Dublin, March 15, 2023 (GLOBE NEWSWIRE) -- Maximize Market research, a global Healthcare market research firm, has published competitive intelligence and market research report on “Surgical Instrument Tracking System Market“. The Surgical Instrument Tracking System market size was valued at USD 233.5 Mn in 2021. The total Surgical Instrument Tracking System Market revenue is expected to grow at a CAGR of 15 percent from 2022 to 2029, reaching USD 714.1 Mn during the forecast period.
| Market Size in 2021 | USD 233.5 Mn |
| Market Size in 2029 | USD 714.1 Mn |
| CAGR | 15 percent (2022-2029) |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
| Number of Pages | 265 |
| No. of Tables | 120 |
| No. of Charts and Figures | 130 |
| Segment Covered | Product, Technology, and End-Use |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Surgical Instrument Tracking System Market Scope and Research Methodology
The report provides an in-depth analysis of the current market structure of the Surgical Instrument Tracking System Market including its major characteristics. The Surgical Instrument Tracking System Market growth drivers, growth opportunities, restraints, and challenges are provided in the report with the forecast period of 2022-2029. All the essential market figures are provided in the report to help the new entrant analyze the Surgical Instrument Tracking System Market and understand growth strategies.
Bottom Up approach was used to estimate the Surgical Instrument Tracking System Market size of various segments and sub-segments. Secondary research was used to indent and collect information for the extensive, market-oriented and commercial analysis of the Surgical Instrument Tracking System Market. The sources used to obtain key information about major Surgical Instrument Tracking System Market players, market development, and technology perspectives were investors’ presentations, press releases, expert interviews, SEC filings, and annual reports. Primary research was conducted to verify the quantitative and qualitative information collected through secondary research from the Surgical Instrument Tracking System Market. The report is equipped with a competitive analysis of the Surgical Instrument Tracking System Market players. The Surgical Instrument Tracking System Market was analyzed by region, revenue, financial status, portfolio, technological advancement adopted, social, social medial presence, and mergers and acquisitions.
Surgical Instrument Tracking System Market Overview
A surgical instrument tracking system is designed to improve manual recording and paper trails for managing instrument inventory at the tray level. An instrument tracking system is a system that directly promotes surgical care safety and operational efficiency by assisting in inventory management and automating tracking at specific points of service, such as sterile processing, assembly, distribution, and in perioperative care. Increasing number of surgeries and increasing advancement in the field is expected to be the major driver of the Surgical Instrument Tracking System Market growth.
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Increase in the number of people receiving surgical procedures is expected to influence the Surgical Instrument Tracking System Market growth
Growing urbanization and disposable income, increased emphasis on better patient care and inventory management are expected to boost the Surgical Instrument Tracking System Market growth. Increase in number of surgeries need to meet FDAs unique device identification mandates by the manufacturers to track surgical instruments from manufacturing through distribution chain are expected to influence the Surgical Instrument Tracking System Market growth. Integration of scanning technology and instrument tracking systems such as RFID surgical instrument tracking or barcode scanning are expected to drive the Surgical Instrument Tracking System Market growth. Growing healthcare spending and infrastructure are expected to present lucrative opportunity for the Surgical Instrument Tracking System Market.
High cost of system, high investment cycles and low ROIs are the factors expected to restrain the Surgical Instrument Tracking System Market growth.
North American region to dominate the Surgical Instrument Tracking System Market over the forecast period
North American region dominated the Surgical Instrument Tracking System Market accounting 40.00 percent of total market over the forecast period. Increased prevalence of chronic illnesses, increase the demand for surgeries in Mexico, Canada are expected to influence the Surgical Instrument Tracking System Market growth.
Asia Pacific region is expected to witness significant growth over the forecast period. Increasing number of surgical operations, along with rapidly improving healthcare infrastructure in China, India, and Indonesia are expected to drive the regional Surgical Instrument Tracking System Market growth.
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Surgical Instrument Tracking System Market Segmentation
Based on Product, Hardware segment to dominate the Surgical Instrument Tracking System Market over the forecast period
Hardware segment held the largest market share accounting 45.00 percent of total Surgical Instrument Tracking System Market in 2021. Advancement in hardware technology, that include RFID chips and barcode tags for inventory and surgical tool management is influencing the Hardware segment growth in the Surgical Instrument Tracking System Market. Service category is expected to grow rapidly during the forecast period.
