The Global Surgical Instruments Tracking Systems market is expected to reach US $xx Mn in 2027 at a CAGR of xx% from $xx MN in 2020.
Global Surgical Instruments Tracking Systems market Overview & Dynamics:
The Surgical instrument tracking systems are devices with advanced scanning technology in combination with advanced management applicationSoftware, which provides a management solution for surgical devices. This helps the healthcare professional to access time-saving tools and perform efficient and time-saving procedures. Tracking systems are intended as an interface between humans and computers. The surgical tracking systems are useful in organizing surgical sets, usage cycle tracking and documentation of instruments used, understanding the replacement of instruments and other applications.
The surgical instrument tracking systems market is growing at a faster pace due to the increasing incidence of instrument misplacement, convenient use of tracking system. The increasing number of surgical procedures and the rising adoption of healthcare IT in hospitals are propelling the market growth. According to the Centre for Disease Control and Prevention around 90,000 fatalities per year in the U.S. were caused due to hospital-acquired infections. One of the prominent factors propelling the growth of the surgical instrument tracking systems market is the establishment of unique device identification (UDI) system by the Food and Drug Administration (FDA). However, factors like high systems costs, budget limitations, and high investments may restrain the global surgical instrument tracking market growth.
The report covers the detailed analysis of global Surgical Instrument Tracking Systems industry with the classifications of the market. Analysis of past market dynamics from 2016 to 2019 is given in the report, which will help readers to benchmark the past trends with current market scenarios with the key players contribution in it.
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The report has profiled twenty three key players in the market from different regions. However, report has considered all market leaders, followers and new entrants with investors while analyzing the market and estimation the size of the same. Increasing R&D activities in each region are different and focus is given on the regional impact on the cost, availability of advanced technology are analyzed and report has come up with recommendations for future hot spot in APAC region.
Global Surgical Instruments Tracking Systems market Regional Insights:
Global Surgical Instrument Tracking Systems market
North America is expected to witness the lucrative market growth of xx% throughout the forecast period.
North America commanded the global market in 2019 by xx% market share. The main factor driving the market in U.S. is the introduction of the Unique Device Identification (UDI) system by Food & Drug Administration (FDA) for effective identification of medical devices. Also, highly developed medical infrastructure, rapidly growing adoption rate of advanced technology and products, and high per capita healthcare expenditure are expected to drive the regional market growth.
Asia Pacific is expected as the fastest growing region during forecast period at a CAGR of xx%.
The Asia Pacific will command the global market owing to the drivers like improved medical infrastructure, increased patient awareness and rise in disposable income. The market is anticipated to experience fast development in demand for surgical instrument tracking systems in emerging countries such as China, India, Indonesia and South Korea over the forecast period owing to rising incidences of surgical procedures. The introduction of technologically advancedSoftware and hardware products are anticipated to increase the usage of surgical instruments tracking devices in the near future.
Global Surgical Instruments Tracking Systems market Segment Analysis:
The global surgical instrument tracking systems market is segmented based on components, technology, and application. The component segment is further divided into hardware, Software, and services. In 2019, the hardware segment commanded the global market with a share of 51.6% and is expected to continue the dominance throughout the forecast period. This revenue surge was due to rising technological advancements which drives the adoption of these devices for inventory management.
Based on the technology segment, it is sub-segmented into barcode and RFID technology. Of which, the barcode segment held the largest market share of xx% in 2018. It is most commonly used tracking systems and its increased high adoption rate is driving the segment. 2D barcodes such as data matrix and QR Code are more popular in the market due to its advantages such as low cost, robust build and readability. In addition, the low installation cost of these products has resulted in rising application in healthcare facilities including hospitals and ambulatory surgery centers. The RFID technology is expected to grow at a faster pace during forecast period due to its technological advancements, high durability, more data storage capacity and reusability are the factors that will propel the segment growth.
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Global Surgical Instruments Tracking Systems market Segmentation:
Global Surgical Instruments Tracking Systems market, By Component:
Global Surgical Instruments Tracking Systems market, By Technology:
• Barcode Technology
• RFID Technology
Global Surgical Instruments Tracking Systems market, By Application:
• Research Centers
Key players operating in Global Surgical Instrument Tracking Systems market:
• Keir Surgical
• Key Surgical
• Aesculap Inc.
• Censis Technologies
• Synergy Health Ltd.
• TGX Medical Systems
• STERIS Plc.
• McKesson Corporation
• Haldor Advanced Technologies
• GS1 UK
• STANLEY healthcare
• Becton, Dickinson and Company
• B. Braun Melsungen AG
• Applied Logic Inc.
• SpaTrack Medical Limited
• Scanlan International Inc.
• Case Medical
• Asanus Medizintechnik GmbH Inc.
• Intechnology Distribution PTY ltd.
• Fortive Corporation
The report also helps in understanding Global Surgical Instrument Tracking Systems Market dynamics, structure by analyzing the market segments and project the Global Surgical Instrument Tracking Systems Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Surgical Instrument Tracking Systems Market make the report investor’s guide.
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