Surgical Instrument Tracking Systems Market Size Worth $508.6 Million By 2025 | CAGR: 19.7%
Published Date : 02 / 03 / 18 | Report Format: PDF
The global surgical instrument tracking systems market is expected to grow at growth rate of 19.7% to reach USD 508.6 million by 2025.
Surgical instrument tracking systems are primarily used to track usage, and location of medical instruments in order to improve patient safety and to manage instrument inventory. Technological advancements coupled with rising surgical procedures is expected to drive the market growth. For example, the evolution of a unique surgical instruments identifier, RFID technology, has also resulted in effective patient outcomes. RFID instruments help in identifying, tracking, and reporting portable medical devices. Other factors such as rising incidences of the retained surgical instrument, increasing number of hospital facilities, and government regulations support the market growth to some extent. However, lack of proper guidelines on the use of medical instrument tracing systems is projected to hamper the market growth over the study period.
- Software segment accounted for the highest share of the total market
- RFID segment is anticipated to grow with the significant growth rate owing to its associated benefits in instrument tracking systems
- For instance, in April 2015, Xerafy’s RFID system proved its value and suitability in surgical instrument tracking in clinical studies conducted at New Rigshospitalet hospital in Denmark. This RFID UHF tag offers more advantages in terms of accuracy and speed compared to the barcode `and other commercially available RFID technologies.
- Others end-user segment, which covers surgical centers, clinical laboratories etc., is expected to capture significant revenue share
- Developed regions such as North America and Europe accounted for the largest share, more than 70% share throughout the study period
- These regions looking forward to progressive implementation of tracking systems in hospitals & medical centers due to the rise in incidence of instruments being left in the patient’s body after surgery and misplacement of surgical instruments
- Additionally, these centers use tracking systems in conjunction with a global positioning system (GPS) in order to locate instrument sets and portable equipment precisely, aided in market growth further
- The Asia Pacific and Latin American countries are expected to grow with the highest growth rate over the forecast period
- Companies such as B. Braun, Getinge Group, Xerafy, Censis Technologies and Haldor Advanced Technologies are profiled in the study
- The leading players are entering into mergers & acquisitions, strategic collaborations, regional expansions, and new product development in order to gain highest market share in the industry
KEY BENEFITS OF THE REPORT:
- In-depth analysis of the key market dynamics
- Granular analysis of the current market scenario and expected factors to affect the market
- Detailed analysis of the geographic region, regional and county wise analysis
- Highlight on the strategies that are being adopted by the key players in this market to stay competitive
- Extensive analysis of the key players dominating the market
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCT
MARKET, BY TECHNOLOGY
MARKET, BY END-USE
- Hospital Settings
MARKET, BY REGION
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Rest of the World
- Middle East and Africa
- Latin America
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