Custom Procedure Kits Market Will Grow at CAGR of 12.32% By 2032

Published Date : 06 Dec 2023

The global custom procedure kits market size accounted for USD 7.1 billion in 2022 and is projected to reach around USD 22.68 billion by 2032, growing at a CAGR of 12.32% from 2023 to 2032.

Custom Procedure Kits Market Size and Growth Rate From 2023

Market Overview

A custom procedure kit refers to a specialized set of medical or surgical instruments, devices, and supplies that are assembled to meet the specific requirements of a particular medical procedure or surgery. These kits are tailored to the unique needs of a specific surgery or medical intervention and are designed to streamline the process by providing all necessary tools in one convenient package.

The custom procedure kits market is driven by various factors including the rising number of surgical procedures, the growing trend of outsourcing, increasing demand for specialty kits, regulatory compliance, technological advancements, and many others. Furthermore, the rising product launches in the industry are expected to propel revenue growth during the forecast period.

For instance, in September 2023, the successful completion of the first cases using the Galaxy Fixation GeminiTM technology and the complete commercial launch in the United States was announced by Orthofix Medical Inc., a prominent worldwide spine and orthopedics firm. One quick and easy off-the-shelf alternative for treating fractures resulting from trauma to the lower and upper limbs is the stable external fixation system, the newest addition to the Galaxy product range. It comes in numerous sterile procedure kit configurations.

  • In 2050, one in six persons worldwide will be over 65 (16%), up from one in eleven (9% in 2019), according to statistics from World Population Prospects: the 2019 Revision. One in four people in Europe and North America may be 65 or older by the year 2050. For the first time, the number of people 65 and older exceeded that of children under five worldwide in 2018. It is anticipated that by 2050, there will be four26 million people over the age of 80, up from 143 million in 2019.
  • In January 2023, the findings of its yearly Global Survey on aesthetic procedures were made public by the International Society of Aesthetic Plastic Surgery (ISAPS). Over 12.8 million surgical and 17.5 million non-surgical procedures were carried out globally over the previous reporting period, representing a 19.3% rise in procedures overall.

Regional Insights

North America is expected to capture a significant market share during the forecast period. The region tends to have high healthcare expenditures, and this includes spending on medical devices and equipment. The market for custom procedure kits may benefit from the financial resources available in the region for healthcare infrastructure and innovation. For instance, according to the Centers for Medicare & Medicaid Services, which released research in Health Affairs on June 14, federal expenditure increases for public health would surpass slower growth for most large payers, resulting in an estimated 4.3% growth in national health spending in 2022, including just 0.8% growth in hospital care cost.

Decreases in use and public spending connected to the pandemic have been responsible for some of the hospital spending rise that was modest. With the last baby boomers entering the program and hospitals continuing to pay more than physicians to deliver care, CMS predicts that national health expenditure will average 5.4% year through 2031, with a 7.5% growth in Medicare spending driving this trend.

In the region, the US is expected to hold a prominent market share during the forecast period. The market growth in the country is attributed to the favorable regulatory environment. Moreover, the US is a leader in medical technology innovation. The adoption of advanced medical technologies and the incorporation of these technologies into custom procedure kits drive the market growth.

Furthermore, the US healthcare system places a strong emphasis on patient safety and positive outcomes. Custom procedure kits, with their focus on standardization and efficiency, are designed to contribute to these priorities. Thus, this is expected to drive the market expansion during the forecast period.

Custom Procedure Kits Market Report Scope

Report Coverage Details
Market Revenue in 2023 USD 7.97 Billion
Projected Forecast Revenue by 2032 USD 22.68 Billion
Growth Rate from 2023 to 2032 CAGR of 12.32%
Largest Market North America
Base Year 2022
Forecast Period 2023 to 2032
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa


Drivers

Rising number of surgical procedures

As the population grows and ages, the demand for surgical procedures is increasing. Custom procedure kits offer a solution to manage the rising demand efficiently and ensure that healthcare facilities are well-equipped to handle diverse surgical interventions. According to the International Society of Aesthetic Plastic Surgery, with more than 7.4 million procedures, or 22% of all procedures conducted globally, the US performed the most, followed by Brazil (8.9%), which leads the world in surgical procedures, and Japan (7.3%).

