Procedure Trays Market Revenue to Cross US$ 21,725.7 Mn by 2027 | Exclusive Research Study by The Insight Partners

According to The Insight Partners 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.

Key factors driving the market benefits offered by customize procedure trays, increase in the number of surgical procedures, and introduction of rules and regulations to implement better healthcare facilities. However, the restraining factors for the market is increased concerns over the safe disposal of procedure trays.

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The procedure trays market by product type is segmented into angiography, ophthalmology, operating room, and anesthesia room. In 2018, the operating room held a largest market share of 50.7% of the procedure trays market, by product type. The operating room segment is expected to dominate its market share in 2027 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.

Asia Pacific is the fastest growing geographic market, and it is expected to be the second largest revenue contributor throughout the forecast period. The growth is contributed majorly by driving factors such as significant rise in the prevalence of chronic diseases across the countries, rise in the government support for the patient population, growing medical tourism and increasing implementation of programs for hospitals acquired infections.

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, and Cardinal Health, Inc. among the others.

The market players are focused towards 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 it has completed the acquisition of C. R. Bard, Inc. (NYSE: BCR), creating a new health care industry leader with approximately $16 billion in annualized revenue. C. R. Bard, Inc. provides urology trays, Suprapubic Trays, dressing trays and others. Thus enhancing BD's product portfolio. The developments performed by the companies are helping the market to grow in the coming years.

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Benefits offered by Customize Procedure Trays

In recent years, there have been considerable developments in the field of procedure trays. The growing of surgical procedures has 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. Optimizing procedure trays creates numerous benefits for both surgery centers and their patients by reducing the variation that causes waste and inefficiency, while also improving clinician workflow and patient throughput.

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