Prepackaged Medical Kits and Trays Market: About the Report
Proliferation of multi-specialty hospitals across the world is a major reason for the ever-increasing demand for prepackaged medical kits and trays across regions. Demand is high for prepackaged disposable medical products, especially with the onset of contagious diseases such as COVID-19. Fact.MR’s report elaborates on how market players are leveraging this factor to innovative new products and improve existing ones, so as to enhance their position in the competitive prepackaged medical kits and trays market space. It also details how and why demand will be high across regions such as North America, Europe, and Asia Pacific, and which countries in these regions will lead respective regional growth.
Prepackaged Medical Kits and Trays Market Overview
According to a recent study by Fact.MR, the global prepackaged medical kits and trays market is expected to expand at over 8.5% CAGR during the forecast period of 2020 to 2030. Laparoscopic trays, laceration trays, and others are anticipated to be highly sought-after products by diverse end users.
The global healthcare industry is growing fast, owing to the factors such as digital advancements, rise in health concerns among people, increase in investments by governments. The Indian government announced a Rupees 69,000 crore (USD 9.8 billion) outlay for the healthcare industry, which is inclusive of 6,400 crore (USD 916 million) for Pradhan Mantri Jan Arogya Yojana (PMJAY) in the Union Budget of 2020-21. The U.S. federal government has spent over USD 1.1 trillion on the healthcare industry in fiscal year 2019.
As demand for prepackaged medical kits and trays is skyrocketing, key market players such as Boston Scientific Corporation, The 3M Company, and others are increasing the frequency of launching more sophisticated products in this space.
Rise in Number of Multi-specialty Hospitals Propelling Growth
The healthcare industry is one of the fastest-growing industries in the world. Factors such as increase in awareness regarding health, rising health issues due to modern lifestyle and food habits, increase in governmental investments, and others are expanding the healthcare industry rapidly.
The global healthcare industry was valued at over US$ 6,700 billion in 2018, and is expected to reach at over US$ 9,500 billion by 2025. Multi-specialty hospitals, being the leading segment in the healthcare industry, are projected to catalyze demand for prepackaged medical kits and trays in the near future. This is a major factor that will contribute to the expansion of the global prepackaged medical kits and trays market size over the coming years.
Prepackaged Medical Kits and Trays Market Insights by Product
Laparoscopic trays, laceration trays, ENT trays, and others are some of the highly required prepackaged disposable medical products used in broad applications, from surgeries to other treatments.
A laparoscopic tray is a collection of medical equipment created to provide disposable items, which are used during a laparoscopic surgery. With increase in number of laparoscopic surgeries instead of conventional ones in the cases of colon surgery, stomach surgery, hernia surgery, and others, demand for laparoscopic trays has increased substantially. The global laparoscopic device market was worth more than US$ 13 billion in 2019, and is expected to cross US$ 19 billion by 2025, with a steady growth rate of over 6% CAGR. This is expected to further push demand for laparoscopic trays.
ENT trays used to hold ENT surgical instruments is another lucrative segment in terms of product. In 2017, more than 15.8 million ENT surgeries were performed around the world, and this number is expected to cross 20 million in the next five years, resulting in surge in demand for ENT trays.
Other key products in the prepackaged medical kits and trays market are hysterectomy kits, open heart surgery kits, lumbar puncture trays, biopsy trays, dressing kits, suture removal kits, anaesthesia kits, ophthalmic custom trays, and custom ob/gyn kits.
Prepackaged Medical Kits and Trays Market Insights by End User
Multi-specialty hospitals are presently dominating the prepackaged medical kits and trays market followed by clinics. Growing number of multi-specialty hospitals coupled with rise in number of clinics is boosting the growth of the prepackaged medical kits and trays market across the world.
The hospitals and clinics industry has been expanding at over 8% CAGR since 2015, and is expected contribute significantly to the increase in demand for prepackaged medical kits and trays.
Some of the other key end-user industries are stand-alone laboratories, ambulatory surgical centers, academic research institutes, and others.
Regional Outlook on Prepackaged Medical Kits and Trays Market
North America is presently leading in the global prepackaged medical kits and trays market share. Well-developed key end users such as stand-alone laboratories, clinics, and others are bolstering growth of the market in North America. According to the Centers for Disease Control (CDC) of U.S, hospital-acquired infections account for nearly 1.7 million infections and 99,000 associated deaths every year. The U.S and Canada are expected to remain dominant countries in the North America prepackaged medical kits and trays market through 2030.
Asia Pacific has emerged as another lucrative prepackaged medical kits and trays market, and is expected to exhibit the highest rate of growth during the forecast period. Asia Pacific, being home to 60% of the world’s population includes the world’s most populous countries such as China, India, and others. As the healthcare industry is expanding fast due to this high population and other factors such as advancements in healthcare facilities, fast urbanization, investments of government funds, and others, demand for prepackaged medical kits and trays is surging.
