The increasing prevalence of injuries due to mishandling of surgical accessories is driving the global instrument tip protectors market says Fortune Business Insights in a report, titled “Instrument Tip Protectors Market Size, Share and Global Trend By Type (Vented, Non-Vented), By Application (Trocars, Needles, Scissors, Others), By Usage (Disposable, Reusable), By End User (Hospitals & Clinics, Ambulatory Surgery Centers (ASCs), Others), and Geography Forecast Till 2026.” The increasing risk of infections is predicted to contribute significantly to the global instrument tip protectors market.
Some of the major companies that are present in the global instrument tip protectors market are 3M, CooperSurgical, Inc., Key Surgical, Healthmark Industries Company, Inc., CIVCO Medical Solutions, BOVIE MEDICAL, SP Scienceware, Aspen Surgical, Advance Medical Designs, Inc., Medline Industries, Inc., AliMed, Inc., Thermo Fisher Scientific Inc., UFP Technologies, Inc., and others.
Acquisition of Aspen by Audax Will Enable Growth
Audax Group, a leading investor in middle-market companies acquired Aspin surgical, a business unit comprised of certain surgical consumable products, from Hillrom. The acquisition is predicted to contribute to the growth owing to the motive of Audax to help platform companies to optimize operations, and significantly increase equity value. Further, the launch of a new product offering S/M tip protection is also predicted to facilitate instrument tip protectors market growth, for instance, Racoma Inc. announced the launch of their new product offering of how Protect S/M tip protection, which offers three-fold protection during the sterilization of surgical instruments. The aforementioned factors combined are expected to boost the global instrument tip protectors market revenue.
Increasing Risk of Infections Will Boost the Market
The increasing cases of injuries caused by mishandling of surgical accessories is a factor driving the global instrument tip protectors market. The growing emphasis on healthcare workforce safety and increasing risks of infections are predicted to back the growth of the market. Further, the surge in cases of equipment damage is also expected to contribute to the global instrument tip protectors market. According to the Centers for Disease Control and Prevention (CDC), an estimated 385,000 members of the healthcare workforce may suffer injuries caused due to the handling of bare needles each year worldwide. Technological advancements in instrument tip protectors along with lower investment cost of instrument tip protectors are factors likely to escalate the instrument tip protectors market revenue. In addition, the improved shelf life of surgical equipment and reduction in repair and maintenance cost are also predicted to contribute to the growth of the global market during the forecast period. However, lack of awareness within healthcare, disinclination towards the adoption of instrument tip protectors and violation of standard guidelines for the use of surgical instruments are some factors limiting the growth of the instrument tip protectors market.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Reduction in Maintenance Cost Will Encourage Growth in North America
Geographically, the global instrument tip protectors market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America led the global instrument tip protectors market in 2018 and is expected to dominate though the forthcoming year owing to the increasing prevalence of injuries and infection caused by improper handling of surgical instruments. Further, extended equipment life, reduction in maintenance costs and reduction in transport damages are accountable for the adoption of instrument tip protectors in North America. Asia Pacific is expected to grow on a significant rate during the forecast period owing to the increasing cases of needle stick injuries and surge in infections caused by severe injuries. In addition, the increasing adoption of safety measures due to the awareness spread by government authorities is also expected to boost the instrument tip protectors market in the region.