Prepackaged Medical Kits and Trays Market Surging at 8.5% CAGR; COVID-19 Pandemic Crisis Lending Impetus to Market Growth: Fact.MR
Published : 14 Dec 2020 Industry: Healthcare
Growth rate of the global healthcare industry has been around 7% in recent years, which is expected to increase to over 9% over the next five years. With a growing healthcare industry, including multi-specialty hospitals, clinics, and others, there has been an increase in the number of patients. This also means increased chances of acquiring hospital-associated infections while being treated. In order to minimize these health risks, requirement for disposable products such as prepackaged medical kits and trays, disposable gloves, patient gowns, sterile medical devices, and others is increasing rapidly.
While the COVID-19 pandemic affected production across manufacturing units for a while, contrary to this, there has been surge in demand due to the rush of patients in clinics, ambulatory surgical centers, and others. This has fuelled the growth of the prepackaged medical kits and trays market, and is anticipated to drive the market further over the next few years.
Key Takeaways from Prepackaged Medical Kits and Trays Market Report
- Laparoscopic trays will emerge as a dominant segment during the forecast period.
- In terms of end-user, multi-specialty hospitals will maintain their lead in the global prepackaged medical kits and trays market.
- North America will continue leading the global prepackaged medical kits and trays market, while Asia Pacific will register the highest growth rate throughout the forecast period.
- Europe will remain a lucrative market, owing to rise in demand in Germany, France, and other countries in the region.
- After initial setbacks due to lockdowns, the COVID-19 pandemic is acting as a catalyzer for the growth of the global prepackaged medical kits and trays market.
“Robust demand for disposable products from multi-specialty hospitals is bolstering the growth of the prepackaged medical kits and trays market. The global hospital services market is expanding at a rapid pace of over 8% since 2019, and is expected to reach over US$ 14 trillion in the next five years. This steady growth of a key end-user industry is projected to boost the market value of prepackaged medical kits and trays exponentially over the coming years,”says a Fact.MR analyst.
Surge in Demand from Multi-specialty Hospitals Fuelling Sales
A recent healthcare survey by NCSL (National Conference of Standard Laboratories) stated that, between 5 and 10 percent of all patients contract at least one hospital-acquired infection during their stay in acute care. High demand for prepackaged medical kits and trays from multi-specialty hospitals in order to minimize patients’ risks of infection is fuelling the growth of the prepackaged medical kits and trays market.
The global medical disposable market size was estimated at US$ 248 billion in 2019, and is rising steadily to cross US$ 280 billion in 2020. As the healthcare industry, especially the multi-specialty hospital industry, is growing at a steady pace, demand for prepackaged medical kits and trays is skyrocketing. Increase in awareness among patients, doctors, medical staff, and others is further catering to market growth.
Prepackaged Medical Kits and Trays Market: Competitive Landscape
With rapid growth of the prepackaged medical kits and trays market, key market players are experiencing cut-throat competition. In order to sustain their positions, companies are focusing on launching of a wide variety of products to target diverse end users.
- The 3M Company has launched its new range of prepackaged medical kits, such as 3M™ Littmann® Stethoscope Spare Parts Kit, 3M™ Attest™ Biological Indicator 1262 for Steam, and others.
- Medtronic Plc. has launched its new extensive range of products such as Argyle™ Chronic & Acute Hemodialysis Catheter Accessories, Veriset™ Hemostatic Patch, and others.
- Boston Scientific Corporation has launched its new exclusive range of products such as Orca™ Sterile Single Use Air/Water & Suction Valves, SafeStart™ Cleaning Kit and Koala™ Sponges, Blox™ Bite Blocks, and others.
Some of the companies profiled in the prepackaged medical kits and trays market report are Medtronic Plc., The 3M Company, Boston Scientific Corporation, Smith & Nephew Plc., B. Braun Melsungen AG, Becton, Dickinson and Company, Hogy Medical Co. Ltd., Molnlycke Health Care AB, Cypress Medical Products, LLC, C.R. Brad, Inc., and Medline Industries Inc.
More Valuable Insights on Prepackaged Medical Kits and Trays Market
In its latest report, Fact.MR has provided detailed analysis on the global prepackaged medical kits and trays market, comprising data on historical statistics (2015-2019) and forecasts of demand for the period from 2020 to 2030. The report discusses critical insights on the prepackaged medical kits and trays market in terms of product (laparoscopic trays, laceration trays, ENT trays, ophthalmic custom trays, custom ob/gyn kits, hysterectomy kits, open heart surgery kits, angiography/angioplasty/catherization kits, lumbar puncture trays, biopsy trays, suture removal kits, dressing kits, orthopedic kits & trays, and anaesthesia kits) and end user (multi-specialty hospitals, clinics, stand-alone laboratories, ambulatory surgical centers, academic research institutes, and others), across 5 key regions (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
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Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.