Surgical Instrument Tracking Systems Market
2019 Research Report on Global Surgical Instrument Tracking Systems Market is a professional and comprehensive report on the Surgical Instrument Tracking Systems industry.
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Key Players: Censis Technologies (US), Material Management Microsystems (US), Becton, Dickinson and Company (US), Haldor Advanced Technologies (Israel), Intelligent InSites, Inc. (US), Key Surgical, Inc. (US), Mobile Aspects (US), TGX Medical Systems (US), Xerafy (China), STANLEY Healthcare (US), B. Braun Melsungen AG (Germany), Getinge AB (Sweden), Infor Inc. (US), SpaTrack Medical Limited (UK), and Scanlan International, Inc. (US).
“The surgical instrument tracking systems market is projected to grow at a CAGR of 14.1% during the forecast period (2019-2024).”
The surgical instrument tracking systems market is projected to reach USD 312 million by 2024 from USD 161 million in 2019, at a CAGR of 14.1%. The growth of this market is majorly driven by the need to meet FDA Unique Device Identification mandates, requirement for better inventory and asset management practices, and growth of the surgical instruments market. However, high system costs, long investment cycles, and lack of realization of ROI are expected to restrain the growth of this market during the forecast period.
“By component, the hardware segment is expected to grow at the highest CAGR during the forecast period.”
Based on component, the surgical instrument tracking systems market is segmented into software, hardware, and services. The software segment accounted for the largest market share in 2018. However, the hardware segment is expected to witness the highest growth during the forecast period. This is mainly due to the repeat purchase of non-durable RFID tags/barcode labels which need replacement as tags/labels are prone to detachment during washing and/or damage during sterilization cycles.
“By technology, the barcode segment dominated the surgical instrument tracking systems market in 2018.”
Based on technology, the surgical instrument tracking systems market is segmented into barcode and RFID. The barcode segment accounted for the larger market share in 2018. The low cost of installation has resulted in the increased adoption of the barcode technology in the surgical instrument tracking systems market.
“APAC is expected to witness the highest growth during the forecast period.”
The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period, primarily due to government initiatives to implement asset tracking solutions and growing access to healthcare facilities in the region.
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In the end, the Global Surgical Instrument Tracking Systems Market report’s conclusion part notes the estimation of the industry veterans.
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