Surgical Instrument Tracking Systems Market Outlook:
According to a report by Expert Market Research, the global surgical instrument tracking systems market is expected to grow at a CAGR of 20.2% during the forecast period of 2023-2028. The market size is expected to reach USD 442.5 million by 2028, up from USD 123.9 million in 2020.
The surgical instrument tracking systems market is driven by various factors, including increasing surgical procedures, rising need to improve patient safety, growing concerns over instrument loss and damage, and the implementation of stringent regulations by healthcare authorities.
By technology, the RFID (Radio-frequency identification) segment is expected to dominate the market during the forecast period, owing to its accuracy, efficiency, and ability to track instruments in real-time. However, the barcode segment is expected to grow at a higher CAGR due to its low cost and ease of implementation.
By end-user, the hospitals segment is expected to dominate the market during the forecast period, owing to the increasing number of surgical procedures performed in hospitals and the implementation of regulations by healthcare authorities to improve patient safety.
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Market Segmentation:
The global surgical instrument tracking systems market can be segmented on the basis of product type, technology, end-user, and region.
Product Type:
Based on product type, the surgical instrument tracking systems market can be segmented into hardware, software, and services. The hardware segment is expected to hold the largest share of the market in 2023, as hospitals and medical facilities continue to invest in tracking systems and hardware. The software segment is expected to grow at a significant CAGR during the forecast period, as software solutions become increasingly important for managing surgical instrument tracking data and integrating with other hospital systems. The services segment is also expected to grow at a moderate pace, as hospitals and medical facilities require ongoing support and maintenance for their tracking systems.
Technology:
Based on technology, the surgical instrument tracking systems market can be segmented into barcode, RFID, and others. The barcode segment is expected to hold the largest share of the market in 2023, as barcode technology is widely used in healthcare and is a cost-effective solution for tracking surgical instruments. The RFID segment is expected to grow at the highest CAGR during the forecast period, as RFID technology offers several advantages over barcode technology, including the ability to track instruments in real-time and the ability to read multiple tags simultaneously.
End-User:
Based on end-user, the surgical instrument tracking systems market can be segmented into hospitals and others. The hospitals segment is expected to hold the largest share of the market in 2023, as hospitals are the largest users of surgical instrument tracking systems. The others segment, which includes ambulatory surgical centers, specialty clinics, and other medical facilities, is expected to grow at a significant pace during the forecast period, as these facilities increasingly adopt surgical instrument tracking systems to improve patient safety and infection control.
Region:
Based on region, the global surgical instrument tracking systems market can be segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America is expected to hold the largest share of the market in 2023, driven by factors such as the presence of a large number of hospitals and medical facilities, high healthcare spending, and growing concerns about patient safety and infection control. The Asia-Pacific region is expected to grow at the highest CAGR during the forecast period, as healthcare infrastructure continues to improve in the region and hospitals increasingly adopt surgical instrument tracking systems to improve patient safety.
Key Market Players:
The key players in the global surgical instrument tracking systems market include Becton, Dickinson and Company, Getinge Group, Steris Plc, Haldor Advanced Technologies Ltd, Materials Management Microsystems Inc., Xerafy, B. Braun Melsungen AG, Censis Technologies Inc., Microsystems, Inc., and others. These players are focusing on expanding their product portfolios, improving their distribution networks, and developing innovative solutions to meet the evolving needs of hospitals and medical facilities.
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