The surgical instrument tracking systems market is projected to reach USD 406 million by 2026 from an estimated USD 203 million in 2021, at a CAGR of 14.9% during the forecast period. Tracking systems are gaining importance among healthcare providers due to the drive to reduce costs and increase efficiency. Ensuring better inventory and asset management practices is key to this drive. End users are focused on minimizing the loss of valuable assets and ensuring smooth workflows. Other factors driving market growth include the FDA’s Unique Device Identification mandates and the growth of the surgical instruments market.However, high system costs, long investment cycles, budgetary constraints, and technological limitations are expected to restrain market growth to a certain extent.
Also, due to the COVID-19 pandemic, there was a slight decrease in growth in the first quarter of 2021. With elective and non-elective surgeries postponed, delayed, or cancelled worldwide, there was a marked decrease in the use of surgical instrument tracking systems and consumables.
In this report, surgical instrument tracking systems market, by component, technology, end user and region The Barcode segment accounted for the largest market share in 2020. Based on technology, the surgical instrument tracking systems market is segmented into barcode and RFID.The barcode segment accounted for a larger market share in 2020.
The low installation cost of barcodes has resulted in their increased adoption in the surgical instrument tracking systems market.
The Software segment accounted for the largest market share in 2020. Based on components, the surgical instrument tracking systems market is segmented into software, hardware, and services.The software segment accounted for the largest market share in 2020.
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.
The Hospitals segment accounted for the largest market share in 2020. Based on end users, the surgical instrument tracking systems market is segmented into hospitals and other end users.The hospitals segment accounted for a larger share of the surgical instrument tracking systems market in 2020.
Growth in the hospitals end-user segment can be attributed to their high patient inflow compared to other end users in the market.Hospitals also use more equipment and instruments on average than other healthcare providers and conduct a greater number of surgical procedures.
This has ensured a sustained demand for tracking solutions in hospitals.
North America was the largest regional market for surgical instrument tracking systems market in 2020“
North America is the largest regional market for surgical instrument tracking systems.The Unique Device Identification (UDI) regulations by the FDA and the need to reduce healthcare expenditures drive the surgical instrument tracking systems market in North America.
However, 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.
The break-down of primary participants is as mentioned below: • By Company Type - Tier 1: 40%, Tier 2: 35%, and Tier 3: 25% • By Designation - C-level: 25%, Director-level: 55%, and Others: 20% • By Region - North America: 40%, Europe: 25%, Asia Pacific: 20%, Latin America: 10%, and the Middle East & Africa: 5%
Research Coverage: The report analyses the surgical instrument tracking systems market and aims at estimating the market size and future growth potential of various market segments, based on by component, technology, end user and region. The report also provides a competitive analysis of the key players operating in this market, along with their company profiles, product offerings, recent developments, and key market strategies.
Reasons to Buy the Report This report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share of the market. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their positions in the market.
This report provides insights on: • Market Penetration: Comprehensive information on the product portfolios of the top players in the surgical instrument tracking systems market. The report analyzes this market by component, technology, end user and region. • Market Development: Comprehensive information on the lucrative emerging markets, by component, technology, end user and region. • Market Diversification: Exhaustive information about the product portfolios, growing geographies, recent developments, and investments in the surgical instrument tracking systems market • Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, and capabilities of the leading players in the surgical instrument tracking systems market.
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