invasive surgeries.Usage of prepacked kits aids in prevention and control of infectious diseases.
The U.K. government has issued specific guidelines related to degree of sterility that has to be maintained in operating rooms. In addition to high risk of infection, noninvasive surgeries require shorter hospital stays, thus saving time and medical cost.
Huge unused stocks of hospital supplies can lead to their expiration.As hospitals are not required to keep a large stock of medical supplies due to procedure trays, it helps in avoiding expiry of products.
Due to convenience offered by procedure trays, administrative and purchase departments in hospitals are not required to contact many suppliers. Hence, it saves procurement and administration costs.
Further Key Findings from the Study Suggest:
• Procedure trays market is segmented into operating room, angiography, ophthalmology, and other procedure trays. The operating room segment is expected to lead the market throughout the forecast period.
• Majority of surgical procedures are performed at hospitals. Hospitals represented the highest share in the market in 2016.As cost saving measures, rising adoption of procedure trays will contribute to the hospital segment.
• Clinics and other healthcare facilities are anticipated to witness highest CAGR in the coming years. Increasing preference for minimally invasive surgeries will supplement the growth of the segment.
• North America dominated the procedure trays market in 2016, owing to domicile of several key players and various initiatives undertaken by governments to encourage use of single-use medical supplies to prevent infections.
• Competition in this market is likely to be high in the coming years as market players are competing to capture maximum share in the market, especially in technologically advanced nations such as the U.S., Germany, and U.K.
• Some of the key market players are Owens & Minor, Inc.; Cardinal Health; 3M Healthcare; Becton, Dickinson and Company; and Teleflex Incorporated.
• Mergers and acquisitions of well-established players is one of the key strategies adopted by prominent companies in the market. For instance, Owens & Minor, Inc. acquired Medical Action Industries, Inc. in 2014.
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