Global Surgical Instrument Tracking Market Insights: Technological Advancement in IT Industry to Drive Revenue Growth
Driven by the aforementioned factors, the market for surgical instrument tracking system is poised to grow at a CAGR of 17.8% over the forecast period (2020-2030).
The global surgical instrument tracking market is expected to witness rapid growth over the next decade, as result of increased level of automation in the healthcare industry along with technological advancements in the IT & telecom industry. Integration of scanning technology like RFID or barcode scanning along with software services for inventory management forms surgical instrument tracking system.
Cloud-based solutions are witnessing a rise in adoption in both developed and developing markets. These solutions enable private sharing and storage of data without encroaching disk space. Adoption of cloud services to provide numerous development opportunities in healthcare automation is resulting in ascending demand for surgical instrument tracking system
Global healthcare spending is projected to increase at an annual rate of 5.4% in 2018–2022, a considerable rise from 2.9% in 2013–2018. This increase highlights the strengthening of the dollar against the euro and other currencies, the expansion of health care coverage in developing markets, increased elder population’s need for care, advancements in treatments and health technologies, and a rise in health care labor costs.
Product Insights: Software Solution to Account for Lion’s Share
Surgical instrument tracking system is available in three main product forms including instrument tracking console, software, and services. Advancement in IT industry with respect to the healthcare sector is expected to result in increasing demand for surgical instrument tracking software over the forecast period.
Adoption of instrument tracking console is projected to grow with an impressive growth rate of 18.6% over the forecast period. Surgical instrument tracking services are also estimated to gain significant momentum with increasing number of service providers in the IT & telecom industry.
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Technology Insights: RFID-based System to Remain the Most Lucrative Segment
With mounting demand for automated system in the healthcare industry, there had been a significant rise in demand for surgical instrument tracking system during the historical period (2015-2019).
Advances in electronic and IT industry have resulted in increasing demand for wireless scanning solution. Highly influenced by the ease of scanning and auto record maintenance, RFID-based surgical instrument tracking is expected to gain significant attention over the forecast period. On the other hand, sales of barcode scanning based surgical instrument tracking system is poised to grow at a CAGR of 16.6% during 2020-2030.
Market Analysis by End User: Hospital Operation Theaters Take the Lead
The requirement of surgical instrument tracking in hospital operation theaters has grown significantly with increased automation in the healthcare industry and demand for advanced application software for inventory management.
Adoption in hospital operation theaters is expected to account for more than one-third of the global surgical instrument tracking market value by 2030-end.
Increasing number of mobility hospital services in semi-rural and urban area is creating numerous opportunities for companies operating in ambulatory surgical centers. Subsequently, mounting ambulance services is set to drive the installation of surgical instrument tracking system in ambulatory surgical centers and market for the same is expected to grow at a CAGR of 16.5% over the forecast period.
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Regional Market Insights: North America Remains at the Forefront
North America is seen as the most lucrative region for the surgical instrument tracking market, backed by increasing government funding in installation of advanced equipment and rising awareness of medical devices technologies among end users.
In East Asia, China leads the bandwagon, closely followed by South Korea and Taiwan. South Korea, on the other side, provides better growth prospects for electronic output.
From the target market perspective, key market output is mainly generated from European nations and the United States. Increasing number of surgical procedures and adoption of new technologies in the healthcare system will boost the demand in these regions. The US is a hotspot when it comes to purchasing power parity and thus remains a critical consumer for surgical instrument tracking system.
“The surgical instrument tracking market is expected to experience strong growth with increasing demand for cost-effective yet advanced inventory management solutions in the healthcare industry to automate the orders based on actual usage of products and services”.
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COVID-19 Impact Analysis
The spread of the coronavirus has crippled the entire world. Nearly all countries have imposed lockdowns and strict social distancing measures. This has disrupted operations of the key end-use companies across the globe.
Though healthcare and pharmaceutical industry have experienced increasing demand during these course of pandemic, automation in the healthcare industry froze due imposition of lockdown and halted product/service development work.
The result has led to a decline in revenue of the surgical instrument tracking market.
Competition Insights: Key Players to Focus on Product Innovation and M&A Activities
Key players in the surgical instrument tracking market are focusing on increasing their investment in the development of new products with advanced features. Apart from product innovation, market leaders are focusing on acquisition of regional companies to strengthen their global presence.
For instance, Key Surgical LLC has acquired Insitumed GmbH, a Germany-based company, to broaden its portfolio of endoscopy products. The acquisition also results in offering more than 5000 products and supplies utilized for sterilizing and cleaning surgical instrumentation. In November 2018, Key Surgical LLC introduced endoscopy products into their portfolio.
