The global surgical instrument tracking system market is expected to grow at an impressive CAGR of 18% during the forecast period. The global market is further expected to surpass its valuation from the last forecast period and expand in numbers.
Surgical Instrument Tracking System Market Global Opportunities and Business Overview
Surgical Instrument Tracking System market is growing at an exponential pace due to the UDI regulation and the growing need for inventory management. The market is identified to be influenced by numerous factors including the ameliorating adoption of instrument and medical tracking devices by various private as well as public hospitals across the globe. Hospitals face challenges such as the vast inventory management, instrument and medical devices tracing during the work cycle such as during sterilization procedures, surgery, and post-surgery. This has prompted the massive popularity and demand for medical devices and instrument, one which is anticipated to grow at an impressive scale in the forthcoming years.
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Global Competitive Landscape
The global surgical instrument tracking system market includes key players like,
Mobile Aspects Inc. (US)
Braun Melsungen AG (Germany)
Becton
Dickinson and Company (US)
STANLEY Healthcare (US)
Censis Technologies Inc. (US)
Infor (US)
TGX Medical Systems (US)
Key Surgical (US) and others.
In 2019, Legacy Medical Solutions was helped by Solvay’s Radel PPSU resin to optimize a huge-format sterilization tray for the surgical instruments. The decision to utilize the material by Legacy Medical Solutions centered around various notable factors. The Radel polyphenylsulfone, or PPSU, resin’s ability to withstand high pH cleaners during continuous sterilization cycles and high-temperature autoclaves and its strength-to-weight ratio being two of the most essential factors. The company is leveraging the material’s capabilities to enhance the designing, manufacturing, and the use of the tray.
Market Segmentation
The global surgical instrument tracking system market segmentation is based upon type, end-users, and component.
By type, the market includes barcode tracking, electronic tracking, radio frequency identification (RFID), and others.
By component, the market comprises services, software, and others.
By end-users, the market clinics, hospitals, laboratories, research facilities, and others.
The surgical instrument tracking devices is very effective and helpful tool for healthcare professional to access any instrument or device and is considered as a time saving tools all these factor is responsible for the growth of surgical instrument tracking system market.
According to the Centre for Disease Control (CDC), annual death of approx. 90,000 in the U.S. is due to hospital-acquired infections. Thus, in order to prevent contaminated instruments from causing the infection and for better inventory management, use of tracking is expected to grow at high rate in the near future.
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Regional Analysis
The global surgical instrument tracking system market covers some of the key regions across the globe, namely North America, Asia Pacific, Europe, and the Middle East and Africa.
North America is the dominant regional player in the global market landscape according to the market study of 2016. The region is further expected to grow in a profound fashion during the forecast period. The US accounts for the largest market share in North America and contributes significantly to the overall growth of the region. The region is further expected to be driven by the availability of advanced products and well-established healthcare infrastructure herein. The UDI regulations imposed by the Food and Drugs Administration (FDA) is a major influencing factor impacting the adoption of tracking systems in the North American region.
Europe holds the second-largest share of the surgical instrument tracking system market and contributes significantly to the overall market. The market is expected to grow in the near future due to factors like the rising medical tourism and the burgeoning healthcare sector privatization herein.
The Asia Pacific region is expected to grow with the fastest CAGR percentage during the forecast period due to the potential opportunities that lies in the region. The healthcare sector is moving rapidly to the Asia Pacific region from Europe and Americas. Additionally, the increasing old-age population combined with the evolving healthcare infrastructural landscape in the developing Asian countries like China and India, also aids to grow the regional market.
The Middle Eastern and African region held the lowest market share in the global rankings as per the 2016 study. Nonetheless, the countries residing here offer potential opportunities in export for local producers, one which can drive the growth of the market in the coming years.
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Intended Audience
Surgical instrument tracking system product manufacturers and vendors
Hospitals and clinics
Various consulting and research firms
Distributors of surgical instrument tracking systems
Ambulatory surgical centers
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