Surgical Instrument Tracking Systems Market To Reach USD 431.6 Million by 2027| Emergen Research

The advancement in technology and incorporation of IoT in healthcare will propel the demand for the surgical instrument testing market.

Vancouver, British Columbia, Dec. 02, 2020 (GLOBE NEWSWIRE) -- The Global Surgical Instrument Tracking Systems Market is forecast to be worth USD 431.6 Million by 2027, according to the current analysis by Emergen Research. The market for surgical instrument tracking system is witnessing popularity due to the rise in efficiency and reduced cost. These tracking devices offer better asset management and inventory as end-users are focusing on minimizing the loss of valuable assets and ensure smooth workflows. The tracking devices are used in surgical devices used in plastic surgery, dental surgical instruments, minimally invasive surgical instruments, and ophthalmic surgical instruments.

Growing incidences of retained surgical instruments in patients’ bodies and misplacement after surgeries are fueling the demand for the market. Advancements in RFID technology and the development of advanced scanning systems will drive the market demand. It also helps in gaining full control of the surgical inventory. Another driving factor is an increase in the FDA’s Unique Device Identification regulations. However, the high cost of the system, budget constraints, low investment cycles, and limitations in technology are expected to hinder the market growth.

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The COVID-19 pandemic has further augmented the demand for market technology. Rising incidences of the disease and collapse of the healthcare department will aid in the adoption of the market as due to the imposition of lockdown, there is no manufacture of new surgical instruments.

Key Highlights From The Report

• In October 2020, Sandoz Inc. announced its first two injectable medicines with Radio Frequency Identification tags, which will be available to U.S. hospitals through its collaboration with Kit Check, Inc.

• The software segment is expected to dominate the market for surgical instrument tracking system. Advancements in software technology are propelling the adoption of market devices for inventory and surgical instrument management.

• RFID tags are used to identify each device in a unique way. Moreover, the technology does not need line-of-sight scanning, so products can be scanned even when the label or UDI tags are not really visible.

• The hospital segment will witness a substantial growth rate due to the high inflow of patients compared to other institutions and the adoption of IoT by the hospital’s staff. Private hospitals are investing heavily and adopting the latest technologies to become more patient-friendly while reducing the overall expenditure.

• The Asia Pacific region will witness a significant growth rate as there is a rise in the number of hospitals in developing nations and the advancement of healthcare infrastructure in the region.

• Key participants include Material Management Microsystems, Fortive Corporation Group, Haldor Advanced Technologies, Becton, Dickinson And Company, Mobile Aspects, Key Surgical, Inc., TGX Medical Systems, B. Braun Melsungen, Xerafy, and Getinge Group, among others.

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For the purpose of this report, Emergen Research has segmented the Global Surgical Instrument Tracking Systems Market on the basis of component, technology, end-user, and region:

• Component Outlook (Revenue, USD Billion; 2017-2027)

  • Software

  • Services

  • Hardware

    1. Readers

    2. Tags

    3. Others

• Technology Outlook (Revenue, USD Billion; 2017-2027)

  • Radiofrequency identification (RFID)

  • Barcode

• End-User Outlook (Revenue, USD Billion; 2017-2027)

  • Hospitals

    1. Private Hospitals

    2. Public Hospitals

  • Others

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• Regional Outlook (Revenue, USD Billion; 2017-2027)

  • North America

    1. U.S.

    2. Canada

  • Europe

    1. Germany

    2. U.K.

    3. France

    4. BENELUX

    5. Rest of Europe

  • Asia Pacific

    1. China

    2. Japan

    3. South Korea

    4. Rest of APAC

  • Latin America

    1. Brazil

    2. Rest of LATAM

  • Middle East & Africa

    1. Saudi Arabia

    2. U.A.E.

    3. Rest of MEA

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