The surgical instrument tracking systems market is expected to grow at a CAGR of 13. 4 % in the forecast period. The surgical instrument tracking systems market is projected to reach USD 338 million by 2025 from USD 180 million in 2020, at a CAGR of 13.
New York, Aug. 28, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Surgical Instrument Tracking Systems Market by Technology, End User ), Region COVID-19 Impact - Global Forecast to 2025" - https://www.reportlinker.com/p04002076/?utm_source=GNW
4% during the forecast period The tracking systems are gaining importance and is increasing in demand among healthcare providers due to the drive to reduce costs and increase efficiency. These systems ensure better inventory and asset management practices is a key aspect of this drive. End users such as hospitals are focused on minimizing the loss of valuable assets and ensuring smooth workflows. Other major factors driving market growth include the FDA’s Unique Device Identification mandates and the growth of the surgical instruments market. However, high systems cost, long investment cycles, and budgetary constraints, and technological limitations are expected to restrain market growth to a certain extent.
Based on technology, the barcode segment holds the highest market share during the forecast period.
Based on technology, the surgical instrument tracking systems market is segmented into barcode and RFID.The barcode segment held the highest market share. The high market share of this segment can be attributed to the low cost of installation has resulted in the increased adoption of the barcode technology in the surgical instrument tracking systems market.
Based on component, the hardware segment is expected to register the highest CAGR during the forecast period.
Based on component, the surgical instrument tracking systems market is segmented into software, hardware, and services. The hardware segment is projected to register the highest CAGR during the forecast period.This is mainly due to the repeat purchase of non-durable RFID tags/barcode labels that need replacement as tags/labels are prone to detachment during washing and/or damage during sterilization cycles.
• By enduser , the hospital holds the highest market share during the forecast period.
Based on end user , the surgical instrument tracking systems market is segmented into hospitals and other end users.The hospitals segment accounted for the larger share of the surgical instrument tracking systems market in 2018.
The growth of the hospitals segment is attributed to their high patient inflow as compared to other end users in the market.
• By Region, The Asia Pacific region is expected to register the highest CAGR during the forecast period.
The Asia Pacific surgical instrument tracking systems market is expected to grow at the highest CAGR from 2020 to 2025.Asian companies are capable of manufacturing inexpensive RFID tags based on standards set by Engineering, Procurement, and Construction Global (EPC Global).
Many countries—particularly Hong Kong, Japan, Singapore, South Korea, and Taiwan—are financing pilots of RFID technology to create a role for their economies in the RFID industry.Governments, as well as private industries in these countries, have been active in the development of international RFID standards.
This is increasing the adoption of RFID technology in the Asia Pacific.
Break of primary participants was as mentioned below:
• By Company Type – Tier 1–35%, Tier 2–45% and Tier 3–20%
• By Designation – C-level–35%, Director-level–25%, Others–40%
• By Region – North America–45%, Europe–30%, Asia Pacific–20%, Latin America- 3%, Middle East and Africa–2%
Key players in the surgical instrument tracking systems market
The key players operating in the surgical instrument tracking systems include Fortive Corporation Group (US), Material Management Microsystems(US), Becton, Dickson and Company (US), Haldor Advanced Technologies (US), Key Surgical,Inc. (US), Mobile Aspects (US), TGX Medical Systems (US), Xerafy (China), Stanley Healthcare (Israel), B.Barun Melsungen (Germany), Gentinge Group (Sweden), Steris Instrument Management Services (US),Koch Industries (US), SpaTrack Medical Limited (UK), Scanlan International,Inc. (US), Case Medical (US), Asanus Medizintechnik Gmbh Inc. (Germany), Keir Surgical Ltd. (Canada), Intechnology Distribution PTY Ltd. (Australia), Nutrace (US).
The report analyzes the surgical instrument tracking systems market and aims at estimating the market size and future growth potential of this market based on various segments such as product, distribution channel, and region.The report also includes a product portfolio matrix of various cancer profiling products available in the market.
The report also provides a competitive analysis of the key players in this market, along with their company profiles, product offerings, and key market strategies.
Reasons to Buy the Report
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, garner a more significant share of the market. Firms purchasing the report could use one or any combination of the below-mentioned strategies to strengthen their position in the market.
This report provides insights into the following pointers:
• Market Penetration: Comprehensive information on product portfolios offered by the top players in the global surgical instrument tracking systems market. The report analyzes this market by product and distribution channel.
• Product Enhancement/Innovation: Detailed insights on upcoming trends and product launches in the global surgical instrument tracking systems market
• Market Development: Comprehensive information on the lucrative emerging markets by product and distribution channel
• Market Diversification: Exhaustive information about new products or product enhancements, growing geographies, recent developments, and investments in the global surgical instrument tracking systems market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, competitive leadership mapping, and capabilities of leading players in the global surgical instrument tracking systems market.
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