DUBLIN, Oct. 22, 2019 /PRNewswire/ -- The "Surgical Instrument Tracking Systems Market by Technology (Barcode, RFID), Component (Software, Hardware [Scanner], Service), End-User (Hospital [Public, Private]), and Region (North America, Europe, APAC, Latin America, MEA) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The surgical instrument tracking systems market is projected to reach USD 312 million by 2024 from USD 161 million in 2019, at a CAGR of 14.1%.
The growth of this market is majorly driven by the need to meet FDA Unique Device Identification mandates, requirement for better inventory and asset management practices, and growth of the surgical instruments market. However, high system costs, long investment cycles, and a lack of realization of ROI are expected to restrain the growth of this market during the forecast period.
By component, the hardware segment is expected to grow at the highest CAGR during the forecast period
Based on the component, the surgical instrument tracking systems market is segmented into software, hardware, and services. The software segment accounted for the largest market share in 2018. 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.
By technology, the barcode segment dominated the surgical instrument tracking systems market in 2018
Based on technology, the surgical instrument tracking systems market is segmented into barcode and RFID. The barcode segment accounted for the larger market share in 2018. The low cost of installation has resulted in the increased adoption of barcode technology in the surgical instrument tracking systems market.
APAC is expected to witness the highest growth during the forecast period
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.
Market Dynamics
Market Drivers
- Need to Meet Fda Unique Device Identification Mandates
- Requirement for Better Inventory and Asset Management Practices
- Growth of the Surgical Instruments Market
Restraints
- High System Cost, Long Investment Cycles, and Lack of Realization of Roi
Opportunities
- Emerging Economies
- Development of Active RFID Technology for Instruments
Challenges
- Technological Limitations
Company Profiles
- B. Braun Melsungen
- Becton, Dickinson and Company
- Censis Technologies, Inc.
- Getinge Group
- Haldor Advanced Technologies Ltd.
- Infor
- Intelligent Insites, Inc
- Key Surgical, Inc.
- Material Management Microsystems (Microsystems, Inc)
- Mobile Aspects
- Scanlan International, Inc.
- Spatrack Medical Limited
- STANLEY Healthcare (Division of STANLEY Black & Decker)
- TGX Medical Systems
- Xerafy
For more information about this report visit https://www.researchandmarkets.com/r/8p72sx
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