PUBLISHER: The Business Research Company | PRODUCT CODE: 1427771
PUBLISHER: The Business Research Company | PRODUCT CODE: 1427771
Custom procedure kits encompass specially tailored trays that are curated with the necessary supplies essential for performing specific medical procedures. These customized trays can be designed for various specialties, offering a standardized approach that enhances efficiency and convenience across an entire surgical facility.
The primary types of custom procedure kits cater to a range of medical specialties, including colorectal, thoracic, orthopedic, ophthalmology, neurosurgery, cardiac surgery, gynecology, general surgery, urology, and others. Colorectal pertains to diseases affecting the colon and rectum, characterized by abnormal cell growth. These procedure kits comprise both disposable and reusable product types, utilized in diverse healthcare settings such as hospitals, ambulatory surgical centers, clinics, and similar medical facilities. Their purpose is to streamline procedures and ensure that necessary supplies are readily available for specific medical interventions.
The custom procedure kits market research report is one of a series of new reports from The Business Research Company that provides custom procedure kits market statistics, including custom procedure kits industry global market size, regional shares, competitors with a custom procedure kits market share, detailed custom procedure kits market segments, market trends and opportunities, and any further data you may need to thrive in the custom procedure kits industry. This custom procedure kits market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The custom procedure kits market size has grown rapidly in recent years. It will grow from $7.31 billion in 2023 to $8.06 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth observed during the historical period can be attributed to several key factors, including the increasing demand for minimally invasive procedures, the proliferation of ambulatory surgical centers, the rise in the aging population, the adoption of cost-effective healthcare solutions, and the globalization of healthcare services. These elements collectively contributed to the expansion and evolution of the healthcare industry during that timeframe.
The custom procedure kits market size is expected to see strong growth in the next few years. It will grow to $11.44 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The anticipated growth in the forecast period can be linked to several driving factors, notably the heightened focus on infection control measures, the shift towards patient-centric healthcare services, the increasing emphasis on outpatient care facilities, the integration of telemedicine, preparedness for global health crises, the advancement of personalized medicine, and the utilization of biocompatible materials in healthcare practices. Key trends projected for this period encompass ongoing technological innovations, advancements in medical technology, the adoption of sustainable and eco-friendly solutions within the healthcare sector, the integration of augmented reality (AR) and virtual reality (VR) technologies, the application of 3D printing in healthcare applications, and the utilization of blockchain technology for efficient supply chain management in the healthcare industry. These trends are poised to shape and revolutionize the future landscape of healthcare delivery and services.
The growth of the custom procedure kit market is anticipated to be propelled by the increasing number of hospital surgery admissions. Hospital surgery admissions involve patients entering medical facilities for surgical interventions to address various illnesses or injuries. This upward trend in hospital admissions for surgeries contributes to the advancement and expansion of custom procedure kits. These kits play a crucial role in streamlining medical staff preparation, ensuring safety, and enhancing reliability. As reported by the National Library of Medicine, a significant global volume of 310 million major surgeries occurs annually, with 40 to 50 million in the United States and 20 million in Europe. With approximately 5-15% of patients readmitted within 30 days, an additional 400,000 major procedures are performed each year, potentially resulting in 12 million annual surgical fatalities worldwide by 2030. Consequently, the surge in hospital surgery admissions serves as a key driver for the growth of the custom procedure kit market.
The growth trajectory of the custom procedure kits market is further propelled by the increasing healthcare expenditure. Health expenditure, denoting the consumption of resources to promote, restore, and maintain health, is a critical factor influencing the demand for advanced and specialized medical equipment, including custom procedure kits. Higher healthcare spending indicates a growing investment in healthcare facilities to enhance patient care and outcomes. According to a report by the Office for National Statistics in May 2023, healthcare spending in the UK experienced a notable increase of 9.4% in nominal terms and 9.7% in real terms between 2020 and 2021. Notably, spending on preventive care more than doubled from $45.72 billion in 2020 to a considerable amount in 2021. This substantial rise in healthcare expenditure contributes significantly to the growth of the custom procedure kits market.
Product innovation emerges as a prominent trend in the custom procedure kit market, with major companies strategically focusing on innovative offerings to maintain their market positions. An example of this trend is evident in Synertech Ltd., a UK-based medical device company, which introduced the single-use sterile dural repair procedure pack in April 2021. Tailored for ambulatory surgery centers or hospitals, the kit features an easy-to-use, single-use, clean procedure pack containing essential components such as micro needle holders, lock forceps, micro scissors for discectomy, and polypropylene suture with a round body and a 12-inch needle.
A strategy adopted by leading companies in the custom procedure kits market involves the introduction of advanced and customizable solutions, particularly interventional procedural packs. These packs are designed to simplify the procurement process of medical devices required for surgical or therapeutic procedures. They offer advantages such as reduced time for product procurement, minimized inaccuracies, and enhanced infection control. SYNDEO Medical, a Belgium-based developer of custom procedural solution products, exemplifies this approach. In June 2023, SYNDEO Medical launched the SATURN Inflation Device, a cutting-edge platform providing interventional physicians with heightened creativity, adaptability, and selection. Integrated into SYNDEOPack interventional procedure packs, the SATURN Inflation Device offers a holistic solution, combining the advantages of various technologies onto a single platform. The SYNDEOPack, being a customizable solution, includes a combination of devices required for specific procedures, effectively serving as a custom procedure kit. This integration of innovative products showcases the commitment of major companies to advancing solutions in the custom procedure kit market.
In March 2021, Henry Schein Inc., a prominent US-based healthcare solutions provider, successfully acquired Stradis Medical LLC for an undisclosed sum. This strategic acquisition is set to reinforce Henry Schein Medical's capacity to offer specialized solutions tailored to medical practitioners, medical device manufacturers, and partners engaged in delivering healthcare services. Stradis Medical LLC, based in the United States, specializes in the manufacturing of medical device packaging as well as custom procedure trays and kits.
Major companies operating in the custom procedure kits market report are McKesson Corporation, Cardinal Health Inc., Thermo Fisher Scientific Inc., 3M Company, Medtronic PLC, Medline Industries Inc., Owens & Minor Inc., B. Braun Melsungen AG, Alcon Inc., Terumo Cardiovascular Systems Corporation, Teleflex Incorporated, Paul Hartmann AG, Molnlycke Health Care AB, Smiths Medical International Ltd., Lohmann & Rauscher International GmbH & Co. KG, OneMed Group Oy, Multigate Medical Products Pty Ltd, Pennine Healthcare Limited, Defries Industries Pty Ltd., Priontex SA (Pty) Ltd., Custom Assemblies Inc., ITL Healthcare Pty Ltd, Stradis Healthcare LLC, Unisurge International Limited, Med-Italia Biomedica S.R.L., CPT Medical Inc., STS Medical Group, China Huamei Medical Instrument Co.Ltd., Hubei Zhongbao Protective Products Co. Ltd., Zibo Qichuang Medical Products Co. Ltd.
North America was the largest region in the custom procedure kits market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the custom procedure kits market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the custom procedure kits market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The custom procedure kits market consists of sales of surgical gloves, syringes, cannulas, scalpels, and swabs. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Custom Procedure Kits Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on custom procedure kits market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for custom procedure kits ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The custom procedure kits market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.