Surgical Instrument Tracking System Market to grow by USD 157.17 million from 2022 to 2027, North America to account for 41% of market growth- Technavio

NEW YORK, Sept. 19, 2023 /PRNewswire/ -- The surgical instrument tracking system market is expected to grow by USD 157.17 million from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of 9.34% during the forecast period, according to Technavio Research. The market is segmented by Component (Hardware, Software, and Services), Technology (Barcodes and RFID), and Geography (North America, Asia, Europe, and the Rest of the World (ROW)). The increasing elderly population with chronic diseases, as well as an increase in surgical volume, is a major factor contributing to the growth of the regional market. The growth of the North American Surgical Instrument Monitoring Market is expected to be driven by an increasing incidence of Colorectal cancer, ulcerative colitis, and orthopedic and gynecological surgery. Moreover, as they design and develop high-precision disposable and reusable surgical scalpels, the presence of established regional players meets the specific needs of end users. Favorable reimbursement policies in the US controlled by the Centers for Medicare and Medicaid Services (CMMS), which have structured systems and frameworks for such devices, are also driving the market growth in this region. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Read FREE PDF Sample Report

Company Profile:

ASANUS Medizintechnik GmbH, B.Braun SE, Becton Dickinson and Co., Case Medical, Fortive Corp., Getinge AB, Healthtech Pivot LLP, Integra Lifesciences Corp., Koch Industries Inc., Mobile Aspects, Paragon ID SA, Promedical Inc., RapID Surgical, RMS Omega Technologies, Skincare Pty Ltd., Scanlan International, Securitas AB, SpaTrack Medical Ltd., STERIS plc, and Xerafy Singapore Pte Ltd.

ASANUS Medizintechnik GmbH: The company offers surgical instrument tracking systems such as splintTag.

To gain access to more vendor profiles available with Technavio, buy the report!

The market share growth by the hardware segment will be significant during the forecast period. Hardware used in surgical instrument tracking systems includes scanners, readers, and tags. In addition, the mandatory adoption of Unique Device Identification (UDI) regulations in surgical instrument tracking is mainly expected to drive the growth of the hardware segment in the surgical instrument tracking system market.

Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View a FREE PDF Sample Report

"Besides analyzing the current market scenario, our report examines historic data from 2017 to 2021"- Technavio

Surgical Instrument Tracking System Market: Market Dynamics

Key Driver

• Increase in the volume of surgeries coupled with chronic diseases in the older population.
• Rising demand for security and automation in surgical theaters
• Mandatory regulation by the FDA for UDI

An increase in the volume of surgeries coupled with chronic diseases in the older population is a key factor driving market growth. Surgical care is essential to manage various conditions such as orthopedic, ENT, thoracic, and many other chronic conditions. The increase in the number of surgical procedures to treat these chronic diseases is driving the demand for surgical instruments. Complex surgeries involving the spine, nerves, and skull require sophisticated and advanced surgical instruments with high precision and reliability. In addition, surgical instruments are used for heart surgery, cesarean section, and weight loss surgery. Therefore, the increasing number of target groups with chronic diseases requiring surgery as the best treatment option will increase the demand for surgical instruments. Hence, these factors are expected to drive market growth during the forecast period.

Adopting automation in the healthcare sector is a major trend in the market. Identify key trends, drivers, and challenges in the market. Download a FREE sample to gain access to this information.

FAQS

• How do the major trends impact the market?
• How big is the North America market?
• How do the key drivers and challenges impact the market?

Related Reports:

The smart healthcare market size is estimated to grow by USD 115.39 billion at a CAGR of 9.26% between 2022 and 2027. This smart healthcare market report extensively covers market segmentation by distribution channel (offline and online), solution (telemedicine, mHealth, EHR, smart pills, and others), and geography (APAC, North America, Europe, South America, and the Middle East and Africa). Increasing focus on patient engagement is notably driving the market growth. 

The eClinical solutions market size is estimated to grow by USD 9,654.33 million at a CAGR of 13.47% between 2022 and 2027. ThiseClinical solutions market report extensively covers market segmentation by end-user (pharmaceutical and biotechnology companies, contract research organizations, consulting service companies, medical device manufacturers, and others), deployment (cloud-based and on-premises), and geography (APAC, North America, Europe, South America, and the Middle East and Africa). Rise in clinical trials for drugs driving the growth of the market. 

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Component

Market Segmentation by Technology

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio