Surgical Instrument Tracking System market is growing at an exponential pace due to the UDI regulation and the growing need for inventory management. According to a released report by Market Research Future (MRFR), the global surgical instrument tracking system market is expected to grow at an impressive CAGR of 18% during the forecast period. The global market is further expected to surpass its valuation from the last forecast period and expand in numbers.
The market is identified to be influenced by numerous factors including the ameliorating adoption of instrument and medical tracking devices by various private as well as public hospitals across the globe. Hospitals face challenges such as the vast inventory management, instrument and medical devices tracing during the work cycle such as during sterilization procedures, surgery, and post-surgery. This has prompted the massive popularity and demand for medical devices and instrument, one which is anticipated to grow at an impressive scale in the forthcoming years.
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Key Players
Major players profiled in the surgical instrument tracking system market report include Key Surgical (US), Mobile Aspects, Inc. (US), TGX Medical Systems (US), Infor (US), STANLEY Healthcare (US), Censis Technologies, Inc. (US), B. Braun Melsungen AG (Germany), Dickinson and Company (US), and Becton. Key players have incorporated different strategies to create a foothold in the market, such as partnerships/joint ventures, R&D activities, mergers and acquisitions, product innovations, and more.
Market Segmentation
The Market Research Future report provides a complete segmental analysis of the surgical instrument tracking system market based on types, end users, and component.
- Based on type, the surgical instrument tracking system market is segmented into radio frequency identification, barcode tracking, electronic tracking, and others. Of these, the barcode tracking segment will have the largest share in the market over the forecast period. It is the most extensively used, especially in the medical devices industry, which is adding to the growth of the segment.
- Based on end users, the surgical instrument tracking system market is segmented into laboratories, research facilities, clinics, hospitals, and others. Of these, the hospitals segment will dominate the market over the forecast period. This is owing to the high inflow of patients in hospitals compared to others. Moreover, hospitals use more instruments and equipment and perform a higher number of surgical procedures compared to other forms of healthcare providers.
- Based on the component, the surgical instrument tracking system market is segmented into services, software, and others. Of these, the software segment will lead the market over the forecast period owing to the introduction of new software applications and frequent need for upgrades.
Regional Analysis
The global surgical instrument tracking system market covers some of the key regions across the globe, namely North America, Asia Pacific, Europe, and the Middle East and Africa.
North America is the dominant regional player in the global market landscape according to the market study of 2016. The region is further expected to grow in a profound fashion during the forecast period. The US accounts for the largest market share in North America and contributes significantly to the overall growth of the region. The region is further expected to be driven by the availability of advanced products and well-established healthcare infrastructure herein. The UDI regulations imposed by the Food and Drugs Administration (FDA) is a major influencing factor impacting the adoption of tracking systems in the North American region.
Europe holds the second-largest share of the surgical instrument tracking system market and contributes significantly to the overall market. The market is expected to grow in the near future due to factors like the rising medical tourism and the burgeoning healthcare sector privatization herein.
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The Asia Pacific region is expected to grow with the fastest CAGR percentage during the forecast period due to the potential opportunities that lies in the region. The healthcare sector is moving rapidly to the Asia Pacific region from Europe and Americas. Additionally, the increasing old-age population combined with the evolving healthcare infrastructural landscape in the developing Asian countries like China and India, also aids to grow the regional market.
The Middle Eastern and African region held the lowest market share in the global rankings as per the 2016 study. Nonetheless, the countries residing here offer potential opportunities in export for local producers, one which can drive the growth of the market in the coming years.