According to estimates, the US and Brazil have the highest concentration of plastic surgeons. Asian nations, with Japan in third place, China in fourth, and the Republic of Korea (South Korea) in fifth, are thought to follow. Thus, the aforementioned stats are expected to propel the market growth during the forecast period.

Rising prevalence of chronic disease across the globe

The growing prevalence of chronic diseases across the globe including cardiovascular disease, cancer and others are expected to drive the market growth during the forecast period. For instance, the World Heart Federation (WHF) released a study in 2023 that states the number of fatalities from cardiovascular disease (CVD) increased from 12.1 million in 1990 to 20.5 million in 2021 worldwide. In 2021, cardiovascular disease (CVD) was the largest cause of mortality globally, accounting for four out of every five fatalities in low- and middle-income countries (LMICs).

Restraints

Limited customization for some procedures

Although Custom Procedure Kits are ideal for a variety of procedures, standardized kits might not be easily accessible for some extremely specialized or developing treatments. This may restrict the use of CPKs in some circumstances.

Lack of standardization and quality assurance

Healthcare facilities may vary in terms of the degree of uniformity of medical processes and preferences for tools. It may be difficult for manufacturers to design custom procedure kits that are one size fits all due to this lack of consistency. Furthermore, it is essential to guarantee the sterility and quality of the materials and instruments included in custom procedure kits. To comply with healthcare laws and avert infections, manufacturers are required to uphold strict quality assurance protocols and packaging requirements. Thus, acting as a major restraint for the market growth over the forecast period.

Opportunities

Growing product launch

The growing product launch is expected to drive market growth during the forecast period. For instance, in April 2022, a prominent international producer and marketer of medical technology, Merit Medical Systems, Inc., announced the release of the ReSolve® Thoracostomy Tray. The new tray comes with everything required to execute a thoracostomy, a minimally invasive treatment that spares patients from having to have their chests surgically opened to drain fluids or air. To promote procedural efficiency and user-friendliness, each tray component is arranged according to its intended usage.

Rising demand for specialty kits

The increasing demand for specialty kits tailored to specific medical procedures or specialties, such as orthopedics, cardiology, and neurology, provides an opportunity for manufacturers to create targeted solutions. Specialty kits can cater to the unique requirements of various medical disciplines. Thus, this is expected to provide a potential opportunity for industry revenue growth.

Recent Developments

  • In June 2023, the SATURNTM Inflation Device was introduced by SYNDEO Medical, a part of MDev BV, a world pioneer in the design and development of fully integrated tailored procedural solution solutions. This cutting-edge platform offers interventional physicians throughout the globe a new degree of creativity, adaptability, and choice. The SATURNTM Inflation Device offers medical practitioners a holistic solution by integrating the advantages of both technologies onto a single platform, and it does so seamlessly with SYNDEOPackTM interventional procedure packs.

Key Market Players

  • Medline Industries, Inc.
  • Teleflex Incorporated
  • Boston Scientific Corporation
  • BD (Becton, Dickinson and Company)
  • Owens & Minor, Inc.
  • 3M
  • Mölnlycke Health Care
  • Cardinal Health, Inc.
  • B. Braun Melsungen AG
  • Halyard Health, Inc.
  • Smith & Nephew plc
  • Thermo Fisher Scientific Inc.
  • Terumo Corporation
  • Mölnlycke Health Care AB
  • Johnson & Johnson Services, Inc.

Market Segmentation

By Product

  • Disposable
  • Reusable

By Procedure

  • Colorectal
  • Thoracic
  • Orthopedic
  • Ophthalmology
  • Neurosurgery
  • Cardiac Surgery
  • Gynecology
  • Others

By End User

  • Hospitals
  • Ambulatory Surgical Centers
  • Clinics
  • Others

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