Product Code: RP-ID-10293935 |
Published Date: 21 Oct 2022 |
Region: NA |
Category: Healthcare & Pharmaceuticals |
Report ID: 10293935
Market Overview:
Surgical Instrument Tracking Systems Market, By Product (Hardware, Software, and Services), By Technology (Barcodes and RFID), By End-Use (Hospital Settings and Others) and Geography (North America, Europe, Asia Pacific, and RoW) – Analysis, Share, Trends, Size, & Forecast From 2014 – 2025
REPORT HIGHLIGHT
The surgical instrument tracking systems market is estimated to represent a global market of USD 106.8 million by 2017 with growth rate of 19.7%.
Market Dynamics
Surgical instrument tracking systems are primarily used to track usage, and location of medical equipment in order to improve patient safety and to manage apparatus inventory. The key factor helping to catalyse the growth of this market is the continuous increase in incidences of the retained surgical instrument. The demand for medical instruments is increasing in various surgical interventions. Thus, in such cases the chances of misplacing these instruments increase in the operating room. Some of the common instruments that are left in a patient’s body during surgery include sponges, knife blades, needles, scalpels, and safety pins. All such facts are driving the demand for surgical instrument tracking systems, thus, bolstering the overall market growth.
In addition, advancement in technologies, rising need for medical equipment inventory management, and increasing number of medical procedures support the market growth significantly. High cost for tracking systems is considered to be a major roadblock to the growth of the global market. Hardware and software used for surgical instrument tracking & tracing systems are expensive and its licensing, maintenance, and support incur additional cost. Thus, budget constraints of many healthcare facilities are anticipated to impede industry growth to some extent.
Product Takeaway
The market is studied in terms of products, technologies and end-user application. Product segment is categorized as hardware, software, and services. Software occupies the largest share owing to the technological advancements in the field of inventory management. Depending upon technology, the industry is categorized into Barcodes and RFID. Among which, barcodes dominates the overall market due to its user-friendliness and low installation cost.
Global Surgical Instrument Tracking Systems Market by Product, 2017 vs 2025
End-Use Takeaway
End User segment is divided in terms of Hospital Settings and Others. Hospital accounted for the largest share owing to the increasing demand for instrument tracking systems. Implementation of RFID and barcode technology in various hospital facilities further surge in demand for such systems. For instance, National Health Service (NHS) hospitals adopted 2D barcode systems to improve tracking of medical instruments, maximize asset management, and increase patient safety.
Regional Takeaway
Geographically, North America is dominant in the global industry. The degree of competition in this industry has intensified in regions such as North America in past few years due to the rising research and development activities in this field. On the other hand, Asia Pacific region is projected to grow with the highest growth rate due to the rising number of invasive medical procedures and government support.
Key Vendor Takeaway
Companies namely Getinge Group, B. Braun, Xerafy, Censis Technologies and Haldor Advanced Technologies are extensively profiled in the report. This industry constitutes a large number of global as well as local players. Companies such as Haldor Advanced Technologies and Censis Technologies offers the broad range of products and actively engaged in introducing novel products under this market segments. For instance, in 2016, Haldor Advanced Technologies launched a new RFID tag for its ORLocate Sponge System for tracking of sponges used in medical procedures, thereby expanding its product portfolio.
The market size and forecast for each segment has been provided for the period 2014 to 2025, considering 2015 as the base year. The report also provides the compounded annual growth rate (% CAGR) for the forecast period 2016 to 2025 for every reported segment.
The years considered for the study are:
Historical Year – 2014 & 2015
Base Year – 2016
Estimated Year – 2017
Projected Year – 2025
TARGET AUDIENCE
Traders, Distributors, And Suppliers
Manufacturers
Hospitals
Government and Regional Agencies and Research Organizations
Consultants
Distributors
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCT
Hardware
Software
Services
MARKET, BY TECHNOLOGY
Barcodes
RFID
MARKET, BY END-USE
Hospital Settings
Others
MARKET, BY REGION
North America
U.S.
Canada
Europe
Germany
France
Rest of Europe
Asia Pacific
India
China
Rest of APAC
Rest of the World
Middle East and Africa
Latin America
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