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Custom Procedure Kits Market Size, Share & Outlook 2024-2033
Custom Procedure Kits Market Size
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According to The Business Research Company's, The custom procedure kits market size has grown rapidly in recent years. It will grow from $7.31 billion in 2023 to $8.06 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to increasing demand for minimally invasive procedures, rise of ambulatory surgical centers, growing aging population, cost-effective healthcare solutions, globalization of healthcare.
The custom procedure kits market size is expected to see strong growth in the next few years. It will grow to $11.44 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to focus on infection control, patient-centric healthcare, increasing emphasis on outpatient care, telemedicine integration, global health crisis preparedness, personalized medicine, integration of biocompatible materials. Major trends in the forecast period include technological innovations, advancements in medical technology, sustainable and eco-friendly solutions, integration of augmented reality (ar) and virtual reality (vr), 3d printing in healthcare, blockchain in supply chain management.
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Market Drivers and Trends:
The rise in hospital surgery admissions is expected to propel the growth of the customs procedure kit market going forward. Hospital admissions for surgeries refer to the entrance of patients to treat illnesses or injuries in humans or animals by surgeries. The rise in the number of hospital admissions for surgeries would help advance and develop custom procedure kits, as it reduces the preparation time of medical staff and is safe and reliable. For instance, according to the National Library of Medicine, a US-based medical library operated by the United States federal government, 310 million major surgeries are conducted across the world every year, with about 40 to 50 million taking place in the United States and 20 million in Europe. Within 30 days, 5-15% of patients will be readmitted to the hospital. Every year, there are an additional 400,000 major procedures, which by 2030 may result in 12 million annual fatalities from surgery worldwide. Therefore, the rise in hospital surgery admissions is driving the growth of the custom procedure kit market.
Product innovation is a key trend gaining popularity in the customs procedure kit market. Major companies operating in the custom procedure kits market are focused on product innovations to sustain their position in the market. For instance, in April 2021, Synertech Ltd., a UK-based medical device company providing surgical solutions, launched the single-use sterile dural repair procedure pack. The kit is ideal for ambulatory surgery centers or hospitals because all the components are in an easy-to-use, single-use, clean procedure pack. The set includes a pair of 7-inch micro needle holders with lock forceps, 7-inch micro scissors for discectomy, and a 6.0-inch polypropylene suture with a round body and a 12-inch needle.
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Major Key Players of the Market:
McKesson Corporation, Cardinal Health Inc., Thermo Fisher Scientific Inc., 3M Company, Medtronic PLC, Medline Industries Inc., Owens & Minor Inc., B. Braun Melsungen AG, Alcon Inc, Terumo Cardiovascular Systems Corporation, Teleflex Incorporated, Paul Hartmann AG, Mölnlycke Health Care AB, Smiths Medical International Ltd., Lohmann & Rauscher International GmbH & Co. KG, OneMed Group Oy, Multigate Medical Products Pty Ltd, Pennine Healthcare Limited, Defries Industries Pty Ltd., Priontex SA (Pty) Ltd., Custom Assemblies Inc., ITL Healthcare Pty Ltd, Stradis Healthcare LLC, Unisurge International Limited, Med-Italia Biomedica S.R.L., CPT Medical Inc., STS Medical Group, China Huamei Medical Instrument Co.Ltd., Hubei Zhongbao Protective Products Co. Ltd., Zibo Qichuang Medical Products Co. Ltd.
Custom Procedure Kits Market 2024 Key Insights:
• The custom procedure kits market size is expected to see strong growth in the next few years. It will grow to $11.44 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%.
• Surge In Hospital Surgery Admissions Fuels Growth In Custom Procedure Kit Market
• Introduction Of Innovative Solutions To Enhance Precision In Surgical Solutions
• North America was the largest region in the custom procedure kits market in 2023
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