New Jersey, NJ, Sept. 10, 2019 (GLOBE NEWSWIRE) -- Growing geriatric population around the world, improvement in the standards of the medical infrastructure in the developing economies and increasing awareness among people regarding the benefits of disposable surgical kits are some of the factors that are driving the global surgical kits market. The global surgical kits market is expected to grow from USD 19.03 Billion in 2017 to USD 37.68 Billion by 2025, at a CAGR of 8.91% during the forecast period 2018-2025, according to the new report published by Fior Markets.
Surgical kits are specially designed collection of surgical tools and accompaniments that assist health care professionals to carry out specific actions during an operation. Some of them are designed for general use, and others for specific procedures. The ever-rising geriatric population is proving to be the major driving factor for the growth of global surgical kits market. Elderly people are highly susceptible to infections and various types of diseases and ailments which require surgery as a means of proper treatment. Also, increasing prevalence of various diseases such as cancer, chronic kidney disease, cardiovascular diseases are propelling the demand for surgical kits worldwide.
Although the global rise in the geriatric population and increase in number of people undergoing surgical procedures are the factors driving the global surgical kits market, the factors such as high cost of the raw materials, as well as high cost incurred in surgeries and the absence of proper reimbursement structure are the factors predicted to be the major restraining factors for the market growth.
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Key players in the global surgical kits market are Kimberly-Clark Corp., Medline Industries Inc., Cardinal Health, Paul Hartmann AG, Hogy Medical, 3M Health Care, Medica Europe BV, OneMed, Stradis Healthcare, Mölnlycke Health Care, B. Braun Melsungen AG, Boston Scientific Corporation, Johnson & Johnson, Novartis International AG, Stryker Corporation, Smith & Nephew PLC and Zimmer Biomet among others. Key players active in the market are involved in collaborative agreements and expansion to bolster the growth of the market.
- For instance in 2019, Kimberly-Clark Corp. announces a partnership with UNICEF. The partnership has been done to improve the lives of nearly 2 million babies and young children across 16 countries in Latin America and the Caribbean. Over the next three years, Kimberly-Clark's contribution through Huggies global 'No Baby Unhugged' program will be used to support and grow UNICEF's current Early Childhood Development (ECD) initiatives in Argentina, Brazil, Bolivia, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Peru, Paraguay and Uruguay.
- For instance in 2019, Medline Industries Inc., announced a partnership with Greenhealth Exchange (GX). The partnership will unite manufacturing and clinical expertise to drive innovation and bring green products to the healthcare marketplace. The partnership will concentrate on creating environment friendly products to eliminate chemicals such as formaldehyde, flame-retardants, and polyvinyl chloride (PVC) from the products which are used daily to treat the patients. The collaboration will include insights from purchasing influencers and GX owners across the country, including Confluence Health, Dartmouth-Hitchcock, Dignity Health, Gundersen Health System, Marshfield Clinic Health System, Mayo Clinic, Partners Healthsystem and University of Vermont Health Network.
- For instance in 2019, Cardinal Health announces a collaboration with PANTHERx Specialty Pharmacy. This collaboration in cell and gene therapy is unique and compelling. This relationship produces easier, more successful precision medicine launches, increased speed to therapy, and enhanced outcomes for patients.
Disposable type segment had a market value of USD 11.71 billion in 2017
The type segment is divided into disposable and reusable. As disposable surgical are pre-sterilized, they make the requirement of lengthy sterilization process redundant as well as disposable surgical kits reduce the risk of infections derived from the contaminated surgical instruments, the Disposable type segment emerged as the leader in the global surgical kits market with USD 11.71 billion revenue in 2017.
General surgery segment had a market value of USD 5.65 billion in 2017
The procedure is segmented into gynaecology, urology, ophthalmology, orthopedic surgery, neurosurgery, cardiac surgery, and general surgery, and ear, neck and head surgery. Due to the rise in a number of people undergoing general surgeries, the general surgery segment led the global surgical kits market with USD 5.65 billion revenue in 2017.
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Specialty clinics segment is anticipated to grow at a CAGR of 10.83% in 2017-2025
End-user segment is categorized into hospitals, specialty clinics, and ambulatory surgical centres. Factors such as surgical kits being increasingly utilized in the hospitals for reducing the incidences of hospital-acquired infections, and improving the post-surgical recovery time, led hospitals segment to emerge as the largest end-user segment with USD 9.40 billion revenue in 2017. However increase in the number of patient referrals to specialty clinics dedicated to various ailments such as cancer, cardiovascular diseases etc. are projected to propel the specialty clinics segment to grow at an accelerated CAGR of 10.83% over the forecast period.
Regional Segment Analysis of the Surgical Kits Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
North America region emerged as the largest market for the surgical kits with a 38.16% share of market revenue in 2017. Owing to factors such as the presence of well-established healthcare industry, technological advancements in the medical research and better insurance reimbursement policies, the North America region led the global surgical kits market in 2017. Asia Pacific region is anticipated to witness the highest growth with a CAGR of 11.08% over the forecast period. Massive improvement in the healthcare standards as well as the growth of medical tourism, are expected to propel this increased growth.
About the report:
The Global Surgical Kits Market is analysed on the basis of value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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Fior Markets is a futuristic market intelligence company, helping customers flourish their business strategies and make better decisions using actionable intelligence. With transparent information pool, we meet clients' objectives, commitments on high standard and targeting possible prospects for SWOT analysis and market research reports. Fior Markets deploys a wide range of regional and global market intelligence research reports including industries like technology, pharmaceutical, consumer goods, food and beverages, chemicals, media, materials and many others. Our Strategic Intelligence capabilities are purposely planned to boost your business extension and elucidate the vigor of diverse industry. We hold distinguished units of highly expert analysts and consultants according to their respective domains. The global market research reports we provide involve both qualitative and quantitative analysis of current market scenario as per the geographical regions segregated and comprehensive performance in different regions with global approach. In addition, our syndicated research reports offer a packaged guide to keep companies abreast of the upcoming major restyle in their domains. Fior Markets facilitates clients with research analysis that are customized to their exact requirements, specifications and challenges, whether it is comprehensive desk research, survey work, composition of multiple methods, in-detailed interviewing or competitive intelligence. Our research experts are experienced in matching the exact personnel and methodology to your business need.
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