CHICAGO, Oct. 10, 2019 /PRNewswire/ -- According to the new market research report "Surgical Instrument Tracking Systems Market by Technology (Barcode, RFID), Component (Software, Hardware [Scanner], Service), End-User (Hospital [Public, Private]), and Region (North America, Europe, APAC, Latin America, MEA) – Global Forecast to 2024", published by MarketsandMarkets™, the Surgical Instrument Tracking Systems Market is projected to grow at a CAGR of 14.1% during the forecast period to reach USD 312 million by 2024 from USD 161 million in 2019.
Download PDF Brochure:
The Factors such as the need to meet FDA Unique Device Identification mandates, the requirement for better inventory & asset management practices, and growth of the surgical instruments market are expected to drive the growth of this market during the forecast period.
The hospitals market segment accounted for the largest share of the Surgical Instrument Tracking Systems Market.
Based on end user, the 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 high patient inflow as compared to other end users in the market. Hospitals also use more equipment and instruments on an average than other healthcare providers and carry out a greater number of surgical procedures. This has ensured a sustained demand for tracking solutions in hospitals.
Browse in-depth TOC on "Surgical Instrument Tracking Systems Market"
105 – Tables
23 – Figures
112 – Pages
Software accounted for the largest share of the Surgical Instrument Tracking Systems Market in 2019.
Based on component, the market has been segmented into software, hardware, and services. The software segment accounted for the largest share of the market in 2018. Software is a non-tangible component used to run a system or perform primary tasks, which include maintaining equipment records and performing administrative tasks in any healthcare organization or hospital. Surgical instrument tracking software such as RFID software plays a major role in receiving valuable data from multiple tags via antennas. It helps in the data management of surgical instruments which in turn helps in workflow management. Growth in this market segment is driven by the frequent need for upgrades and the introduction of new software applications. Vendors are continuously introducing advanced, user-friendly products with improved data security.
Get 10% Customization on this Research Report:
Asia Pacific to dominate the Surgical Instrument Tracking Systems Market during the forecast period
In 2019, North America dominated the Surgical Instrument Tracking Systems Market, followed by Europe. The Unique Device Identification (UDI) regulations by the FDA and the need to cut down healthcare expenditure are the factors driving the market in North America.
The Asia Pacific region is projected to register the highest growth rate in the global market during the forecast period. This is primarily attributed to government initiatives to implement asset tracking solutions and growing access to healthcare facilities in the region.
The prominent players operating in this market include Censis Technologies (US), Material Management Microsystems (US), Becton, Dickinson and Company (US), Haldor Advanced Technologies (Israel), Intelligent InSites, Inc. (US), Key Surgical, Inc. (US), Mobile Aspects (US), TGX Medical Systems (US), Xerafy (China), STANLEY Healthcare (US), B. Braun Melsungen AG (Germany), Getinge AB (Sweden), Infor Inc. (US), SpaTrack Medical Limited (UK), and Scanlan International, Inc. (US).
Browse Adjacent Markets: Biotechnology Market Research Reports & Consulting
Browse Related Reports:
Gynecology Surgical Instrument Market by Product (Scissors, Forceps, Trocar, SIMS, CUSCO), Application (Laparoscopy, Colposcopy, Hysteroscopy, D&C, Ablation, Biopsy), & End User (Hospital, Clinic, Ambulatory Surgery Center) - Global Forecast to 2021
Healthcare Asset Management Market by Product (RFID (Active, Passive), RTLS, Ultrasound, Infrared), Application (Hospital (Equipment, Patient Monitoring, Staff Management, Hand Hygiene), Pharma (Drug Counterfeiting, Supply Chain)) - Global Forecast to 2023
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Shelly Singh
630 Dundee Road
Northbrook, IL 60062
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/surgical-instrument-tracking-system-market.asp
Visit Our Website: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/surgical-instrument-tracking-system.asp