Surgical instrument tracking systems offer versatile applications in healthcare settings, enabling the efficient management of surgical instruments throughout their lifecycle. They feature real-time tracking capabilities, ensuring precise instrument location and usage data. These systems aid in optimizing surgical workflows, reducing instrument loss, and enhancing patient safety. With applications in hospitals, ambulatory surgery centers, and clinics, surgical instrument tracking systems streamline inventory management, maintenance, and sterilization processes, resulting in improved operational efficiency and cost-effectiveness for healthcare facilities.
According to Data Bridge Market Research, the Global Surgical Instrument Tracking Systems Market accounted for USD 203 million in 2021 and is expected to reach USD 567.00 million by 2029. The market is expected to grow with a CAGR of 13.7% in the forecast period of 2022 to 2029.
“Increasing number of individuals undergoing surgical procedures boosts the market’s growth”
The increasing number of individuals undergoing surgical procedures has led to a surge in demand for surgical instrument tracking systems. These systems help hospitals and healthcare facilities efficiently track and manage surgical instruments throughout their lifecycle, from sterilization to use and maintenance. The need for accurate and real-time tracking to ensure patient safety and optimize surgical processes has become critical, driving the growth of the surgical instrument tracking systems market as healthcare facilities seek to improve efficiency and compliance in their surgical workflows.
What restraints the growth of the global surgical instrument tracking systems market?
“High cost associated with implementing surgical instrument tracking systems restraints the market’s growth”
The high cost associated with implementing surgical instrument tracking systems acts as a significant restraint on market growth. The initial investment required for acquiring and integrating tracking technology, along with ongoing maintenance and training expenses, can be substantial for healthcare facilities. Additionally, budget constraints in some healthcare settings may hinder the adoption of these systems. Despite the benefits they offer in improving patient safety and operational efficiency, the cost barrier poses challenges for wider adoption and limits the market's expansion.
Segmentation: Global Surgical Instrument Tracking Systems Market
The global surgical instrument tracking systems market is segmented on the basis of type, component, technology, end user, and distribution channel.
- On the basis of type, the surgical instrument tracking systems market is segmented into pro sites, and multi sites.
- On the basis of component, the surgical instrument tracking systems market is segmented into hardware, software, and services.
- On the basis of technology, the surgical instrument tracking systems market is segmented into barcode tracking, radio frequency identification (RFID), electronic tracking, and others.
- On the basis of end user, the surgical instrument tracking systems market is segmented into hospitals, ambulatory surgical centers, research centers, clinics, and others.
- On the basis of distribution channel, the surgical instrument tracking systems market is segmented into direct tender and third party distributor.
Regional Insights: Asia-Pacific dominates the Global Surgical Instrument Tracking Systems Market
Asia-Pacific dominates the surgical instrument tracking systems market due to the rise in disposable income among the population. Furthermore, the region's market is experiencing growth due to the increasing development of technologically advanced software and hardware solutions. These factors collectively contribute to the flourishing growth rate of the market in this region.
North America is expected to grow during the forecast period due to an increase in the adoption of surgical instrument-tracking technology. Hospitals and healthcare facilities are implementing these systems to improve patient safety, streamline surgical workflows, and enhance overall operational efficiency, leading to the growing demand and usage of such technology in the region.
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Recent Developments
- In July 2020, Vizinex RFID recently introduced the Flexible 6012 and Flexible 6027 RFID tags, providing enhanced mounting flexibility. These versatile and resilient RFID tags come with an IP67 rating, making them ideal for tracking various assets in interior environments. With their user-friendly design, these RFID tags streamline asset tracking in factories, hospitals, data centers, and offices, offering a simple and cost-effective solution for organizations to manage their assets efficiently.
The Prominent Key Players Operating in the Global Surgical Instrument Tracking Systems Market Include:
- Fortive Corporation (U.S.)
- Material Management Microsystems (U.S.)
- Haldor Advanced Technologies (U.S.)
- BD (U.S.)
- Getinge AB (Sweden)
- STERIS (U.S.)
- STANLEY Healthcare (U.S.)
- MOBILE ASPECTS (U.S.)
- Integra LifeSciences (U.S.)
- Xerafy Singapore Pte Ltd. (Singapore)
- B. Braun Melsungen AG (Germany)
- SpaTrack Medical Limited (U.K.)
- Scanlan International (U.S.)
- CASE MEDICAL (U.S.)
- ASANUS Medizintechnik GmbH (Germany)
- Infor (U.S.)
- Vizinex RFID (U.S.)
- ScanCARE Pty Ltd. (U.S.)
- TGX Medical Systems (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global surgical instrument tracking systems market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Surgical Instrument Tracking Systems Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
