Surgical Instruments Tracking System Market is likely to register a CAGR of 13.9%, through 2033 | FMI

 The global Surgical Instruments Tracking System Market is projected to have a moderate-paced CAGR of 13.9% during the forecast period. The current valuation of the surgical instruments tracking system market is US$ 255 million in 2023. The value of the surgical instruments tracking system market is anticipated to reach a high of US$ 940 million, by the year 2033.

Get Full Access @ https://www.futuremarketinsights.com/reports/surgical-instruments-tracking-system-market

Errors in the handling of surgical tools can lengthen procedures, increase costs, and raise the danger of surgical infections, perioperative morbidity, and RSI episodes. This is one of the main reasons hospitals require surgical instrument tracking systems to increase surgical care safety. Moreover, the growing amount of individuals having surgeries is another driving factor. To comply with the new Unique Device Identification (UDI) tracking regulations set out by the United States FDA, surgical instrument monitoring systems enable automated identification of medical equipment, including tools.

The need for compliance-enabling technologies, including surgical tool monitoring systems, is anticipated to increase as the number of devices subject to UDI continues to rise. Numerous other governmental organizations have also set regulatory guidelines for traceability from manufacturer to patient. These include the proposed UDI legislation from the CFDA in China, the In Vitro Diagnostic Medical Device Regulation and Medical Device Regulation from the EU, as well as AS/NZS 4187:2014 from Australia and New Zealand.

The usage of automated identification and tracking technology, such as surgical tool tracking systems, is anticipated to increase as a result. For instance, RFID Systems for Healthcare are provided by a certain market player, which aids in compliance with such rules. The market was greatly affected by the pandemic. Over the projected period, it is anticipated that rising healthcare costs, investments in new hospitals, and hospital expansions would boost growth in the segment under study. For instance, the Indian government is building sixteen more All India Institutes of Medical Sciences (AIIMS) throughout the country in various phases. Moreover, according to the Indian Ministry of Health and Family Welfare, under Phase-V, the cabinet approved INR 1,264 crore in September 2020 for the construction of AIIMS, Darbhanga, which is located in the Indian state of Bihar. One of the country's main surgical facilities is AIIMS. Similarly, several hospital building projects are in progress and are anticipated to stimulate the study segment's expansion. According to American Hospital Association (AHA) figures for 2022, there were 6,093 operating hospitals in the United States as opposed to 5,534 in 2020. Additionally, according to the same source, there were around 33.4 million inpatient admissions in American hospitals overall, costing an estimated US$ 1.2 trillion. Thus, it is anticipated that the expansion of the hospital segment would be aided by the increase in hospitals.

However, the cost of installing automated tracking systems like RFID, which calls for additional servers, databases, and middleware, has been steadily rising even while the cost of tags and readers has reduced dramatically. The total cost of adopting automated surgical tool tracking systems utilizing RFID is rather high when compared to more traditional systems like barcode-based systems.

Key Takeaways:

  • The global surgical instruments tracking system market is expected to be dominated by the United States during the estimated period. The Centers for Disease Control and Prevention (CDC) estimate that hospital-acquired illnesses claim the lives of roughly 90,000 Americans annually. The market for surgical instrument tracking systems is being driven by the desire to reduce infection brought on by contaminated tools as well as the requirement for better inventory management.
  • During the forecast period, China and Japan are anticipated to dominate the Asia Pacific surgical tools tracking system market. The production of technologically advanced software and hardware solutions is also anticipated to encourage the use of surgical tool tracking systems in these countries over the projected period. Moreover, leading companies in these countries provide complete, high-quality surgical instruments for all surgical specialties.
  • Owing to its affordable cost of installation and ease of adoption by the leading players in the market, the barcode technology is expected to hold the greatest revenue, through the forecast period.
  • As it utilizes technology more frequently than conventional clinics or other healthcare facilities, the hospital is the most lucrative segment for key companies, accounting for a sizable portion.

