Global Surgical Instrument Tracking System Market – Overview:
The Global Surgical Instrument Tracking System (IGRT) Market is growing exponentially owing to the the impact of the UDI regulation and rising need for inventory management are the major factor driving the Surgical Instrument Tracking System Market. The global surgical instrument tracking system market is expected to grow at a CAGR of 18% during the forecasted period.
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Furthermore, the increasing adoption of instrument and medical devices tracking products by private and public hospitals is considered as a major factor contributing to the growing market. The major challenges such as vast inventory management and tracing of instruments and medical devices during the work cycle, such as during surgery, post-surgery, and sterilization procedures are faced by the hospitals. Thus, the need of tracking systems for medical devices and instrument is growing at an exponential rate, which is anticipated to propel the growth of the market segment.
Barcode technology is the most commonly type of tracking technology used and adoption in medical devices industry. This technology is the key element that contributes to its high revenue share. In addition, the low installation cost has resulted in its growing applications in hospitals and ambulatory surgery centers. In a report published by the National Centre for Biotechnology Information states that the retained surgical objects has a fatality rate of approximately 2%. Hence the need for advanced technologies such as RFID and 2D barcodes, to track the instruments used in operation theatre is growing all these factors are expected to boost growth.
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.
Global Surgical Instrument Tracking System Market – Company Analysis:
The surgical instrument tracking systems market is considered to be highly fragmented and is based on clinical results of product and their novel product launches. Thus, the major players have employed various strategies such as agreements, acquisitions, market initiatives, high expense on research and development, clinical trials, new product launches, partnerships, and joint ventures to increase their footprints in this market.
Technological advancement in software is a key factor driving the adoption of tracking software for inventory and surgical instruments management. For instance, IMPRESS instrument management software delivers information on serialized surgical instruments, assisting in inventory management and providing ongoing support through continuous assistance through phone.
Braun Melsungen AG, BD, Censis Technologies, Inc., Xerafy, Haldor Advanced Technologies, Microsystems, Inc., Applied Logic, Inc., Infor, Intelligent InSites, Key Surgical, Mobile Aspects Inc., STANLEY Healthcare, TGX Medical Systems, Vizbee RFID Solutions, Roboz Surgical Instrument Co., JJ International Instruments, GEISTER MEDIZINTECHNIK GmbH, ESI, Millennium Surgical Corp and Katalyst Surgical, LLC and others are some of the prominent players at the forefront of competition in the Global Surgical Instrument Tracking System Market and are profiled in MRFR Analysis.
Global Surgical Instrument Tracking System Market – Regional Analysis:
According to regions, the global Surgical Instrument Tracking System Market is dominated by North America. USA held the largest market share for the global surgical instrument tracking systems market in the year 2016. Availability of advanced products and highly developed healthcare infrastructure is anticipated to drive the demand for instruments and medical device tracking products in North America during the forecast period. The UDI regulations by FDA are a major factor influencing the adoption of tracking systems in North America.
Europe is expected to uphold the second dominant position during the forecast period. The factor contributing for its growth includes the rising medical tourism and increasing healthcare sector privatization in this region. The major factors for this includes, constantly expanding population base along with the cost advantage, the emergence of high-quality and better healthcare infrastructure and institutions in these countries and growing private funds and government initiatives in the region.
Asia Pacific is anticipated to grow at highest rate during the forecast period due to untapped opportunities in this region. Healthcare industry is rapidly shifting to APAC from other regions such as Americas and Europe. In addition, increasing geriatric population coupled with rapidly evolving healthcare infrastructure in the Asian countries, such as China and India, propels the market.
Surging healthcare costs, high health expenditure, huge population for better health management, chronic diseases account for 90% of overall deaths. Middle East region currently acquires the lowest market share. Moreover, Countries in the Middle East, and North African Regions offer potential export opportunities for the local producers which has the potential to drive the growth of this market in this region in future.
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Industry Updates:
March, 2015 The Tag Factory and Xerafy had announced a licensing agreement for Xerafy’s RFID ceramic tag technology. As per the agreement, The Tag Factory will be manufacturing and marketing ceramic RFID tags using the RFID ceramic tag technology.
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