Tue. Dec 7th, 2021

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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