Surgical Instrument Tracking Systems Market to Witness Robust CAGR During Forecast Period
High adoption of instrument
tracking products in hospitals to drive global surgical instrument tracking
systems market
According to
TechSci Research report, “Global Surgical
Instrument Tracking Systems Market By Technology, By Component, By End
User, By Region, Competition, Forecast & Opportunities, 2025”, global surgical
instrument tracking systems market value is expected to witness strong growth
during the forecast period. Requirement to meet FDA unique device
identification mandates is
one of the major factors accounting for the growth of global surgical
instrument tracking systems market. Moreover, the demand for surgical
instrument tracking systems is increasing with growing surgical procedures all around
the world, which can be accredited to the necessity for faster information
technology systems and inventory management in hospitals, thereby expected to
bode well for the growth of global surgical instrument tracking systems market.
In addition to this, rising incidences of retained surgical instruments in the
human body after surgery and instrument misplacement, is positively influencing
the growth of global surgical instrument tracking systems market. Also, need
for advanced technologies such as 2D barcodes and RFID to track the retained
instruments is making headway for the growth of global surgical instrument
tracking systems market across the globe. However, there are some factors that might
act as major impediments to the growth of global surgical instrument tracking
systems market through 2025 including high system costs, lack of realization of
RO and long investment cycles.
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Global surgical
instrument tracking systems market can be segmented based on technology,
component, end user, company, and region. Considering the component, the market
is fragmented into software, hardware, and service. The hardware segment dominated
the global surgical instrument tracking systems market in terms of largest
market share until 2019 and is further anticipated to maintain its dominance
during the forecast period as well. This can be attributed to ongoing technological
advancements such as high durability, reusability, more data storage capacity,
and no need for line-of-sight, thereby estimated to boost the growth of segment
over the coming years. In terms of end user, the market is fragmented into hospital
and ambulatory surgical centers. Out of these, the hospital segment dominated
the market until 2019 and is further is expected to grow at a high pace during
the forecast period on account of their high patient inflow on comparison to
other end users in the market. Moreover, hospitals carry out a greater number
of surgical procedures, which is expected to ensure a sustained demand for
tracking solutions in hospitals.
Censis Technologies, Material
Management Microsystems, Becton, Dickinson and Company, Haldor Advanced
Technologies, Intelligent InSites, Inc., Key Surgical, Inc., Mobile Aspects,
TGX Medical Systems, Xerafy, STANLEY Healthcare, B. Braun Melsungen AG, Getinge
AB, SpaTrack Medical Limited, Scanlan International, Inc. are among others
are the leading players operating in global surgical instrument tracking
systems market. The players are adopting several growth strategies to enhance
the market scenario of surgical instrument tracking systems. Other competitive
strategies include product launches; mergers & acquisitions; agreements,
partnerships, and collaborations; and expansions to diverse their product
portfolio in order to strengthen their market position.
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“North
America is forecast to dominate the global surgical instrument tracking systems
market until 2025 on account of presence of highly developed healthcare
infrastructure. Furthermore, rapid adoption of advanced technology and products
coupled with high per capita healthcare expenditure is also contributing to the
growing trend. On the other hand, Asia-Pacific is expected to register highest
growing CAGR over the years to come, which can be attributed to government
initiatives to implement asset tracking solutions in the region.”, said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Surgical Instrument Tracking Systems
Market By Technology, By Component, By End User, By Region, Competition,
Forecast & Opportunities, 2025” has evaluated
the future growth potential of global surgical instrument tracking systems market
and provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in global surgical instrument tracking systems market.
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