The size of the global syringe tray market was estimated at US$ 17.80 Billion in 2022, and it is anticipated to grow at a CAGR of 11.3% from 2022 to 2032. It is estimated to be worth US$ 51.92 Billion by 2032.
| Attributes | Details |
|---|---|
| Syringe Tray Market Size (2022) | USD 17.80 Billion |
| Syringe Tray Market Projected Size (2032) | USD 51.92 Billion |
| Value CAGR (2022 to 2032) | 4.5% |
Many businesses are emphasizing organic growth strategies, including product launches, product approvals, and others like patents and events. Acquisitions and, partnerships & collaborations were examples of inorganic growth strategies that were observed in the market. These actions have made it possible for market participants to grow their customer bases and business.
With the increasing demand for syringe trays in the global market, market players in the syringe tray market are anticipated to benefit from lucrative growth opportunities in the future.
To guarantee product availability and prompt delivery to the healthcare providers it serves, major players invest additional money in their inventory of medical supplies. The investment increases the company's overall large inventory on hand and represents another step the player has taken to improve healthcare operations despite ongoing industry-wide, global supply chain challenges.
Several important players celebrate the opening of LEED-certified distribution centers. The state-of-the-art facility distributes thousands of individual products and devices sent to healthcare organizations across the continuum of care, including hospitals, nursing homes, ambulatory surgery centers, hospices, and doctor's offices.
Another significant business player purchased a provider of sterilizing and kitting services for the Custom Procedure Tray (CPT) solution. With this acquisition, they may be better able to satisfy the surgical procedure tray needs of all of their customers, a market that is expected to expand quickly shortly.
The acquisition by key players. The deal includes a supply agreement in addition to everything related to the facility's daily operations, including clients, vendors, and staff.
The strategic goal of becoming the top global platform for sterile outsourcing services may be realized in large part thanks to this acquisition. High quality must be prioritized because of the rising demand for outsourced compounding in the US and the corresponding rise in regulatory scrutiny.
The team may successfully align the facility with our FSS US operations in due course, even though this acquisition may initially dilute our position. The US sterile compounding business may be able to compete with the top 3 US players thanks to this expansion.
Main competitors to extend its prime vendor contract with a nursing home to supply all capital equipment and furnishings for the post-acute care organization's new assisted living facility, which is anticipated to welcome residents.
Its prime vendor partnership for medical supplies for the company's skilled nursing facility is being extended by the new agreement. More than 10 product divisions at They are working together to help the company equip the new facility with supplies like furniture, hand sanitizers, window treatments, paper goods, and more through the new capital equipment and furnishings contract.
Syringe trays are made for pharmaceuticals applications using high-quality raw material and high-impact polystyrene with sterilizable, anti-static or conductive properties. Syringe trays ensures the overall safety and security of the medicines, vaccines, and syringes by adopting plastic technologies, sensors, and other equipment.
Syringe trays allows a convenient usage of the equipment kept in it which in turn saves the time and leads to more acceptability of the product in the global syringe trays market.
Moreover, the syringe trays are being increasingly used in healthcare sector due to their break resistant feature and also, the hand spillage and contamination issues are reduced to a great extent. To provide a cost-effective and easy-to-handle packaging forms, syringe trays were introduced and the market is further anticipated to grow during the forecast period.
Growing number of healthcare facilities and the introduction of new forms of injectable are some of the important factors driving the growth of the global syringe tray market. Moreover, the syringe trays are obtainable in other unique specifications as per the customer’s choices which helps in achieving maximum consumer appeal and hence is further expected to propel the growth of the global syringe tray market.
The growth of the syringe trays market is mainly driven by the growing demand from the healthcare organizations for storage products that minimizes the exposure of the harmful drugs to the healthcare workers. Rising aging population and inclining consumer demand towards the sophisticated packaging are likely to boost the growth of the syringe tray market.
The new trend of the Syringe tray market includes well-developed manufacturing unit using modern/latest technologies and use of a high quality material (polystyrene). Moreover, the increased use of disposable medical products, can generate environmental issues which hampers the growth of the syringe tray market.
The global syringe trays market is segmented on the basis of material type, application, and geography. On the basis of material type, the global syringe trays market is segmented into polyethylene terephthalate (PET), polypropylene (PP), polyethylene (PE), and polyvinyl chloride (PVC), Acrylonitrile Butadiene Styrene (ABS), Polystyrene (PS).
On the basis of application, the global syringe trays market is segmented into pharmaceuticals, agriculture, veterinary, and food. Pharmaceuticals accounts for the largest share of the syringe tray market.
Geographically, the global syringe tray market is segmented into the Middle East & Africa, Asia-Pacific, North America, Western Europe, Eastern Europe, and Latin America. North America stands first as it reflects a higher volume growth in the global syringe tray market. The slow growth of the syringe tray market in the Middle East & Africa (MEA) is expected to be shaped by numerous factors including a slowdown in public sector growth as a result of low oil prices, regional challenges and economic instability.
Eastern Europe is anticipated to grow as there is great promise for innovative R&D and generics. The global syringe tray market in Western Europe is expected to grow during the forecast period as the region represents a well-established pharmaceutical market. Economy like China in the Asia Pacific region represents high opportunities of growth for the global syringe tray market.
Some of the key players that are operating in the global syringe tray market include Medline Industries Inc., Tray International (Pty) Ltd, Treiber Trays, East Coast Medical Supply, Avsr Group Of Companies, and AdDent Inc.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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