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Market Size – USD 159.4 Million in 2019, Market Growth – CAGR of 13.2%, Market trends – Advancement in technology.
— Emergen Research
VANCOUVER, BC, CANADA, June 29, 2022 /EINPresswire.com/ — 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. 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.
The Surgical Instrument Tracking Systems market report focuses on the economic developments and consumer spending trends across different countries for the forecast period 2020 to 2027. The research further reveals which countries and regions will have a better standing in the years to come. Apart from this, the study talks about the growth rate, market share as well as the recent developments in the Surgical Instrument Tracking Systems industry worldwide. Besides, the special mention of major market players adds importance to the overall market study.
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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.
The subject matter experts conducting the study offer a deep understanding of how prominent leaders have managed to navigate the potential buyers and competitive dynamics influencing their brand positioning in the industry The Surgical Instrument Tracking Systems market analysis provides everything a business owner needs in order to succeed.
Major Players/Manufacturers profiled in the report are:
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.
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For better understanding, the report further divides the market into key segments such as product types and application spectrum. The report also offers estimates about the segment and sub-segment expected to grow at a rapid pace and the key factors expected to drive revenue growth of the segments during the forecast timeline of 2020-2027.
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)
Software
Services
Hardware
Readers
Tags
Others
Technology Outlook (Revenue, USD Billion; 2017-2027)
Radiofrequency identification (RFID)
Barcode
End Users Outlook (Revenue, USD Billion; 2017-2027)
Hospitals
Private Hospitals
Public Hospitals
Others
Regional Segmentation;
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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The report offers insightful information about the market dynamics of the Surgical Instrument Tracking Systems market. It offers SWOT analysis, PESTEL analysis, and Porter’s Five Forces analysis to present a better understanding of the Surgical Instrument Tracking Systems market, competitive landscape, factors affecting it, and to predict the growth of the industry. It also offers the impact of various market factors along with the effects of the regulatory framework on the growth of the Surgical Instrument Tracking Systems market.
Key Benefits of the Report:
Comprehensive analysis of the competitive scenario and its changing dynamics
Analytical data with detailed SWOT analysis and Porter’s Five Forces analysis
In-depth 8 year analysis of the Global Surgical Instrument Tracking Systems Market
Critical assessment of the key market segments
Comprehensive analysis of the drivers, restraints, trends, and opportunities
Detailed regional analysis and extensive company profiling
Extensive assessment of current and emerging trends of the market
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Surgical Instrument Tracking Systems Market Size Worth USD 431.6 Million by 2027
