The global surgical instrument tracking systems market size is expected to reach USD 383.9 million by 2028 according to a new study by Polaris Market Research. The report “Surgical Instrument Tracking Systems Market Share, Size, Trends, Industry Analysis Report, By Product (Hardware, Software, Services); By Technology; By Region; Segment Forecasts, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The increased regulation for surgical instrument tracking systems in countries like the U.S. and China is the major factor that is driving the growth of the industry globally. The increased adoption owing to better patient practices in hospitals along with the emergence of new tracking system technologies is expected to further boost the growth of the industry.
Medical instrument tracing improves the sterile processing and distribution processes of the medical devices in hospitals that greatly contribute to patient safety. There is also an increased case of retained equipment after surgery and the mortality rate is 2% in the case of retained surgical objects and hence the adaptation of 2D barcodes and RFID to track devices in operation theatres will help to reduce any mishap during surgeries.
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COVID-19 is expected to have a negative impact on the industry as most of the countries are following temporary lockdown and this has affected the transportation of medical devices. The temporary shutdown of medical device manufacturing sites in worst-affected countries and travel restrictions impacting shipments is expected to slow down the growth of the industry. The situation is expected to gradually improve in the few months after which the market is expected to witness upward growth.
Industry Participants such as Spatrack Medical Limited, Censis Technologies, Inc., Xerafy Singapore Pte Ltd., Getinge AB, Fingerprint Medical Limited, B. Braun Melsungen AG, Haldor Advanced Technologies, BD, Microsystems, INC, and Ternio Group LLC., are some of the key players operating in the global market.
Polaris Market Research has segmented the surgical instrument tracking systems market report on the basis of product, technology, end-users, and region:
Surgical Instrument Tracking Systems, Product Outlook (Revenue - USD Million, 2016 – 2028)
Surgical Instrument Tracking Systems, Technology Outlook (Revenue - USD Million, 2016 – 2028)
Surgical Instrument Tracking Systems, End-Use Outlook (Revenue - USD Million, 2016 – 2028)
Surgical Instrument Tracking Systems, Regional Outlook (Revenue - USD Million, 2016 – 2028)