The global surgical instrument tracking devices market is projected to reach $868.2 million by 2031,according to CRI’s new report. The study also highlights that the market is set to witness a CAGR of 9.16% during the forecast period 2021-2031.
This report indicates that the global surgical instrument tracking devices market has grown significantly in recent years, owing to increased acceptance in the healthcare sector after several cases of retained “foreign bodies” within the patient’s body following an operative procedure. Surgical instrument tracking devices have gained popularity among end users as concerns about patient safety and the need for better surgical asset management have grown. In addition, advances in barcodes and radio frequency identification devices (RFID) have stimulated the growth of the surgical instrument tracking devices market. The Internet of Things (IoT) has added a new dimension by allowing surgeons to “visualize” surgical procedures, improving patient safety, and maximizing the correct use of surgical instruments. These prominent advancements in technology are expected to drive the surgical instrument tracking devices market during the forecast period 2021-2031.
To emphasize the impact of COVID-19 on the global surgical instrument tracking devices market, Aditya Singh, Senior Analyst, states, “The COVID-19 pandemic has impacted the elective procedures across countries due to which the market has been impacted negatively. Due to increased concerns about patient’s safety during a surgical procedure, both emerging and developed countries have witnessed accelerated growth in the adoption of surgical instrument tracking devices. The rise in surgical and operative procedures globally and the growing cases of retained surgical instruments are expected to leave a long-term impact on the global surgical instrument tracking devices market. The surgical instrument tracking devices market has been witnessing increasing activity and innovation from new market entrants. Most of the new features in connected devices are providing real-time location of the surgical instruments, information about the sterilization cycles, operating room scheduling activities, and large memory capacity. Advancements in technologies, rising need for tracking devices in hospitals and ambulatory centers for device tracking and inventory management and increase concerns about patient’s safety is expected to pave the way for further innovation for the surgical instrument tracking devices.”
Leading companies, market participants, and vendors operating in the market include Steris plc., Stanley Black & Decker, Becton, Dickinson and Company, B. Braun Melsungen AG, Fortive Corporation, Getinge AB, Murata Manufacturing Co., Ltd, Integra LifeSciences Holdings Corporation, ASANUS Medizintechnik GmbH, FingerPrint Medical Limited, among others.
Who should buy this report?
• Surgical instrument tracking devices manufacturers (emerging and established) to gain a holistic view about the market potential of various devices and software and the developing economies for business expansions.
• Established technology companies to gain insights about the market potential, market entry strategies, new technologies in the market, and key competitors.
• Manufacturers of surgical equipment and tracking devices to diversify their current product portfolio either by making advancements in current surgical instruments tracking devices or by adding a new segment.
How can market intelligence on surgical instrument tracking devices market add value to an organization’s decision-making process?
• Aid in product development.
• Aid in understanding the regulatory scenario of the market in different regions.
• Aid in understanding the competitive landscape of the market.
• Aid in understanding the COVID-19 impact on the surgical instrument tracking devices market.
• Help in targeting a segment for launching a new product.
• Aid in understanding the market potential of different technologies.
• Aid in understanding the end-user requirement.
• Support in analyzing the market opportunities.
• Aid in understanding insights about the key players in the market.
Scope of the Global Surgical Instrument Tracking Devices Market Report:
• Global trends
• COVID-19 impact analysis
• Available products, and end-user segments, and respective sub-divisions influencing the market.
• Study of more than 50 products present in the market.
• Detailed competitive landscape
• Technology development scenario
• Detailed market share analysis
• Study data of over ten countries
• Future perspective of the market
• Growth propelling factors
• Market challenges/restraints
• Detailed market segmentation
End-users demand for surgical instrument tracking devices has been growing in recent years, owing to developments in barcode and radio frequency identification devices (RFIDs) technology. According to the market intelligence report on the global surgical instrument tracking devices market, in both developed and emerging economies, devices such as active and passive barcodes/RFIDs have seen increased adoption.
Also, some of the key technologies that are expected to have a strong impact on the transformation of the global surgical instrument tracking devices market during 2021-2031 include IoT integration with barcode and RFID technology, services, and software for surgical instrument tracking device, and asset management of surgical instruments.
• Products available under surgical instrument tracking devices market: Barcode, radio frequency identification device (RFID), and IoT (Internet of Things) – by technology and hardware, software and services- by product type, are the products covered under the global surgical instrument tracking devices market. The barcode and the services segment are expected to grow at the highest CAGR during the forecast period 2021-2031. Revenue generated by the RFID and hardware segment accounted for approximately 80.0% and 47.2%, respectively, of the overall market revenue in 2020.
• End users of surgical instrument tracking devices market: Hospitals, surgical ambulatory centers, and others are the end users for the surgical instrument tracking devices market.
• Regions covered under surgical instrument tracking devices market: North America, Europe, Asia-Pacific, and Rest-of-the-World. Revenues generated by the U.S. accounted for 59.8% of the overall market revenue in 2020, which was the largest market share in terms of revenue compared to other regions. The U.S. is expected to remain in the leading position during the forecast period 2021-2031. The North America region was followed by Europe, Asia-Pacific, and Rest-of-the-World.
Insightful Questions Covered to Enable Companies to take Strategic Decisions:
• What is the current market size and future potential of surgical instrument tracking devices?
• What is the current market share and growth share of the different surgical instrument tracking devices in the market?
• What are the guidelines implemented by different government regulatory bodies to regulate the approval of the surgical instrument tracking devices in the market?
• What are the major market drivers, restraints, and opportunities in the global surgical instrument tracking devices market?
• What is the impact of the COVID-19 pandemic on the market?
• Which technology is being researched and worked upon to improve the surgical instrument tracking devices technologies?
• Who are the leading players dominating the global surgical instrument tracking devices market?
• What are the key development and strategies incorporated by the players of the global surgical instrument tracking devices market to sustain the competition and retain their supremacy?
• Which countries contribute to the major share of current demand, and which countries hold significant scope for expansion for business activities by players of the global surgical instrument tracking devices market?