According to Future Market Insights (FMI) in a recent market analysis, the Surgical Instrument Tracking System Market is expected to grow at a healthy rate of more than 15% between 2022 and 2032. Tracking systems are becoming more popular among healthcare providers as a means of reducing costs and increasing productivity.
The proposed UDI (Unique Device Identification) requirements of the US FDA (Food and Drug Administration) are expected to stimulate growth in the surgical instrument tracking systems market. Labellers (manufacturers, processors, specification formulators, re-packagers, and re-labelers) of surgical instruments are expected to apply immediate marking at the individual instrument level, according to the UDI rules.
High system costs, long investment cycles, affordable restraints, and technological boundaries are expected to limit market growth. In addition, the COVID-19 pandemic caused a slight drop in growth in the first quarter of 2021.
With elective and non-elective surgeries being postponed, delayed, or abandoned around the world, there has been a noticeable drop in the use of surgical instrument tracking systems and consumables.
Surgical instrument tracking systems also result in increased monitoring by responsible parties, as well as a reduction in medical errors, resulting in increased demand. Other major market drivers include the usability of such solutions in inventory management and during the work cycle, which includes surgeries, storage, sterilisation protocols, and post-surgery care. As a result, total market sales will reach $900 million by the end of 2032.
Emerging economies such as India and China, as well as countries in the Middle East, Latin America, and Southeast Asia, are expected to provide significant growth opportunities for manufacturers of surgical instrument tracking systems.
Rising healthcare costs and improving healthcare infrastructure are likely to provide growth opportunities for market players in all of these economies. The surgical instrument tracking systems market will prosper significantly as a result of this.
Key Takeaways
- The North American surgical instruments tracking systems market is expected to account for approximately 38.5% of the total market in 2022.
- Because of the region's untapped potential, the surgical instruments tracking systems market in Asia Pacific is expected to grow at a CAGR of 19% over the forecast period.
- According to the surgical instruments tracking system market forecast, RFID surgical instrument tracking is expected to gain a lot of traction, with a CAGR of 18.4% by 2032.
- The hospital sector dominates the surgical instrument tracking systems market, accounting for more than 33% of revenue by 2026.
Diversification of Portfolio to Be the Key to Market Dominance
Some of the major participants in the surgical tool tracking systems market include Fortive Corporation (US), Material Management Microsystems (US), Becton, Dickinson and Company (BD) (US), Haldor Advanced Technologies (US), Getinge AB (Sweden), and STERIS (US), STANLEY Healthcare (US), Surgical Safety Scanner (US) and many others.
To get a stronger foothold in the surgical instruments tracking system market, leading companies are focusing on surgical instrument management, and employing innovative marketing strategies, technological advancements, mergers, and acquisitions.
- In October 2020, Steris, a seller of infection control, surgical equipment, and other hospital supplies, paid US$ 850 million for Key Surgical, expanding its geographic reach and adding complementary product lines.
- The T-DOC 2000 surgical tool traceability system was developed by Getinge AB and Intelligent InSites, Inc. The solution supports the sterile supply workflow of instruments, consumables, and implants from reprocessing to inventory and logistics to use.
- Vizinex RFID(US) released the Flexible 6012 and Flexible 6027 RFID tags in July 2020, which enable mounting flexibility, are durable, and are IP67-rated, making them ideal for tracking a variety of assets in indoor situations.
- STANLEY Healthcare and CISCO will collaborate in May 2020. AeroScout Real-time Location System (RTLS) platform from STANLEY has been fully integrated and certified with CISCO DNA Spaces, the next-generation indoor position services platform, to provide healthcare organisations with enterprise-wide visibility into the location and condition of equipment and individuals.
