The global Surgical Instrument Tracking Systems market size is expected to reach close to $503.5 Million by 2029 with an annualized growth rate of 11.5% through the projected
The surgical instruments tracking system is an excellent systems which combines with application software and scanning technology. Sub-extensions with InstrumenTrac, TrayTrac, and ScopeTrac ensure the tracking system of surgical equipment. The user friendliness and less installation cost of barcode systems are the major factors driving global surgical instrument tracking systems market growth.
The key factors driving the growth of global surgical instrument tracking market comprise Unique Device Identification guidelines by Food & Drug Administration, increasing number of patient associated with health concerns, growing demand for inventory administration, and the need to surge revenues through operational efficiency. Though, factors such as budgetary limitations, extensive investment cycles, and enormous system costs can be credited to the preventive factors of the global surgical instrument tracking market growth. The North America region is anticipated to lead the global surgical instrument tracking systems market. However, the Asia-Pacific market is also expected to raise in the global market into coming years.
By technology, the global surgical instrument tracking systems market is sub-segmented into radiofrequency identification and barcodes. The barcodes segment was dominated the largest global surgical instrument tracking systems market share, in past years.
By components, the market is categorized into hardware, services, and software. Among these, the software segment detained the largest share, in previous years; though, the hardware segment is anticipated to grow at the largest CAGR between 2018 and 2025 mostly due to the continuous need to replace labels or tags, which leads to recurrence purchases.
By end users, the surgical instrument tracking systems market is classified as hospitals and others. The hospitals sector conquered the largest surgical instrument tracking systems market in past few years. This sector is also estimated to witness the maximum growth over the forecast period. The need for inventory administration to handle a huge amount of surgical instruments and to make sure better patient safety is mainly driving the acceptance of surgical instrument tracking systems.
By geography, the surgical instrument tracking systems market size is sub-segmented into Asia-Pacific, Europe, North America, and the Rest of the World. Among these, the North America region accounted the largest global surgical instrument tracking systems market share, in past few years. However, the Asia-Pacific market is anticipated to witness the huge growth over the forecast period.
Global surgical instrument tracking systems market key players:
- B. Braun Melsungen AG
- Censis Technologies, Inc.
- Haldor Advanced Technologies, Microsystems, Inc.
- Applied Logic, Inc.
- Intelligent nSites
- Mobile Aspects Inc.
- Key Surgical
- STANLEY Healthcare
- Vizbee RFID Solutions
- TGX Medical Systems
- Roboz Surgical Instrument Co.
- JJ International Instrument
- GEISTER MEDIZINTECHNIK GmbH
- Katalyst Surgical, LLC
- Millennium Surgical Instrument Co.
- North America
- Asia Pacific
- Latin America