Surgical Instrument Tracking Systems Market Surges with Double Digit Growth
Users are provided with a solution to maintain the quality, compliance, and traceability of their instruments in workplace. Starting in 2014, different classes of medical devices are included in UDI program to provide more accurate tracking of medical devices. Moreover, EU acted to adopt UDI in 2017, under the EU MDR.
The Global Surgical Instrument Tracking Systems Market is expected to reach US$ 400 Million by 2026, growing at a healthy growth rate of 15% in the next 5 years. The implementation of Unique Device Identification (UDI) regulations formed by the FDA and increased demand for Inventory and Asset Management during the work cycle are projected to be the main drivers of global surgical instrument tracking systems market expansion.
Advancements in Software/Hardware Usage Drives the Surgical Instrument Tracking Systems Market Growth
Software is an essential component of surgical instrument tracking systems due to adoption of latest information technology systems and inventory management systems in the hospitals. However, due to repeated purchase of disposable RFID tags/barcode labels that require replacement, the hardware segment is anticipated to see the largest growth throughout the forecast period.
Shifts Towards RFID Technology Over Traditional Barcode Methods
Currently hospitals are using barcode method due to its low installation cost. In contrast, RFID is a highly flexible technology that has several benefits over barcodes, including the fact that they may be read as well as written and do not require line of sight. However, there are significant limitations to both RFID and barcode technology.
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Hospital Market Expected to Continue Its Dominance
As the population grows and medical technology advances, there is a growing need for better healthcare, which is driving an increase in the number of hospitals. They have higher patient inflow and also conduct large number of surgical procedures. Growing need of comprehensive surgical instrument management solution is driving the demand of these systems amongst the hospitals.
North America Leads the Adoption of Surgical Instrument Tracking Systems Market
The surgical instrument tracking systems market is dominated by North America. The UDI regulations proposed by the US FDA, growing number of surgeries performed, and presence of leading players in this region are some of the key factors supporting the market growth. Emerging economies such as India and China, as well as countries in the Middle East, Latin America, and Southeast Asia, are also expected to grow significantly over the forecast period.
Competitive Landscape Analysis of Surgical Instrument Tracking Systems Market
Some of the key players operating in the global surgical instrument tracking systems market are Fortive Corporation, BD, Censis Technologies, Steris PLC and STANLEY Healthcare. Other promising players operating in the market are Syrma Technology, Xerafy, Getinge AB, B. Braun Melsungen AG, among others.
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Surgical Instrument Tracking Systems Market
