Industry Background:
During the delivery of healthcare, patients are exposed to various exogenous microorganism from another patient, health care personnel or visitors. In such cases, there is a high chance of infection to get spread through medical equipment’s. The prepackaged medical kits, sterile medical devices, tray and others allow keeping the equipment hygiene. Medical Kit is a collection of equipment which can be used in anytime in illness, injury, or emergency situation that requires treatment.
According to AMA Research, the market for Medical Kits and Trays is expected to register a CAGR of 8.3% during the forecast period to 2030. This growth is primarily driven by Growing Number of Surgeries Owing To Rapid Aging Population and Rise in Number of Accidents
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Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | K Units |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Health Care Equipment sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Angiokard Medizintechnik GmbH (Germany), B Braun Melsungen AG (Germany), Becton Dickinson and Company (United States), Boston Scientific Corp. (United States), Baxter International, Inc., Hogy Medical Co., Ltd. (Japan), Kimal Plc (United Kingdom), Medline Industries, Inc. (United States), Medtronic Plc (Ireland), Medical Action Industries, Inc. (United States), C.R. Bard, Inc. (United States), Cardinal Health, Inc. (United States), Cypress Medical Products, LLC (United States), Med-Italia Biomedica Srl (Italy) and Mölnlycke Health Care AB (Sweden), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In June 2022, Cipla Limited announced the acquisition of a 21.05% stake in Achira Labs Private Limited, a company engaged in the development and commercialization of point-of-care medical test kits in India. This move is aimed at developing affordable, innovative medical kits.
In December 2021, American Contract Systems (ACS), a Minnesota-based provider of sterilizing and kitting services for the Custom Procedure Tray (CPT) solution, was acquired by Owens & Minor, Inc. This acquisition will increase their capacity to surpass and meet their customers' collective needs for surgical procedure trays, a market that is predicted to grow rapidly shortly.Key players are adopting numerous strategies to gain market attention and to increase their market share, this strategy can be listed as increasing product portfolio, making partnerships to adopt certain technologies, and acquiring small players to finish the competition in the future. As well as investing money in the R&D sector to make technical upgrades to the product.
Regulatory Insights:
In the U.S., according to the Health Act of 2006, all healthcare facilities are required to implement the code of practice for prevention and control of healthcare-associated infections. Hence, the adoption of custom procedure kits is becoming imperative in everyday medical practice. Procedure trays are cost-effective and can save up to 30% of the time that is spent on preselection, unwrapping, and sterilizing surgical tools & instruments.
Influencing Trend:
Innovation and Development in the Medical Equipment
Market Growth Drivers:
Growing Number of Surgeries Owing To Rapid Aging Population and Rise in Number of Accidents and Favorable Government Regulations for Prevention and Control of Healthcare-Associated Infections
Challenges:
Challenges Faced During Validation of A Complex Nonsterile Medical Device Tray
Restraints:
Lack of Standardization and Effective Supply Chain Management and Cost Variations of the Raw Materials
Opportunities:
Increase in Investments from Government and Corporate Industries in Healthcare Sectors
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Medical Kits and Trays Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Medical Kits and Trays Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Medical Kits and Trays players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Medical Kits and Trays Study Sheds Light on
The Medical Kits and Trays Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Medical Kits and Trays industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Medical Kits and Trays industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.