There has been a Herculean shift in the healthcare industry towards a reformed model and significant rise in investments worldwide is intended to improve various facilities and services across the healthcare industry. The concept of value-based pricing of pharmaceuticals has gained momentum in the last few years and a majority of the OECD countries have adopted this model. This shift has been a crucial component for the revenue growth of the pre-packaged medical kits and trays market.
Pre-packaged medical kits and trays are witnessing an abundance in demand owing to the high efficiency, safety and convenience offered by these tools. Key revelations on the dynamics impacting the growth of this market are highlighted in a new research study by Persistence Market Research titled ‘Prepackaged Medical Kits and Trays Market: Global Industry Analysis 2013–2017 and Forecast 2018 – 2026.’ Increased governmental spending on healthcare facilities across different regions has led to a surge in adoption of pre-packaged medical kits and trays by private surgeons and hospitals. The global market for pre-packaged medical kits and trays is anticipated to showcase a stellar CAGR of 8.3% during the forecast period, reaching a market value of over US$ 29,000 Mn by the end of 2026.
Rise in Surgical Procedures to Trigger Demand, Especially for Ophthalmic Custom Trays
The last few years have witnessed a significant surge in the number of surgical procedures, primarily owing to a high prevalence of chronic and life-threatening diseases coupled with an increase in the population category most susceptible to ailments requiring surgery. Further, an overcrowding in hospital operating rooms and subsequent rise in surgery related infections has led to a rampant adoption of pre-packaged medical kits and trays globally.
The inherent features of these pre-packaged products are also boosting mass adoption across hospitals and clinics. Pre-packaged medical kits and trays can be customized for specialized procedures, thereby offering enhanced convenience to surgeons and operating room staff. This favorable attribute is creating lucrative market opportunities for manufacturers. According to analysts at Persistence Market Research, the demand for general surgery and instrument kits is anticipated to shoot up in the coming years as compared to other products available in the market. However, ophthalmic custom trays are anticipated to create much greater growth opportunities and are projected to register a robust growth rate in the near future.
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Manufacturers Resorting to Product Customization to Achieve Superior Customer Delight in the Wake of Stiffening Market Competition
Several large companies are aiming to stay ahead in the game and are customizing their products according to specific needs to build strong relationships with customers. Hospitals are preferring bundled purchases, which are mostly used for dressing kits, ophthalmic custom trays, and catheter and angioplasty trays. Many key players are also indulging in strategic acquisitions and mergers, which can help them manufacture and deliver quality medical products. As the market continues to grow at an exceptional pace, the competition is expected to intensify and encourage more local players to capitalize on the emerging prospects.
Contract Based Supply Chain Struggles Plaguing the Pre-packaged Medical Kits and Trays Market
An upsurge in the number of local players along with a shift in consumer attitudes towards purchasing healthcare services locally will provide high market potential to under-developed countries to use procedure trays for better surgical outcomes. However, the healthcare products purchase process in most countries is contract based and these contracts are usually signed for a longer term. Particularly, single-use products are procured under long-term tenders, and this acts as a restraint for new entrants who prefer to bid their products along with other competitors. It is yet to be seen how new entrants will stay afloat and grow their business in a market ruled by long-term contracts.