Surgical Instrument Tracking Systems Market by Technology (Barcode, RFID), Component (Software, Hardware [Scanner], Service), End-User (Hospital [Public, Private]), and Region (North America, Europe, APAC, Latin America, MEA) – Global Forecast to 2024
“The surgical instrument tracking systems market is projected to grow at a CAGR of 14.1% during the forecast period (2019-2024).”
The surgical instrument tracking systems market is projected to reach USD 312 million by 2024 from USD 161 million in 2019, at a CAGR of 14.1%. The growth of this market is majorly driven by the need to meet FDA Unique Device Identification mandates, requirement for better inventory and asset management practices, and growth of the surgical instruments market. However, high system costs, long investment cycles, and lack of realization of ROI are expected to restrain the growth of this market during the forecast period.
“By component, the hardware segment is expected to grow at the highest CAGR during the forecast period.”
Based on component, the surgical instrument tracking systems market is segmented into software, hardware, and services. The software segment accounted for the largest market share in 2018. However, the hardware segment is expected to witness the highest growth during the forecast period. This is mainly due to the repeat purchase of non-durable RFID tags/barcode labels which need replacement as tags/labels are prone to detachment during washing and/or damage during sterilization cycles.
“By technology, the barcode segment dominated the surgical instrument tracking systems market in 2018.”
Based on technology, the surgical instrument tracking systems market is segmented into barcode and RFID. The barcode segment accounted for the larger market share in 2018. The low cost of installation has resulted in the increased adoption of the barcode technology in the surgical instrument tracking systems market.
“APAC is expected to witness the highest growth during the forecast period.”
The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period, primarily due to government initiatives to implement asset tracking solutions and growing access to healthcare facilities in the region.
A breakdown of the primary participants referred to for this report is provided below:
By Company Type: Tier 1-21%, Tier 2-26%, and Tier 3-53%
By Designation: C-level-32%, Director-level-26%, and Others-42%
By Region: North America-34%, Europe-29%, Asia Pacific-27%, RoW-10%
The prominent players operating in this market include Censis Technologies (US), Material Management Microsystems (US), Becton, Dickinson and Company (US), Haldor Advanced Technologies (Israel), Intelligent InSites, Inc. (US), Key Surgical, Inc. (US), Mobile Aspects (US), TGX Medical Systems (US), Xerafy (China), STANLEY Healthcare (US), B. Braun Melsungen AG (Germany), Getinge AB (Sweden), Infor Inc. (US), SpaTrack Medical Limited (UK), and Scanlan International, Inc. (US).
The report analyzes the surgical instrument tracking systems market and aims at estimating the market size and future growth potential of surgical instrument tracking systems. The report also includes an in-depth competitive analysis of the key players in this market, along with their company profiles, product offerings, and recent developments.
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The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them to garner a greater share. Firms purchasing the report could use one, or a combination of the below mentioned five strategies for strengthening their market presence.
This report provides insights on the following pointers:
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the surgical instrument tracking systems market
Service Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the surgical instrument tracking systems market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new systems, growing geographies, and recent developments in the global surgical instrument tracking systems market
Competitive Assessment: In-depth assessment of market shares, growth strategies, revenue analysis, and services of the leading players in the surgical instrument tracking systems market
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