Global Surgical Instrument Tracking Systems Market research report delivers a comprehensive analysis of the market outlook, regulatory framework, and macro- and micro-economic factors influencing the growth of the market. The report is formulated through extensive research and surveys to offer accurate and authentic information about the market size, market share, product portfolio, revenue generation, and projected market growth. The report offers key insights into the competitive and regional landscape of the market to assist the stakeholders and investors in formulating strategic business plans.
The global Surgical Instrument Tracking Systems Market is forecasted to be worth USD 431.6 Million by 2027, according to a current analysis by Emergen Research. The surgical instrument tracking system market is used in the healthcare industry for tracking new technology and smartphones and tablets.
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The advent of the latest technology and usage of tracking systems in the form of bar codes has fueled market growth. It improves patient safety and fast and accurate instrument identification, resulting in an optimized process. The need for research centers and clinics to improve workflow is also benefitting the market demand.
Another major propelling factor is the implementation of a unique device identification (UDI) system by the Food and Drug Administration. This has led most of the devices to include UDI in human and machine-readable form. However, factors such as budget limitations, massive cost systems, and lengthy investment cycles can hinder the growth of the market.
Healthcare resource management has gained traction with the rise in concern for the security and safety of medical instruments and devices. These devices help in tracking the instrument and enable proper resource utilization. The demand for the market is growing due to the rise in the number of COVID-19 incidences. The increase in the number of patients has affected the market positively.
Some of the key participants in this industry include:
Material Management Microsystems, Fortive Corporation Group, Haldor Advanced Technologies, Becton, Dickinson And Company, Mobile Aspects, Key Surgical, Inc., TGX Medical Systems, B. Braun Melsungen, Xerafy, and Getinge Group, among others.
For the purpose of this report, Emergen Research has segmented into global Surgical Instrument Tracking Systems Market on the basis of component, technology, end-users, and region:
Component Outlook (Revenue, USD Billion; 2017-2027)
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Technology Outlook (Revenue, USD Billion; 2017-2027)
- Radiofrequency identification (RFID)
End Users Outlook (Revenue, USD Billion; 2017-2027)
- Private Hospitals
- Public Hospitals
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
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Valuable Market Insights:
- The report highlights the latest trends observed in the consumption pattern of each regional segment.
- Extensive market segmentation included in the report helps better understand the revenue and estimated growth of the individual regions.
- The report throws light on the historical and current market scenarios and provides a concise year-on-year growth rate of the global Surgical Instrument Tracking Systems market.
- The report further entails the current market trends, technological advancements, revenue growth, and other aspects affecting market growth.
Some Key Highlights from the Report:
- In June 2020, Terso Solutions announced its partnership with Medical Tracking Solutions, Inc. They launched an RFID surgical loaner kit tracking solution to help the visibility for manufacturers and hospitals from the warehouse to the point of use and everything in between.
- Surgical instrument tracking system hardware is gaining popularity as there is a repeat purchase of non-durable radiofrequency-identification barcode labels that require constant replacement as they are more prone to detachment during damage or washing.
- RFID tags are designed to resist the rigors of the healthcare industry, as well as the harsh sterilization processes, which are used to automate the Joint Commission’s Universal Protocol and meet FDA UDI requirements.
- Hospitals are witnessing high demand due to the adoption of products and a rise in the incidence of surgeries. The hospitals lose a lot of its surgical devices or misplace it, which makes the whole process more expensive. This will propel the segment’s demand in the market.
- North America held the largest market share due to the adoption of advanced technologies and the need for lower healthcare expenses and efficient equipment management, which will drive the demand for the product. The region will hold a market share of 34.8% in the year 2019.
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