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Customized Procedure Trays Market: Introduction
According to the report, the global customized procedure trays market was valued at ~US$ 2 Bn in 2018 and is projected to expand at a high CAGR during the forecast period. Customer procedure trays, also known as customer surgical kits, are known as sterile packages assembled together designed for various surgeries. The sterile packages most commonly include disposable components required for various surgeries. Adoption of customized procedure trays is increasing owing to the rise in number of complex surgical procedures due to aging society, increase in infectious diseases, ischemic heart diseases, cancers, and trauma, all of which require surgical interventions. Customized procedure trays are cost-effective and timesaving; reduces the surgical procedure time by 30% to 40%. High adoption rates are also expected in cardiology, urology, and general surgery due to convenience, speed, and reliability in terms of medical disposables.
The global customized procedure trays market is driven by the rise in prevalence of chronic diseases, increase in surgeries across the globe, and rise in demand for customized procedure trays in major surgeries. Customized procedure trays are primarily used in the cardiac surgeries, around 15 to 20 per surgical procedure and around 5 to 10 per procedure orthopedic. North America dominated the global customized procedure trays market in 2018 and the trend is anticipated to continue during the forecast period. The region’s dominance can be ascribed to the availability of customized procedure trays for orthopedic, cardiovascular, neurology, and other conditions. According to a research, in 2018, 69 million surgeries are conducted in North America. Presence of key players such as Molnlycke, Medline, Owens & Minor, and STS medical group offering CPTs in the region is a major factor boosting the growth of the customized procedure trays market during the forecast period.
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Rise in Prevalence of Various Chronic Diseases to Propel Global Market
According to CDC research, in 2017, 805,000 people in the U.S. were likely to have a heart attack, and around 18.2 million adults aged 20 and older are estimated to suffer from coronary heart disease in 2018. Moreover, death rates from both ischemic heart disease (IHD) and stroke are generally higher in Central and Eastern Europe than in Northern, Southern, and Western Europe. Cardiovascular disease is estimated to cost the EU economy EUR 210 Bn a year. Of the total cost of CVD in the EU, around 53% (EUR 111 Bn) is due to healthcare costs, 26% (EUR 54 Bn) to productivity losses, and 21% (EUR 45 Bn) to the informal care of people with CVD. According to a research carried out in the year 2017 in Middle East & Africa, CVD was estimated to account almost half of the deaths in Oman and Kuwait, 49% and 46%, respectively. The rate of CVD deaths was also high in Saudi Arabia, the UAE, Bahrain, and Qatar at 42%, 38%, 32%, and 23%, respectively.
Prevalence of orthopedic conditions across the globe is another factor for increase in associated surgeries. Prevalence of arthritis in the U.S. is likely to increase by 25%, affecting around 67 million people by 2030. Moreover, around 29 million people in the U.S. are at high risk of osteoporosis. The annual incidence rate of rheumatoid arthritis (RA) in adults up to age 99 ranges from 22 cases per 100,000 in the U.K. to 35 per 100,000 in Finland. The prevalence rate of RA among females tend to be considerably higher than males. Rise in prevalence of neurological disorders is another factor likely to propel the global customized procedure trays market in the next few years. According to a research, 16 per million people in Western Europe are affected with neurological diseases.
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Complete Customization and Streamline Inventory to Drive Global Market
In order to strengthen their foothold in the market, manufacturers are providing complete customization, where a hospital could choose their preferred brands of tray components and the company would assemble the tray according to the requirement. Manufacturers realize that hospital personnel want to have the ability to follow inventory status themselves as well. Cardinal, DeRoyal, and Medline offer web-based tracking systems that allow materials managers or directors, and department heads to monitor the utilization patterns from their own computers. The web-based program allows customers to view a list of custom procedure tray components and change the contents and quantities of each.
Customized Procedure Trays Market: Prominent Regions
In terms of region, the global customized procedure trays market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global customized procedure trays market in 2018 followed by Europe. North America accounted for major share of the global customized procedure trays market in 2018. This can be attributed to the large patient pool suffering from chronic diseases such as orthopedic cardiovascular, neurological, and urologic. Moreover, faster adoption rate of various customized procedure trays due to effectiveness in reducing surgical procedure time is a key factor expected to augment the global market in the next few years.
The geriatric population is at a higher risk of acquiring various chronic and infectious diseases. This is likely to drive the number of surgeries performed. Increase in surgeries is projected to boost the demand for customized procedure trays. The customized procedure trays market in North America is projected to grow at a rapid pace, followed by Europe and Asia Pacific. Technological advancements, innovative customized procedure trays, increase in healthcare expenditure, and presence of key players, and a strong distributor network are anticipated to propel the customized procedure trays market in the three regions.
Key Strategies of Players to Drive Global Market
The global customized procedure trays market is highly fragmented, with the presence of a number of international, national, and local players. The market is dominated by players with strong geographic presence and product offerings. Companies such as 3M Healthcare, Paul Hartmann AG, B. Braun Melsungen AG, Becton, Dickinson and Company (BD), Cardinal Health, Inc., Lohmann & Rauscher International, Medline Industries, Medtronic plc, Merit Medical Systems, Mölnlycke Health Care AB, Owens & Minor, Inc., and Pennine Healthcare are pioneers in offering customized procedure trays across the globe.
Collaborations, mergers & acquisitions, and development of innovative products are the major strategies adopted by key players offering customized procedure trays in the market. In September 2019, 3M Health Information Systems introduced innovative technology, 3M M*Modal CDI Engage One software, which is a result of acquiring M*Modals technology business in February 2019. This innovative software enables clinicians and clinical documentation improvement specialists to understand specific clinical insights. Moreover, Fapomed has collaborations with various national and international institutions and universities such as APORMED-Portuguese Association of Medical Device Companies, CITEVE – Technological Center of the Textile and Clothing Industries of Portugal, UM – University of Minho, FEUP – Faculty of Engineering, University of Porto, Health Cluster Portugal, and CEN – European Committee for Standardization.
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