Global Surgical Instrument Tracking Systems Market To Be Driven At A CAGR Of 20% In The Forecast Period Of 2021-2026

Healthcare and Pharmaceuticals

The new report by Expert Market Research titled, ‘Global Surgical Instrument Tracking Systems Market Size, Share, Price, Trends, Growth, Analysis, Key Players, Outlook, Report and Forecast 2021-2026’, gives an in-depth analysis of the global surgical instrument tracking systems market, assessing the market based on its segments like product, technology, and major regions like Asia Pacific, Europe, North America, Middle East and Africa and Latin America.

The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

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The key highlights of the report include:

Market Overview (2021-2026)

  • Historical Market Size (2020): USD 129Million
  • Forecast CAGR (2021-2026): 20%
  • Forecast Market Size (2026): USD 385 Million

The growth of the global market for surgical instrument tracking systems is driven by the developing healthcare sector. The growing inventory to meet the demand for increasing surgical procedures has led to the adoption of tracking systems. The features provided by systems such as easy traceability for quick and efficient availability of devices and inventory management for sterilisation, repairs, and maintenance are projected to push the demand.

Additionally, the Unique Device Identification (UDI) regulation implemented by FDA is expected to aid the growth of the market. The increasing application of software in hospitals and the healthcare sector for efficient management along with developing scanning and tracking software and hardware technologies are expected to further propel the market growth over the forecast period.

Industry Definition and Major Segments

Surgical instrument scanning devices are used to provide comprehensive management and control inventory of surgical devices. These systems include scanning technology along with inventory management software. With the increasing software advancements and growing application of smartphones and tablets in the healthcare sector, the surgical instrument tracking system has seen robust evolution.

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The market for surgical instrument tracking system based on product can be segments into:

  • Hardware Systems
  • Software Systems
  • Services

The market can be divided on the basis of technology into:

  • Barcodes
  • Radio Frequency Identification (RFID)

The regional markets for surgical instrument tracking systems include:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Market Trends

Regionally, North America holds the largest share of the global market for surgical instrument tracking systems. This can be attributed to stringent regulation and safety standards for the healthcare sector implemented by government bodies.  Additionally, the rising elective surgical procedures in the United States along with the presence of developed healthcare infrastructure are projected to propel the market.

Meanwhile, the Asia Pacific is expected to witness the fasted growth over the forecast period. The rapidly developing healthcare infrastructure and increasing cases of surgical procedures in developing economies such as China, India, and South Korea are expected to propel the growth. Further, the rising adoption of management software in the healthcare sector will further boost the growth of the regional market.

Key Market Players

The major players in the market are BD Surgical Industries, Applied Logic, Inc., Xerafy Singapore Pte Ltd., Getinge AB, Haldor Advanced Technologies, Microsystems, Inc., B. Braun Melsungen AG [B. Braun Holding GmbH & Co. KG], FingerPrint Medical Ltd., SpaTrack Medical Limited, Censis Technologies, Inc. [Fortive], and a few others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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