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NEW YORK , March 31, 2022 /PRNewswire/ -- The Custom Procedure Packs Market report provides a detailed analysis of the competitive scenario, the pre- and post-COVID-19 impact on businesses, and the market growth across various regions.
The market value is set to grow by USD 2.11 billion , progressing at a CAGR of 4.73% from 2021 to 2026, as per the latest report by Technavio
39% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for custom procedure packs market in North America . Market growth in this region will be slower than the growth of the market in Asia . The growing healthcare sector in the region will facilitate the custom procedure packs market growth in North America over the forecast period.
The custom procedure packs market share growth by the single-use segment will be significant during the forecast period. Single-use or disposable custom procedure packs can be used for most surgical procedures, including orthopedic, cosmetic, cardiovascular, and general surgery. These surgical packs provide healthcare facilities with benefits such as reduced inventory costs, reduced infection rates, and reduced clinical waste. Such healthcare facilities are expected to drive the segment growth during the forecast period.
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The custom procedure packs market report offers information on several market vendors, including 3M Co., B Braun Melsungen AG, Cardinal Health Inc., Hubei Medlink Healthcare Co. Ltd., Kimal Group, Med-italia Biomedica Srl, Medline Industries Inc., Medtronic Plc, Molnlycke Health Care AB, Multigate Medical Products Pty Ltd., Owens and Minor Inc., Priontex, Thermo Fisher Scientific Inc., and Unisurge International Ltd among others.
Moreover, the market is fragmented and the vendors are deploying growth strategies such as investing in developing customized solutions to compete in the market.
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The growing need for surgical procedures is one of the key drivers supporting the custom procedure packs market growth. The rising prevalence of chronic diseases can be attributed to the changes in lifestyles and eating habits. Meanwhile, burns are long-term injuries and are a challenging clinical issue. The treatment for burns includes skin transplantation and using skin substitutes. According to the World Health Organization (WHO), between 2015-2019, around 550,000 people globally died due to fire, heat, and hot substances. Around 37 million people were disabled and required medical treatment. These factors are likely to boost the demand for custom procedure packs for cosmetic surgeries during the forecast period. Thus, the growing need for surgical procedures will positively impact the growth of the global custom procedure packs market during the forecast period.
The high cost of healthcare is one of the factors hindering the custom procedure packs market growth. For instance, in 2019, the per capita healthcare expenditure was $7,138 in Switzerland , $6,748 in Norway , and $6,731 in Germany. The high cost of healthcare in these developed countries prevents patients from opting for surgical treatment options for cardiovascular diseases, bone-related diseases, diabetes, obesity, and cancer. Additionally, in developing countries such as India , China , Brazil , and Argentina , patients cannot avail themselves of surgical treatment due to a lack of resources and low per capita income. The absence of proper healthcare infrastructure and less amount of government aid received in the form of medical expense reimbursement further poses a challenge for the patients in these countries. Thus, such factors will negatively impact the growth of the global custom procedure packs market during the forecast period.
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COVID Impact and Recovery Analysis
In 2020, the COVID-19 pandemic negatively impacted the custom procedure packs market in the region. However, in H2 2021, the number of COVID-19 cases in the region decreased due to the introduction of vaccines. This led to the resumption of elective procedures and surgeries in hospitals and other healthcare facilities. Thus, the regional demand for custom procedure packs has rebounded. Such factors are expected to drive the growth of the regional market during the forecast period.
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Custom Procedure Packs Market Scope
Accelerate at a CAGR of 4.73%
North America, Asia, Europe, and Rest of World (ROW)
US, Canada, UK, China, and India
Leading companies, competitive strategies, consumer engagement scope
3M Co., B Braun Melsungen AG, Cardinal Health Inc., Hubei Medlink Healthcare Co. Ltd., Kimal Group, Med-italia Biomedica Srl, Medline Industries Inc., Medtronic Plc, Molnlycke Health Care AB, Multigate Medical Products Pty Ltd., Owens and Minor Inc., Priontex, Thermo Fisher Scientific Inc., and Unisurge International Ltd
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com/
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