Global Surgical Instrument Tracking System Market is expected to register a CAGR of 15.1% during the forecast period and expected to hit USD 567.44 Million by 2027.
Surgery requires a precise assortment of instruments, as many as 200 for a lengthy, complicated procedure, constantly organized before, during, and after the operation. The infection can be incurred by patients if the surgical instrument is left inside patients. According to a research paper published in the National Center for Biotechnology Information (NCBI), the ratio of patients with surgical instruments left inside in 2017 was between 0.3 to 1.0 per 1,000 abdominal operations. There are 1,500 instances of retained surgical instruments based on 28 million estimated operations performed in the US on an annual basis. The requirement of better inventory and asset management practices and growth of the Surgical Navigation Systems Market Trends are expected to drive the surgical instrument tracking system market growth during the forecast period of 2020 to 2027. The Obesity Surgery Society of India reported that there had been a 100-fold increase in weight-loss surgeries in India in just 15 years. The number of weight-loss surgeries in India has shot from 200 in 2004 to a whopping 20,000 in 2019. Almost 1.3 million pregnant women had their babies by C-section in the United States in 2017, according to data released earlier this year [pdf] by the Centers for Disease Control and Prevention (CDC).
Other factors that drive market growth is to meet the unique device identification rules of the Food and Drugs Administration (FDA). Certain devices intended for multiple use and reprocessed before each use will require direct marking of the UDI on the device itself (many of these are surgical instruments). Product marking will be essential for latex gloves, catheters, basic surgical sponges, and other commodity supplies. However, the advancement and rising adoption of robotic surgery might reduce the number of surgical instruments used per surgery. Thus, government regulations and the implantation of new norms for instrument tracking are anticipated to increase the rate of market growth.
Global Surgical Instrument Tracking System Market has been segmented based on Components, Technology, and End-Use.
The market, based on components, has been segregated into hardware, software, services, and others. The hardware segment is further sub-segmented into tags, readers, and others.
Based on technology, the surgical instrument tracking system market has been divided into barcode tracking and radio frequency identification.
On the basis of end-use, the surgical instrument tracking system market is bifurcated into hospitals and others.
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Global Surgical Instrument Tracking System Market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas is likely to hold the largest share of the global surgical instrument tracking system market during the assessment period owing to the regulatory reforms. Some of the renowned companies operating in the region include Fortive Corporation, Becton, Dickinson and Company, and Key Surgical. A large number of surgical procedures are expected to fuel the surgical instrument tracking system market in the region. The market in Europe is expected to propel during the forecast period, owing to factors such as rising government initiatives and the increasing number of vendors involved in the barcoding of instruments.
In the UK, the Department of Health and MHRA guidance states that hospitals need to track instruments to at least tray level. Using GS1 barcodes means all instruments are traceable from production to the point of care. For patient safety, this is vital as it helps save track instruments. Lost instruments can cost a 500-bed hospital over £100,000 (USD 13,317) per year. Major companies are focusing on adopting international norms in Asian countries to increase patient safety and efficiency of inventory management. For example, Elite Medical, an Australian supplier of surgical tools with a presence of over 30 years in the region, provides instruments and tray tags, which includes smart tags, plastic tray tags, metal tray tags, RFID mesh tray tags, and others for tracking. The surgical instrument tracking system market in the Middle East & Africa is expected to witness a modest market growth rate from 2020 to 2027.
MRFR recognizes the following companies as the Key Players in the global surgical instrument tracking system market— Getinge AB (Sweden), Becton, Dickinson and Company (US), Fortive Corporation (US), B. Braun Melsungen AG (Germany), Steris PLC (Ireland), Stanley Black & Decker, Inc. (US), Material Management Microsystems (US), Key Surgical (US), Haldor Advanced Technologies (US), TGX Medical Systems (US) and Others.
Key Findings of the Study
- Global Surgical Instrument Tracking System Market was valued at USD 186.85 Million and is expected to register a CAGR of 15.1% during the assessment period
- The Americas accounted for the largest share of the global market due to the increasing number of companies adopting smart tagging of instruments used in surgery. This factor is driving the growth of the surgical instrument tracking system market in the region.
- Based on components, the hardware segment accounted for the largest market share of 51.6% in 2019.
- Based on technology, the barcode segment dominated the market with a value of 162.46 million in 2019.
- Based on end-use, the hospital's segment accounted for the largest market share of 83.0% in 2019, with a market value of USD 155.01 million.
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