Surgical instrument tracking systems industry overview, future outlook and profile till 2025

Surgical Instrument Tracking Systems Industry Overview, Future Outlook and Profile Till 2025

“Global Surgical Instrument Tracking Systems Market report includes indepth analysis of industry by recent technologies, trends, opportunities, challenges, key players and business strategies considering types, segment and future outlook.�

Global Surgical Instrument Tracking Systems Market was valued at over USD 83.5 million in 2015 and is anticipated to rise at over 19.0% during the forecast period. The major factors, which contribute to the growth of this market are growing incidence of hospital acquired infections and instrument misplacement. In the U.S., nearly 90,000 people die every year due to hospitalacquired infections, based on a data by CDC. In order to prevent these infections arising out of instrument contamination, instrument tracking system is highly useful. It is also used for inventory management to enhance the efficiency of the staff.

Rising prevalence of retained surgical equipment cases is another factor which is expected to contribute to the demand for surgical instrument tracking systems in the coming years. The fatality rate of retained surgical instruments accounted for nearly 2%, according to a study by the National Center for Biotechnology Information. Technological advancements in the field of surgical instrument tracking systems, such as RFID, 2D bar codes further boost the growth of this market.

Product Insights Based on the product, the market is classified into services, hardware and software. Software Request Sample Copy of this Market Research @ https://www.millioninsights.com/industry-reports/surgical-instrument-tracking-systems-market/request-sample

held the largest market share in 2016 and is projected to witness lucrative growth over the forecast period. Advancements in the field of software technology, such as tracking surgical instruments and inventory management support the growth of this segment. For instance, IMPRESS, designed by BD helps delivering information on sterilized surgical equipment. This further facilitates inventory management and delivers ongoing assistance through phone.

The hardware segment is expected to showcase significant growth over the forecast period. This is due to the high demand for RFID labels and barcode tags. For instance, Dot XXS - Autoclavable Version of Xerafy is especially designed for tagging surgical instruments. It is one of the smallest RFID metal tag and withstands repeated autoclave and chemical washes.

Technology Insights Barcode technology held the largest market share in 2016. It is the most common technology used for tracking systems and is widely used by medical device industry, thus, contributing to the growth of this segmental revenue. Moreover, the low installation cost associated with these barcodes also has led to increasing use by ambulatory surgery centers and hospitals.

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The RFID segment is expected to witness lucrative CAGR over the forecast period owing to the rapid technological advancements in the field of RFID, such as huge data storage capacity, high durability, no requirement of line-of-sight and reusability.

End-Use Insights In 2016, hospitals held the largest market share owing to the retention of surgical instruments at the site of surgery. In order to improve patient safety by tracking the instruments and managing the inventory, hospitals increasingly use surgical instrument tracking systems. This contributed to the growth of the segment.

Hospitals are also anticipated to show highest growth over the forecast period. Rapid technological advancements in the hardware and software is expected to support the growth of this segment.

Regional Insights

In 2016, North America held the largest market share. The U.S. Food and Drug Administration launched an innovative device, which can detect and identify medical devices. This factor contributed to this largest revenue growth. In addition, availability of highly developed medical infrastructure, huge penetration of advanced technology and rising healthcare expenditure further accelerates the growth of this regional segment. According to CMS, total healthcare spending in the U.S. was USD 3.2 trillion in 2015, which depicted high healthcare expenditure in this country.

Asia pacific is projected to witness attractive growth over the forecast period owing to the untapped market of this region. Moreover, rapid investments in healthcare infrastructure along with increasing geriatric population also contributed to the high growth of this segment.

Competitive Insights Some of the major companies of this market are Xerafy; Haldor Advanced Technologies Ltd.; Materials Management Microsystems, Inc; Censis Technologies Inc.; Becton, Dickinson and Company and B. Braun Melsungen AG. In order to fulfil the unmet needs of the target population, the major companies are undertaking regional expansion, development of new products and mergers & acquisitions. For instance, in October 2015, Xerafy launched world’s smallest RFID tag named XXS Tags.

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