Surgical Instrument Tracking System Market Overview
The substantial market growth is the result of the rising incidence of retained surgical instruments in the human body after surgery as well as instrument misplacement. The National Center for Biotechnology Information (NCBI) has to say that due to retained surgical objects, the fatality rate is now close to 2%. This number clearly points towards the need for advanced technologies like 2D barcodes and RFID for tracking retained instruments for patients still in the operation theater.
The surge in the adoption rate of instrument tracking system by hospitals results in market growth. At present, hospitals face major issues in the form of tracing medical devices as well as inventory management during the work cycle such as surgery, storage, sterilization procedures, and post-surgery. Instigated by these challenges, hospitals are now adopting innovative technologies for keeping track of such equipment and systems, which is expected to do wonders for the market. Case in point is St. Joseph’s Hospital and Medical Clinic (Arizona), which has started using IMPRESS instrument management system that has helped save more than USD 1.0 million in repair, instrument purchasing costs and refurbishment annually.
surgical instrument tracking system could expand at a CAGR of 18% during the forecast period (2018-2027), suggests Market Research Future (MRFR).
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The imminent market expansion could also be in response to the rising need for inventory management along with the implementation of Unique Device Identification (UDI) regulations by the FDA. Technological innovations combined with the efforts from governments for uplifting the use of these devices is also poised to favor market growth in the years to come.
Major Esteemed Key Players
Vizbee RFID Solutions, Xerafy, Millennium Surgical Corp Applied Logic, Inc., Braun Melsungen AG BD, Intelligent InSites, Key Surgical, Mobile Aspects Inc., STANLEY Healthcare, JJ International Instruments, Infor, Roboz Surgical Instrument Co., Microsystems, Inc., Haldor Advanced Technologies, GEISTER MEDIZINTECHNIK GmbH, ESI, Censis Technologies, Inc., Katalyst Surgical, LLC, TGX Medical Systems, are some of the esteemed companies in the worldwide surgical instrument tracking system market.
Market Segmentation
The worldwide market for surgical instrument tracking system has been segmented on the basis of types, end-users, and component.
Type-wise, the market includes electronic tracking, barcode tracking, Radio Frequency Identification (RFID), and others.
The end users profiled in the MRFR report are clinics, hospitals, laboratories, research facilities, and others.
With respect to component, the segments include software, services, and others.
Regional Analysis
The surgical instrument tracking system market is split across the regions of Asia Pacific, Middle East and Africa, North America, and Europe.
North America presides over the global surgical instrument tracking system market, with the United States (USA) as the most significant contributor to the said growth. Availability of high-quality products along with established healthcare infrastructure drives the demand for surgical instrument tracking system in the region. The robust product demand in North America is the result of UDI regulations by FDA that raises the adoption rate for surgical instrument tracking system.
Europe thrives as the second most lucrative surgical instrument tracking system market. Factors instrumental in market growth could be the growing medical tourism and rising healthcare privatization in the region. The regional market also gets a considerable boost from the continually expanding population base and the emergence of high-quality and sophisticated healthcare infrastructure.
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Asia Pacific could expect to rise at the highest rate in the given timeframe owing to abundant untapped opportunities for vendors. The status of the healthcare industry in APAC is noting a tremendous surge, even more than the one in the Americas and Europe. This factor aids in market growth as well. The burgeoning geriatric population and the rapidly increasing healthcare infrastructure in India and China are presumed to favor the overall regional market growth in the years ahead.
Surging healthcare costs and high health expenditure have resulted in an abysmal performance of the Middle East and Africa market. To make matters worse, weak economy and dismal financial backup for healthcare hamper the market growth. However, North Africa holds some potential in terms of export for the regional producers, which could work in favor of the market during the conjectured period.
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