The latest business intelligence studies indicate that the global surgical instrument tracking systems market is anticipated to record an outstanding growth rate of 14.9 % during the forecast period of 2021 to 2026.
The latest business intelligence studies indicate that the global surgical instrument tracking systems market is anticipated to record an outstanding growth rate of 14.9 % during the forecast period of 2021 to 2026.
It also provides essential information that the global surgical instrument tracking systems market was initially evaluated at US$ 203 million in the base year of the study i.e. 2021.
It also projects that the final evaluation of the global surgical instrument tracking systems market at the end of the forecast years i.e. in 2026 will be US$ 406 million.
Some of the most prominent drivers, influencing the growth within the global surgical instrument tracking systems market include the new mandates passed by the Food and Drug Association agency of the United States as well as the rising requirement for efficient inventory keeping of the surgical equipment.
On the other hand, high cost associated with these systems and the long cycles associated with investments may restrict the growth in the global surgical instrument tracking systems market in near future.
The participants and players in the global surgical instrument tracking systems market are adopting various product innovation strategies to enhance their product inventory.
The global market for surgical instrument tracking systems is poised for double-digit growth rate in the near future. Surgical instrument tracking system helps manage inventory at various point of service to meet unique needs.
Surgical instrument tracking system helps enhance patient safety. This is because enhanced sterile processing and distribution processes facilitate to optimize patient care.
It helps reduce case delays as the system ensures the necessary instruments are ready on time, every time. Surgical instrument tracking system help provide insights on sterile processing department (SPD) processes to enhance staff productivity.
The system helps improve resource and instrument management to reduce the need for immediate use steam sterilization (IUSS).
Increasing incidence of misplacement of surgical instruments and increasing number of cases of hospital-acquired infections are key factors behind the growth of surgical instrument tracking system market. As per statistics of Centers for Disease Control and Prevention (CDC), almost 90,000 individuals die because of hospital-acquired infection in the U.S. each year.
Therefore, the need to prevent infection caused due to contaminated instruments and need for better inventory management is driving the surgical instrument tracking system market.
In addition, rising incidence of retained surgical instrument cases is another key factor contributing to the growth of surgical instrument tracking system market.
As per statistics of the National Center for Biotechnology Information, the mortality rate of retained surgical objects is almost 2%. This is necessitating the deployment of advanced technologies such as 2D barcodes and RFID to track instruments in operating rooms.
Apart from this, factors such as unique device identification (UDI) regulations by FDA, growing need for inventory management and better patient care, and the need to maximize revenue through operational efficiency are fuelling the surgical instrument tracking system market.
On the downside, extended investment cycles, high system costs, and budgetary constraints are challenging this market’s growth.
Global Surgical Instrument Tracking Systems Market: Overview
The global surgical instrument tracking systems market has been witnessing a considerable rise in its valuation. The rising prevalence of hospital-acquired infections and the increasing incidence of instrument misplacement are propelling this market substantially.
According to the CDC, hospital-acquired infections cause nearly 90,000 deaths per year in the U.S. alone. In a bid to prevent the infections caused by contaminated medical tools and to improve the inventory management, tracking systems are likely to witness increased adoption, which is expected to reflect positively on the worldwide market for surgical instrument tracking systems in the near future.
Global Surgical Instrument Tracking Systems Market: Key Trends
The rising prevalence of retained surgical instrument cases is the most prominent trend that is having a significant impact on the global market for surgical tracking systems. The increasing number of these cases has fueled the requirement of advanced instrument tracking technologies, such as RFID and barcode, in operation theater (OT), which is reflecting greatly on the uptake of surgical instrument tracking systems.
The demand for surgical instrument tracking software has been noticeably high and the trend is likely to remain so over the next few years. Similarly, barcode technology is anticipated to contribute the most significant share to the revenue generated in this market over the forthcoming years.
GET TABLE OF CONTENT OF THE REPORT
Global Surgical Instrument Tracking Systems Market: Market Potential
The global surgical instrument tracking systems market is likely to gain substantially from the technological advancements in surgical instrument tracking software for inventory and surgical instruments management in the near future. The decline in the installation cost of barcodes, resulting in the rising deployment of surgical instrument tracking systems in hospitals, clinics, and ambulatory surgery centers (ASCs), is also projected to benefit this market over the years to come.
Moving forwards, researchers expect the advent of RFID technology and the introduction of technologically advanced software and hardware products will bring in significant growth in the worldwide market for surgical instrument tracking systems over the next few years.
Global Surgical Instrument Tracking Systems Market: Regional Outlook
The worldwide market for surgical instrument tracking systems has a strong presence across Asia Pacific, the Middle East and Africa, North America, Europe, and Latin America. Closely followed by Europe, North America has been leading the global market. Going forward, the presence of a highly developed medical and healthcare infrastructure, increasing uptake of advanced technology and products, and the rise in the per capita healthcare expenditure points towards a thriving future of this regional market.
With the introduction of unique device identification system by FDA for the efficient identification of medical devices by their distribution channels, the U.S. has emerged as the key domestic market for surgical instrument tracking systems in North America and is anticipated to remain on the top over the next few years.
Amongst other, Asia Pacific is expected to present the most promising growth opportunities over the forthcoming years, thanks to the presence of untapped potential in this region. Apart from this, the increase in the geriatric population and the rapidly improving healthcare infrastructure in various Asian economies, such as India, China, and Japan, are also projected to boost the Asia Pacific surgical instrument tracking systems in the near future.
Global Surgical Instrument Tracking Systems Market: Competitive Analysis
The global market for surgical instrument tracking systems displays a highly competitive landscape, with the key players adopting several efficient strategies, such as mergers, acquisitions, partnerships, product innovation, and geographical expansion, to strengthen their presence. The leading manufacturers of surgical instrument tracking systems across the world are Censis Technologies Inc. Getinge Group, Xerafy, Haldor Advanced Technologies Ltd., B. Braun Melsungen AG, Materials Management Microsystems Inc., and Becton, Dickinson and Co.
GET DISCOUNT ON THE LATEST REPORT
TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.
5-Point Growth Formula
The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.
The 5-point growth formula includes the following points:
- Current and Future Threats
- Accurate Trend Analysis
- Regional Assessment
- Industrial Analogy
- COVID-19 Impact
Current and Future Threats
Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.
Accurate Trend Analysis
Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.
Regional Assessment
Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.
Industrial Analogy
The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.
COVID-19 Impact
The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.
The reports offer answers to the top 7 questions that revolve around the growth of the market
- What are the diverse growth parameters influencing the market?
- Which regions will contribute largely to the growth of the market
- What are the recent innovations and technological advancements in the market?
- What are the emerging trends across the market?
- How has COVID-19 affected the market?
- What will be the post-pandemic scenario of the market?
- What are the major threats that will dent the growth prospects of the market?
About TMR Research
TMR Research is a premier provider of customized market research and consulting services to business entities keen on succeeding in today’s supercharged economic climate. Armed with an experienced, dedicated, and dynamic team of analysts, we are redefining the way our clients’ conduct business by providing them with authoritative and trusted research studies in tune with the latest methodologies and market trends.
Contact:
Rohit Bhisey
TMR Research,
3739 Balboa St # 1097,
San Francisco, CA 94121
United States
Tel: +1-415-520-1050
Visit Site: https://www.tmrresearch.com/