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Surgical Instrument Tracking Systems to See Growth in 2018
July 13, 2018 | PRNewswireEstimated reading time: 2 minutes
Global surgical instrument tracking systems market is expected to rise with a CAGR of 17.5% over the forecast period (2017-2024).
Rising number of surgeries across the globe and increasing incidences of retained surgical instrument are the factors propelling the global surgical instrument tracking systems market. In addition, rising need for inventory management & better patient care along with Unique Device Identification (UDI) regulations by Food & Drug Administration are also propelling the global surgical instrument tracking systems market.
However, the market growth is impeded by several factors that include high system costs and budgetary limitations. Major challenge affecting the growth of global surgical instrument tracking systems include unreliability of the barcode system.
However, the market has immense opportunities that could cope up with the challenge over the forecast period (2017-2024). The opportunities include rising adoption of RFID in medical sector along with continuous research and technological advancements.
Global surgical instrument tracking systems market report includes three major segments that are technology, component and end user. Further, these segments are bifurcated into various sub segments.
On the basis of technology, barcodes and RFID are the sub segments. RFID technology is expected to witness the fastest growth rate over the forecast period (2017-2024).
Also, the component segment has been further divided into three sub segments that are hardware, software and services.
The end user segment also covers two major segments that are hospitals and others. Hospitals are accounted to be the dominant segment in 2017 in terms of revenue under the surgical instrument tracking systems market.
Global surgical instrument tracking systems market report has been geographically segmented in North America, Asia Pacific, Europe and Rest of world.
North America dominated the surgical instrument tracking systems market in 2017 in terms of revenue. Unique Device Identification (UDI) system by the U.S. Food and Drug Administration and rising healthcare expenditure are the major reasons behind the dominance of North America surgical instrument tracking systems market.
However, Asia Pacific is expected to be the fastest growing region over the forecast period (2017-2024). High observation of medical tourism coupled with evolving healthcare infrastructure are the factors governing fastest growth rate of Asia Pacific.
Key players of global surgical instrument tracking systems market are Censis Technologies, Inc. (U.S.), Getinge Group (Sweden), B. Braun Melsungen AG (Germany), Vizbee Rfid Solutions (France), Becton, Dickinson and Company (U.S.) and others. Partnership is the key strategy adopted by the companies in the surgical instrument tracking systems market.
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