Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Custom Procedure Trays and Packs Market – Insights
Custom procedure trays and packs (CPTP) are a set designed to provide all the necessary sterile items required to be used in surgeries. This packs are disposable and designed to meet the individual specification of each hospital, according to their procedure requirements, layout, and even the wrap style, stipulated by the surgical team. This market has been flooded with a vast range of products with customized packages for almost every type of invasive and other procedures. Custom procedure trays and packs have improved operating room efficiencies with faster set-up time, less staff pressure and increased patient throughput thus, propel the overall growth of the market.
Hospitals often have special requirements for procedure kits. Choices vary with doctors and even amongst theatre staff, posing a huge challenge for stock holding for a CPTP company. Hence, it is critical for these companies to have the ability to source various products from a number of suppliers.
The global custom procedure trays and packs market size was valued at US$ 177.1 million in 2017, and is expected to witness a CAGR of 6.2% over the forecast period (2018 – 2026).
Global Custom Procedure Trays and Packs Market, By End User (Share Analysis (%)), 2017
Source: Coherent Market Insights Analysis (2018)
Increase in number of surgical procedures and geriatric population are expected to drive growth of the custom procedure trays and packs market
Increasing number of surgical procedures is fuelling the adoption of custom procedure trays and packs (CPTP) market during the forecast period. For instance, according to the WHO, global volume of the surgeries performed in 2012 was estimated to 266.2 to 359.5 million, out of which one in every 20 operations globally was done in very-low-expenditure Member States.
Increase in geriatric population, who are more likely to develop chronic wounds as they have more medical issues affecting their general health and mobility, has been partly responsible for the growth in procedures and the resultant expansion of the CPTP market. For instance, according to research article in semantics scholar, 15-20% people aged 60+ hospitalized in lifetime with wound causes.
However, it is difficult to quantify the savings that could be generated and to qualify the true benefits until procedure packs are fully utilized. But there may be an opportunities for a better alignment of the functions necessary to generate savings. This will require close working between frontline staff, hospital managers and procurement professionals to design and use packs in the most efficient and cost effective way possible.
Custom Procedure Trays and Packs Market- Regional Analysis
Custom procedure trays and packs market is segmented into six major regions- North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Rising healthcare awareness levels and government initiatives to lay down the sterility condition in the hospitals is a major factor driving growth of the custom procedure trays and packs market in North America and Europe region.
The Government of United Kingdom has formed a 'Trust infection control committee' in 2016, which has formulated specific standards for the degree of sterility to be adhered to inside an operation theatre. The committee has also laid down specifications to prevent infection in other minimally invasive procedures like ophthalmic procedures, which would require minimum downtime. Usage of prepacked, sterilized kits would greatly contribute to the reduction of any nosocomial and iatrogenic infections.
The Asia Pacific is estimated to witness significant growth in custom procedure trays and packs market, owing to increasing number of small companies, increased expenditure on healthcare and growing medical tourism for surgeries.
For instance, India offers several super specialty hospitals dedicated to providing cardiology and cardiothoracic surgery, orthopedic surgery, organ transplant surgery etc. at affordable and inexpensive costs, approximately 30 % to 70 % lower than the costs in the United States, make Health Tourism to India highly appealing to an overseas patient.
Global Custom Procedure Trays and Packs Market, By Region, 2017
Source: Coherent Market Insights Analysis (2018)
Custom Procedure Trays and Packs Market - Competitive Landscape
The market is highly fragmented, with a large number of participants in the CPT business. The increased need for convenience, speed of operations and more efficient hospital management are driving the customer demand.
A number of companies are expected to enter this market in the future, with the likelihood of merger and acquisition activity over the next five years being extremely high. For instance, in 2017, Medline make a deal to acquire Centurion Medical Products, containing full set of vascular access products that complement its minor procedure tray offerings and its growing infection prevention focus.
Key players operating in custom procedure trays and packs market include 3M, Smith Medical, B. Braun Melsungen AG, Becton, Dickinson and Company, Lohmann & Rauscher Inc., Medtronic Plc., Bausch & Lomb Incorporated., Cardinal Health, Kimal Plc., and Pennine Healthcare