At 14.92% CAGR, Surgical Instrument Tracking Systems Market to hit USD 513.1 Million to 2028, says Brandessence Market Research

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LONDON, Jan. 27, 2022 /PRNewswire/ -- The Global Surgical Instrument Tracking Systems Market in terms of revenue was worth of USD 193.8 Million in 2021 and is Projected to reach USD 513.1 Million by 2028, growing at a CAGR of 14.92% from 2021 to 2027.

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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. Surgical Instrument Tracking Systems Market By Product (Hardware, Software, Services), By Technology (Barcodes, RFID), By End-Use (Hospitals, Others), Industry Analysis, Trends, And Forecast, 2021-2028

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Surgical Instrument Tracking Systems Market Key Players:

  • 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

  • others.

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.

Market Segmentation Analysis:

By Product:

  • Hardware

  • Software

  • Services

By Technology:

  • Barcodes

  • RFID

By End-Use:

  • Hospitals

  • Others

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.

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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.

On Special Requirement Surgical Instrument Tracking Systems Market Report is also available for below region:

North America

  • U.S, Canada

Europe

  • Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

  • South.Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

  • Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

Our Market Research Solution Provides You Answer to Below Mentioned Question of Surgical Instrument Tracking Systems Market.

  • Which are the driving factors responsible for the growth of the Surgical Instrument Tracking Systems market?

  • Which are the roadblock factors of this market?

  • What are the new opportunities of Surgical Instrument Tracking Systems, by which market will grow in coming years?

  • What are the trends of this market?

  • Which are the main factors responsible for a new product launches?

  • How big is the global & regional market in terms of revenue, sales, and production?

  • How far will the market grow in the forecast period in terms of revenue, sales, and production?

  • Which region is dominating the global market and what are the market shares of each region in the overall market in 2021?

  • How will each segment grow over the forecast period and how much revenue will these segments account for in 2028?

  • Which region has more opportunities?

  • And More

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