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Operating Room segment is expected to drive the growth of the global procedure trays market by product type
According to a new market research study titled ‘Procedure Trays Market - Global Analysis and Forecasts by Product Type, and End User. The global procedure trays market is expected to reach US$ 21,725.7 Mn in 2027 from US$ 8,768.9 Mn in 2018. The market is estimated to grow with a CAGR of 10.8% from 2019-2027. The report highlights the trends prevalent in the global procedure trays market and the factors driving the market along with those that act as deterrents to its growth. The market is expected to grow due to benefits offered by customize procedure trays, increase in the number of surgical procedures, and introduction of rules and regulations to implement better healthcare facilities.
In recent years, there had been considerable development in the field of procedure trays. The growing surgical procedures have increased the demand for surgical instruments. Procedure trays offer benefits such as performing surgical procedures like hip, hand, and pacemaker surgeries with ease and accuracy. An enormous amount of time can be saved, during the surgical procedure and in the preparations for an operation. Gaining time means that it is possible to work more efficiently and thus to optimize the planning of operations. Operation theatre logistics are simplified. There is a reduction in the number of activities required to get the right products to the right place on time. The fact that custom procedure trays are supplied just in time means that the hospital can simplify its logistics and control its costs. The benefits offered by custom procedure trays is anticipated to increase the demand for procedure trays in the forecast period.
Based on the product type, global procedure trays market was segmented into angiography, ophthalmology, operating room, and anesthesia room. Operating room market segment led the market for procedure trays market in 2018, contributing a market share of 50.7% owing to the rising prevalence of the diseases and increasing number of surgeries. Also, the operating room segment is anticipated to witness the fastest growth rate of 7.3% during the forecast period, 2019 to 2027.
Some of the prominent players operating in procedure trays market are, Biometrix, Medica Europe BV, 3M, BD, Owens & Minor, Inc., Medline Industries, Inc., Mölnlycke Health Care AB, Nelipak Corporation, Teleflex Incorporated, Cardinal Health, Inc. among the others. The market players are focused on bringing mergers and acquisitions to sustain their position in the market. For instance, in January 2019 BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, announced the acquisition of C. R. Bard, Inc. (NYSE: BCR). C. R. Bard, Inc. provides urology trays, Suprapubic Trays, dressing trays, and others. This helped BD to enhance its existing product offerings. The developments performed by the companies are helping the market to grow in the coming years.
The report segments the global procedure trays market as follows:
Global Procedure Trays Market – By Product Type
Global Procedure Trays Market – By End User
Global Procedure Trays Market – By Geography
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