Despite facing multiple challenges such as the need to promote effective supply chain management, product awareness and customized sourcing, the European custom procedure trays (CPT) market is expanding. To avoid stagnation and sustain market growth, companies need to continuously monitor their supply chain goals and liaise closely with hospital personnel. At the same time, a focus on product customization and resource optimization will be critical for competitive success.
New analysis from Frost & Sullivan (medicaldevices.frost.com), European Custom Procedure Trays Market, finds that the market earned revenues of $380.4 million in 2006 and estimates this to reach $1,580.5 million in 2013.
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“The European CPT market is expanding rapidly due to the increasing number of surgeries being performed, the heightened emphasis on infection control together with related efforts to improve clinical and staff efficiency,” notes Frost & Sullivan Research Analyst Sasirekha Varadarajan. “More importantly, the benefits of customization will strengthen the long-term growth prospects of the market.”
Approaching maturity in the angiography and ophthalmic CPT segments is underpinning their growing saturation. In contrast, the advent of new procedures and surgeries is creating high growth potential in the operating room and anesthesia CPT segments.
“CPTs as products require effective management of the supply chain,” says Ms. Varadarajan. “Therefore, it is essential for market participants to closely track hospitals and their needs besides understanding the importance of selecting the appropriate components for inclusion in a procedure tray.”
Constant customer research will be critical to addressing the requirements of end users. Customizing kits based on suggestions from end users in terms of packing patterns, packing materials as well as product and delivery specifications will pose a major challenge.
Since CPT is a complex mix of various components, it will be vital to train and inform end users about varied product benefits. For instance, CPT companies need to make end users aware of the advantages of purchasing individual components versus the cost of acquiring a CPT.
“Companies that manage their supply chain efficiently through a more keen examination of the general goals of supply management will survive and successfully cater to the needs of this industry,” adds Ms. Varadarajan. “Limited stocks of raw material and production parts will cause a shut down of operations, be extremely costly in terms of lost production and escalate operational outlays even while resulting in a failure to fulfill delivery schedules.”
Industry participants should adopt effective supply chain and logistics management solutions to survive in the highly competitive CPT market. Building a strong and competent supplier partnership will be critical to customising a CPT according to end-user requirements. The CPT market is ideal for single use product manufacturers who have already created a brand name in the medical device industry.
European Custom Procedure Trays Market is part of the Medical Devices Growth Partnership Service, which also includes research on Cosmetic Procedures Market in Europe, Reconstructive Surgery Markets for Europe, and Minimally Invasive Surgery Markets for Europe. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
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