Global "Surgical
Instrument Tracking Systems Market" 2025
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Share, Development, futuristic cost, earnings, demand and distribution data. Its
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to the new and existing player to take a significant decision.
In this report, we
thoroughly examine and analyse the Global market for Surgical instrument
tracking systems so that market participants can improve their business
strategy and ensure long-term success. This report provides players with useful
information and suggests result-based ideas to give them a competitive
advantage in the global Surgical instrument tracking systems industry. It will
show how other players compete in the global Surgical instrument tracking
systems Market and explain the strategies you use to differentiate yourself
from other participants.
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Industry Insights
Global surgical instrument
tracking systems market was valued at over USD 83.5 million in 2015 and is
anticipated to rise at over 19.0% during the forecast period. The major
factors, which contribute to the growth of this market are growing incidence of
hospital acquired infections and instrument misplacement. In the U.S., nearly
90,000 people die every year due to hospital-acquired infections, based on a
data by CDC. In order to prevent these infections arising out of instrument
contamination, instrument tracking system is highly useful. It is also used for
inventory management to enhance the efficiency of the staff.
Rising prevalence of
retained surgical equipment cases is another factor which is expected to
contribute to the demand for surgical instrument tracking systems in the coming
years. The fatality rate of retained surgical instruments accounted for nearly
2%, according to a study by the National Center for Biotechnology Information.
Technological advancements in the field of surgical instrument tracking
systems, such as RFID, 2D bar codes further boost the growth of this market.
Technology Insights
Barcode technology held the
largest market share in 2016. It is the most common technology used for
tracking systems and is widely used by medical device industry, thus,
contributing to the growth of this segmental revenue. Moreover, the low
installation cost associated with these barcodes also has led to increasing use
by ambulatory surgery centers and hospitals.
The RFID segment is expected
to witness lucrative CAGR over the forecast period owing to the rapid
technological advancements in the field of RFID, such as huge data storage
capacity, high durability, no requirement of line-of-sight and reusability.
End-Use Insights
In 2016, hospitals held the
largest market share owing to the retention of surgical instruments at the site
of surgery. In order to improve patient safety by tracking the instruments and
managing the inventory, hospitals increasingly use surgical instrument tracking
systems. This contributed to the growth of the segment.
Hospitals are also
anticipated to show highest growth over the forecast period. Rapid
technological advancements in the hardware and software is expected to support
the growth of this segment.
Regional Insights
In 2016, North America held
the largest market share. The U.S. Food and Drug Administration launched an
innovative device, which can detect and identify medical devices. This factor
contributed to this largest revenue growth. In addition, availability of highly
developed medical infrastructure, huge penetration of advanced technology and
rising healthcare expenditure further accelerates the growth of this regional
segment. According to CMS, total healthcare spending in the U.S. was USD 3.2 trillion
in 2015, which depicted high healthcare expenditure in this country.
Asia pacific is projected
to witness attractive growth over the forecast period owing to the untapped
market of this region. Moreover, rapid investments in healthcare infrastructure
along with increasing geriatric population also contributed to the high growth
of this segment.
Competitive Insights
Some of the major companies
of this market are Xerafy; Haldor Advanced Technologies Ltd.; Materials
Management Microsystems, Inc; Censis Technologies Inc.; Becton, Dickinson and
Company and B. Braun Melsungen AG.
In order to fulfil the
unmet needs of the target population, the major companies are undertaking
regional expansion, development of new products and mergers & acquisitions.
For instance, in October 2015, Xerafy launched world’s smallest RFID tag named
XXS Tags.
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