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Medical Device Tray Market 2024-2033 - Size, Share, Growth & Competitive Outlook
Medical Device Tray Market
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According to The Business Research Company's, The medical device tray market size has grown strongly in recent years. It will grow from $2.26 billion in 2023 to $2.39 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to advancements in medical technology, regulatory standards, and compliance, increased surgical procedures, growth in healthcare infrastructure, and a focus on infection control.
The medical device tray market size is expected to see strong growth in the next few years. It will grow to $2.97 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to the rising aging population, technological advancement, rising prevalence of chronic diseases, an increase in surgical procedures, and stringent sterilization standards. Major trends in the forecast period include increasing demand for sterilization and infection control, advancements in tray materials, customization and personalization, integration of smart technologies, and expansion in outpatient and ambulatory surgical centers.
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Market Drivers and Trends:
The growth of minimally invasive procedures is expected to propel the growth of the medical device tray market going forward. Minimally invasive procedures are medical or surgical interventions that require only small incisions or no incisions at all. The demand for minimally invasive procedures is on the rise due to their reduced recovery times, lower risk of complications, and lower post-operative pain compared to traditional surgeries. Medical device trays are essential in minimally invasive procedures for organizing and sterilizing the specialized instruments required. They ensure quick, efficient access to tools, enhancing the precision and safety of the procedure. For instance, in January 2024, Intuitive Surgical Inc., a US-based manufacturer of robotic products, reported that they had placed 415 da Vinci surgical systems (robotic surgical systems that use a minimally invasive surgical approach) in the fourth quarter of 2023, representing a 12% increase compared to 2022. Therefore, the growth of minimally invasive procedures is driving the growth of the medical device tray market.
Major companies operating in the medical tray market are increasing their focus on developing innovative solutions, such as connected medical trays, to gain a competitive edge in the market. A connected medical tray is a technologically enhanced medical tray equipped with sensors, communication devices, and software to monitor, manage, and track surgical instruments and supplies in real time. For instance, in February 2024, Intech Medical, a France-based manufacturer of orthopedic medical devices, launched Trackinbox, an innovative tray with smart tracking solutions. This customizable tray allows medical device manufacturers to monitor the location, usage, and sterilization status of their products throughout the supply chain. Intech's connected tray solution is significant in the MedTech industry as it addresses the need for improved visibility and efficiency in surgical instrument management.
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Major Key Players of the Market:
Cardinal Health, Johnson & Johnson, Thermo Fisher Scientific Inc., Abbott Laboratories, 3M Company, Medtronic PLC, Fresenius Medical Care AG & Co. KGaA, Becton Dickinson and Company (BD), Stryker Corporation, Henry Schein Inc., Medline Industries, Inc., B. Braun Melsungen AG, Zimmer Biomet Holdings, Inc., Olympus Corporation, Smith & Nephew plc, Hologic Inc., Nipro Corporation, Cook Medical, Getinge AB, Teleflex Incorporated, KARL STORZ SE & Co. KG, Mölnlycke Health Care AB, Integra LifeSciences, ConMed Corporation, Smiths Medical
Medical Device Tray Market 2024 Key Insights:
• The medical device tray market size is expected to see strong growth in the next few years. It will grow to $2.97 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.
• Rising Demand For Minimally Invasive Procedures Drives Growth In The Medical Device Tray Market
• The Rise Of Connected Medical Trays In Surgical Instrument Management
• North America was the largest region in the medical device tray market in 2023
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