CHICAGO, Jan. 10, 2022 /PRNewswire/ -- According to the new market research report "Surgical Instrument Tracking Systems Market with COVID-19 Impact by Technology (RFID, Barcode), Component(Hardware (Scanner, Reader, Tags), Software, Services), End User(Hospital (Public, Private)), Region - Global Forecast to 2026", published by MarketsandMarkets, the global market is projected to reach USD 406 million by 2026 from an estimated USD 203 million in 2021, at a CAGR of 14.9% during the forecast period.
Browse and in-depth TOC on "Surgical Instrument Tracking System Market"
139 - Tables
39 - Figures
177 - Pages
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=211153029
The Tracking systems are gaining importance among healthcare providers due to the drive to reduce costs and increase efficiency. Ensuring better inventory and asset management practices is key to this drive. End users are focused on minimizing the loss of valuable assets and ensuring smooth workflows.
The Other factors driving market growth include the FDA's Unique Device Identification mandates and the growth of the surgical instruments market. However, high system costs, long investment cycles, budgetary constraints, and technological limitations are expected to restrain market growth to a certain extent. Also, due to the COVID-19 pandemic, there was a slight decrease in growth in the first quarter of 2021. With elective and non-elective surgeries postponed, delayed, or cancelled worldwide, there was a marked decrease in the use of surgical instrument tracking systems and consumables.
The Barcode segment accounted for the largest market share in 2020.
Based on technology, the surgical instrument tracking systems market is segmented into barcode and RFID. The barcode segment accounted for a larger market share in 2020. The low installation cost of barcodes has resulted in their increased adoption in the market.
The Software segment accounted for the largest market share in 2020.
Based on components, the surgical instrument tracking systems market is segmented into software, hardware, and services. The software segment accounted for the largest market share in 2020. However, the hardware segment is expected to witness the highest growth during the forecast period. This is mainly due to the repeat purchase of non-durable RFID tags/barcode labels that need replacement, as tags/labels are prone to detachment during washing and/or damage during sterilization cycles.
The Hospitals segment accounted for the largest market share in 2020.
Based on end users, the surgical instrument tracking system market is segmented into hospitals and other end users. The hospitals segment accounted for a larger share of the market in 2020. Growth in the hospitals end-user segment can be attributed to their high patient inflow compared to other end users in the market. Hospitals also use more equipment and instruments on average than other healthcare providers and conduct a greater number of surgical procedures. This has ensured a sustained demand for tracking solutions in hospitals.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=211153029
North America was the largest regional market for surgical instrument tracking systems market in 2020.
North America is the largest regional market for surgical instrument tracking systems. The Unique Device Identification (UDI) regulations by the FDA and the need to reduce healthcare expenditures drive the surgical instrument tracking systems market in North America. However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period, primarily due to government initiatives to implement asset tracking solutions and growing access to healthcare facilities in the region.
Some of the prominent players in the surgical instrument tracking systems market are Fortive Corporation (US), Material Management Microsystems (US), Becton, Dickinson and Company (BD) (US), Haldor Advanced Technologies (US), Getinge AB (Sweden), STERIS (US), STANLEY Healthcare (US), Mobile Aspects (US), Integra LifeSciences Holdings Corporation (US), Xerafy (Singapore), B. Braun Melsungen AG (Germany), SpaTrack Medical Limited (UK), Scanlan International, Inc. (US), Case Medical (US), ASANUS Medizintechnik GmbH (Germany), Keir Surgical Ltd. (Canada), TechnoSource Australia Pty Ltd. (Australia), NuTrace (US), Vizinex RFID (US), ScanCARE Pty Ltd. (US), RFID Discovery (UK), Healthtech Pivot LLP (India), RMS Omega Healthcare (US), Avery Dennison Corporation (US), and Surgical Safety Scanner (US).
Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=211153029
Browse Adjacent Markets: Medical Devices Market Research Reports & Consulting
Browse Related Reports:
Track and Trace Solutions Market by Product (Plant Manager, Checkweigher, Barcode Scanner, Monitoring), Technology (2D Barcode, RFID), Application (Serialization, Aggregation, Reporting), End User (Pharma, Food, Medical Devices) - Global Forecast to 2026
https://www.marketsandmarkets.com/Market-Reports/track-trace-solution-market-158898570.html
Healthcare Asset Management Market by Product (RFID (Active, Passive), RTLS, Ultrasound, Infrared), Application (Hospital (Equipment, Patient Monitoring, Staff Management, Hand Hygiene), Pharma (Drug Counterfeiting, Supply Chain)) - Global Forecast to 2023
https://www.marketsandmarkets.com/Market-Reports/healthcare-and-pharmaceuticals-asset-management-market-1195.html
About MarketsandMarkets
MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/surgical-instrument-tracking-system-market.asp
Visit Our Web Site: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/surgical-instrument-tracking-system.asp
Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
