Customized Procedure Trays Market to Reach US$ 34,313.8 Million by 2030
Author : Ryan Dwas | Published On : 29 Dec 2023
The global customized procedure trays market was valued at US$ 15,799.3 Million in 2022 and is anticipated to reach US$ 34,313.8 Million by the end of 2030 with a CAGR of 10.2% from 2023 to 2030.
A customized procedure tray (CPT) is an assembled medical tray that contains all the necessary surgical instruments. It helps to reduce the time it takes to prepare surgical supplies, shorten the time between surgeries, and increase surgical efficiency. CPTs are cost-effective compared to standard trays, and when purchased in bulk, they can reduce a project’s overall procurement and operating costs. Hospitals or labs can order these trays directly from the manufacturer without requiring a regulatory no-objection certificate.
Furthermore, CPT significantly reduces the energy requirements for local sterilization procedures. Surgical procedure trays are used during complex surgeries that require advanced medical equipment, such as blood culture and collection, dialysis, vascular access, and changing the dressing on the central line. On the other hand, CPTs are primarily used in infusion-related therapies, such as blood culture and collection, dialysis, vascular access, and changing the dressing on central lines.
Customized Procedure Tray to Recover Amid COVID-19 Pandemic
The COVID-19 (Coronavirus) public health emergency has prompted companies operating in the customized procedure tray market to ramp up their support for frontline healthcare workers. For instance, in response to the onset of the pandemic, Medline, a prominent player in the medical supplies sector in the United States, announced a collaboration with its education and training partner, Health Stream, on April 1, 2020. This collaboration aimed to deliver meticulously curated courses to healthcare staff, focusing on the proper utilization of customized procedure trays (CPT) and imparting knowledge about infection control. These initiatives are driving the growth of the customized procedure trays market, which is projected to reach a valuation of USD 4,299.2 million by the conclusion of 2030.
In addition to the development of customized procedure trays, companies are also increasing their efforts to provide educational resources and toolkits to instruct healthcare professionals on the correct usage of personal protective equipment (PPE). With the rising number of COVID-19 patients, prominent healthcare institutions and corporations are intensifying their endeavors to offer a comprehensive range of resources throughout the entire spectrum of care.
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Increasing Prevalence of Chronic Diseases to Boost Customized procedure trays market.
The Centers for Disease Control and Prevention (CDC) estimated that in 2017, 805,000 Americans were at risk of experiencing a heart attack, and that in 2018, 18.2 million adults aged 20 and older would be afflicted by coronary heart disease. Furthermore, when compared to Northern, Southern, and Western Europe, Central and Eastern Europe generally exhibits higher death rates from ischemic heart disease (IHD) and stroke. It is estimated that cardiovascular disease imposes an annual cost of 210 billion euros on the European Union economy. Of this total, 53% (111 billion euros) is allocated to healthcare expenses, 26% (54 billion euros) to productivity losses, and 21% (45 billion euros) to informal care for cardiovascular disease patients. A study conducted in 2017 in the Middle East and Africa revealed that 49% and 46% of deaths in Oman and Kuwait, respectively, were attributed to cardiovascular disease. High rates of cardiovascular disease deaths, at 42%, 38%, 32%, and 23%, respectively, were also observed in Saudi Arabia, the UAE, Bahrain, and Qatar.
Another contributing factor to the rise in associated surgeries is the prevalence of orthopedic conditions worldwide. It is projected that by 2030, the number of Americans with arthritis will increase by 25%, affecting approximately 67 million people. Additionally, 29 million Americans are at high risk of developing osteoporosis. In the United Kingdom, rheumatoid arthritis (RA) has an annual incidence rate of 22 cases per 100,000 adults, while in Finland, this rate is 35 cases per 100,000 adults, with females typically having a much higher prevalence rate for RA than males.
Another significant factor expected to drive the global market for customized procedure trays in the upcoming years is the increasing prevalence of neurological disorders. According to a study, neurological diseases affect 16 per million people in Western Europe.
North America to Spearhead Customized Procedure Trays Market
The robust growth of the global procedure trays market is primarily attributed to several key factors, including the increasing demand for minimally invasive procedures, a rising number of surgical procedures, escalating research and development expenditures, and significant technological advancements. Notably, North America is poised to occupy a substantial share of this market. According to the most recent data from the Centers for Disease Control and Prevention (CDC), updated in July 2022, coronary heart disease stands as the most prevalent form of heart disease, affecting approximately 20.1 million adults aged 20 and older in the United States. Furthermore, the substantial investments being made in hospital infrastructure across the United States are expected to provide crucial support for market expansion during the study period.
For example, in May 2022, the Healthcare Information and Management Systems Society (HIMSS) recommended a comprehensive investment totaling nearly USD 36.7 billion over a span of more than ten years to modernize State, Territorial, Local, and Tribal (STLT) public health infrastructures. This initiative aims to enhance preparedness for ongoing and future public health emergencies. Procedural trays are anticipated to reap the benefits of such strategic investments in the development of public health infrastructure, thereby fueling the market’s growth throughout the forecast period.
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