The global custom procedure kits market size was exhibited at USD 6.98 billion in 2022 and is projected to hit around USD 19.75 billion by 2032, growing at a CAGR of 10.96% during the forecast period 2023 to 2032.
Key Pointers:
Custom Procedure Kits Market Report Scope
Report Coverage | Details |
Market Size in 2023 | USD 7.75 Billion |
Market Size by 2032 | USD 19.75 Billion |
Growth Rate From 2023 to 2032 | CAGR of 10.96% |
Base Year | 2022 |
Forecast Period | 2023 to 2032 |
Segments Covered | Product, Procedure, End-user |
Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
Regional Scope | North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
Key Companies Profiled | Mölnlycke Health Care; Medline Industries; Teleflex Incorporated; Owens & Minor; Medtronic; Cardinal Health; McKesson Corporation; Smith’s Medical (ICU Medical; Inc.); Terumo Cardiovascular Systems Corporation; Santex S.p.A. |
The demand for these kits is increasing due to technological advancements, an increase in the prevalence of chronic disease, increasing demand for reusable custom procedure kits to minimize medical waste, strategic initiatives by key companies, and the rising adoption of kits in homecare settings. These kits provide all instruments and tools essential to carry out a particular diagnostic or surgical treatment. Although these kits are not used in every medical procedure, they are preferred during the management of cardiovascular, neurovascular, ophthalmic, and orthopedic conditions & diseases, as well as for wound management & dental practices.
Custom procedure kits provide surgeons and healthcare practitioners with a single-use option for sterile surgical tools and instruments. Trays and kits that are preconfigured and prepackaged remove the need to stock individual components in bulk. As a result, prepackaged custom procedural solutions can increase service quality by facilitating efficient inventory management.
Some of the market's primary drivers are cost savings and extra benefits to visiting patients, such as enhanced healthcare, cutting-edge technologies, sophisticated products, breakthrough medicines, superior hospitality, and personalized care. Medical procedures may compel people to go to other nations in search of better care at a lower cost. Cosmetic surgery at a cheaper cost is a very popular medical tourism option. According to a CNN health news article published in February 2019, getting surgery overseas saves between 40% and 80% of the entire cost. Brazil, Japan, Italy, Mexico, Russia, India, Turkey, Germany, and France are the top locations for people seeking cosmetic surgery.
Furthermore, a decrease in procurement time and costs is another major factor that is anticipated to spur market growth in the near future. Generic procedure tray packages have fixed components with uniform packaging. Post-unpacking, unused instruments from the tray need to be sterilized again before the next surgery, as their contamination risk is quite high, potentially increasing hospital waste. Generic packs may also contain instruments unnecessary for a certain hospital, clinic, or specific procedure. According to an article published by Nohrm Europe in September 2021, out of 40 consumables included in premade kits for tonsil surgery at one U.S. hospital, 12 were unnecessary single-use products. By eliminating these consumables, the price per pack dropped from USD 77.29 to USD 66.04.
The increasing demand for technologically advanced products, such as lightweight & breathable fabric material gowns, followed by lucrative marketing strategies are expected to boost the revenue growth of the custom procedure kits market in the forecast period. Surgical gowns help in preventing bacteria and various pathogens from entering the surgeon’s body. The medical sector relies on disposables to safeguard healthcare providers and patients against various viruses & bacteria, thus driving the need for readily available sterile supplies, which can later be disposed of. To overcome this issue of disposable waste, a Mexican startup, MEDU, in December 2022, manufactured reusable, washable full-body suits, gowns, & masks and subsequently significantly reduced the carbon footprint of Personal Protective Equipment (PPE).
Some of the prominent players in the Custom Procedure Kits Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Custom Procedure Kits market.
By Product
By Procedure
By End-user
By Region