Asia-Pacific Surgical Instrument Tracking Systems Market, By Type (Pro Sites, Multi Sites), Component (Hardware, Software, Services), Technology (Barcode Tracking, Radio Frequency Identification (RFID), Electronic Tracking, Others), End User (Hospitals, Ambulatory Surgical Centers, Research Centers, Clinics, Others), Distribution Channel (Direct Tender, Third Party Distributor), Country (Japan, China, Australia, India, South Korea, Singapore, Indonesia, Thailand, Malaysia, Philippines, Vietnam, Rest of Asia-Pacific) Industry Trends & Forecast to 2028
Market Analysis and Insights: Asia-Pacific Surgical Instrument Tracking Systems Market
The surgical instrument tracking systems market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 13.5% in the forecast period of 2021 to 2028 and is expected to reach USD 79.16 million by 2028. Increasing number of surgical process worldwide is acting as a driver for the surgical instrument tracking systems market.
Surgical instrument tracking systems is the system that combines scanning technology and application software. It's a useful system for assisting healthcare professionals in gaining access to time-saving instruments and resulting in safe and efficient processes. The surgical instrument tracking systems aids in providing insight into the organization's processes in order to increase employee effectiveness.
Establishment of unique device identification (UDI) system by FDA is boosting the demand of the surgical instrument tracking systems market. High cost of full-fledged tracking system is acting as a restraint for the surgical instrument tracking systems market. Strategic initiatives by the market players will further increase the growth opportunities for the surgical instrument tracking systems market. Issues related with integration with other systems acts challenging for the healthcare providers which may challenge the surgical instrument tracking systems market.
The surgical instrument tracking systems market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an analyst brief, our team will help you create a revenue impact solution to achieve your desired goal.
Asia-Pacific Surgical Instrument Tracking Systems Market Scope and Market Size
The surgical instrument tracking systems market is segmented on the basis of the type, component, technology, end user and distribution channel. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of type, the surgical instrument tracking systems market is segmented into pro sites, and multi sites. In 2021, multi sites segment is expected to dominate the surgical instrument tracking systems market as these tracking systems covers major area of the hospitals and delivering all required instruments on time and increasing patient safety.
- On the basis of component, the surgical instrument tracking systems market is segmented into hardware, software and services. In 2021, software segment is expected to dominate the surgical instrument tracking systems market due to continuous technological advancement.
- On the basis of technology, the surgical instrument tracking systems market is segmented into barcode tracking, radio frequency identification (RFID), electronic tracking and others. In 2021, radio frequency identification (RFID) segment is expected to dominate the surgical instrument tracking systems market as it offers a larger memory and greater detection range and can detect very small sized surgical instrument.
- On the basis of end user, the surgical instrument tracking systems market is segmented into hospitals, ambulatory surgical centers, research centers, clinics and others. In 2021, hospitals segment is expected to dominate the surgical instrument tracking systems market because hospitals have higher adoption rate for the surgical tracking instrument during work cycle including surgery, post-surgery, storage and sterilization procedures among others.
- On the basis of distribution channel, the surgical instrument tracking systems market is segmented into direct tender and third party distributor. In 2021, direct tender segment is expected to dominate the surgical instrument tracking systems market as software used for surgical instrument tracking are installed on big level in hospitals which demands cost-effective scheme.
Surgical Instrument Tracking Systems Market Country Level Analysis
The surgical instrument tracking systems market is analyzed and market size information is provided by the country, type, component, technology, end user and distribution channel as referenced above.
The countries covered in the Asia-Pacific surgical instrument tracking systems market report are the Japan, China, Australia, India, South Korea, Singapore, Indonesia, Thailand, Malaysia, Philippines, Vietnam, Rest of Asia-Pacific.
China is leading the growth of the Asia-Pacific surgical instrument tracking systems market and multi sites segment is dominating in the country as China is the leader in RFID technology.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of Asia-Pacific brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Rising Adoption of Healthcare IT in Hospitals is boosting the Surgical Instrument Tracking Systems Market Growth
The surgical instrument tracking systems market also provides you with detailed market analysis for every country growth in surgical instrument tracking systems industry with surgical instrument tracking systems drugs sales, impact of advancement in the surgical instrument tracking systems technology and changes in regulatory scenarios with their support for the surgical instrument tracking systems market. The data is available for historic period 2011 to 2019.
Competitive Landscape and Surgical Instrument Tracking Systems Market Share Analysis
The surgical instrument tracking systems market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to global surgical instrument tracking systems market.
The major companies which are dealing in the surgical instrument tracking systems are BD, STANLEY Healthcare, Xerafy Singapore Pte Ltd., Infor, STERIS, Getinge AB, Scanlan International, Steelco S.p.A., ASANUS Medizintechnik GmbH, B. Braun Melsungen AG among other domestic and global players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product launches and agreements are also initiated by the companies worldwide which are also accelerating the surgical instrument tracking systems market.
For instance,
- In December 2020, Censis Technologies, Inc. (a subsidiary of Fortive) signed partnership agreement with Cantel Medical Corp for the development and manufacturing of leading infection prevention endoscope reprocessing workflow equipped with surgical asset management and instrument tracking solutions. This partnership helped the company to expand its footprint in the surgical instrument tracking systems market.
Collaboration, product launch, business expansion, award and recognition, joint ventures and other strategies by the market players is enhancing the company market in the surgical instrument tracking systems market which also provides the benefit for organization to improve their offering for surgical instrument tracking systems.
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