Healthcare resource management has gained traction with the rise in concern for the security and safety of medical instruments and devices. These devices help in tracking the instrument and enable proper resource utilization. The demand for the market is growing due to the rise in the number of COVID-19 incidences. The increase in the number of patients has affected the market positively.
The global Surgical Instrument Tracking Systems market is forecasted to be worth USD 431.6 Million by 2027, according to a current analysis by Emergen Research. The surgical instrument tracking system market is used in the healthcare industry for tracking new technology and smartphones and tablets.
Another major propelling factor is the implementation of a unique device identification (UDI) system by the Food and Drug Administration. This has led most of the devices to include UDI in human and machine-readable form. However, factors such as budget limitations, massive cost systems, and lengthy investment cycles can hinder the growth of the market.
The report considers COVID-19 as a key contributor of the dynamically altered market scenario. The report covers a comprehensive impact analysis of the global health crisis on the overall growth of the market. Furthermore, the report covers the current and future impact of the COVID-19 crisis on the market and its key segments.
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Key Highlights From The Report
In June 2020, Terso Solutions announced its partnership with Medical Tracking Solutions, Inc. They launched an RFID surgical loaner kit tracking solution to help the visibility for manufacturers and hospitals from the warehouse to the point of use and everything in between.
Surgical instrument tracking system hardware is gaining popularity as there is a repeat purchase of non-durable radiofrequency-identification barcode labels that require constant replacement as they are more prone to detachment during damage or washing.
RFID tags are designed to resist the rigors of the healthcare industry, as well as the harsh sterilization processes, which are used to automate the Joint Commission's Universal Protocol and meet FDA UDI requirements.
Hospitals are witnessing high demand due to the adoption of products and a rise in the incidence of surgeries. The hospitals lose a lot of its surgical devices or misplace it, which makes the whole process more expensive. This will propel the segment’s demand in the market.
North America held the largest market share due to the adoption of advanced technologies and the need for lower healthcare expenses and efficient equipment management, which will drive the demand for the product. The region will hold a market share of 34.8% in the year 2019.
Key participants include Material Management Microsystems, Fortive Corporation Group, Haldor Advanced Technologies, Becton, Dickinson And Company, Mobile Aspects, Key Surgical, Inc., TGX Medical Systems, B. Braun Melsungen, Xerafy, and Getinge Group, among others.
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Component Outlook (Revenue, USD Billion; 2017-2027)
Software
Services
Hardware
Readers
Tags
Others
Technology Outlook (Revenue, USD Billion; 2017-2027)
Radiofrequency identification (RFID)
Barcode
End Users Outlook (Revenue, USD Billion; 2017-2027)
Hospitals
Private Hospitals
Public Hospitals
Others
Regional Outlook (Revenue, USD Billion; 2017-2027)
North America
Europe
Asia Pacific
Latin America
MEA
Table of Content
Chapter 1. Methodology & Sources
1.1. Surgical Instrument Tracking Systems Market Definition
1.2. Surgical Instrument Tracking Systems Market Research Scope
1.3. Surgical Instrument Tracking Systems Market Methodology
1.4. Surgical Instrument Tracking Systems Market Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Surgical Instrument Tracking Systems Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Key Insights
Chapter 4. Surgical Instrument Tracking Systems Market Segmentation & Impact Analysis
Continued…
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Surgical Instrument Tracking System Market OverviewSurgical Instrument Tracking System Market Could Expand at The Rate of 18% During The Forecast Period (2018-2027), Suggests Market Research Future (MRFR).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.
Case in point is St. Joseph’s Hospital and Medical Clinic (Arizona), which has started using IMPRESS instrument management system that has helped save more than USD 1.0 million in repair, instrument purchasing costs and refurbishment annually.Esteemed VendorsVizbee 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 SegmentationThe 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.Get Free Sample at: https://www.marketresearchfuture.com/sample_request/1391Market Boosters and Top ChallengesThe 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.
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