Increase in the number of surgical procedures is leading the growth of procedure trays market over the forecast period.
According to a new market research study titled "Procedure Trays Market - Global Analysis and Forecasts by Product Type and End User", the global procedure trays market is expected to reach US$ 21,725.7 Mn in 2027 from US$ 8,768.9 Mn in 2018. The market is estimated to grow with a CAGR of 10.8% from 2019-2027. The report highlights the trends prevalent in the global procedure trays market and the factors driving the market along with those that act as deterrents to its growth.
The procedure trays market by product type is segmented into angiography, ophthalmology, operating room, and anesthesia room. In 2018, the operating room held a largest market share of 50.7% of the procedure trays market, by product type. The operating room segment is expected to dominate its market share in 2027 owing to the rising prevalence of the diseases and increasing number of surgeries. Also, the operating room segment is anticipated to witness the fastest growth rate of 7.3% during the forecast period, 2019 to 2027.
Key factors driving the market benefits offered by customize procedure trays, increase in the number of surgical procedures, and introduction of rules and regulations to implement better healthcare facilities.
However, the restraining factors for the market is increased concerns over the safe disposal of procedure trays.
Some of the prominent players operating in procedure trays market are, 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 the others. The market players are focused towards bringing mergers and acquisitions to sustain their position in the market. For instance, in January 2019 BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, announced it has completed the acquisition of C. R. Bard, Inc. (NYSE: BCR), creating a new health care industry leader with approximately $16 billion in annualized revenue. C. R. Bard, Inc. provides urology trays, Suprapubic Trays, dressing trays and others. Thus enhancing BD’s product portfolio. The developments performed by the companies are helping the market to grow in the coming years.
The report segments the global procedure trays market as follows:
Global Procedure Trays Market – By Product Type
Global Procedure Trays Market – By End User
Global Procedure Trays Market – By Geography
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