Surgical Instrument Tracking Systems Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2019-2025- Increasing demand for tracking the status of surgical devices and need for improvement in patient safety are expected to drive the surgical instrument tracking systems market.
Global Surgical Instrument Tracking Systems Market is valued at USD 120.9 Million in 2018 and expected to reach USD 415.3 Million by 2025 with the CAGR of 19.28% over the forecast period.
Surgical instrument tracking system is a combination of latest scanning technology and application software for inventory management. It provides comprehensive surgical instrument management solution and allows the user in full control of a surgical inventory. Surgical instrument tracking systems provides the smart alerts when assets require any kind of maintenance and removes unnecessary costly attention based upon the use. For example; RFID surgical instrument tracking system facilitates hospitals to have a faster, comprehensive accounting of materials before and after surgery. Earlier this system was used for specific purpose to manage instrument count sheets and for basic instrument traceability. Surgical instrument tracking system includes the latest technologies that help healthcare organizations to improve quality, efficiency and safety of their surgical equipment. In addition, this system not only improves the quality of life but also saves the overall time during surgery.
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Global surgical instrument tracking systems market report is segmented on the basis of product, technology, end-use and regional & country level. Based upon product, surgical instrument tracking systems market is segmented into hardware, software and services. On the basis of technology, the market is classified into barcodes and RFID. Furthermore, based upon end-use, global the market is segmented into hospitals and others.
The regions covered in this global Surgical Instrument Tracking Systems market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Global Surgical Instrument Tracking Systems market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Key Players for Global Surgical Instrument Tracking Systems Market Report–
Some major key players for global surgical instrument tracking systems market are 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, Infor Inc., SpaTrack Medical Limited, Scanlan International, Inc. and others.
Censis Acquired Applied Logic.
On October 16th, 2018; Censis Technologies announced that it completed an acquisition of Applied Logic, the St. Louis based surgical tracking software company. With this acquisition, both the companies offer the most innovative and advanced portfolio across North America region. Additionally, this merging of two companies’ strengthened its leadership in surgical inventory management software and expanded the product offerings.
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Rising Need for Improvement in Surgical Quality and Traceability of Instruments in Hospitals is Anticipated to Drive the Market Growth.
Growth of surgical instrument tracking systems is anticipated to experience a huge demand with increasing surgical procedures worldwide owing to the necessity for faster information technology systems and inventory management in hospitals. For healthcare personnel ensuring patient’s safety, tracking the status of surgical devices and improvement in quality of care has become extremely important aspects which is also boosting the demand of surgical instrument tracking systems. According to Michel Gillmann, marketing director, Xerafy, Singapore reported that, with around 4,000 retained surgery items cases have created every year in the U.S. alone, whereas hospitals increasingly shifted their focus to automatic identification technology such as RFID to track medical devices and surgical instruments. Additionally, surgical instrument tracking system makes the optimal use of instrument sets by improving the surgical quality so that it is widely adapted by the healthcare professionals and hospitals. However, in this type of system the errors can be occurred at the time of surgical instrument processing and it may increase operative time, costs and increasing the risk of surgical infections which may act as a major restraining factor for this market. Moreover, advancement of RFID technology in surgical tracking instrument system will be the next phase of IT innovation in hospitals.
North America is Expected to Dominate the Global Surgical Instrument Tracking Systems Market.
North America holds the largest share of global surgical instrument tracking systems market and expected to continue the same during forecast period. In North America ,U.S. FDA’s Unique Device Identification (UDI) program was developed to support the increasing need for tracking of medical devices in North American healthcare industry in order to speed product recalls and improve quality of patient safety. In addition to this, Unique Device Identification (UDI) can help healthcare industry to manage and track inventory with the fastest speed. Healthcare organizations such as hospitals can also use the UDI to manage inventory or to track devices internally.
Moreover, Asia pacific region is expected to register the fastest growth rate during the forecast period. The medical needs in this region are continuously increasing each year and spread across different countries coupled with growing awareness of health issues are some of the factors responsible for the growth of surgical instrument tracking systems market in this region.
Key Benefits for Global Surgical Instrument Tracking Systems Market Report–
Global market report covers in depth historical and forecast analysis.
Global market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global market report helps to identify opportunities in market place.
Global market report covers extensive analysis of emerging trends and competitive landscape.
Global Surgical Instrument Tracking Systems Market Segmentation:–
By Regional & Country Analysis:
Middle East and Africa
Rest of Middle East and Africa
Table of Content
1. Chapter – Report Methodology
1.1. Research Process
1.2. Primary Research
1.3. Secondary Research
1.4. Market Size Estimates
1.5. Data Triangulation
1.6. Forecast Model
1.7. USP’s of Report
1.8. Report Description
2. Chapter – Global Surgical Instrument Tracking Systems Market Overview: Qualitative Analysis
2.1. Market Introduction
2.2. Executive Summary
2.3. Global Surgical Instrument Tracking Systems Market Classification
2.4. Market Drivers
2.5. Market Restraints
2.6. Market Opportunity
2.7. Surgical Instrument Tracking Systems Market: Trends
2.8. Porter’s Five Forces Analysis
2.8.1. Bargaining Power of Suppliers
2.8.2. Bargaining Power of Consumers
2.8.3. Threat of New Entrants
2.8.4. Threat of Substitute Product and Services
2.8.5. Competitive Rivalry within the Industry
2.9. Market Attractiveness Analysis
2.9.1. Market Attractiveness Analysis by Segmentation
2.9.2. Market Attractiveness Analysis by Region
3. Chapter – Global Surgical Instrument Tracking Systems Market Overview: Quantitative Analysis
4. Chapter – Global Surgical Instrument Tracking Systems Market Analysis: Segmentation By Type
5. Chapter – Global Surgical Instrument Tracking Systems Market Analysis: Segmentation By Application
6. Chapter – Global Surgical Instrument Tracking Systems Market Analysis: By Manufacturer
6.1. Global Surgical Instrument Tracking Systems Market Revenue (USD Million), by Manufacturer, 2014 – 2025
6.2. Global Surgical Instrument Tracking Systems Market Share (%), by Manufacturer, 2018
6.3. Global Surgical Instrument Tracking Systems Market Sales (Number of Units), by Manufacturer, 2014 – 2025
6.4. Global Surgical Instrument Tracking Systems Market Share (%), by Manufacturer, 2018
6.5. Global Surgical Instrument Tracking Systems Market Price (USD/Unit), by Manufacturer, 2014 – 2025
6.6. Global Surgical Instrument Tracking Systems Market Revenue Growth Rate (%), by Manufacturer, 2014 – 2025
6.7. Merger & Acquisition
6.8. Collaborations and Partnership
6.9. New Product Launch
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