Procedure Trays Market worth $45.92 Billion by 2030 – Exclusive Report by The Insight Partners
Global procedure trays market is growing at a CAGR of 9.9% during 2022 to 2030.
Pune, India, Sept. 13, 2023 (GLOBE NEWSWIRE) — A procedure tray is defined as set of prepackaged medical devices that are designed to provide the disposable materials that are used in a surgical procedure. The procedure tray is sterile in nature and hence are being preferred on a large scale. These trays are designed with an intention to suffice the individual needs of the hospital as per the requirements of the procedure.
Procedure Trays Market in terms of revenue was estimated to be worth $21.53 billion in 2022 and is poised to reach $45.92 billion by 2030, growing at a CAGR of 9.9% during 2022 to 2030 according to a new report published by The Insight Partners.
The growth for the procedure trays market is driven by increase in number of surgeries and surge in medical tourism.
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Browse Comprehensive TOC on “Procedure Trays Market Size and Forecasts (2020 – 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Application (Operating Room, Angiography, Ophthalmology, and Others), End User (Hospitals & Clinics, Ambulatory Surgical Centers, and Others), and Geography”
List of Tables – 59
List of Figures – 54
No. of Pages – 136
Global Procedure Trays Market Scope:
|Market Size Value in||USD 21.53 Billion in 2022|
|Market Size Value by||USD 45.92 Billion by 2030|
|Growth rate||CAGR of 9.9% from 2022 to 2030|
|Segments covered||Application, End User, and Geography|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America.|
|Country scope||Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States|
|Report coverage||Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends|
Surge in Medical Tourism is Boosting Global Procedure Trays Market Growth:
Many countries are becoming popular destinations for health seekers. According to the Medical Tourism Association (MTA), ~14 million people travel to other countries for medical care yearly. The advancements in medical devices and noninvasive surgical procedures are the major factors responsible for the increasing medical tourism. According to the Centers for Disease Control and Prevention (CDC), millions of Americans travel abroad yearly for medical care. Medical tourism destinations for US citizens include Argentina, Brazil, Canada, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Germany, India, Malaysia, Mexico, Nicaragua, Peru, Singapore, and Thailand. The treatment categories pursued by US medical tourists include cancer treatment, dental care, fertility treatments, organ and tissue transplants, and various forms of surgery, including bariatric, cosmetic, and non-cosmetic (e.g., orthopedic) surgery. Further, cheaper treatments available for various medical conditions, such as knee replacements, dentistry, and cosmetics, in countries including Singapore, Thailand, and Dubai increase the potential of medical travel market value in these countries. According to the ASEAN Briefing, Singapore attracts 500,000 medical tourists annually, accounting for nearly 4% of total tourism revenue (US$ 1 billion), and 60% of those tourists come from Indonesia.
According to an article published in the Medical Tourism Journal, European countries offer high-quality medical care at low cost. Medical technology and pharmaceutical companies in Europe are well-known for providing a cutting-edge research environment for continuous medical innovations. Europe has several major medical clusters that specialize in caring for medical tourists from all over the world. For instance, Poland is one of the most preferred medical tourism destinations in this region. Medical tourists visit this country for plastic surgeries, weight loss surgeries, cardiovascular surgeries, and orthopedic treatments. The costs of these surgical procedures are lower than those in developed countries. Similarly, medical tourists prefer Switzerland for treatments as the country has more than 500 hospitals, whereby 40 plus hospitals are private medical centers. Spain is another European country with many large hospitals and well-established clinics catering to international patients. Spaincares, a healthcare service platform, claims that the country welcomes ~140,000 medical tourists annually, with the largest number of patients from the UK.
Governments of countries in the Middle East & Africa are collaborating with governments of developed countries worldwide to improve their healthcare services, which would help them attract medical tourists in large numbers. The UAE government has collaborated with US-based hospitals, which provides the healthcare sector in the UAE access to cutting-edge technologies. This allows them to improve healthcare facilities, services, and patient care. For instance, Mayo Clinic, Johns Hopkins Hospital, and the Cleveland Clinic Foundation have signed the memoranda of understanding with the UAE ambassador to provide enhanced medical care to designated Emirati patients for ongoing collaboration between the American hospitals and their counterparts in the UAE. In the UAE, the healthcare system is mostly funded by the government; however, in the last few years, there has been a significant increase in private sector investments in healthcare services.
Thus, developments in healthcare services lead to an increase in medical tourism, thereby bolstering the number of surgical procedures carried out, which, in turn, boosts the growth of the procedure trays market.
Global Procedure Trays Market: Competitive Landscape
Biometrix, Medica Europe BV, 3M, BD, Owens & Minor Inc, Molnlycke Health Care AB, Nelipak Corporation, Teleflex Inc, Cardinal Health Inc, and ICU Medical Inc are among the leading companies operating in the procedure trays market. These players focus on expanding and diversifying their market presence and acquiring a novel customer base, tapping prevailing business opportunities in the procedure trays market.
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Procedure Trays Market: Segmental Overview
The “Global Procedure Trays Market” is segmented into application, end user, and geography. Based on application, the procedure trays market is segmented into operating room, angiography, ophthalmology, and others. The operating room segment held the largest market share in 2022 and is anticipated to register the highest CAGR during 2022–2030. The operating room surgical trays provide instruments according to the surgery needs, reducing the pressure on technical staff and enabling hassle-free surgery. According to new research from the World Health Organization (WHO), cesarean section procedure rates continue to rise globally, accounting for more than 1 in 5 (21%) childbirths. According to Eurostat, in 2020, hip replacement surgeries were performed in ~294 people per 1,000 inhabitants in Germany. According to the American Joint Replacement Registry, more than 2 million hip and knee replacement surgeries were performed in 2021 in the US. The increasing number of surgeries is fuelling the use of procedure trays in the operating rooms.
Based on end user, the procedure trays market is divided into hospitals & clinics, ambulatory surgical centers, and others. Hospitals provide healthcare to people through complicated but specialized scientific equipment. Hospitals are classified as general, specialty, or government, depending on their source of income. The most common form of the hospital is a general hospital, which has an emergency department to deal with medical emergencies and sudden illnesses. Hospitals play an important role in the healthcare system and offer advanced treatment options for patients with chronic and hard-to-heal wounds. Most surgeries are performed in hospitals, as they provide continuous patient care and monitoring.
Geographically, the global procedure trays market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. North America held the largest market share for the procedure trays market in 2022. The growing aging population and chronic diseases prevalence in the region, along with notable awareness about healthcare and technologically advanced surgical procedures, are likely to accelerate the demand for surgical procedures in North America.
Global Procedure Trays Market – Key Industry Dynamics:
- Increasing Number of Surgical Procedures
- Surge in Medical Tourism
- Concerns About Disposal and Standardization of Procedure Trays
- Integration of Procedure Trays with Cloud Platform and Data Analytics
- Escalating Demand for Customized Procedure Trays
In October 2019, 3M completed the acquisition of Acelity, Inc. and its KCI subsidiaries worldwide from a consortium comprising funds advised by Apax Partners, together with controlled affiliates of the Canada Pension Plan Investment Board (CPPIB) and the Public Sector Pension Investment Board (PSP Investments) for a total enterprise value of approximately US$ 6.7 billion, including the assumption of debt and other adjustments.
In December 2021, Owens & Minor, Inc. acquired American Contract Systems (ACS), a Minnesota-based provider of kitting and sterilization services for Custom Procedure Tray (CPT) solutions. This acquisition will enhance combined abilities to serve customers with a stronger CPT offering.
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