DUBLIN–(BUSINESS WIRE)–The “Global Surgical Instrument Tracking Systems Market by Technology (RFID, Barcode), Component (Hardware (Scanner), Software, Services), End User (Hospital (Public, Private)), Region (North America, Europe, Asia Pacific) COVID-19 Impact – Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The surgical instrument tracking systems market is projected to reach USD 406 million by 2026 from an estimated USD 203 million in 2021, at a CAGR of 14.9% during the forecast period, with growth in this market mainly being driven by the need to meet the FDA Unique Device Identification mandates, the requirement for better inventory and asset management practices, and the growth of the surgical instruments market.
However, high system costs, long investment cycles, budgetary constraints, and technological limitations are expected to restrain market growth to a certain extent.
The Barcode segment accounted for the largest market share in 2020
Based on technology, the surgical instrument tracking systems market is segmented into barcode and RFID. The barcode segment accounted for a larger market share in 2020. The low installation cost of barcodes has resulted in their increased adoption in the surgical instrument tracking systems market.
The Software segment accounted for the largest market share in 2020
Based on components, the surgical instrument tracking systems market is segmented into software, hardware, and services. The software segment accounted for the largest market share in 2020. However, the hardware segment is expected to witness the highest growth during the forecast period. This is mainly due to the repeat purchase of non-durable RFID tags/barcode labels that need replacement, as tags/labels are prone to detachment during washing and/or damage during sterilization cycles.
The Hospitals segment accounted for the largest market share in 2020
Based on end-users, the surgical instrument tracking systems market is segmented into hospitals and other end users. The hospitals segment accounted for a larger share of the surgical instrument tracking systems market in 2020. Growth in the hospital end-user segment can be attributed to their high patient inflow compared to other end-users in the market. Hospitals also use more equipment and instruments on average than other healthcare providers and conduct a greater number of surgical procedures. This has ensured a sustained demand for tracking solutions in hospitals.
North America was the largest regional market for surgical instrument tracking systems market in 2020
North America is the largest regional market for surgical instrument tracking systems. The Unique Device Identification (UDI) regulations by the FDA and the need to reduce healthcare expenditures drive the surgical instrument tracking systems market in North America. However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period, primarily due to government initiatives to implement asset tracking solutions and growing access to healthcare facilities in the region.
Key Topics Covered:
- Surgical Instrument Tracking Systems Market Overview
- Asia-Pacific: Surgical Instrument Tracking Systems Market, by Technology (2020)
- Surgical Instrument Tracking Systems Market: Geographic Growth Opportunities
- Regional Mix: Surgical Instrument Tracking Systems Market (2021-2026)
- Surgical Instrument Tracking Systems Market: Developed Vs. Developing Markets
- Need to Meet FDA Unique Device Identification Mandates
- Requirement for Better Inventory and Asset Management Practices
- Growing Medical Device and Surgical Instruments Markets
- High System Costs, Long Investment Cycles, and Low Rois
- Emerging Economies
- Development of Active Rfid Technology for Instruments
- Asanus Medizintechnik GmbH
- Avery Dennison Corporation
- B. Braun Melsungen AG
- Becton, Dickinson and Company
- Fortive Corporation Group
- Getinge AB
- Haldor Advanced Technologies
- Healthtech Pivot
- Integra Lifesciences Holdings Corporation
- Keir Surgical Ltd.
- Material Management Microsystems, Inc.
- Mobile Aspects
- Rfid Discovery
- Rms Omega Healthcare
- Scancare Pty Ltd.
- Scanlan International, Inc.
- Spatrack Medical Limited
- Stanley Healthcare (A Division of Stanley Black & Decker)
- Surgical Safety Scanner
- Technosource Australia Pty Ltd.
- Vizinex Rfid
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