Dublin, Oct. 17, 2019 (GLOBE NEWSWIRE) -- The "Surgical Instrument Tracking Systems Market by Technology (Barcode, RFID), Component (Software, Hardware [Scanner], Service), End-User (Hospital [Public, Private]), and Region (North America, Europe, APAC, Latin America, MEA) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The surgical instrument tracking systems market is projected to reach USD 312 million by 2024 from USD 161 million in 2019, at a CAGR of 14.1%.
This report analyzes the surgical instrument tracking systems market and aims at estimating the market size and future growth potential of surgical instrument tracking systems. The report also includes an in-depth competitive analysis of the key players in this market, along with their company profiles, product offerings, and recent developments.
The growth of this market is majorly driven by the need to meet FDA Unique Device Identification mandates, requirement for better inventory and asset management practices, and growth of the surgical instruments market. However, high system costs, long investment cycles, and a lack of realization of ROI are expected to restrain the growth of this market during the forecast period.
The prominent players operating in this market include Censis Technologies (US), Material Management Microsystems (US), Becton, Dickinson and Company (US), Haldor Advanced Technologies (Israel), Intelligent InSites, Inc. (US), Key Surgical, Inc. (US), Mobile Aspects (US), TGX Medical Systems (US), Xerafy (China), STANLEY Healthcare (US), B. Braun Melsungen AG (Germany), Getinge AB (Sweden), Infor Inc. (US), SpaTrack Medical Limited (UK), and Scanlan International, Inc. (US).
By component, the hardware segment is expected to grow at the highest CAGR during the forecast period
Based on the component, the surgical instrument tracking systems market is segmented into software, hardware, and services. The software segment accounted for the largest market share in 2018. 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.
By technology, the barcode segment dominated the surgical instrument tracking systems market in 2018
Based on technology, the surgical instrument tracking systems market is segmented into barcode and RFID. The barcode segment accounted for the larger market share in 2018. The low cost of installation has resulted in the increased adoption of barcode technology in the surgical instrument tracking systems market.
APAC is expected to witness the highest growth during the forecast period
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.
This report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the surgical instrument tracking systems market
- Service Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the surgical instrument tracking systems market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new systems, growing geographies, and recent developments in the global surgical instrument tracking systems market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, revenue analysis, and services of the leading players in the surgical instrument tracking systems market
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Surgical Instrument Tracking Systems: Market Overview
4.2 North America: Market, By Component (2018)
4.3 Geographical Snapshot of the Market
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Market Drivers
5.2.1.1 Need to Meet FDA Unique Device Identification Mandates
5.2.1.2 Requirement for Better Inventory and Asset Management Practices
5.2.1.3 Growth of the Surgical Instruments Market
5.2.2 Restraints
5.2.2.1 High System Cost, Long Investment Cycles, and Lack of Realization of ROI
5.2.3 Opportunities
5.2.3.1 Emerging Economies
5.2.3.2 Development of Active RFID Technology for Instruments
5.2.4 Challenges
5.2.4.1 Technological Limitations
6 Surgical Instrument Tracking Systems Market, By Technology
6.1 Introduction
6.2 Barcode
6.2.1 Low Cost of Installation to Drive the Growth of This Market
6.3 Radiofrequency Identification (RFID)
6.3.1 Higher Data Storage Capacity & Faster Data Transmission Rate are Supporting the Growth of the RFID Market
7 Surgical Instrument Tracking Systems Market, By Component
7.1 Introduction
7.2 Software
7.2.1 Frequent Need for Upgrades and the Introduction of New Software Applications to Drive Market Growth
7.3 Hardware
7.3.1 Readers
7.3.1.1 Technological Advancements are Expected to Support the Growth of This Market
7.3.2 Tags
7.3.2.1 Benefits Associated With Tags Such as Durability & Long Read Range Make Them Ideal for Surgical Instrument Tracking Implementation
7.3.3 Other Hardware
7.4 Services
7.4.1 Recurring Requirement of Services & Growing Adoption of Cloud-Based Models to Drive Market Growth
8 Surgical Instrument Tracking System Market, By End User
8.1 Introduction
8.2 Hospitals
8.2.1 Public Hospitals
8.2.1.1 Need to Cut Healthcare Expenditure and Manage Existing Equipment is Driving Demand for Tracking Solutions in Public Hospitals
8.2.2 Private Hospitals
8.2.2.1 Private Hospitals are Focused on Acquisitions and Consolidation for Growth
8.3 Other End Users
9 Surgical Instrument Tracking Systems Market, By Region
9.1 Introduction
9.2 North America
9.2.1 US
9.2.1.1 Establishment of Unique Device Identification Rule By FDA is Expected to Drive the Market in the US
9.2.2 Canada
9.2.2.1 Need to Cut Healthcare Costs Will Drive the Market in Canada
9.3 Europe
9.3.1 Germany
9.3.1.1 Strong Healthcare Infrastructure and Rapid Adoption of Technological Innovation Support Germany's Market Dominance
9.3.2 UK
9.3.2.1 Need to Cut Costs and Time Incurred on Manual Tracking Methods Will Drive Market Growth in the UK
9.3.3 France
9.3.3.1 Population Growth and Growing Demand for Surgical Treatment Will Drive Market Growth in France
9.3.4 Rest of Europe
9.4 Asia Pacific
9.4.1 APAC Market is Characterized By Rising Healthcare Access and Infrastructural Development
9.5 Latin America
9.5.1 Growing Medical Tourism and Growth of the LATAM Healthcare Sector is Driving the Market
9.6 Middle East & Africa
9.6.1 Infrastructural Development Activity is A Key Driver of Market Growth in the MEA
10 Competitive Landscape
10.1 Overview
10.2 Market Ranking Analysis, 2018
10.3 Competitive Scenario
10.4 Competitive Scenario
10.5 Competitive Leadership Mapping (Overall Market) (2018)
10.5.1 Visionary Leaders
10.5.2 Innovators
10.5.3 Dynamic Differentiators
10.5.4 Emerging Companies
11 Company Profiles
11.1 Censis Technologies, Inc.
11.2 Material Management Microsystems (Microsystems, Inc.)
11.3 Becton, Dickinson and Company
11.4 Haldor Advanced Technologies Ltd.
11.5 Intelligent Insites, Inc.
11.6 Key Surgical, Inc.
11.7 Mobile Aspects
11.8 TGX Medical Systems
11.9 Xerafy
11.1 STANLEY Healthcare (Division of STANLEY Black & Decker)
11.11 B. Braun Melsungen
11.12 Getinge Group
11.13 Infor
11.14 Spatrack Medical Limited
11.15 Scanlan International, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/vm93ge
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.