CHICAGO, Oct. 10, 2019 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets™, the Surgical Instrument Tracking Systems Market is projected to grow at a CAGR of 14.1% during the forecast period to reach USD 312 million by 2024 from USD 161 million in 2019.
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The Factors such as the need to meet FDA Unique Device Identification mandates, the requirement for better inventory & asset management practices, and growth of the surgical instruments market are expected to drive the growth of this market during the forecast period.
The hospitals market segment accounted for the largest share of the Surgical Instrument Tracking Systems Market.
Based on end user, the market is segmented into hospitals and other end users. The hospitals segment accounted for the larger share of the Surgical Instrument Tracking Systems Market in 2018. The growth of the hospitals segment is attributed to high patient inflow as compared to other end users in the market. Hospitals also use more equipment and instruments on an average than other healthcare providers and carry out a greater number of surgical procedures. This has ensured a sustained demand for tracking solutions in hospitals.
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Software accounted for the largest share of the Surgical Instrument Tracking Systems Market in 2019.
Based on component, the market has been segmented into software, hardware, and services. The software segment accounted for the largest share of the market in 2018. Software is a non-tangible component used to run a system or perform primary tasks, which include maintaining equipment records and performing administrative tasks in any healthcare organization or hospital. Surgical instrument tracking software such as RFID software plays a major role in receiving valuable data from multiple tags via antennas. It helps in the data management of surgical instruments which in turn helps in workflow management. Growth in this market segment is driven by the frequent need for upgrades and the introduction of new software applications. Vendors are continuously introducing advanced, user-friendly products with improved data security.
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Asia Pacific to dominate the Surgical Instrument Tracking Systems Market during the forecast period
In 2019, North America dominated the Surgical Instrument Tracking Systems Market, followed by Europe. The Unique Device Identification (UDI) regulations by the FDA and the need to cut down healthcare expenditure are the factors driving the market in North America.
The Asia Pacific region is projected to register the highest growth rate in the global market during the forecast period. This is primarily attributed to government initiatives to implement asset tracking solutions and growing access to healthcare facilities in the region.
The prominent players operating in this market include Censis Technologies (US), Material Management Microsystems (US), Becton, Dickinson and Company (US), Haldor Advanced Technologies (Israel), Intelligent InSites, Inc. (US), Key Surgical, Inc. (US), Mobile Aspects (US), TGX Medical Systems (US), Xerafy (China), STANLEY Healthcare (US), B. Braun Melsungen AG (Germany), Getinge AB (Sweden), Infor Inc. (US), SpaTrack Medical Limited (UK), and Scanlan International, Inc. (US).
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