Competitive Landscape:

The Medical Device Inventory Management Market share is fragmented as a result of both domestic and international competitors. Several companies command substantial market dominance in their respective specialty areas. Large corporations often give natural events like product approvals, the possibility of accidents, and misplaced surgical equipment a high priority. These elements are anticipated to propel the surgical instruments tracking system market to expand rapidly.

Key Players:

  • SpaTrack Medical Limited
  • Keir Surgical Ltd.
  • NuTrace
  • Vizinex RFID
  • ScanCARE Pty Ltd.
  • RFID Discovery
  • Healthtech Pivot LLP
  • RMS Omega Healthcare
  • Avery Dennison Corporation
  • Becton, Dickinson and Company
  • STERIS
  • Integra LifeSciences Holdings Corporation
  • Xerafy
  • Braun Melsungen AG.

Comments

Post a Comment

Popular posts from this blog

Pet Diabetes Care Devices Market Report | Size, Growth, Demand, Scope and Forecast to 2032

  The global  Pet Diabetes Care Devices Market  is expected to grow at a  6.5%  CAGR, reaching  US$ 4 billion  by 2032, up from  US$ 2 billion  in 2021. “The number of pets with diabetes, the number of adopted pets, and the number of overweight pets are all driving the market forward.” Get Full Access @ https://www.futuremarketinsights.com/reports/pet-diabetes-care-devices-market The domestication of animals is leading to a lack of insulin production in them. The limited flow of glucose to the cell can be termed diabetes. This chronic disease is a major concern for pet owners and needs to be taken care of. This concern leads to the expansion of the pet diabetes care devices market. Devices like the alphatrak blood glucose meter are in use as they help the pet owners monitor the pet’s health. The increased number of people adopting pets and then domesticating them around in their households, treating and caring for them as f...
Read more

Human Immunodeficiency Virus Type 1 (HIV 1) Market Opportunity, Competitive Analysis, Future Prospects to 2033

Image
  The global Human Immunodeficiency Virus Type 1 (HIV 1) Market is predicted to exceed a remarkable valuation of US$ 34.83 Billion in 2023, with a compound annual rate of growth (CAGR) of 6% estimated from 2023 to 2033. The Institute for Health Metrics and Evaluation attributes the industry's growth to the soaring incidence rate of HIV-1 infection, which, unlike the deaths caused from this viral illness, has not updated substantially over time. Get Full Access @ https://www.futuremarketinsights.com/reports/human-immunodeficiency-virus-type-1-hiv1-market It affected approximately 37 million people worldwide. Furthermore, antiretroviral therapeutic interventions for disease management are only available to half of this population. HIV-1 is the more common of the two types of human immunodeficiency virus, accounting for approximately 96% of all infections globally. The prevalence of HIV is rising at an alarming rate. The World Health Organization (WHO) estimates that 33.0 million...
Read more

Clostridium Diagnostics Market in US is anticipated to secure a market value worth US$ 2.7 Billion by 2032 | FMI

Image
  The global Clostridium Diagnostics Market is expected to grow at a CAGR of 12.2% during the forecast period, from US$ 2.5 billion in 2022 to US$ 7.8 billion by 2032. The market grew at a CAGR of 13.6% between 2015 and 2021. The rising prevalence of clostridium-related diseases, as well as increased campaigns to educate people about the condition, are driving the market growth. To learn more about this report @ https://www.futuremarketinsights.com/reports/clostridium-diagnostics-market here has been an increased focus of players in the market to offer vaccines, which can augment the market size in the forecast period. For instance, in March 2022, Japan launched a new center, with a budget of US$ 1.6 Billion, to support vaccine and drug projects as a part of a larger scheme to tackle infectious diseases. SCARDA will be in charge of establishing a flagship R&D site for innovative collaborations and controlling funds for R&D projects. Awareness camp...
Read more