Surgical Instrument Tracking Systems Trend - Rising Need for Advanced Maintaining and Keeping Track of the Instruments
Increasing number of surgeries across the globe, rapid adoption of advanced surgical instruments, and rising need for advanced maintaining and keeping a track of the instruments are expected to drive global Surgical Instrument Tracking Systems market growth.
According to Emergen Research, the global surgical instrument tracking systems market size was USD 159.4 million in 2019 and is expected to reach USD 431.6 million in 2027 and register a steady revenue CAGR of 13.2% during the forecast period, 2020-2027.
Over the recent years, there has been a significant increase in the number of surgical procedures globally due to increasing prevalence of chronic conditions, road accidents, sports injuries, and rising geriatric population. However, errors in surgical instrument processing can lead to risks of surgical infections, morbidity, and gradual increase in operative costs and time. To overcome this, many hospitals, clinics, and ambulatory surgery centers are deploying advanced surgical instrument tracking systems to minimize medical errors in operating rooms, collect surgical inventory data and also enhance staff productivity.
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Surgical instrument tracking systems are used for managing inventory at various stages of surgical processes in order to meet to enhance quality of patient care and improve instrument and resource management. These systems help in reducing case delays and enhancing operational safety and workflow efficiency by ensuring that the necessary instruments are ready on time.
Factors such as technological advancements in surgical devices and instrument tracking systems, increasing incidence of misplacement of surgical instruments, and rapid adoption of advanced surgical tools and instruments in many hospitals and ambulatory care centers are expected to drive global market revenue growth. In addition, improving healthcare infrastructure and rising investments in developing more user-friendly and cost-effective tracking systems are other factors expected to drive global market growth going ahead. However, high cost of advanced tracking systems, low budget scenarios, and lack of skilled healthcare professionals are some key factors expected to hamper overall market growth during the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Hospitals Segment to Account for Largest Revenue Share:
The hospital segment is expected to account for largest revenue share over the forecast period. This can be attributed to factors such as increasing number of surgeries, rapid adoption of surgical instruments, and rising need for advanced instrument tracking systems to avoid misplacing or losing surgical instruments and improve overall patient care.
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Radiofrequency identification (RFID) Segment To Register Rapid Revenue CAGR:
The radiofrequency identification (RFID) segment is expected to register rapid revenue CAGR between 2020 and 2027 owing to increasing adoption of various types of advanced surgical instruments in hospitals and ambulatory surgical centers, rising need for tracking systems for these surgical instruments, and high preference for RFID to withstand rigorous sterilization process.
North America to Lead In Terms of Revenue Share:
North America is expected to dominate other regional markets in terms of revenue share during the forecast period owing to increasing number of surgical procedures, presence of well-developed healthcare infrastructure and facilities, rapid adoption of advanced surgical instruments, and increasing need for advanced surgical instruments tracking systems.
Major Companies in the Market 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
- Getinge Group
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For the purpose of this report, Emergen Research has segmented into global surgical instrument tracking systems market on the basis of component, technology, end-users, and region:
Component Outlook (Revenue, USD Million; 2017-2027)
Technology Outlook (Revenue, USD Million; 2017-2027)
- Radiofrequency identification (RFID)
End Users Outlook (Revenue, USD Million; 2017-2027)
- Private Hospitals
- Public Hospitals
Regional Outlook (Revenue, USD Million; 2017–2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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