The global procedure trays market accounted to US$ 8,768.9 Mn in 2018 and is expected to grow at a CAGR of 10.8% during the forecast period 2019 – 2027.
The players in the Procedure Trays Market are adopting various inorganic and organic developments for the individual growth and thus the growth of the market is highly dependent on them. The vital players in the procedure trays market focus on various growth strategies to enroot their presence and garner major market share across the globe. Some of the notable players in the global procedure trays market include Biometrix, Medica Europe BV, 3M, BD, Owens & Minor, Inc., Medline Industries, Inc., Mölnlycke Health Care AB, Nelipak Corporation, Teleflex Incorporated, and Cardinal Health, Inc. among others. The major Procedure Trays Market players within recent years have been observed to invest a substantial amount towards the development of new products. This implies a bright picture on the type of strategies majorly incorporated by the market players to sustain their positions as well as to generate increased growth revenue in the procedure trays market. The global leaders in the market have been majorly adopting acquisitions and expansion as one of the key strategy to improve its presence to build up customer-centric benefits to its end users and enhance its geographic diversification.
The global Procedure Trays Market leaders are expanding their activities across the world by mergers and acquisitions. For instance, in April 2018, Owens & Minor announced that it completed the acquisition of the surgical and infection prevention (“S&IP”) business of Halyard Health, Inc., on April 30, 2018, for approximately $710 million. The S&IP business provides a global manufacturing network, a strong pipeline of new products, and a successful track record of product development. Additionally, the S&IP business will add scale to company’s existing own-brand product portfolio and global sales team, contributing to expansion of the markets it serve.
Apart from the developments for the procedure trays market, the key market players are developing innovative products and upgrading its products to improve its efficiency. For instance, Nelipak Healthcare Packaging (“Nelipak”), a full-service global provider of custom thermoformed packaging that provides superior protection for medical devices and pharmaceuticals, announced the availability of freestanding, easy-to-operate NX-B rotary tray and blister lid heat sealers. Nelipak has also enhanced its popular NX-T1 PLC Controlled Sealer, which features a touch button for “hands free” sealing. The drawer automatically closes to seal trays and returns to the open position upon completion of the seal cycle.
Similarly, the companies are performing expansion activities. For instance, in May 2017, Mölnlycke, a world-leading medical products and solutions company, announced the opening of a new manufacturing plant in Havirov, Czech Republic. The new plant is Mölnlycke’s largest investment to date, EUR 67 million, and will help create value for customers with cost-effective and safe surgical solutions. Therefore, the market is likely to experience rapid Procedure Trays Market growth in the coming years.