The advancement in technology and incorporation of IoT in healthcare will propel the demand for the surgical instrument testing market.
Vancouver, Nov. 16, 2023 (GLOBE NEWSWIRE) — The global Surgical Instrument Tracking Systems market is forecasted to be worth USD 657.35 Million by 2032, according to a current analysis by Emergen Research. The market for surgical instrument tracking system is witnessing popularity due to the rise in efficiency and reduced cost. These tracking devices ensures better asset management and inventory as end-users are focusing on minimizing the loss of valuable asset and ensure smooth workflows. The tracking devices are used in the surgical devices used in plastic surgery, dental surgical instruments, minimally invasive surgical instruments, and ophthalmic surgical instruments.
The growing incidence of the retained surgical instrument in the human body and misplacement after surgeries are fueling the demand for the market. The advancement in RFID technology and an increase in the advanced scanning system will drive the market demand. It also helps in gaining full control of the surgical inventory. Another driving factor is an increase in the FDA’s Unique Device Identification regulations. However, the high cost of the system, budget constraints, low investment cycles, and limitations in technology are expected to hinder market growth.
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The COVID-19 pandemic has further augmented the demand for market technology. The growing incidence of the disease and collapse of the healthcare department will aid in the adoption of the market product as due to the imposition of lockdown, there is no manufacture of new surgical instruments.
Segments Covered in the report
|The market size value in 2021||USD 186.7 Million|
|CAGR (2023 – 2032)||12.1%|
|The revenue forecast in 2032||USD 657.35 Million|
|Base year for estimation||2022|
|Historical data||2019 – 2021|
|Forecast period||2023 – 2032|
|Quantitative units||Volume in Tons, Revenue in USD Thousand, and CAGR from 2023 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Component, Technology, End-Users, Region.|
|Regional scope||North America; Europe; Asia Pacific; Central & South America; MEA|
|Country scope||U.S.; Canada; Mexico; U.K.; Germany; France; Italy; Spain; China; India; Japan; South Korea; Brazil; Saudi Arabia; South Africa; Turkey|
|Key companies profiled||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, and Getinge Group.|
|Customization scope||10 hrs of free customization and expert consultation|
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MAJOR COMPANIES and Market Share Analysis
The market for Surgical Instrument Tracking Systems is fairly fragmented, with numerous small as well as medium-sized manufacturers, which account for a major global share of the market. The manufacturers involved in the market are desegregated across the value chain. The key companies of the market are well-equipped with large manufacturing facilities and are also engaged in various research & development activities. Some of the prominent players in the surgical instrument tracking systems industry include:
- Xerafy Singapore Pte Ltd.
- FingerPrint Medical Limited
- Getinge AB
- B. Braun SE
- Haldor Advanced Technologies
- Microsystems, Inc.
- Ternio Group LLC
- Keir Surgical
- Paragon Group Limited.
In April 2020, Endress+Hauser launched Netilion, its IIoT solution platform, to improve the asset management and lifecycle, maintenance, and support of analyzers and instruments. Netilion allows the users to keep track of their data management, documentation, installed base, and instruments’ performance as well as health status.
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Key Highlights From The Report
- In October 2020, Sandoz Inc. announced its first two injectable medicines with Radio Frequency Identification tags, which will be available to the U.S. hospitals through its collaboration with Kit Check, Inc.
- The software segment is expected to dominate the market for surgical instrument tracking system. Advancement in software technology is propelling the adoption of market devices for inventory and surgical instrument management.
- RFID tags are used to identify each device in a unique way. Moreover, the technology does not need line-of-sight scanning, so products can be scanned even when the label or UDI tags are not really visible.
- The hospital segment will witness a high growth rate due to the high inflow of patients as compared to other institutions and the adoption of IoT by the hospital’s staff. Private hospitals are investing heavily and adopting the latest technologies to become more patient-friendly while reducing the overall expenditure.
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Emergen Research has segmented the global surgical instrument tracking system market on the basis of product, technology, end-use, and region:
- Product Outlook (Revenue, USD Million; 2019-2032)
- Technology Outlook (Revenue, USD Million; 2019-2032)
- End-Use Outlook (Revenue, USD Million; 2019-2032)
- Ambulatory surgical centers
- Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- North America
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