Surgical Instrument Tracking Systems Market - Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth and Forecast 2017 - 2025
Global Surgical Instrument Tracking Systems Market: Snapshot
The global market for surgical instrument tracking systems is poised for double-digit growth rate in the near future. Surgical instrument tracking system helps manage inventory at various point of service to meet unique needs.
Surgical instrument tracking system helps enhance patient safety. This is because enhanced sterile processing and distribution processes facilitate to optimize patient care. It helps reduce case delays as the system ensures the necessary instruments are ready on time, every time. Surgical instrument tracking system help provide insights on sterile processing department (SPD) processes to enhance staff productivity. The system helps improve resource and instrument management to reduce the need for immediate use steam sterilization (IUSS).
Increasing incidence of misplacement of surgical instruments and increasing number of cases of hospital-acquired infections are key factors behind the growth of surgical instrument tracking system market. As per statistics of Centers for Disease Control and Prevention (CDC), almost 90,000 individuals die because of hospital-acquired infection in the U.S. each year. Therefore, the need to prevent infection caused due to contaminated instruments and need for better inventory management is driving the surgical instrument tracking system market.
In addition, rising incidence of retained surgical instrument cases is another key factor contributing to the growth of surgical instrument tracking system market. As per statistics of the National Center for Biotechnology Information, the mortality rate of retained surgical objects is almost 2%. This is necessitating the deployment of advanced technologies such as 2D barcodes and RFID to track instruments in operating rooms.
Apart from this, factors such as unique device identification (UDI) regulations by FDA, growing need for inventory management and better patient care, and the need to maximize revenue through operational efficiency are fuelling the surgical instrument tracking system market.
On the downside, extended investment cycles, high system costs, and budgetary constraints are challenging this market’s growth.
Global Surgical Instrument Tracking Systems Market: Overview
The global surgical instrument tracking systems market has been witnessing a considerable rise in its valuation. The rising prevalence of hospital-acquired infections and the increasing incidence of instrument misplacement are propelling this market substantially.
According to the CDC, hospital-acquired infections cause nearly 90,000 deaths per year in the U.S. alone. In a bid to prevent the infections caused by contaminated medical tools and to improve the inventory management, tracking systems are likely to witness increased adoption, which is expected to reflect positively on the worldwide market for surgical instrument tracking systems in the near future.
Global Surgical Instrument Tracking Systems Market: Key Trends
The rising prevalence of retained surgical instrument cases is the most prominent trend that is having a significant impact on the global market for surgical tracking systems. The increasing number of these cases has fueled the requirement of advanced instrument tracking technologies, such as RFID and barcode, in operation theater (OT), which is reflecting greatly on the uptake of surgical instrument tracking systems.
The demand for surgical instrument tracking software has been noticeably high and the trend is likely to remain so over the next few years. Similarly, barcode technology is anticipated to contribute the most significant share to the revenue generated in this market over the forthcoming years.
Global Surgical Instrument Tracking Systems Market: Market Potential
The global surgical instrument tracking systems market is likely to gain substantially from the technological advancements in surgical instrument tracking software for inventory and surgical instruments management in the near future. The decline in the installation cost of barcodes, resulting in the rising deployment of surgical instrument tracking systems in hospitals, clinics, and ambulatory surgery centers (ASCs), is also projected to benefit this market over the years to come.
Moving forwards, researchers expect the advent of RFID technology and the introduction of technologically advanced software and hardware products will bring in significant growth in the worldwide market for surgical instrument tracking systems over the next few years.
Global Surgical Instrument Tracking Systems Market: Regional Outlook
The worldwide market for surgical instrument tracking systems has a strong presence across Asia Pacific, the Middle East and Africa, North America, Europe, and Latin America. Closely followed by Europe, North America has been leading the global market. Going forward, the presence of a highly developed medical and healthcare infrastructure, increasing uptake of advanced technology and products, and the rise in the per capita healthcare expenditure points towards a thriving future of this regional market.
With the introduction of unique device identification system by FDA for the efficient identification of medical devices by their distribution channels, the U.S. has emerged as the key domestic market for surgical instrument tracking systems in North America and is anticipated to remain on the top over the next few years.
Amongst other, Asia Pacific is expected to present the most promising growth opportunities over the forthcoming years, thanks to the presence of untapped potential in this region. Apart from this, the increase in the geriatric population and the rapidly improving healthcare infrastructure in various Asian economies, such as India, China, and Japan, are also projected to boost the Asia Pacific surgical instrument tracking systems in the near future.
Global Surgical Instrument Tracking Systems Market: Competitive Analysis
The global market for surgical instrument tracking systems displays a highly competitive landscape, with the key players adopting several efficient strategies, such as mergers, acquisitions, partnerships, product innovation, and geographical expansion, to strengthen their presence. The leading manufacturers of surgical instrument tracking systems across the world are Censis Technologies Inc. Getinge Group, Xerafy, Haldor Advanced Technologies Ltd., B. Braun Melsungen AG, Materials Management Microsystems Inc., and Becton, Dickinson and Co.
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Latest Trends and Cardinal Growth Prospects
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Existing and Future Insights in Growth
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Ascensions in Technology
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The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
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This report is the key to questions such as:
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