In the healthcare industry, procedure trays are an essential component of medical equipment used during surgical and medical procedures. Procedure trays are customized sets of medical devices, surgical instruments, and supplies assembled in one sterile package, designed to meet the specific needs of a particular medical procedure. They help reduce preparation time, minimize waste, and ensure a consistent level of quality in patient care. As a result, the demand for procedure trays is expected to increase in the coming years.
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One of the major factors driving the growth of the procedure trays market is the increasing demand for minimally invasive surgeries. Minimally invasive surgeries are preferred over traditional surgeries as they involve smaller incisions, reduce the risk of infections and complications, and lead to quicker recovery times. Procedure trays are designed to contain all the necessary instruments and supplies required for minimally invasive surgeries, making them an essential component in the operating room.
Further, the introduction of 3D printing technology has revolutionized the way procedure trays are developed and manufactured. 3D printing technology has made it possible to create custom-designed procedure trays, reducing the need for assembly and improving overall efficiency. 3D printing technology has also enabled the development of more complex instruments and supplies, ensuring that healthcare providers have access to the latest medical advancements.
Furthermore, the surge in the prevalence of lifestyle disorders is also a major factor contributing to the increase in the prevalence of chronic diseases. For instance, as per the data provided by the Global Obesity Observatory (2021), Mexico presents a national risk of obesity development on a scale of 10 to be 8. This represents that the majority of the population in Mexico either falls in the bracket of the obese population or is highly susceptible to being obese in the coming years. Many studies have established that excess body fat increases the risk for several cancers, including colorectal, postmenopausal breast, uterine, esophageal, kidney, and pancreatic cancers. Additionally, the increase in aging population in the country is also said to contribute to cancer incidence.
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Counties such as China and Japan in the Asia-Pacific region are also rapidly investing in procedure trays research. Adding to this, several companies have also adopted strategic alliances to launch liquid biopsy tests in Asia Pacific region. For example, in January 2021, Singapore-based UG Healthcare Corporation Limited announced that it had acquired a 60% stake in Indonesia-based medical supply company PT Grand Indonesia Medika. This acquisition is expected to expand UG Healthcare's presence in Indonesia and increase its production capacity for medical products, including procedure trays.
Over the last few years, procedure trays has witnessed a string of institutional investors and corporations, who are looking at the growing demand for liquid biopsy tests and are investing in the industry be it small or large investments. Big companies are acquiring/partnering with smaller companies or start-ups to increase their market share. Some of the prominent mergers and acquisitions/partnerships in the smart home ecosystem include:
· Japan-based Terumo Corporation acquired the assets of Healthmark Industries Co. Ltd, a Thailand-based manufacturer of medical products, including procedure trays, in July 2021. This acquisition is expected to strengthen Terumo's presence in the Asia Pacific region and expand its product portfolio.
· In August 2021, Sahajanand Medical Technologies Pvt Ltd (SMT) announced that it had received a USD 30 million investment from Morgan Stanley Private Equity Asia. SMT is a leading manufacturer of medical devices, including stents and procedure trays, and the investment is expected to support the company's growth in the Asia Pacific region and beyond.
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· Paragon Care Limited acquired Meditron Pty Ltd, a leading manufacturer of procedure trays and medical equipment, in June 2021. This acquisition is expected to strengthen Paragon's position in the Australian medical market and expand its product offerings.
Conclusion:
In conclusion, the procedure trays market is expected to grow significantly in the coming years due to the increasing demand for minimally invasive surgeries, the need for cost-effective medical solutions, and the rising number of surgeries worldwide. The use of pre-packaged procedure trays provides medical practitioners with a convenient solution for all their medical supply and instrument needs, making them an essential component in the operating room. Contact Universal Data Solutions, a rapidly growing dynamic market research firm led by a core of dedicated professionals for further information. According to the Universal Data Solutions analysis, the development of advanced technologies would massively transform the global scenario of procedure trays and as per their “Procedure Trays Market” report, the global market was valued at USD 12 billion in 2021, growing at a CAGR of 9% during the forecast period from 2022 - 2028 to reach USD XX billion by 2028.