Demand for linen & turnover kits to gather pace: Fact.MR
March 05, 2020 - Ireland
and turnover kits market is projected to see a compounded annual growth rate (CAGR)
of 5 per cent between 2019 and 2029 and surpass $1.9 billion by 2029 end, adding 1.6 times more value compared to 2019, says a recent report by Fact.MR. Rising surgeries will bolster sales of these products, creating a value opportunity of $770 million during the period.
Hospitals account for over three-fourths of linen and turnover kits sales worldwide.
Despite losing significant market share by 2029, non-sterile linen and turnover kits are forecast to account for almost two-thirds of the total incremental dollar opportunity created in the market during assessment period. However, demand for sterile kits is foreseen to grow at a higher CAGR.
The market for these products in East Asia is set to gain 214 basis points (BPS) with expenditures on surgical gadgets increasing at a significant rate, says a press release from the Ireland-headquartered market intelligence company citing the report.
Europe remained the frontrunner in this market last year, accounting for around a third of revenue share. Higher per capita spending on healthcare will support the region’s growth.
Players in this market are engaged in lateral integration for deeper market penetration and capturing a larger consumer base. Majority of players are signing up group purchasing contracts for such products.
The advantageous factors associated with group purchasing such as buying power, negotiating power, lower processing costs, among others, have resulted in collaboration of members to develop long-term innovations that improve the way care is delivered to patients across the globe.