Other key players in the surgical instrument tracking market include Becton, Dickinson and Company, Infor, Cantel Medical Corporation (MEDIVATORS Inc.), Steris Plc, Getinge AB and Intelligent InSites, Inc..
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Surgical Instrument Tracking Market: Scope of Report
Fact.MR published an exclusive forecast report for surgical instrument tracking market for the period of(2020-2030). The foremost objective of this report on the surgical instrument tracking market is to pitch spearhead insights on market scenario, demand generators, and technological advancements in the surgical instrument tracking market.
Also, the study on surgical instrument tracking market addresses key dynamics, which are expected to diversify the sales and future prominence of surgical instrument tracking market.
The report on surgical instrument tracking market begins with an executive overview in which product definition has been provided. The report further proceeds with taxonomy of surgical instrument tracking market, elaborating on the key segments.
Also, the report outlines visionary insights on dynamics surgical instrument tracking market including drivers, restraints, opportunities and trends and pricing analysis along with the key buying factors for surgical instrument tracking.
Supply chain analysis and pricing analysis of surgical instrument tracking market along with the difference between surgical instrument tracking used as per applications have also been included in the report to help the readers clearly understand the product framework map in surgical instrument tracking market.
Surgical Instrument Tracking Market: Segmentation
Fact.MR has studied the surgical instrument tracking market with detailed segmentation on the basis of product, technology, end-user, and key regions.
- Instrument Tracking Console
- Endoscope Tracking and Management System
- Barcode Scanning Based Systems
- RFID Based Systems
- Hospital Sterile Processing Department (SPD)
- Hospital Operation Theaters
- Ambulatory Surgical Centers
- Office-Based Specialized Clinics
- North America
- Latin America
- East Asia
- South Asia
Surgical Instrument Tracking Market- Global Industry Analysis
The recent study by Fact.MR on the surgical instrument tracking market offers 10-year forecast for the period of 2020-2030. The study analyzes crucial trends that are currently determining the growth of the surgical instrument tracking market.
This report explicates on vital dynamics, such as drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with the manufacturing of surgical instrument tracking. The study also provides dynamics that are expected to influence the future status of the surgical instrument tracking market over the forecast period.
A detailed assessment of value chain, business executions, and supply chain across regional markets has been covered in the report. A list of prominent companies operating in the surgical instrument tracking market enhances the reliability of this comprehensive research study.
Surgical Instrument Tracking Market: Report Summary
The study offers a comprehensive analysis on diverse features including demand, product developments, policy & regulatory landscape, revenue generation, and sales in the surgical instrument tracking market across the globe.
A comprehensive estimate on the surgical instrument tracking market has also been considered through an optimistic scenario as well as conservative scenario regarding sales of surgical instrument tracking in the forecast period. Price point comparison by regions with global average price are also considered in the study.
Surgical Instrument Tracking Market: Size Evaluation
The study provides each market segment in terms of value (US$ Mn) analysis in the surgical instrument tracking market.
Market estimates at global and regional levels for surgical instrument tracking are available in terms of “US$ Mn” for value. A Y-o-Y growth contrast on prominent surgical instrument tracking market segments, along with the market attractiveness evaluation have been incorporated in the report.
Another key feature of the surgical instrument tracking market report is the analysis of all key segments in terms of absolute dollar. Absolute dollar opportunity is critical in assessing the level of opportunity that a manufacturer can look to achieve as well as identify potential resources, from sales and delivery perspectives in the surgical instrument tracking market.
Surgical Instrument Tracking Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which help deliver projections on the regional markets. This chapter include regional macros (political economic, and business environment outlook), which are expected to have a momentous influence on the growth of the surgical instrument tracking market during the forecast period.
Country-specific valuations on demand for surgical instrument tracking have been offered for each regional market, along with market scope estimates and forecast, price index, and impact analysis of prominence in regions and countries. Regional markets Y-o-Y growth estimates have also incorporated in the report.
Detailed breakup in terms of value for emerging countries has also been included in the report.
Surgical Instrument Tracking Market: In-depth Analysis on Competitive Landscape
The report sheds light on leading manufacturers active in the surgical instrument tracking market, along with their detailed profiles. Essential and up-to-date data information related to market players, who are principally engaged in the production of surgical instrument tracking devices, have been brought with the help of a detailed dashboard view.
Market share analysis and comparison of prominent players provided in the report permit report readers to take preemptive steps in advancing their businesses.
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