Surgical Instrument Tracking Systems Market Share, Revenue Forecast Statistics and Growth Prospective 2027
The surgical instrument tracking system market is predicted to grow at 14.40% CAGR expected to reach USD 186.85 Million between 2020-2027, reveals the new Market Research Future (MRFR) report. Surgical instrument tracking systems are incredibly effective systems that assist healthcare providers. It basically comprises of software, hardware, and service. The specialty of this tracking system is it can work wonders in enhancing staff productivity, enhancing patient safety, and decreasing case delays.
Various factors are propelling the surgical instrument tracking system market Share. Some of these factors include growing need for better patient care and inventory management, unique device identification regulations by FDA, growing prevalence of retained surgical instrument, increasing number of surgeries, growing need for inventory management, growing use of medical devices, growth of surgical instruments, and investments by public and private hospitals, and technological advancements.
On the flip side, the unreliability of barcode systems, lengthy investment cycles, budgetary limitations, and huge system costs are factors that may hamper the surgical instrument tracking system market growth over the forecast period.
The Market Research Future report provides a complete segmental analysis of the surgical instrument tracking system market based on types, end users, and component.
Based on type, the surgical instrument tracking system market is segmented into radio frequency identification, barcode tracking, electronic tracking, and others. Of these, the barcode tracking segment will have the largest share in the market over the forecast period. It is the most extensively used, especially in the medical devices industry, which is adding to the growth of the segment.
Based on end users, the surgical instrument tracking system market is segmented into laboratories, research facilities, clinics, hospitals, and others. Of these, the hospitals segment will dominate the market over the forecast period. This is owing to the high inflow of patients in hospitals compared to others. Moreover, hospitals use more instruments and equipment and perform a higher number of surgical procedures compared to other forms of healthcare providers.
Based on the component, the surgical instrument tracking system market is segmented into services, software, and others. Of these, the software segment will lead the market over the forecast period owing to the introduction of new software applications and frequent need for upgrades.
Based on the region, the surgical instrument tracking system market report covers the latest trends and growth opportunities across North America, Europe, the Middle East and Africa, and the Asia Pacific. Of these, North America will have the lion’s share in the market over the forecast period chiefly due to the increasing adoption of surgical instrument tracking systems, highly developed healthcare infrastructure, accessibility of advanced products, and the UDI regulations by the FDA. The US is the chief contributor in the region.
The surgical instrument tracking system market in Europe is predicted to have the second-largest share in the market over the forecast period. This is chiefly on account of growing private funds, government initiatives, the emergence of better and high-quality healthcare infrastructure, cost advantage, rising healthcare sector privatization, and rising medical tourism.
The surgical instrument tracking system market in the APAC region is predicted to grow at the fastest pace over the forecast period. Factors aiding the growth of the surgical instrument tracking system market in the region include rapidly evolving healthcare infrastructure, increasing geriatric population, healthcare industry from other regions shifting to APAC, and better health management. China, as well as India, are the leading contributors in this region.
The surgical instrument tracking system market in the MEA is predicted to have a small share in the market over the forecast period.
Major players profiled in the surgical instrument tracking system market report include Key Surgical (US), Mobile Aspects, Inc. (US), TGX Medical Systems (US), Infor (US), STANLEY Healthcare (US), Censis Technologies, Inc. (US), B. Braun Melsungen AG (Germany), Dickinson and Company (US), and Becton. Key players have incorporated different strategies to create a foothold in the market, such as partnerships/joint ventures, R&D activities, mergers and acquisitions, product innovations, and more.
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