Surgical Instruments Tracking Devices Market to be dominated by Hardware type through 2028

Increasing the number of surgical procedures is expected to drive the growth of global surgical Instruments tracking devices in the forecast period, 2024-2028.

According to TechSci Research report, “Surgical Instruments Tracking Devices Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F”, the global surgical instruments tracking devices market is anticipated to grow at an impressive rate in the forecast period, 2024-2028. This can be ascribed to the increasing number of sports injuries, accidents, cardiovascular illness, and chronic disorder along with growing number of surgical procedures among the population, globally. Additionally, increasing demand from FDA and growing healthcare expenditure especially, in the developed countries in North America and Europe, are expected to create lucrative opportunities for the market growth in the coming years. Besides, increasing investment by government organizations in the healthcare sector for the development of new therapies and devices is further expected to support market growth. Similarly, growing levels of disposable income and urbanizations are the major factors that will boost the market growth during the forecast period. Additionally, a growing emphasis on better patient care and inventory management, a growing focus of manufacturers on the adoption of advanced technologies and a growing number of key players in the market will further boost the market growth during the forecast period.

However, the high cost of tracking devices along with technological limitations, are slowing down the growth of the global surgical instruments tracking devices market in the forecast period. Similarly, lengthy investment cycles may also hamper the surgical instruments tracking devices market growth during the forecast period. Also, return on investment on tracking systems is low and thus further lack of understanding about the necessity of these technologies in emerging countries can further restrict the growth of the global surgical instruments tracking devices market. Also, technological limitations are expected to restrain the growth of the surgical instrument tracking devices market during the forecast period.

Browse over XX market data Figures spread through 110 Pages and an in-depth TOC on “Global Surgical Instruments Tracking Devices Market”.

The global surgical instruments tracking devices market can be segmented by component, by technology, by end user and by region. Based on Component, the global surgical instruments tracking devices market can be segmented into Hardware, Software, and Services. The hardware segment dominated the market in 2022 and is expected to continue maintaining its dominance throughout the forecast period. This can be ascribed to increasing technological advancements in hardware like chips and barcode tags along with growing adoption of advanced technology such as new therapy, and new surgical instruments.

Based on End Users, the market can be segmented into Hospitals, Ambulatory Surgical Centers, and Others. The hospital segment is expected to dominate during the forecast period on account of the increasing need to reduce the incidences of surgical instruments being left in the patient’s body during surgeries and the growing demand for effective inventory management for tracking the devices in hospitals.

Major companies operating in the global surgical instruments tracking devices market are:

• ASANUS Medizintechnik GmbH
• Becton, Dickinson, and Company
• B. Braun Melsungen AG
• FingerPrint Medical Limited
• Fortive Corporation
• Getinge AB
• Integra Lifesciences Holding Corporation
• Murata Manufacturing Co., Ltd
• Stanley Black & Decker, Inc.
• Steris plc.

For instance, in October 2020, STERIS plc acquired Key Surgical, thus expanding its sterile processing, OR, and endoscopy offerings. This also added the latter’s KeyDot surgical instrument tracking solution to STERIS’ portfolio.

In July 2020, Vizinex RFID had announced the launch of Flexible 6012 and Flexible 6027 RFID tags that offer mounting flexibility. Both RFID tags are versatile, resilient, and IP67-rated, making them perfect for tracking various assets in interior environments. RFID tags make asset tracking in factories, hospitals, data centers, and offices simple and cost-effective.

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“North America is expected to dominate in the global surgical instruments tracking devices market due to the increasing adoption of advanced technologies and products along with the presence of highly developed healthcare infrastructure across the region. Furthermore, increasing number of surgical procedures and increasing investments by major key players to produce novel drugs, are further contributing to the demand of transcriptomics. Also, increasing demand for implementing unique device identification standards and inventory management devices will further boost the market growth during the forecast period. Similarly, growing demand for non-durable RFID chips and barcode tags is expected to create a significant during the forecast period. Besides, increasing favorable government reimbursement policies and growing awareness about usage of transcriptomics in the region, are further expected to create lucrative opportunities for the market growth” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Surgical Instruments Tracking Devices Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Component (Hardware, Software, Services), By Technology (Barcode Systems, Radio Frequency Identification Devices (RFID) Systems, Internet of Things (IoT)), By End User (Hospitals, Ambulatory Surgical Centers, Others) and By Region”, has evaluated the future growth potential of global surgical instruments tracking devices market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global surgical instruments tracking devices market.

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