Global Surgical Instrument Tracking System Market revenue was valued at USD 186.85 Million in 2019 and is expected to register a CAGR of 15.07% during the forecast period of 2020 to 2027.
Surgical instrument tracking systems are systems that can combine scanning technology and application software. They help healthcare professionals to access time-saving tools, leading to them performing efficient and time-saving procedures. The surgical tracking systems are very much useful in organizing surgical sets, usage cycle tracking, and documentation of instruments used, understanding the replacement of instruments, and other applications.
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Factors that drive the market growth are the high rate of adoption of the surgical instrument tracking systems by hospitals, the need to meet unique device identification mandates, the convenience provided by surgical instrument tracking system in the management of inventories, and the increasing number of surgical instruments used in various surgeries. However, the high cost of implementing automated tracking systems coupled with a fall in the number of surgeries due to a pandemic is hampering the growth of the market. Previously, it was only used for instrument count sheet management along with a few basic tasks such as traceability of instruments. The 2D barcodes have helped sterile handling and identification of instruments and help in tracking the history of each instrument’s use. Major healthcare providers are signing long-term agreements with surgical instrument tracking system suppliers for improving the quality of the inventory management systems. For instance, recently, Universal Health Services, Inc., one of the hospital management companies, which have a large network of hospitals in the US, signed a multi-year contract with Censis Technologies, Inc. for its surgical instrument tracking system Censitrac. Segment Analysis Global Surgical Instrument Tracking System Market has been segmented based on Components, Technology, and End-Use. The market, based on components, has been segregated into hardware, software, services, and others. The hardware segment is further sub-segmented into tags, readers, and others. Based on technology, the surgical instrument tracking system market has been divided into barcode tracking and radio frequency identification. On the basis of end-use, the surgical instrument tracking system market is bifurcated into hospitals and others. Regional Analysis Global Surgical Instrument Tracking System Market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas is likely to hold the largest share of the global surgical instrument tracking system market during the assessment period owing to the regulatory reforms. Some of the renowned companies operating in the region include Fortive Corporation, Becton, Dickinson and Company, and Key Surgical. A large number of surgical procedures are expected to fuel the surgical instrument tracking system market in the region. The market in Europe is expected to propel during the forecast period, owing to factors such as rising government initiatives and the increasing number of vendors involved in the barcoding of instruments. In the UK, the Department of Health and MHRA guidance states that hospitals need to track instruments to at least tray level. Using GS1 barcodes means all instruments are traceable from production to the point of care. For patient safety, this is vital as it helps save track instruments. Lost instruments can cost a 500-bed hospital over £100,000 (USD 13,317) per year. Major companies are focusing on adopting international norms in Asian countries to increase patient safety and efficiency of inventory management. For example, Elite Medical, an Australian supplier of surgical tools with a presence of over 30 years in the region, provides instruments and tray tags, which includes smart tags, plastic tray tags, metal tray tags, RFID mesh tray tags, and others for tracking. The surgical instrument tracking system market in the Middle East & Africa is expected to witness a modest market growth rate from 2020 to 2027. Key Players MRFR recognizes the following companies as the Key Players in the global surgical instrument tracking system market— Getinge AB (Sweden), Becton, Dickinson and Company (US), Fortive Corporation (US), B. Braun Melsungen AG (Germany), Steris PLC (Ireland), Stanley Black & Decker, Inc. (US), Material Management Microsystems (US), Key Surgical (US), Haldor Advanced Technologies (US), TGX Medical Systems (US) and Others. Browse More Details of the Report @ https://www.marketresearchfuture.com/reports/surgical-instrument-tracking-system-market-1391
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