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Surgical Instrument Tracking System Market Global Value, Share Analysis by Top Market Key Players | Comprehensive Report by MRFR

Surgical Instrument Tracking System Market Overview

The Global Surgical Instrument Tracking System (IGRT) Market is growing exponentially owing to the the impact of the UDI regulation and rising need for inventory management are the major factor driving the Surgical Instrument Tracking System Market. The global surgical instrument tracking system market is expected to grow at a CAGR of 18% during the forecasted period.

The surge in the adoption rate of instrument tracking system by hospitals results in market growth. At present, hospitals face major issues in the form of tracing medical devices as well as inventory management during the work cycle such as surgery, storage, sterilization procedures, and post-surgery. Instigated by these challenges, hospitals are now adopting innovative technologies for keeping track of such equipment and systems, which is expected to do wonders for the market.

The surgical instrument tracking devices is very effective and helpful tool for healthcare professional to access any instrument or device and is considered as a time saving tools all these factor is responsible for the growth of surgical instrument tracking system market.

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According to the Centre for Disease Control (CDC), annual death of approx. 90,000 in the U.S. is due to hospital-acquired infections. Thus, in order to prevent contaminated instruments from causing the infection and for better inventory management, use of tracking is expected to grow at high rate in the near future.

Esteemed Vendors

Vizbee RFID Solutions, Xerafy, Millennium Surgical Corp Applied Logic, Inc., Braun Melsungen AG BD, Intelligent InSites, Key Surgical, Mobile Aspects Inc., STANLEY Healthcare, JJ International Instruments, Infor, Roboz Surgical Instrument Co., Microsystems, Inc., Haldor Advanced Technologies, GEISTER MEDIZINTECHNIK GmbH, ESI, Censis Technologies, Inc., Katalyst Surgical, LLC, TGX Medical Systems, are some of the esteemed companies in the worldwide surgical instrument tracking system market.

Market Segmentation

The worldwide market for surgical instrument tracking system has been segmented on the basis of types, end-users, and component.

Type-wise, the market includes electronic tracking, barcode tracking, Radio Frequency Identification (RFID), and others.

The end users profiled in the MRFR report are clinics, hospitals, laboratories, research facilities, and others.

With respect to component, the segments include software, services, and others.

Market Boosters and Top Challenges

The substantial market growth is the result of the rising incidence of retained surgical instruments in the human body after surgery as well as instrument misplacement. The National Center for Biotechnology Information (NCBI) has to say that due to retained surgical objects, the fatality rate is now close to 2%. This number clearly points towards the need for advanced technologies like 2D barcodes and RFID for tracking retained instruments for patients still in the operation theater.

The imminent market expansion could also be in response to the rising need for inventory management along with the implementation of Unique Device Identification (UDI) regulations by the FDA. Technological innovations combined with the efforts from governments for uplifting the use of these devices is also poised to favor market growth in the years to come.

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Regional Analysis

The surgical instrument tracking system market is split across the regions of Asia Pacific, Middle East and Africa, North America, and Europe.

North America presides over the global surgical instrument tracking system market, with the United States (USA) as the most significant contributor to the said growth. Availability of high-quality products along with established healthcare infrastructure drives the demand for surgical instrument tracking system in the region. The robust product demand in North America is the result of UDI regulations by FDA that raises the adoption rate for surgical instrument tracking system.

Europe thrives as the second most lucrative surgical instrument tracking system market. Factors instrumental in market growth could be the growing medical tourism and rising healthcare privatization in the region.

Asia Pacific could expect to rise at the highest rate in the given timeframe owing to abundant untapped opportunities for vendors. The status of the healthcare industry in APAC is noting a tremendous surge, even more than the one in the Americas and Europe. The burgeoning geriatric population and the rapidly increasing healthcare infrastructure in India and China are presumed to favor the overall regional market growth in the years ahead.

Surging healthcare costs and high health expenditure have resulted in an abysmal performance of the Middle East and Africa market. However, North Africa holds some potential in terms of export for the regional producers, which could work in favor of the market during the conjectured period.

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Intended Audience

Surgical instrument tracking system product manufacturers and vendors

Hospitals and clinics

Various consulting and research firms

Distributors of surgical instrument tracking systems

Ambulatory surgical centers

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