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Surgical Instrument Tracking System Market Research Report: Information by System Type (Electronic Tracking, Barcode Tracking, and Radio Frequency Identification), Components (Software, Hardware, and Services), End User (Hospitals & Clinics, Research Centers, and Others), and Region (the Americas, Europe, Asia-Pacific, and the Middle East & Africa)—Global Forecast till 2025Global Surgical Instrument Tracking System Market In-Depth competition analysis of the major companies in the report, sector of the report includes the market depictions, requirements, and product portrayals, manufacture, competence, contact figures, cost, and revenueMajor Key PlayersThe key strategies followed by the players operating in the global Surgical Instrument Tracking System Market were innovation, product development, acquisition, and expansion.Censis Technologies, Inc. (US), Keir Surgical (Canada), Microsystems, Inc. (US), Becton, Dickinson and Company (US), Haldor Advanced Technologies (US), Intelligent InSites (US), Key Surgical (US), Mobile Aspects (US), TGX Medical Systems (US), Xerafy Singapore Pte Ltd (Singapore), STANLEY Healthcare (US), Getinge AB (Sweden), SpaTrack Medical Limited (UK), Scanlan International (US), and FingerPrint Medical Limited (UK)Market Segment AnalysisGlobal Surgical Instrument Tracking System Market, by System TypeElectronic TrackingBarcode TrackingRadio Frequency Identification (RFID)Global Surgical Instrument Tracking System Market, by ComponentsSoftwareHardwareReadersTagsOthersServicesGlobal Surgical Instrument Tracking System Market, by End UserHospitals and ClinicsResearch CentersOthersKey Study Highlights:This report for Surgical Instrument Tracking System Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance.The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market.
The report also gives a broad study of the different market segments and regions.Regional AnalysisGeographically, the global Surgical Instrument Tracking System Market has been divided into the Americas, Europe, Asia-Pacific, and the Middle East and Africa.Browse Full Report Page Enabled with complete Table of Content at https://www.marketresearchfuture.com/reports/surgical-instrument-tracking-system-market-1391Chapter 9.
Global Surgical Instrument Tracking System Market By Region9.1 Introduction9.2 America9.2.1 North America9.2.1.1 U.S.9.2.1.2 Canada9.2.2 South America9.3 Europe9.3.1 Western Europe9.3.1.1 Germany9.3.1.2 France9.3.1.3 Italy9.3.1.4 Spain9.3.1.5 U.K.9.3.1.6 Rest Of Western Europe9.3.2 Eastern Europe9.4 Asia Pacific9.4.1 Japan9.4.2 China9.4.3 India9.4.4 Australia9.4.5 Republic Of Korea9.4.6 Rest Of Asia Pacific9.5 The Middle East & Africa9.5.1 United Arab Emirates9.5.2 Saudi Arabia9.5.3 Oman9.5.4 Kuwait9.5.5 Qatar9.5.6 Rest Of The Middle East & AfricaAbout Market Research Future: MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.Contact:+1 646 845 9312 | Email: [email protected]
Index Markets Research study with title Surgical Instrument Tracking System Market includes market segments like opportunities, challenges, restraints, technological updates, impact of any regulatory policies.
This study will provide you comprehensive outlook on market segmented knowledge by Application, Type and major players.
The report provides validated market data with complete assessment of the market and contains Future trend, Current Growth Factors, attentive opinions, facts, historical data, and statistically supported industry data.
The key players/manufacturers are listed here Becton Dickinson, Aesculap (B. Braun), Censis Technologies, Infor, Stanley Healthcare, Synergy Health, Haldor, Getinge, Key Surgical, Applied Logic, Xerafy, TGX Medical Systems.Request for Sample Report @ https://www.indexmarketsresearch.com/report/global-and-europe-surgical-instrument-tracking-system-market/2015/#requestforsampleThe Surgical Instrument Tracking System Market research study based on 5 year history data company overview, recent developments, strategies adopted by the market leaders to ensure growth, sustainability, financial overview and recent developments.
The new vendor entrants in the market studies trends and emerging drivers are shaping this industry growth as the study avails you with market characteristics, size and growth, segmentation, regional breakdowns, competitive landscape, shares, trend and strategies for this market to compete with the international vendors based on quality, reliability, and innovations in technology.Geographically, this report is segmented into several key Regions such as North America, China, Europe, Southeast Asia, Japan & India, with production, consumption, revenue (million USD), and market share and growth rate of Global Surgical Instrument Tracking System in these regions, from 2012 to 2022 (forecast).The Study is segmented by following Product Type: RFID, BarcodesMajor applications/end-users industry are as follows: Private Hospital, Public Hospital, OthersThe industrial experts covers sources associated industries, and suppliers, service providers, manufacturers, distributors, and organizations related to all segments of the industry’s supply chain.
Apart from the mentioned information, volume produced (in kilo tons) and the revenue it generates (in US$) of Surgical Instrument Tracking System market in 2021 is also explained.
