Surgical Instrument Tracking Systems Market Application Estimates and Outlook Overview by 2014-2025
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.
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.
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<strong>Surgical</strong> <strong>Instrument</strong> <strong>Tracking</strong> <strong>Systems</strong> <strong>Market</strong> <strong>Application</strong><br />
<strong>Estimates</strong> <strong>and</strong> <strong>Outlook</strong> <strong>Overview</strong> <strong>by</strong> <strong>2014</strong>-<strong>2025</strong><br />
“Global <strong>Surgical</strong> <strong>Instrument</strong> <strong>Tracking</strong> <strong>Systems</strong> <strong>Market</strong> was valued at over USD<br />
83.5 million in 2015 <strong>and</strong> is anticipated to rise at over 19.0% during the<br />
forecast period. The major factors, which contribute to the growth of this<br />
market are growing incidence of hospital acquired infections <strong>and</strong> instrument<br />
misplacement.<br />
Industry Insights<br />
Global <strong>Surgical</strong> <strong>Instrument</strong> <strong>Tracking</strong> <strong>Systems</strong> <strong>Market</strong> was valued at over USD 83.5 million in 2015 <strong>and</strong> is<br />
anticipated to rise at over 19.0% during the forecast period. The major factors, which contribute to the growth<br />
of this market are growing incidence of hospital acquired infections <strong>and</strong> instrument misplacement. In the U.S.,<br />
nearly 90,000 people die every year due to hospital-acquired infections, based on a data <strong>by</strong> CDC. In order to<br />
prevent these infections arising out of instrument contamination, instrument tracking system is highly useful. It<br />
is also used for inventory management to enhance the efficiency of the staff.<br />
Rising prevalence of retained surgical equipment cases is another factor which is expected to contribute to the<br />
dem<strong>and</strong> for surgical instrument tracking systems in the coming years. The fatality rate of retained surgical<br />
instruments accounted for nearly 2%, according to a study <strong>by</strong> the National Center for Biotechnology<br />
Information. Technological advancements in the field of surgical instrument tracking systems, such as RFID, 2D<br />
bar codes further boost the growth of this market.<br />
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Product Insights<br />
Based on the product, the market is classified into services, hardware <strong>and</strong> software. Software held the largest<br />
market share in 2016 <strong>and</strong> is projected to witness lucrative growth over the forecast period. Advancements in<br />
the field of software technology, such as tracking surgical instruments <strong>and</strong> inventory management support the<br />
growth of this segment. For instance, IMPRESS, designed <strong>by</strong> BD helps delivering information on sterilized surgical<br />
equipment. This further facilitates inventory management <strong>and</strong> delivers ongoing assistance through phone.<br />
The hardware segment is expected to showcase significant growth over the forecast period. This is due to the<br />
high dem<strong>and</strong> for RFID labels <strong>and</strong> barcode tags. For instance, Dot XXS - Autoclavable Version of Xerafy is especially<br />
designed for tagging surgical instruments. It is one of the smallest RFID metal tag <strong>and</strong> withst<strong>and</strong>s repeated<br />
autoclave <strong>and</strong> chemical washes.<br />
Technology Insights<br />
Barcode technology held the largest market share in 2016. It is the most common technology used for tracking<br />
systems <strong>and</strong> is widely used <strong>by</strong> medical device industry, thus, contributing to the growth of this segmental<br />
revenue. Moreover, the low installation cost associated with these barcodes also has led to increasing use <strong>by</strong><br />
ambulatory surgery centers <strong>and</strong> hospitals.<br />
The RFID segment is expected to witness lucrative CAGR over the forecast period owing to the rapid<br />
technological advancements in the field of RFID, such as huge data storage capacity, high durability, no<br />
requirement of line-of-sight <strong>and</strong> reusability.<br />
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https://www.millioninsights.com/industry-reports/surgical-instrument-tracking-systems-market<br />
End-Use Insights<br />
In 2016, hospitals held the largest market share owing to the retention of surgical instruments at the site of<br />
surgery. In order to improve patient safety <strong>by</strong> tracking the instruments <strong>and</strong> managing the inventory, hospitals<br />
increasingly use surgical instrument tracking systems. This contributed to the growth of the segment.<br />
Hospitals are also anticipated to show highest growth over the forecast period. Rapid technological<br />
advancements in the hardware <strong>and</strong> software is expected to support the growth of this segment.<br />
Regional Insights<br />
In 2016, North America held the largest market share. The U.S. Food <strong>and</strong> Drug Administration launched an<br />
innovative device, which can detect <strong>and</strong> identify medical devices. This factor contributed to this largest revenue<br />
growth. In addition, availability of highly developed medical infrastructure, huge penetration of advanced<br />
technology <strong>and</strong> 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<br />
healthcare expenditure in this country.<br />
Asia pacific is projected to witness attractive growth over the forecast period owing to the untapped market of<br />
this region. Moreover, rapid investments in healthcare infrastructure along with increasing geriatric population<br />
also contributed to the high growth of this segment.<br />
Competitive Insights<br />
Some of the major companies of this market are Xerafy; Haldor Advanced Technologies Ltd.; Materials<br />
Management Microsystems, Inc; Censis Technologies Inc.; Becton, Dickinson <strong>and</strong> Company <strong>and</strong> B. Braun<br />
Melsungen AG.<br />
In order to fulfil the unmet needs of the target population, the major companies are undertaking regional<br />
expansion, development of new products <strong>and</strong> mergers & acquisitions. For instance, in October 2015, Xerafy<br />
launched world’s smallest RFID tag named XXS Tags.<br />
<strong>Market</strong> Segment:<br />
Product <strong>Outlook</strong> (Revenue, USD Million; <strong>2014</strong> - <strong>2025</strong>)<br />
• Hardware<br />
• Software<br />
• Services<br />
Technology <strong>Outlook</strong> (Revenue, USD Million; <strong>2014</strong> - <strong>2025</strong>)<br />
• Barcodes<br />
• RFID<br />
End-Use <strong>Outlook</strong> (Revenue, USD Million; <strong>2014</strong> - <strong>2025</strong>)<br />
• Hospitals<br />
• Others<br />
Regional <strong>Outlook</strong> (Revenue, USD Million; <strong>2014</strong> - <strong>2025</strong>)<br />
• North America<br />
• Europe<br />
• Asia Pacific<br />
• Latin America<br />
• MEA<br />
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https://www.millioninsights.com/industry/medical-devices
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