Market Trends of Global Procedure Trays Industry
This section covers the major market trends shaping the Procedure Trays Market according to our research experts:
Ambulatory Surgical Centres Segment is Expected to Hold a Significant Market Share Over the Forecast Period
Ambulatory Care Centers (ACCs) or Ambulatory Surgical Centers (ASCs) are modern medical facilities providing same-day surgical care, including diagnostic and preventive procedures. They are also known as outpatient surgical centers where procedures do not require hospital admissions, and rising demand for ASC services in the country is expected to drive growth in the studied segment. In addition, the growing number of ASCs worldwide will result in the high adoption of procedure trays as these are cost-effective and time-saving.
The increasing prevalence of chronic diseases such as cardiovascular diseases is expected to propel the growth of the market segment. For instance, as per the study published by the BHF in 2022, around 7.6 million people will be living with cardiovascular disease in the United Kingdom in 2021. Also, the article published by the American Heart Association in 2021, approximately 40,000 children undergo congenital heart surgery in the United States each year. Such an increasing number of cardiovascular surgeries leading to the extensive usage of procedural trays, thereby contributing to the growth of the studied segment during the forecast period.
Furthermore, increasing investment in ASCs is another factor in segment growth. For instance, in May 2021, Arizona-based Joel Rainwater launched a flagship Comprehensive Surgical Care center in Gilbert, Arizona, that includes three operating rooms equipped with advanced imaging systems. The company is backed by USD 125 million in funding from an investor and plans to open 20 locations in the next two years. Similarly, in April 2021, a super-hybrid ambulatory surgical center was opened in Southern California, which offers the most comprehensive outpatient vascular surgical services within Orange County and represents a transformative vision for the future of ambulatory surgery. Thus, the increasing prevalence of chronic diseases coupled with the increasing investment in ASCs is expected to increase segmental growth over the forecast period.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
North America is expected to hold a significant market share in the global procedure trays market due to the rising number of surgical procedures, growing research and development expenditure, rising patient preference for minimally invasive procedures, and technological advancements Centers for Disease Control and Prevention (CDC) data updated in July 2022 shows that coronary heart disease is the most common type of heart disease, and approximately 20.1 million adults of age 20 and older have the disease in the United States. Additionally, the rise in investments in hospital infrastructure in the United States is predicted to contribute to the market growth over the analysis period. For instance, in May 2022, the Healthcare Information and Management Systems Society (HIMSS) recommended a total investment of nearly USD 36.7 billion for more than ten years to modernize State, Territorial, Local, and Tribal (STLT) public health infrastructures to ensure readiness for ongoing and emerging public health emergencies. Such investment plans for public health infrastructure development are anticipated to create opportunities for procedural trays, driving the studied market growth over the forecast period.
Furthermore, the government of Canada focuses more on healthcare investments to ensure accessible, public, high-quality healthcare. In March 2022, the federal government introduced Bill C-17 in the House of Commons, providing USD 2 billion in additional healthcare funding to clear 700,000 surgeries and other medical procedures delayed by the Covid-19 pandemic and support thousands of additional surgeries. These increases in surgeries are expected to create demand for the procedural trays used during the surgeries for assistance and ease. Thereby driving the studied market growth.
Similarly, in April 2022, the Jalisco government, Mexico, planned to invest more than USD 301.5 million in healthcare infrastructure over the next three years to build new hospitals and healthcare centers and upgrade existing ones. Additionally, the 'Mexican Social Security Institute (IMSS)' shared plans to invest USD 677.2 million to build 111 new hospitals by 2024. This is expected to drive the studied market growth. These investments are predicted to provide a new opportunity for procedural trays in hospital and clinic settings, bolstering the overall market growth in the country.
Thus, owing to the growing burden of diseases and initiatives taken by the government to improve healthcare infrastructure, the studied market in North America is expected to project growth over the forecast period.