Based on the Technology, Barcode segment is expected to dominate the Surgical Instrument Tracking System Market growth during the forecast period
Barcode segment held the largest share accounting 82 percent in 2021. Rising use of Barcode in the medical device sector is a significant factor leading to its high market revenue share. The inexpensive installation cost of barcode in healthcare institutions such as hospitals and ambulatory surgery centers is expected to influence the Surgical Instrument Tracking System market growth.
Based on End Use, Hospital Segment to witness significant growth during the forecast period
Increased healthcare spending, as well as investment in new hospitals and their expansion are expected to influence the Hospital Segment growth in Surgical Instrument Tracking System Market. Increasing number of hospital is expected to boost the market growth.
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By Product:
- Hardware
- Software
- Services
By Technology:
- Barcodes
- Hospitals
- Others
- RFID
- Others
- Hospitals
By End-use:
- Hospitals
- Others
Surgical Instrument Tracking System Market Key Players include:
- Fortive Corporation
- Material Management Microsystems
- Haldor Advanced Technologies
- BD
- Getinge AB
- STERIS
- STANLEY Healthcare
- MOBILE ASPECTS
- Integra LifeSciences
- Xerafy Singapore Pte Ltd.
- B. Braun Melsungen AG
- SpaTrack Medical Limited
- Scanlan International
- CASE MEDICAL
- ASANUS Medizintechnik GmbH
- Infor
- Vizinex RFID
- ScanCARE Pty Ltd.
- TGX Medical Systems
- Censis Technologies, Inc.
- Microsystems
Fortive Corporation:
The company is highly committed to high-tech solutions and high-touch human impact. They offer advanced technologies to ensure that safety standards are met, instruments are operating smoothly, and complex procedures are followed accurately in a dynamic environment. The total annual revenue of the company is USD 5.826 Bn in 2022 and was USD 5.255 Bn in 2021.
STANLEY Healthcare:
STANLEY Healthcare mission is to connect caregivers to essential information, and to those in their care so that they can deliver safe, secure and efficient care. They partner with likeminded providers, vendors and some other organizations to bring this closer to reality – even for great challenges. The annual revenue of the company is USD 182.8 Mn in 2022.
Key questions answered in the Surgical Instrument Tracking System Market are:
- What is Surgical Instrument Tracking System?
- What was the Surgical Instrument Tracking System market size in 2021?
- What is the forecast period of Surgical Instrument Tracking System market?
- What will be the Surgical Instrument Tracking System market size by 2029?
- What is the growth rate of the Surgical Instrument Tracking System Market?
- Which factors are expected to influence the Surgical Instrument Tracking System Market growth?
- What factors are expected to hamper the Surgical Instrument Tracking System Market growth?
- Which segment dominated the Surgical Instrument Tracking System Market growth?
- What is the demand pattern for the Surgical Instrument Tracking System market?
- Which region held the largest share in the Surgical Instrument Tracking System market?
- Who are the key players in the Surgical Instrument Tracking System market?
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Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by Product, Technology, and End-Use
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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Surgical Microscopes Market - The market size is expected to reach USD 14.69 billion by 2029 at a CAGR of 6.7 percent during the forecast period. The market is expected to be driven by an increase in surgical operations, desire for more precision, and upcoming technologies such as wide-angle illumination, red reflex lighting, and Augmented Reality (AR) microscopy.
Orthopedic Surgical Power Tools Market - The market size is expected to reach USD 2.45 billion by 2029 at a CAGR of 3.5 percent during the forecast period. The market is expected to be driven by the growing geriatric population, which leads to a rise in orthopedic procedures and cases of osteoporosis.
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Surgical Imaging Market- The total market was valued at USD 1.83 Bn in 2021, and it is expected to reach USD 3.07 Bn by 2029, exhibiting a CAGR of 6.7 percent during the forecast period (2022-2029). High-quality digital image and Increase in the geriatric population is expected to fuel the market growth.
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Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