Europe, being highly active in research & development activities, and having a highly advanced healthcare industry, is another potential prepackaged medical kits and trays market. The Europe healthcare industry is expected to cross US$ 100 billion by 2025 from US$ 70 billion in 2019, which will surge demand for prepackaged medical trays and kits over the coming years. The U.K and Germany will lead the Europe prepackaged medical kits and trays market through 2030.
Prepackaged Medical Kits and Trays Market: Competitive Landscape
In order to sustain the fierce competition, key players in the prepackaged medical trays and kits market are focusing on launching more diverse categories of products with better quality.
For instance, Cypress Medical Products, LLC has launched its new range of prepackaged medical kits and trays, including compact, safe, and disposable surgical trays, ancillary care with extras such as hot and cold compresses, tourniquets, and others in recent year.
Smith & Nephew Plc. has launched its new range of sterilization trays, trays for laparoscopy, medical kits for fluid management, and others recently.
In November 2020, Medline Industries Inc. expanded its manufacturing in North America in order to diversify the supply of face masks, PPE, and other medical disposables.
Key companies operating in the prepackaged medical kits and trays market 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.
- Medline Industries Inc.
The Analyst’s Viewpoint
“With growing demand from an expanding healthcare industry, the prepackaged medical kits and trays market is gaining rapid traction all over the world. Rise in concerns regarding hospital-acquired infections coupled with increase in precautionary measures taken due to the COVID-19 pandemic are forecast to fuel the sales of prepackaged medical kits and trays. Furthermore, rise in laparoscopy, ENT, and other surgeries is also spurring the growth of prepackaged medical kits and trays market.”
COVID-19 Impact on Prepackaged Medical Kits and Trays Market
The outbreak of novel coronavirus has impacted the production capacity of manufacturing units of most sectors during the first two quarters of this year, due to factors such as lockdowns, financial crisis, closing of logistics units, shortage of labor, trade restrictions, and others. However, demand for medical disposables, including prepackaged medical kits and trays, has increased substantially due to strict precautionary measures being taken to combat the spread of COVID-19. Added to this, increase in number of patients getting admitted in acute care has resulted in surge in demand for prepackaged medical kits and trays, as these play a very crucial role for such patients for minimizing the risk of infections.
Though the pandemic has caused instabilities up to some extent for manufacturers, the market has high potential to overcome these restraints and grow exponentially over the coming years.
Prepackaged Medical Kits and Trays Market - Scope of the Report
A recent study by Fact.MR on the prepackaged medical kits and trays market offers a 10-year forecast from 2020 to 2030. The study analyzes crucial trends that are currently determining market growth. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders and emerging players associated with the manufacturing of prepackaged medical kits and trays. The study also provides the dynamics that are responsible for influencing the future status of the prepackaged medical kits and trays market over the forecast period.
A detailed assessment of the prepackaged medical kits and trays value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the prepackaged medical kits and trays market, along with their product portfolios, enhances the reliability of this comprehensive research study.
Prepackaged Medical Kits and Trays Market: Report Summary
The study offers a comprehensive analysis on diverse features, including demand, product developments, revenue generation, and sales in the prepackaged medical kits and trays market across the globe.
A comprehensive estimate on the prepackaged medical kits and trays market has been provided through an optimistic as well as a conservative scenario, taking into account sales during the forecast period. Price point comparison by region with global average price is also considered in the study.
Prepackaged Medical Kits and Trays Market – Segmentation
Fact.MR’s research study assesses the global prepackaged medical kits and trays market in terms of product, end user, and region. This report presents extensive market dynamics and trends associated with different segments of the market, and their influence on the growth prospects of the global prepackaged medical kits and trays market.
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Key Questions Answered in Fact.MR’s Prepackaged Medical Kits and Trays Market Report
- Which are the most lucrative markets for prepackaged medical kits and trays?
- Which factors will impact prepackaged medical kits and trays market growth?
- How will changing trends impact the strategy of market players?
- How can market players capture the low-hanging opportunities?
- Which companies are leading the prepackaged medical kits and trays market?
- What are the winning strategies of stakeholders in the prepackaged medical kits and trays market?
Prepackaged Medical Kits and Trays Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the prepackaged medical kits and trays market report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the prepackaged medical kits and trays market during the forecast period.
Country-specific valuation on demand for prepackaged medical kits and trays has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value for emerging countries has also been included in the report.
Prepackaged Medical Kits and Trays Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the prepackaged medical kits and trays market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the preparation of the prepackaged medical kits and trays market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the prepackaged medical kits and trays market report as a primary resource.
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Prepackaged Medical Kits and Trays Market Forecast, Trend, Analysis & Competition Tracking - Global Market Insights 2020 to 2030