New York, United States, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The Global Surgical Instrument Tracking Systems Market Size is to Grow from USD 215.50 Million in 2022 to USD 574.38 Million by 2032, at a Compound Annual Growth Rate (CAGR) of 10.3% during the forecast period.
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Surgical Instrument Tracking Systems are advanced healthcare technologies designed to streamline and enhance the management of surgical instruments in healthcare facilities. These systems utilize a combination of RFID (Radio-Frequency Identification) and barcoding technologies to accurately monitor the whereabouts and usage history of surgical tools throughout their lifecycle. By affixing RFID tags or barcodes to each instrument, healthcare providers can efficiently track inventory, sterilization cycles, and instrument utilization, thus reducing the risk of errors, infections, and costly instrument losses. These systems improve patient safety by ensuring that only properly sterilized and calibrated instruments are used during surgeries, ultimately enhancing the overall efficiency and effectiveness of surgical procedures while also contributing to cost savings and compliance with regulatory requirements.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the “Global Surgical Instrument Tracking Systems Market Size, Share, and COVID-19 Impact Analysis, By Product (Hardware, Software, and Services), By Technology (Barcodes and RFID), By End-Use (Hospitals and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032.”
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In 2022, the hardware segment accounted for around 40.3% market share
On the basis of the product, the global surgical instrument tracking systems market is segmented into hardware, software, and services. The hardware segment has secured the largest share in the surgical instrument tracking systems market due to its pivotal role in system implementation. This hardware encompasses RFID tags, barcode scanners, sensors, and other physical components necessary for tracking and managing surgical instruments. The substantial demand for RFID technology, which offers real-time tracking and improved accuracy, has been a major driver of hardware adoption. Additionally, the need to retrofit existing surgical instruments with RFID tags and deploy RFID readers and scanners in healthcare facilities contributes significantly to the hardware's dominant market share.
The barcodes segment held the largest market with more than 78.2% revenue share in 2022
Based on the technology, the global surgical instrument tracking systems market is segmented into barcodes and RFID. Barcode technology has captured the largest revenue share in the surgical instrument tracking systems market due to its widespread adoption and cost-effectiveness. Barcodes offer a practical and economical solution for tracking surgical instruments, making them a preferred choice, especially in healthcare facilities with budget constraints. Barcode technology is easy to implement, requiring less initial investment compared to RFID, and is compatible with existing inventory management systems.
The hospitals segment held the largest market with more than 72.6% revenue share in 2022
Based on the end-use, the global surgical instrument tracking systems market is segmented into hospitals and others. The hospitals segment has taken the lead in the Surgical Instrument Tracking Systems market due to several key factors. Hospitals represent the largest and most consistent user base for these systems, driven by the critical importance of instrument tracking in surgical procedures within healthcare institutions. Surgical Instrument Tracking Systems help hospitals enhance patient safety, streamline operations, and ensure compliance with strict regulatory requirements. The scale of surgical activities in hospitals, ranging from routine procedures to complex surgeries, necessitates robust instrument management solutions.
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Asia-Pacific is predicted to grow at a fastest CAGR of around 10.5% over the projected period
Based on region, Asia-Pacific is anticipated to experience the fastest expansion in the surgical instrument tracking systems market during the forecast period. This growth can be attributed to the population growth, rising income levels, and increasing healthcare expenditure, which is creating a substantial demand for advanced healthcare technologies. Moreover, a growing awareness of patient safety and the need for infection control measures are prompting healthcare facilities across the Asia-Pacific to invest in tracking systems. Additionally, government initiatives to modernize healthcare infrastructure and enhance healthcare standards further accelerate the adoption of surgical instrument tracking systems in the region, making it a high-growth market.
North America has emerged as the leader in the surgical instrument tracking systems market due to well-established healthcare infrastructure and a strong emphasis on patient safety and regulatory compliance have driven the demand for advanced tracking solutions. High healthcare spending and the presence of major market players have contributed to technological advancements and innovation in the region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major players in the global surgical instrument tracking systems market include Fortive, Spatrack Medical Ltd., Xerafy Singapore Pte Ltd., Fingerprint Medical Ltd., Getinge AB, B. Braun Melsungen AG, BD, Avery Dennison Corp., TechnoSource, and Ternio Group LLC. And Other Key Vendors.
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Recent Developments
- In January 2023, BD introduced a new robotic track system for their BD Kiestra microbiology laboratory solution. It automates specimen processing, minimising manual labour and result time. The track-based structure removes human sorting and walking, maintaining cultural integrity and simplified procedures.
- In September 2022, Vizinex RFID was purchased by HID Global. The purchase expanded HID Global's footprint and relevance in important vertical areas, including healthcare/medical, and contributed essential technologies to HID Global's industry-leading RFID tag portfolio.
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