Surgical Instrument Tracking System Market Trends 2019 by System Type (Electronic Tracking, Barcode Tracking, and Radio Frequency Identification), Components (Software, Hardware, and Services), End Users and Regions—Global Industry Forecast till 2025.
Surgical Instrument Tracking System Market size is projected to register a 14.7% CAGR during the forecast period (2018-2027), suggests Market Research Future (MRFR).
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Market Key Players
Major players profiled in the surgical instrument tracking system market report include Censis Technologies, Inc. (US), Keir Surgical (Canada), Microsystems, Inc. (US), Becton, Dickinson and Company (US), Haldor Advanced Technologies (US), Intelligent InSites (US), Key Surgical (US), Mobile Aspects (US), TGX Medical Systems (US), Xerafy Singapore Pte Ltd (Singapore), STANLEY Healthcare (US), Getinge AB (Sweden), SpaTrack Medical Limited (UK), Scanlan International (US), and FingerPrint Medical Limited (UK)
Global Surgical Instrument Tracking System Market, by System Type
- Electronic Tracking
- Barcode Tracking
- Radio Frequency Identification (RFID)
Global Surgical Instrument Tracking System Market, by Components
Global Surgical Instrument Tracking System Market, by End User
- Hospitals and Clinics
- Research Centers
- Biotechnology companies
- Research institutes
- Medical device companies
- Hospitals and clinics
- Ambulatory surgical centers
- Academic institutes
- Government organizations
Market Boosters and Top Challenges
The National Center for Biotechnology Information (NCBI) has to say that due to retained surgical objects, the fatality rate is now close to 2%. This number clearly points towards the need for advanced technologies like 2D barcodes and RFID for tracking retained instruments for patients still in the operation theater.
At present, hospitals face major issues in the form of tracing medical devices as well as inventory management during the work cycle such as surgery, storage, sterilization procedures, and post-surgery. Instigated by these challenges, hospitals are now adopting innovative technologies for keeping track of such equipment and systems, which is expected to do wonders for the market.
The imminent market expansion could also be in response to the rising need for inventory management along with the implementation of Unique Device Identification (UDI) regulations by the FDA. Technological innovations combined with the efforts from governments for uplifting the use of these devices is also poised to favor market growth in the years to come.
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Surgical Instrument Tracking System Market Regional Analysis
Based on the region, the surgical instrument tracking system market report covers the latest trends and growth opportunities across North America, Europe, the Middle East and Africa, and the Asia Pacific.
Of these, North America will have the lion’s share in the market over the forecast period chiefly due to the increasing adoption of surgical instrument tracking systems, highly developed healthcare infrastructure, accessibility of advanced products, and the UDI regulations by the FDA. The US is the chief contributor in the region.
The surgical instrument tracking system market in Europe is predicted to have the second-largest share in the market over the forecast period. This growing private funds, government initiatives, the emergence of better and high-quality healthcare infrastructure, cost advantage, rising healthcare sector privatization, and rising medical tourism.
The surgical instrument tracking system market in the APAC region is predicted to grow at the fastest pace over the forecast period. Factors aiding the growth of the surgical instrument tracking system market in the region include rapidly evolving healthcare infrastructure, increasing geriatric population, healthcare industry from other regions shifting to APAC, and better health management.
The surgical instrument tracking system market in the MEA is predicted to have a small share in the market over the forecast period.
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