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Surgical
Instrument Tracking Systems Market Trends was valued at USD 0.25 billion in
2022. The surgical instrument tracking systems market industry is projected to
grow from USD 0.278 Billion in 2023 to USD 0.53 billion by 2030, exhibiting a
compound annual growth rate (CAGR) of 11.50% during the forecast period (2023 -
2030). Surgical instrument tracking systems are incredibly effective
systems that assist healthcare providers. It basically comprises of software,
hardware, and service. The specialty of this tracking system is it can work
wonders in enhancing staff productivity, enhancing patient safety, and
decreasing case delays.
Various factors are propelling the surgical instrument
tracking system market growth. Some of these factors include growing need for
better patient care and inventory management, unique device identification
regulations by FDA, growing prevalence of retained surgical instrument,
increasing number of surgeries, growing need for inventory management, growing
use of medical devices, growth of surgical instruments, and investments by
public and private hospitals, and technological advancements.
On the flip side, the unreliability of barcode systems,
lengthy investment cycles, budgetary limitations, and huge system costs are
factors that may hamper the surgical instrument tracking system market growth
over the forecast period.
Market Segmentation
The Market Research Future report provides a complete
segmental analysis of the surgical instrument tracking system market based on
types, end users, and component.
Based on type, the surgical instrument tracking system
market is segmented into radio
frequency identification, barcode tracking, electronic tracking, and
others. Of these, the barcode tracking segment will have the largest share in
the market over the forecast period. It is the most extensively used,
especially in the medical devices industry, which is adding to the growth of
the segment.
Based on end users, the surgical instrument tracking system
market is segmented into laboratories, research facilities, clinics, hospitals,
and others. Of these, the hospitals segment will dominate the market over the
forecast period. This is owing to the high inflow of patients in hospitals
compared to others. Moreover, hospitals use more instruments and equipment and
perform a higher number of surgical procedures compared to other forms of
healthcare providers.
Based on the component, the surgical instrument tracking
system market is segmented into services, software, and others. Of these, the
software segment will lead the market over the forecast period owing to the
introduction of new software applications and frequent need for upgrades.
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 is chiefly on account of 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. China, as well as India, are the leading
contributors in this region.
The surgical instrument tracking system market in the MEA is
predicted to have a small share in the market over the forecast period.
Key Players
Major players profiled in the surgical instrument tracking
system market report include Key Surgical (US), Mobile Aspects, Inc. (US), TGX
Medical Systems (US), Infor (US), STANLEY Healthcare (US), Censis Technologies,
Inc. (US), B. Braun Melsungen AG (Germany), Dickinson and Company (US), and
Becton. Key players have incorporated different strategies to create a foothold
in the market, such as partnerships/joint ventures, R&D activities, mergers
and acquisitions, product innovations, and more.
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