Surgical Instrument Tracking Systems to See Growth in 2018
July 13, 2018 | PRNewswireEstimated reading time: 2 minutes
Global surgical instrument tracking systems market is expected to rise with a CAGR of 17.5% over the forecast period (2017-2024).
Rising number of surgeries across the globe and increasing incidences of retained surgical instrument are the factors propelling the global surgical instrument tracking systems market. In addition, rising need for inventory management & better patient care along with Unique Device Identification (UDI) regulations by Food & Drug Administration are also propelling the global surgical instrument tracking systems market.
However, the market growth is impeded by several factors that include high system costs and budgetary limitations. Major challenge affecting the growth of global surgical instrument tracking systems include unreliability of the barcode system.
However, the market has immense opportunities that could cope up with the challenge over the forecast period (2017-2024). The opportunities include rising adoption of RFID in medical sector along with continuous research and technological advancements.
Global surgical instrument tracking systems market report includes three major segments that are technology, component and end user. Further, these segments are bifurcated into various sub segments.
On the basis of technology, barcodes and RFID are the sub segments. RFID technology is expected to witness the fastest growth rate over the forecast period (2017-2024).
Also, the component segment has been further divided into three sub segments that are hardware, software and services.
The end user segment also covers two major segments that are hospitals and others. Hospitals are accounted to be the dominant segment in 2017 in terms of revenue under the surgical instrument tracking systems market.
Global surgical instrument tracking systems market report has been geographically segmented in North America, Asia Pacific, Europe and Rest of world.
North America dominated the surgical instrument tracking systems market in 2017 in terms of revenue. Unique Device Identification (UDI) system by the U.S. Food and Drug Administration and rising healthcare expenditure are the major reasons behind the dominance of North America surgical instrument tracking systems market.
However, Asia Pacific is expected to be the fastest growing region over the forecast period (2017-2024). High observation of medical tourism coupled with evolving healthcare infrastructure are the factors governing fastest growth rate of Asia Pacific.
Key players of global surgical instrument tracking systems market are Censis Technologies, Inc. (U.S.), Getinge Group (Sweden), B. Braun Melsungen AG (Germany), Vizbee Rfid Solutions (France), Becton, Dickinson and Company (U.S.) and others. Partnership is the key strategy adopted by the companies in the surgical instrument tracking systems market.
Suggested Items
IDTechEx Report Unveils 3D Electronics Status and Opportunities
04/22/2024 | PRNewswire3D electronics is an emerging manufacturing approach that enables electronics to be integrated within or onto the surface of objects. 3D electronic manufacturing techniques empower new features, including mass customizability, greater integration, and improved sustainability in the electronics industry.
IDTechEx Examines the Opportunities for Wearables in Digital Health
04/19/2024 | IDTechExIDTechEx’s report, “Digital Health and Artificial Intelligence 2024-2034: Trends, Opportunities, and Outlook”, covers this ongoing trend in the consumer health wearables market and includes analysis of the opportunities and roadmap for biometric monitoring.
Real Time with... IPC APEX EXPO 2024: Pluritec's Expansion and Growth in the North American Market
04/19/2024 | Real Time with...IPC APEX EXPONicola Doria, president of Pluritec, discusses the company's strategic focus on the North American market, their investment in a new sales organization, service expansion, and a new process integration line. The conversation also covers market response and future installations, as well as Pluritec's new partnership with IEC.
Mycronic Releases Interim Report January–March 2024
04/18/2024 | MycronicNet sales increased 39 percent to SEK 1,692 (1,219) million. Based on constant exchange rates, net sales increased 42 percent.
Real Time with... IPC APEX EXPO 2024: Exploring Silicone Solutions with R&D Director of CHT
04/17/2024 | Real Time with...IPC APEX EXPOIn this interview, Gerry Ellis, the R&D director for CHT, discusses the product range offered by his company. He explains the challenges in creating base formulations, the drive to make products more user-friendly, and the various application techniques involved. Ellis also highlights the key market segments and the significance of providing efficient solutions to customers.