Global Surgical Instrument Tracking Systems Market is expected to grow at a CAGR of 14.35% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Surgical Instrument Tracking Systems Market by Component (Hardware, Software and Services), Technology (Barcode and RFID), End-User, Region, Global Forecast 2020-2027.
The global surgical instrument tracking systems market is expected to grow from USD 163.00 million in 2019 to USD 474.85 million by 2027, at a CAGR of 14.35% during the forecast period 2020-2027. Asia-Pacific is the highest growing region, given the increasing number of surgical procedures. The ever-increasing number of technological advancements of the components majorly software and rapidly developing health infrastructure have been the contributing factors to the market growth. Also, the government has taken initiatives to improve the medical facilities, which have helped to increase the use of these instruments in countries like China and India. North America dominates the market share attributed to the advance medical facilities.
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Key players of surgical instrument tracking systems market are Censis Technologies, Xerafy, Getinge, Materials Management Microsystems, B. Braun Melsungen AG, Haldor Advanced Technologies, Becton, Dickinson and Company, Aesculap Inc., STERIS plc, STANLEY Healthcare, Applied Logic, Keir Surgical, Microsystems and others.
The component segment includes hardware, software and services. Software segment holds the largest market share. Software helps in data management. The sub-segment is expected to grow at a higher rate attributed to the growing innovation and need for more developed software. The advance software helps in inventory management and assistance through phone. The technology segment consists of barcode and RFID. Barcode is the dominant segment. It is commonly used technology in the medical sector. They have low installation cost and are much efficient as compared to RFID. The end-user segment includes hospitals, clinics and laboratories. Hospitals dominate the market share as the instruments are widely used in surgeries. Also, hospitals are increasing in number due to the increase in population and advancement in medical technology.
Surgical instrument tracking system helps the medical experts to take control of the surgical inventory. These are smart technology devices which helps to reduce any unnecessary maintenance and cost associated with the use. Initially, it was used to manage the instrument count sheet. The growing technical advancements have increased the application of the device. It can now be used to identify the instruments more accurately and also keep a robust history about the use of the tool. The instruments are used during the surgery; post the surgery, storage and sterilization procedures. The use of surgical instrument tracking system has helped in improving the safety of patients and identifying accurate information about the instruments. It also helps the medical staffs to determine whether the devices need any repair or maintenance or it should be disposed off. The system has helped to save the time in operation rooms by minimizing the time spent on finding the required equipments. They have unique design number, which is readable by machine and helps to track the details of the instrument within seconds.
About the report:
The global surgical instrument tracking systems market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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