Dublin, Jun 22, 2021 (GLOBE NEWSWIRE) – The report “Global Surgical Instrument Tracking Devices Market: Focus on Product Type, Technology, End User, 10 Country Data and Competitive Landscape – Analysis and forecast, 2021-2031 “has been added to ResearchAndMarkets.com offer.
The Radio Frequency Identification (RFID) device market was valued at $ 283.4 million in 2020 and is expected to reach $ 685.9 million by the end of 2031. The RFID market is expected to grow at a CAGR by 9.0% over the forecast period 2021-2031. .
Surgical instrument localization devices are a combination of localization devices specially designed for implementation on surgical instruments. Barcodes and Radio Frequency Identification (RFID) devices are of two types based on the technology. By product type, surgical instrument trackers can be categorized into hardware, software, and services.
Surgical instrument tracking devices are currently dominated by RFID and hardware. These systems are driven by the idea of having more information than just locating surgical instruments, which is an important factor in managing surgical instrument assets.
Due to growing concerns about patient safety, the government and healthcare regulatory bodies have made the implementation of tracking devices on surgical instruments mandatory in hospitals and outpatient surgical centers. In recent years, the adoption of these devices has saved a lot of manpower and resources, which has facilitated hospital inventory management and boosted the market for surgical instrument tracking devices.
Key questions addressed in this report:
- What is the current market size and future potential for surgical instrument tracking devices?
- What is the current market share and growth share of the various surgical instrument tracking devices in the market?
- What are the guidelines implemented by the various government regulators to regulate the approval of surgical instrument tracking devices in the market?
- What are the major drivers, restraints, and opportunities in the global Surgical Instrument Tracking Devices market?
- What is the impact of the COVID-19 pandemic on the market?
- What technology is being researched and worked on to improve the technologies of surgical instrument tracking devices?
- Who are the major players dominating the global Surgical Instrument Tracking Devices market?
- What are the key developments and strategies incorporated by the global Surgical Instrument Tracking Devices Market players to compete and retain their supremacy?
- Which countries are contributing most of the current demand and which countries have significant expansion margin for the business activities of players in the Global Surgical Instrument Tracking Devices Market?
- According to the Global Surgical Instrument Tracking Devices Market Report, Radio Frequency Identification (RFID) Device dominates the market in 2020 relative to Barcode in segmentation – by technology. RFID is expected to maintain this market position and continue to dominate during the forecast period 2021-2031.
- In terms of product type segmentation, hardware is the market leader, led by software. During the forecast period 2021-2031, the hardware is expected to dominate the market. Software is expected to grow at a faster rate than hardware, with a CAGR of 10.1%.
- When the overall market contribution is taken into account, RFID accounts for 80% of the total market, while hardware leads 47.2%.
- Surgical instrument trackers hold the highest numbers in the North America region, followed by Europe. The United States leads the rankings contributing 59.8% of the total market in 2020. The United States is expected to maintain its position in regional segmentation.
Main topics covered:
1 Product definition
2 Scope of the research study
2.1 Key questions addressed in the report
2.2 Criteria for selecting the forecast period
3 Research methodology
4 industry insights
4.1 Legal regulations
4.2 Business model analysis
4.3 Impact of COVID-19 on the Global Surgical Instrument Tracking Device Market
4.3.1 Changes in surgical facilities
4.3.2 COVID-19 has created a backlog of elective surgery
4.3.3 Impact on instrument manufacturers
5 Competitive landscape
5.1 Strategies and key developments
5.1.1 Partnerships, alliances and business expansions
5.1.2 Regulatory and legal activities
5.1.3 Product Offerings and Upgrade
5.1.4 Fundraising activities
5.1.5 Mergers and Acquisitions
5.2 Market share analysis
5.2.1 Type of technology
5.2.2 Product type
5.3 Growth share analysis
5.3.1 Type of technology
5.3.2 Product type
6 Global Surgical Instrument Tracking Devices Market Scenario
6.1 Assumptions and limitations
6.2 Main conclusions
6.3 Potential opportunities
6.3.1 Increased incidence of retained surgical instruments
6.3.2 Development and strong demand for the integration of IoT in surgical instrument tracking devices
6.4 Market drivers
6.4.1 Growing need for inventory management and enforcement of unique device identification (UDI) regulations by the FDA to incentivize the use of surgical instrument tracking devices
6.4.2 Increase in the number of surgical procedures globally to propel the demand for surgical instrument tracking devices
6.4.3 Availability of advanced technological products to provide more functionality in surgical instrument tracking devices
6.4.4 Factors such as time pressure and infections that hospitals face leading to increased demand for surgical instrument tracking devices
6.5 Market restrictions
6.5.1 Technological limitations
6.5.2 Drop in elective surgeries across the world during the COVID-19 pandemic to negatively impact the market
6.6 Market trends
6.6.1 Increasing demand for active RFIDs
6.6.2 Web Services Growth in Global Surgical Instrument Tracking Devices Market
7 Global Surgical Instrument Tracking Devices Market (By Technology)
7.1 Market overview
7.2 Market size and forecast
7.2.1 Barcode systems
7.2.2 Radio frequency identification (RFID) systems
7.2.3 Internet of Things (IoT)
8 Global Surgical Instrument Tracking Devices Market (By Product Type)
8.1 Market overview
9 Global Surgical Instrument Tracking Devices Market (By End User)
9.1 Market overview
9.1.2 Ambulatory surgery centers (ASC)
10 Global Surgical Instrument Tracking Devices Market (By Region)
10.1 Market overview
10.2 North America
10.2.2 Market Size and Forecast
10.2.3.1 United States
10.3.2 Market Size and Forecast
10.3.3.2 United Kingdom
10.3.3.6 Rest of Europe
10.4.1 Market Overview
10.4.2 Market Size and Forecast
10.4.3.3 Australia and New Zealand
10.4.3.4 Rest of Asia-Pacific
10.5 Rest of the world
10.5.1 Market Overview
10.5.2 Market Size and Forecast
11 company profiles
- ASANUS Medizintechnik GmbH
- B. Braun Melsungen SA
- Becton, Dickinson and company
- Fingerprint Medical Limited
- Fortive Society
- Getinge AB
- Cutting-edge Haldor technologies
- Holding company Integra Lifesciences
- Murata Manufacturing Co., Ltd
- Scanlan International
- SpaTrack Medical Limited
- Stanley Black & Decker, Inc.
- Steris plc
- Xerafy Singapore Pte Ltd.
For more information on this report, visit https://www.researchandmarkets.com/r/skai9z