Jun 11, 2020
Surgical Instrument Tracking Market Set to Grow 5.1X by 2030, Uptake by End User Declines in 2020 Due to COVID-19
by Team Fact.MR
The surgical instrument tracking market remains driven by the increased level of automation in the healthcare industry. Rapid expansion of the healthcare infrastructure in developing countries such as China and India is expected to influence the market growth during the forecast period (2020-2030).
The quality of healthcare services provided to patients is changing, and it is expected to improve further as more and more surgeons today are well-supported with better information about both patients and the indication at hand. In the current scenario, developed economies are leading the way in providing high-quality healthcare services. Moreover, the surgical instrument tracking system market is expected to benefit from the formation of a structured risk-based regulatory framework for healthcare IT initiatives.
However, the outbreak of the Covid-19 has impacted demand for automation in the global healthcare industry, as result of nation-wide lockdown and halted production activity. The impact has also been evident in the surgical instrument tracking market. Further, the second wave of corona cases in recovering regions is set to hamper the market during the forecast period. For instance, in China, the second wave has created other hotpots and similar trend is projected to witness in other regions.
Key Takeaways of Global Surgical Instrument Tracking Market Study
- Surgical instrument tracking software is estimated to account for 57.7% share of the market revenue in 2020, and is expected to lose 230 BPS in its market share by 2030 over 2020.
- In terms of technology, RFID-based surgical instrument tracking system remains highly preferred and is expected to represent US$ 90Mn of the market in 2020.
- Growing at CAGR of 18.4% through 2030, sales value of the RFID-based systems is expected to reach US$ 483Mn by 2030.
- Demand for barcode scanning-based surgical instrument tracking is expected to register a CAGR of 16.6% over the forecast period to be valued at US$ 252.7Mn by 2030 end.
- Hospital Operation Theater as an end user is projected to grow 5.4X during forecast period, while adoption by ambulatory surgical centers is projected to grow 4.7X through 2030.
- Use of surgical instrument tracking systems in hospital sterile processing department (SPD) is estimated to account for 23.1% of the market revenue by 2020-end.
- Adoption by office-based specialized clinics is projected to grow 5.2X during forecast period.
“Surgical instrument tracking system allows for unique identification of each instrument and better inventory management. Benefits of the systems have implications for surgeons preparing for operating procedures and the whole healthcare system,” says the Fact.MR analyst.
Key Players to Focus on Product Innovation and Acquisition
Prominent players of the surgical instrument tracking market include Becton, Dickinson and Company, Infor, Cantel Medical Corporation (MEDIVATORS Inc.), Steris Plc, Getinge AB and Intelligent InSites, Inc. Key players are adopting aggressive growth strategies for establishing their presence over the regional and global market. These players are also focusing on product innovation and acquisition of new companies to meet increasing demand compatible with associated application usage.
More Valuable Insights on Surgical Instrument Tracking Market:
Fact.MR, in its new offering, presents an unbiased analysis of the global surgical instrument tracking market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study delivers essential insights on the surgical instrument tracking market on the basis of product type (instrument tracking console, software and services), technology (Barcode Scanning Based Systems and RFID Based Systems) and end user (hospital sterile processing department (SPD), hospital operation theaters, ambulatory surgical centers and office based specialized clinics) across seven major regions.
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