According to Emergen Research, the global surgical instrument tracking systems market size was USD 180.44 million in 2020 and is expected to reach USD 488.57 million in 2028 and register a revenue CAGR of 13.2% during the forecast period, 2021-2028.
Emergen Research has published its latest report titled “Surgical Instrument Tracking Systems Market, By Component (Software, Services, and Hardware), By Technology (Radiofrequency Identification, Barcode), By End-use (Hospitals & Clinics, Ambulatory Surgical Centers, and Others), and By Region Forecast to 2028”
According to Emergen Research, the global surgical instrument tracking systems market size was USD 180.44 million in 2020 and is expected to reach USD 488.57 million in 2028 and register a revenue CAGR of 13.2% during the forecast period, 2021-2028.
Market Dynamics:
Major factors driving revenue growth of the global surgical instrument tracking systems market include increasing global geriatric population, rising prevalence of chronic and acute diseases across the globe, and increasing volumes of major and minor surgical procedures including cardiac, orthopedic, neurological, oncological, and gynecological surgeries. Technological advancements in surgical techniques, growing demand for advanced surgical instrument tracking systems in hospitals and ambulatory surgical centers, rising healthcare expenditure of individuals, and increasing research & development activities for cutting-edge surgical instrument tracking solutions are other key factors expected to boost the global market revenue growth over the upcoming years.
Surgical instrument tracking systems help identify accurate surgical instruments and improve patient safety and optimize the surgical process. Hence, increasing compatibility of surgical instrument tracking systems with smartphones and tablets, growing use in medical research centers for improved clinical workflow, growing need for faster and more efficient healthcare inventory management, and rising concerns regarding the safety and security of surgical devices and instruments further drive market revenue growth.
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COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Barcode Segment Accounted for Largest Revenue Share in 2020:
Based on technology, the global surgical instrument tracking systems market is segmented into Radiofrequency Identification and Barcode. The barcode segment was the most dominant in terms of largest revenue share in the global market in 2020. Barcodes on medical devices enable hospitals to track and monitor machines, equipment, and fleet. They also help hospital staff to obtain key information related to hospital inventory and track them remotely. Rising need efficient healthcare inventory management and increasing investments in hospital infrastructure development are key growth drivers for this segment.
Hospitals Segment to Account for Fastest Revenue CAGR:
Based on end-use, the global surgical instrument tracking systems market is segmented into Hospitals, Ambulatory Surgical Centers, and Others. The hospitals segment is projected to register the fastest revenue CAGR in the global market over the forecast period. Increasing patient inflow in hospitals, increasing volumes of surgical procedures, and rapid adoption of advanced surgical instrument tracking systems in hospitals are among the key factors expected to drive revenue growth of this segment.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America surgical instrument tracking systems market held the largest revenue share in the global market in 2020. Rise in geriatric population, increasing burden of chronic and acute diseases, rapidly rising volumes of surgical procedures, and increasing deployment of advanced surgical instrument tracking systems in hospitals and ambulatory surgical centers are primary factors driving revenue growth of the regional market. Availability of favorable government reimbursement policies and presence of leading market players in the region, including Fortive Corporation Group, Becton, Dickinson And Company, and Haldor Advanced Technologies, further boost the North America market revenue growth.
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Major Companies in the Global Surgical Instrument Tracking Systems Market Include:
- Material Management Microsystems
- Fortive Corporation Group
- Haldor Advanced Technologies
- Becton, Dickinson And Company
- Mobile Aspects
- Key Surgical, Inc.
- TGX Medical Systems
- B. Braun Melsungen
- Xerafy
- Getinge Group
For the purpose of this report, Emergen Research has segmented the global surgical instrument tracking systems market based on component, technology, end-use, and region:
Component Outlook (Revenue, USD Million; 2018-2028)
- Software
- Services
- Hardware
- Readers
- Tags
- Others
Technology Outlook (Revenue, USD Million; 2018-2028)
- Radiofrequency identification (RFID)
- Barcode
End-use Outlook (Revenue, USD Million; 2018-2028)
- Hospitals
- Private Hospitals
- Public Hospitals
- Ambulatory Surgical Centers
- Others
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Region Outlook (Revenue, USD Million; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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