Report ID: SQMIG35D2002 | Region: Global | Published Date: September, 2022 | Pages: 157 | Tables: 128 | Figures: 77Global Home Healthcare Market
Report ID: SQMIG35D2058 | Region: Global | Published Date: September, 2022 | Pages: 157 | Tables: 116 | Figures: 77
Surgical Instruments Tracking Systems Market size was valued at USD 187.67 billion in 2021 and is poised to grow from USD 210.5 billion in 2022 to USD 466.19 billion by 2030, growing at a CAGR of 12.1% in the forecast period (2023-2030).
Rising number of surgical treatments due to the increase in sports injuries, road accidents, and cardiac surgeries coupled with the increased frequency of cardiovascular illness and other types of chronic disorders are the major factors driving the growth of the global surgical instruments tracking system market. Moreover, the rise in the need for automatically track critical equipment like surgical equipment to ensure better patient outcomes and comply with the U.S. Food & Drug Administration, Unique Drive Identification Program, to ensure the right tools for each surgical procedure are available in time.
Furthermore, developing economies such as China, India, and Indonesia, as well as countries from the Middle-East, Southeast Asia, and Latin America are expected to provide lucrative growth opportunities for the global market owing to increasing expenditure on healthcare infrastructure in these economies over the forecast period. For instance, in China, the number of hospital beds available have reached a value of around 9.1 million, with an increase of 338,000 hospital bed per year since 2016, at a CAGR of 5.4%.
The high implementation of UDI standards by the U.S. Food & Drug Administration through rising geriatric population, increased number of chronic disorders, and rapid growth in the technological advancements are another factors expected to drive the global surgical instruments tracking system market over the forecast period. Most of the devices now have a unique identifier in both human and machine-readable form. Therefore, the adoption of surgical instruments have increased along with the number of surgeries. According to European Union Statistics, hip replacement surgery was performed around 304 times per 100.000 individuals in Germany.
US Surgical Instruments Tracking Systems Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global surgical instruments tracking systems market is segmented on the basis of product, technology, end-use, distribution channel, and region. By product, the market is sub-segmented into hardware, software, and services. By technology, the market is bifurcated into barcodes and RFID. By end-use, the market is categorized into hospitals, ambulatory surgical centres, clinics, and others. By distribution channel, the Surgical Instruments Tracking Systems Market is segmented into direct tender and third party distributor. By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Surgical Instruments Tracking Systems Market Analysis by Product
By product, the hardware segment accounted for the largest market share of over 45.2% in 2021 and is set to continue this throughout the forecast period. High growth in the adoption of surgical instrument and rising technological advancements in hardware devices such as RFID chips and barcode tags are the major factors expected to drive the segment growth during the forecast period. For instance, Wyss Institute of Harvard University has developed new and advanced way to embed RFID chips onto surgical instruments with the help of vapor deposition process and biocompatible sealant.
Surgical Instruments Tracking Systems Market Analysis by Technology
By technology, the barcode segment dominated the market and accounted for a significant share of over 82.1% in 2021 and is projected to maintain its dominance throughout the forecast period. Since, barcode is the most common way used in the tracking technology and their increasing demand in the medical devices are the key factors driving the growth of the segment. In addition, low installation cost of barcodes has led to the increased demand in several sectors including healthcare facilities including hospitals, clinics, and ambulatory surgical centers.
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North America dominated the global surgical instruments tracking system market with a contribution of over 37% market share in 2021. Introduction to UDI system by the U.S. Food & Drug Administration for the easily identification of medical devices and instruments to ensure improve patient outcomes and availability of device in real time is the key factor driving the growth of the market in the region. Furthermore, the presence of highly advanced and international level healthcare infrastructure along with the rapid growth in the adoption of advanced technologies and products are further expected to drive the regional growth over the forecast period.
On the other hand, Asia Pacific is anticipated to grow at the fastest CAGR during the forecast period owing to the increasing urbanization, rising investments by several international institutions, growing disposal income of population, and availability of untapped opportunities in the region. An extensively developing healthcare facilities and infrastructure in the emerging economies such as India, China, and Indonesia along with the favourable government initiatives to improve healthcare system in the region are also expected to contribute to the growth of the market in the coming years.
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Surgical Instruments Tracking Systems Market Drivers
Surgical Instruments Tracking Systems Market Restraint
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The global surgical instruments tracking systems market is highly competitive with the presence of many international players such as Censis Technologies Inc., Syrma Technology, and Steris PLC. The key players are mainly focusing on the technological advancements, innovations, partnerships, and increasing expenditure on the research & development.
Top Players in the Global Surgical Instruments Tracking Systems Market
Surgical Instruments Tracking Systems Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global surgical instruments tracking systems market is witnessing a significant growth owing to the increase in the demand for surgeries, improved technology, rising per capita income of people, and ability to reduce risk of cross-contamination. Furthermore, increasing investments in research & developments coupled with the innovations are the factors projected to contribute significant growth during the forecast period. However, lack of skilled professionals for the smooth operations of surgical instruments are likely to hamper the growth of the market over the forecast period.
|Market size value in 2021||USD 187.67 billion|
|Market size value in 2030||USD 210.5 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Surgical Instruments Tracking Systems Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Surgical Instruments Tracking Systems Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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