Surgical Instrument Tracking Systems Market Registering A CAGR Of 11.2% From 2021 To 2028

 San Francisco, 8 June 2021: The Report Surgical Instrument Tracking Systems Market Size, Share & Trends Analysis Report By Product (Hardware, Software, Services), By Technology (Barcodes, RFID), By End-use, By Region, And Segment Forecasts, 2021 - 2028

The global surgical instrument tracking systems market size is anticipated to reach USD 395.7 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.2% from 2021 to 2028. The increasing need for inventory management and implementation of Unique Device Identification (UDI) regulations formed by the FDA are some of the major factors supporting the market growth.

The U.S. regulations required surgical tools to be marked with a UDI by 2020. Most surgical instruments are identified under class I devices by the U.S. FDA. As per the FDA’s June 2020 guidelines, the agency postponed the compliance date for UDI labeling, Direct Mark, GUDID Data Submission, and Standard Date Format to September 2022.

Surgical instrument tracking systems also enable better monitoring by competent authorities while reducing medical errors, thus propelling the demand. The usability of such solutions in inventory management and during the work cycle including surgeries, storage, sterilization procedures, and post-surgery are other drivers contributing to market growth.

A large number of operating rooms and other departments in hospitals collectively require more than 1,000 instruments each day. This has led to a huge need for surgical instrument inventory management, which facilitates assembling and checking the set of tools while saving manpower and time. This is expected to fuel the market growth.

Although the number of elective surgeries plunged during the COVID-19 pandemic, the volume is expected to return to pre-COVID numbers which in turn is estimated to drive the market. Also, the pandemic has a neutral effect on the underlying need for surgical instrument tracking systems and in fact highlights the need for such solutions to track and control infections at hospitals and safeguard patient health.

Access Research Report of Surgical Instrument Tracking Systems Market @ https://www.grandviewresearch.com/industry-analysis/surgical-instrument-tracking-systems-market

Surgical Instrument Tracking Systems Market Report Highlights 

  • The barcode technology segment was the largest revenue-generating segment in 2020 owing to its several advantages such as ease of handling and low installation cost
  • The RFID segment is projected to expand at the fastest CAGR during the forecast period due to the growing demand of end-users for technologically advanced instrument traceability and inventory solutions
  • In 2020, the hardware segment grabbed the largest revenue share while the software segment followed close behind. The hardware segment is also expected to witness the highest CAGR over the forecast period
  • The hospitals segment held the largest revenue share in 2020, owing to the increasing adoption of these devices for inventory management and their ability to facilitate better patient safety
  • North America dominated the market in 2020 and is expected to continue its dominance during the forecast period. Highly developed healthcare infrastructure and availability of advanced products is projected to drive the market in the region
  • In Asia Pacific, the market is anticipated to witness a significant CAGR over the next few years.

List of Key Players of Surgical Instrument Tracking Systems Market

  • Censis Technologies, Inc.
  • Spatrack Medical Limited
  • Xerafy Singapore Pte Ltd.
  • Fingerprint Medical Limited
  • Getinge AB
  • Braun Melsungen AG
  • BD
  • Haldor Advanced Technologies
  • Microsystems, INC
  • Ternio Group LLC

Access Press Release of Surgical Instrument Tracking Systems Market @ https://www.grandviewresearch.com/press-release/global-surgical-instrument-tracking-systems-market

 

Comments

Post a Comment

Popular posts from this blog

Asia Pacific PoC Diagnostics Market Growth Opportunities, Industry Analysis And Forecast: Grand View Research Inc.

Image
San Francisco, 18 March 2020 :  The Report   Asia Pacific PoC Diagnostics Market  Analysis And Segment Forecasts To 2020 The Asia Pacific point of care (PoC) diagnostics market is expected to reach USD 5,427.1 million by 2020, according to a new study by Grand View Research, Inc. Growing base of geriatric population and the ability to render immediate results and improve patient care coupled with rising market penetration of PACS (picture archiving and communication systems) and EMR (electronic medical records) are expected to drive demand over the next six years. Skilled staff shortages, especially pertaining to the field of diagnostics are also expected to accelerate the market penetration rates of PoC products, by expediting lab automation processes. Rising demand for home healthcare and other healthcare establishments catering to the elderly population and initiatives undertaken by governments to shorten hospital stays by establishing out-patient care models are also expect
Read more

Food Additives Market Size & Share Hit USD 55.53 Billion By 2022 : Grand View Research Inc.

Image
San Francisco, 17 October 2019:   The Report   Global Food Additives Market   Analysis By Product Flavors & Enhancers (Natural, Artificial), Sweeteners (High Intensity, HFCS), Enzymes, Emulsifiers (Mono, Di-Glycerides, Lecithin, Stearoyl Lactylates, Sorbitan Esters), Shelf-life Stabilizers, Fat Replacers (Protein, Starch)] And Segment Forecast To 2022 Global food additives market is expected to reach USD 55.53 billion by 2022, according to a new study by Grand View Research, Inc. Food & beverage industry growth in BRICS and Middle East on account of rising domestic consumption and increasing foreign direct investments is expected to augment market growth. Asia Pacific is expected to be one of the most promising markets on account of growing domestic consumption in China and India owing to population growth and new product launches by food & beverage manufacturers. Availability of raw materials such as sorbitol and lactic acid in China, Indonesia, and Malaysia in light o
Read more

Integration Platform as a Service Market Valuation Is Expected To Exceed USD 2.70 Billion By 2025: Grand View Research Inc.

Image
San Francisco, 18 March 2020 :  The Report   Integration Platform as a Service (IPaaS) Market  Analysis By Integration Type (API, Process, Application, Data), By Services, By Deployment (Cloud, On-Premise, Hybrid) By Region, And Segment Forecasts, 2018 – 2025 The global integration platform as a service (IPaaS) market is expected to reach USD 2.705.8 million by 2025, according to a new report by Grand View Research, Inc. Rising need of advanced systems to improve the process of deploying, developing, and managing enterprise applications globally has been a major factor driving market growth. In addition, recent developments in big data, cloud computing, and Internet of Things (IoT) within organizations’ processes also paved the way for greater development of IPaaS solutions. Integration Platform as a Service is an emerging technology where in the applications, process, data, and application programs are integrated. The integration enables enterprises to reduce the complexity
Read more