Pre-packaged Medical Kits And Trays for Saline Prefilled Syringes Market worth is expected to reach US$ 3,634.8 Mn by 2027
The Prepackaged Medical Kits and Trays for Saline Prefilled Syringes market was valued at US$ 2,096.6 million in 2018 and it is projected to reach US$ 3,634.8 million by 2027; it is expected to grow at a CAGR of 6.4% from 2019 to 2027.
A pre-packaged kits and trays are set of medical devices or instruments which are made up of disposable materials and are used in wide range of surgical procedures. The pre-packaged kits and trays are sterile in nature and hence are being preferred on a large scale majorly in specialty hospitals, clinics, and ambulatory surgical centers. These trays are designed with an intention to suffice the individual needs of the hospital as per the requirements of the surgical procedure. The growth of the Prepackaged Medical Kits and Trays for Saline Prefilled Syringes in healthcare market is attributed to the increase in usage of prefilled syringes, and introduction of rules and regulations to implement better healthcare facilities. However, increased concerns over the safe disposal of procedure trays are likely to act as restraining factors for the market.
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Key Findings from The Pre-packaged Medical Kits And Trays for Saline Prefilled Syringes Market
- In terms of product type, the Prepackaged Medical Kits and Trays for Saline Prefilled Syringes in healthcare market is segmented into hemodialysis kits, open heart surgery kits, angiography/angioplasty/catheterization kits, orthopedic kits and trays, iv kits, custom ob/gyn kits, others. In 2018, the IV kits segment held a largest market share of 40.0% of the pre-packaged medical kits and trays for saline prefilled syringes market, by product type.
- In terms of end user, the Prepackaged Medical Kits and Trays for Saline Prefilled Syringes in healthcare market is segmented into multi-specialty hospitals, clinics, stand-alone laboratories, ambulatory surgical centers, academic research institutes, others. In 2018, the multi-specialty hospitals held a largest market share of 45.1% of the pre-packaged medical kits and trays for saline prefilled syringes market, by end user.
- The Prepackaged Medical Kits and Trays for Saline Prefilled Syringes in healthcare market players are adopting the product launch and expansion strategies to cater to changing customer demands worldwide, which also allows them to maintain their brand name globally.
- Some of the prominent players operating in pre-packaged medical kits and trays for saline prefilled syringes market are, Medline Industries, Inc., Hogy Medical, Cardinal Health, Smith & Nephew Plc, Medtronic (Covidien Plc), Teleflex Incorporated, Mölnlycke Health Care AB, BD, B. Braun Melsungen AG and Boston Scientific Corporation among the others. The market players are focused on bringing mergers and acquisitions to sustain their position in the market.
- For instance, in January 2019 BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, announced it has completed the acquisition of C. R. Bard, Inc. (NYSE: BCR), creating a new health care industry leader with approximately $16 billion in annualized revenue. C. R. Bard, Inc. provides urology trays, Suprapubic Trays, dressing trays, and others. It is thus enhancing BD’s product portfolio. Furthermore, The Swedish medical solutions company, Mölnlycke Health Care, (6 December 2016) announced a licensing agreement with the Texas-based biomedical R&D company, Rochal Industries which has an expertise in biomedical materials and devices. The developments performed by the companies are helping the market to grow in the coming years.
Growing Applications of Prepackaged Medical Kits and Trays for Saline Prefilled Syringes
In recent years, there has been a considerable development in the field of medical kits and trays. The growth of surgical procedures has increased the demand of surgical instruments. Pre-packaged kits and trays is advantageous as these kits offers clinicians to use sterile, surgical consumables in a pre-configured package. This helps to save a considerable amount of time during surgical procedures and in the preparations for an operation. The pre-packaged kits allow to negate the need for stock individual components in bulk quantities and thus helps in planning better investment management. The time saved with these managed equipment helps to optimize and better utilize it in surgical and medical analysis of the procedures. There is a reduction in the number of activities required to get the right products to the right place on time.
The fact that custom pre-packaged medical kits and trays are supplied just in time means that the hospital can simplify its logistics and control its costs. Optimizing these kits and trays creates numerous benefits for both surgery centers and their patients by reducing the variation that causes waste and inefficiency, while also improving clinician workflow and patient throughput. For a surgery center which performs approximately 5,000 procedures a year, just $50 of waste per case can equal $250,000 annually. Moreover, according to a report by CPT Medical, medical institutions that have switched to the use of pre-packaged medical kits and trays are found to increase their daily operations by 30-40%. Thus to support quality outcomes while reducing waste, controlling costs and improving workflows, surgical centers should focus on optimizing custom procedure trays. The benefits offered by pre-packaged medical kits and trays is anticipated to increase its demand in the forecast period.
Healthcare systems persuades millions of pre-filled flushed syringes to be used in hospitals, clinics and other facilities. The reason for shift from normal syringes to pre-filled syringes is due to the advantages offered by these syringes that include reduction in occlusion, extravasation, and reduction in complications as well as lowering the risk for needle stick infection and catheter-related bloodstream infections. Moreover, unlike medical devices, the pre-filled syringes have a less rigorous process for seeking approvals from regulatory bodies such as FDA. Thus, the medical device manufacturers get easy approvals for these pre-filled syringes thereby bringing more of these products into the market.
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