procedure trays Market

The procedure trays 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.

Procedure trays are preferred on a large scale as they are sterile. The trays are designed to meet the different requirements of various procedures. An increasing number of surgical procedures and rising medical tourism drive the growth of the procedure trays market. Also, the surging demand for customized surgical trays is expected to fuel procedure trays market growth in the coming years.

Surgical procedures that are commonly performed include cataract procedures, cesarean procedures, hip replacement, and angioplasty. The number of surgical procedures is increasing in these regions due to the rising prevalence of various chronic diseases. According to a research by the World Health Organization (WHO), the number of cesarean sections continues to increase worldwide, accounting for more than one in five (21%) births. This number is expected to rise over the coming decade, with almost a third (29%) of all births likely to be by cesarean section by 2030. Advances in surgical, anesthetic, and critical care techniques have resulted in a greater proportion of the growing elderly population undergoing surgical procedures. According to the US Census Board, about 13% of the total population in the US is over 65 years old, and it is estimated that this percentage will reach 20% by 2030. According to WHO, the world geriatric population is expected to reach 1.5 billion by 2050.

According to the data provided by the National Institutes of Health (NIH), ~20 million major surgeries are carried out each year in Europe. According to Eurostat, in 2020, ~3.66 million cataract surgeries and ~1.12 million cesarean sections were performed in the European Union (EU). In most EU member countries, the number of cesarean sections performed varied from 200 to 400 per 100,000 habitants in 2020. According to Dubai Health Authority (DHA), ~159,000 surgeries were performed in Dubai in 2021. As per the same source, the number of people seeking cosmetic surgeries in Dubai doubled from 223,507 in 2020 to 583,909 in 2022. According to Eurostat, transluminal coronary angioplasties were most common in Croatia and Germany in 2020; on average, the procedures were performed 462 and 384 times per 100,000 inhabitants, respectively.

Many market players and research institutes operating in the procedure trays market are developing advanced technologies to expand their product portfolios and increase their market shares. Rising numbers of surgical procedures, product approvals, and collaborations are among the factors driving the procedure trays market size.

A few of the recent developments in procedure trays market are mentioned below:

• In October 2019, 3M completed the acquisition of Acelity, Inc. and its KCI subsidiaries worldwide from a consortium comprised of funds advised by Apax Partners, together with controlled affiliates of the Canada Pension Plan Investment Board (CPPIB) and the Public Sector Pension Investment Board (PSP Investments) for a total enterprise value of ~US$ 6.7 billion, including the assumption of debt and other adjustments.
• In January 2022, ICU Medical Inc. acquired Smiths Medical from Smiths Group plc. The Smiths Medical business includes a syringe, ambulatory infusion devices, vascular access, and vital care products. Combined with ICU Medical’s existing businesses, the companies create a leading infusion therapy company with estimated pro forma combined revenues of ~ US$ 2.5 billion.

By Application, Procedure Trays Market-Based Insights

Based on application, the procedure trays market is segmented into angiography, ophthalmology, operating room, and others. In 2022, the operating room segment held the largest market share. Also, the same segment is expected to record the highest CAGR during the forecast period.

The operating room segment held the largest market share in 2022, and the market for this segment is expected to grow at the fastest rate in the coming years. The correct setup and arrangement of surgical instruments help a surgeon perform surgery efficiently. Proper sterile precautions of surgical instruments play a key role in the patient's post-operative health. In operating room, surgical trays provide specific instruments according to the surgery needs, which reduces the pressure on technical staff and enables hassle-free surgery. Owens & Minor, Inc. provides custom procedure trays for various procedures such as general surgery, orthopaedic procedure, plastic surgery, and cardiology/vascular procedure. According to Eurostat, in 2020, about 1.12 million cesarean procedures were carried out in the EU. As per the same source, in the same year, ~294 people per 1,000 inhabitants underwent hip replacement surgeries in Germany. The increasing number of surgeries carried out in operating rooms is fuelling the use of procedure trays in the operating rooms.

By End User, Procedure Trays Market -Based Insights

The procedure trays market, based on end users, is segmented into hospitals & clinics, ambulatory surgical centers, and others. The hospitals segment held the largest market share in 2022 and is estimated to register the highest CAGR during the forecast period.

The World Health Organization (WHO), the US Census Bureau, and the US National Library of Medicine are a few of the major primary and secondary sources referred to while preparing the report on the procedure trays market.