Medical Device Trays Market is Evaluated Over US$ 20 Billion by the End of 2026

  • 12 Jun 2019

The global medical device trays market is predicted to value over US$ 20 billion by the end of 2026 and growing at a CAGR of over 10.5% during the forecast period, 2019 to 2026.  

Medical devices are used for the effective treatment of diseases and illness by ensuring the sterility of products. For the proper storage and prevention from bacteria, medical device trays are used. Medical device trays help in placing device together at one place so that they can be used during the medical procedure. Building upon the operations, tailor-made medical device trays could be set up. To keep the hygiene of the device and sanitation, medical device trays are most preferred. The various  medical device trays that can be used. They are thermoformed trays which can be treated as catheter trays, ophthalmology trays, orthopedic implant trays and implant trays. Also, they are very resourceful during vagabond surgical centers and clinical trials. 
Government regulations have fuelled the growth of the market. The Health Act of US which was passed in 2006 stated that it's a necessity for the healthcare facilities to execute code of practice for control and prevention of infections associated with healthcare. Increasing demand for safety in healthcare sector led to the development of quality management principle to improve the product protection. It increased utilization of trays as a packaging method for medical devices and fuelled the growth of the market. Packaging material is an integral part of the medical device and intended to protect the product from the external environment. Contaminants can interfere with product stability and lead to unintentional diseases among the patient population. Rising demand for sterile packaging to increase the protection led to the robust growth of the market. Further changing regulatory scenarios to prevent the contamination led to robust growth and created opportunistic space for manufacturers. Additionally, the rapid advancement of technologies augmented the existing process and increased the output with limited resources. The built in feature of prepackaged products that can be tailor-made is fuelling the growth of the market. 


However, the high inspection of the market is hindering the growth of the market. Also, the growing demand for the testing and scrutiny of the medical devices to check the presence of impurities in association with them is restraining the growth of the market. An example of such is the rules and restrictions made by the FDA that the manufacturers have to obey.
North America and Europe regions are expected to remain dominant throughout the forecast period due to high adoption and increasing prevalence of chronic disorders. The Asia Pacific and Latin America regions created to potential opportunistic space for manufacturers due to a large number of manufacturers in these regions. They are expected to witness the highest growth rate in global market. Rest of the world is expected to account significant share due to increasing adoption. 

Medical Device Trays market players include DuPont, Wipak, 3M Company, Bemis Company, Inc., West Pharmaceutical Services, Inc., Placon Corporation and others.

 

Medical Device Trays Market Limitations: 
•    The high inspection norms
•    The strict rules and restrictions made by the FDA that the manufacturers have to adhere


Medical Device Trays Market Segmentation
By Product Type

•    Two-piece inner tray
•     Single-seal trays
•     Multi-cavity trays

By End User
•    Hospitals
•    Clinics
•    Outpatient Centres

By Region
•    North America
•    Latin America
•    Europe
•    Asia Pacific
•    Rest of the World

Competitive Landscape: 
•    Tier 1 players- established companies in the market with a major market share
•    Tier 2 players 
•    Emerging players which are growing rapidly 
•    New Entrants

FutureWise Key Takeaways
•    Growth prospects
•    SWOT analysis 
•    Key trends 
•    Key data-points affecting market growth

Objectives of the Study:
•    To provide with an exhaustive analysis on the global medical device trays market by product type, by end-user, by region
•    To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
•    To evaluate and forecast micro-markets and the overall market 
•    To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East
•    To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
•    Profiling of companies to evaluate their market shares, strategies, financials and core competencies  

 

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