The global surgical instrument tracking systems market is expected to reach a value of USD 442.9 million by 2025
Increasing incidence of surgical instruments being left behind after surgery is the most significant factor anticipated to boost the market growth during the forecast period. Annually in the U.S, around 4,500 to 6,000 surgical instruments are left in the surgical sites, which results in the need of additional surgery for removal of retained devices from the body. This in turn results in the need for operating instrument tracking products.
Rising adoption of medical devices and instrument tracking products by private and public hospitals is another major factor contributing to the growth of the market. The inventory management and tracing of medical devices and instruments during work cycle, such as during sterilization procedures, surgery, and post-surgery, is a major problem faced by the hospitals. Thus, the need of medical devices and instrument tracking systems is growing at high rate, which is expected to propel the growth of the sector.
Further key findings from the study suggest:
As a result of low installation cost and ease of handling, barcode technology was the largest grossing segment of the surgical instrument tracking systems market in 2015.
The software solutions segment was the highest revenue-generating segment in 2015, owing to increasing technological advancement in software solutions.
In 2015, hospitals segment held the largest revenue share in the market, owing to the increasing adoption of track-and-trace for inventory management and surgical instruments tracing to provide better patient safety.
North America held the largest share of the surgical instrument tracking systems market in the year 2015. This region is expected to uphold its dominance during the forecast period.
Highly developed healthcare infrastructure and availability of advanced products is anticipated to drive the demand for medical device and instruments tracking products in North America during the forecast period
Some of the key players include Censis Technologies, Inc.; Materials Management Microsystems, Inc.; Haldor Advanced Technologies. Ltd.; Xerafy; B. Braun Melsungen AG; Getinge Group; and Becton, Dickinson and Company
Key Topics Covered:
1 Research Methodology
2 Executive Summary 2.1 Market Snapshot
3 Surgical Instrument Tracking Systems Market Variables, Trends & Scope 3.1 Market Segmentation & Scope 3.2 Market Driver Analysis 3.2.1 Increasing incidence of retained surgical instrument cases 3.2.2 Escalating need for surgical instrument inventory management 3.2.3 Technological advancement 3.3 Market Restraint Analysis 3.3.1 High cost associated with implementation of surgical instruement tracking system 3.4 Key Opportunities Prioritized 3.4.1 Key opportunities prioritized, by product 3.4.2 Key opportunities prioritized, by technology 3.4.3 Key opportunities prioritized, by end-use 3.5 Surgical Instrument Tracking Systems - SWOT Analysis, by Factor (Political & Legal, Economic and Technological) 3.6 Industry Analysis - Porter's 3.7 Surgical Instrument Tracking Systems Market: Heat Map Analysis, 2015