Hospitals & Clinics Held Largest Share of End User Segment in Procedure Trays Market
According to our new research study on "Procedure Trays Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Application, and End User," the market was valued at US$ 21,536.67 million in 2022 and is expected to reach US$ 45,926.87 million by 2030. It is estimated to register a CAGR of 9.9% during 2020–2030.
The procedure trays market, by end user, is segmented into hospitals & clinics, ambulatory surgical centers, and others. The hospitals & clinics segment held the largest share of the market in 2022 and is anticipated to register the highest CAGR of 10.3% in the market during the forecast period. Every healthcare facility includes the usage of tool trays. They are utilized in hospitals, laboratories, clinics, and emergency centers.
Hospital provides health care to people through complicated but specialized scientific equipment. Hospitals are classified as general, specialty, or government, depending on their source of income. The most common form of the hospital is a general hospital, which has an emergency department to deal with medical emergencies and sudden illnesses. Hospitals play an important role in the healthcare system and offer advanced treatment options for patients with chronic and hard-to-heal wounds. Most surgeries are performed in hospitals, as they provide continuous patient care and monitoring. The increasing population has further enhanced the demand for healthcare services, which increases the number of hospitals and staff. Clinics are smaller than hospitals; however, they offer almost all medical services. Most of the time, clinics are associated with universities and offer cost-effective services. People often prefer going to clinics as they provide inexpensive services and create a positive environment for the patient.
Clinics can be run under government services and incorporate groups and other organizations. Clinics have limited appointments and operate in fixed working hours. Surgical instrument trays are a very common tool in hospitals, laboratories, and clinics. They allow easy access to instruments that would otherwise be difficult or impossible without them. Therefore, the procedure trays market for the hospitals & clinics segment is likely to experience significant growth during the forecast period.
Surgical departments face the issue when too many products are pulled for procedures that end up on the back table of the operating room (OR) suite—opened, unused, and thrown away. They need to bear the cost of discarded products and the labor cost of returning unopened items to inventory. This scenario leads to the wastage of both time and money. For instance, a US$ 50 worth waste through procedure trays per surgery can lead to a loss of US$ 250,000 annually for a surgery center that performs ~5,000 procedures yearly. Hospitals often have special requirements for treatment sets. Choices vary by doctor and even by theater staff. The growing variety of surgical procedures and preferences requires procuring a wide variety and quantity of supporting clinical products. Thus, surgical centers should focus on optimizing custom procedure trays to support quality outcomes while reducing waste, controlling costs, and improving workflows. Standardized and customized procedure trays can save time, eliminate waste, ensure right components are at hand for each procedure, and streamline workflows. Surgery centers focus on including customized procedure trays in their supply chains to manage costs. Customized procedure trays are cheaper than traditional trays and purchasing them in bulk may result in the efficient reduction of the total procurement and operational cost of procedures. In April 2020, Medline, a healthcare leader in the US, announced a collaboration with education and training partner HealthStream to provide healthcare workers with curated courses on the appropriate use of customized treatment trays and impart knowledge on infection control due to the COVID-19 outbreak. Thus, with the growing need for cost-effective products by hospitals and surgical centers, customized procedure trays are trending, thereby boosting the procedure trays market.
During COVID-19 outbreak, demand for medical procedure trays increased to perform surgeries. According to a study published in February 2022 by the National Library of Medicine, surgical services were temporarily shut down during the initial surge of COVID-19, but the healthcare system continued to provide safe care for thoracic surgery patients, especially those with oncologic conditions. Also, COVID-19 has increased the demand for personal protective equipment, such as masks, gloves, and eyeglasses, as well as medical supplies. Increasing numbers of COVID-19 cases worldwide have led to a significant increase in the need for medical supplies among healthcare professionals and the general population as precautionary measures. This increased demand for medical supplies gives manufacturers of these products the opportunity to ensure adequate and continuous supplies of personal protective equipment. Consequently, COVID-19 had a positive impact on the procedure trays market growth.
Biometrix, Medica Europe BV, 3M, BD, Owens & Minor Inc, Molnlycke Health Care AB, Nelipak Corporation, Teleflex Incorporated, Cardinal Health Inc, and ICU Medical Inc are a few prominent players operating in the procedure trays market.
Companies are launching new and innovative products and services to sustain their position in the procedure trays market.
The report segments the procedure trays market as follows:
The procedure trays market, based on application, is segmented into angiography, ophthalmology, operating room, and others. The market, based on end user, is segmented into hospitals & clinics, ambulatory surgical centers, and others. Based on geography, the procedure trays market is segmented into North America (US, Canada, Mexico); Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe); Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia Pacific); South & Central America (Brazil, Argentina, Rest of South & Central America); and the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa).
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