A surge in demand for tracking surgical devices and improvement in patient safety is boosting the market demand.
The global surgical instrument tracking systems market is expected to be valued at USD 431.6 million by 2027 from USD 159.4 million in 2019, registering a CAGR of 13.2% through the forecast period, according to the latest report by Emergen Research. Surgical instrument tracking systems are used for tracking emerging technologies and smartphones and tablets in the healthcare industry. The introduction of the new technologies and the use of tracking systems in the form of bar codes has fuelled market development. It enhances patient safety and the rapid and accurate identification of instruments, resulting in an efficient operation. Market demand is also benefiting from the need for testing centres and clinics to boost workflow.
The Food and Drug Administration’s introduction of a unique device identification (UDI) scheme is another major propelling factor for the market. This has prompted most of the devices in human and machine-readable form to include UDI. The growth of the market can, however, be hampered by factors such as budget constraints, large cost structures, and long investment cycles.
With the rise in concern for the safety and protection of medical instruments and equipment, healthcare resource management has gained momentum. Such devices assist in monitoring the tools and make proper use of resources. Due to the increase in the number of COVID-19 accidents, demand for surgical instrument tracking systems is increasing. The sector has been positively impacted by the rise in the number of patients.
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Key Highlights From Report
Terso Solutions announced its collaboration with Medical Monitoring Solutions, Inc. in June 2020. To support the visibility of manufacturers and hospitals from the factory to the point of use and all in between, they introduced an RFID surgical loaner kit tracking solution.
Hardware for the surgical instrument tracking system is gaining popularity as non-durable radio frequency identification barcode labels are repeatedly purchased and need frequent replacement as they are more vulnerable to detachment due to damage or washing.
RFID tags are designed to withstand the healthcare industry’s rigours, as well as the harsh sterilisation processes used to automate the Uniform Protocol of the Joint Commission and fulfil the specifications of FDA UDI.
Owing to the adoption of products and an increase in the frequency of surgery, hospitals are experiencing high demand for surgical instrument tracking systems. Hospitals lose or misplace a number of their surgical instruments, making the whole procedure more costly.
Owing to the introduction of new technology and the need for lower healthcare costs and successful equipment management, North America held the largest market share, driving demand for the commodity. In the year 2019, the region held a 34.8% market share.
Key participants include Material Management Microsystems, Fortive Corporation Group, Haldor Advanced Technologies, Becton, Dickinson And Company, Mobile Aspects, Key Surgical, Inc., TGX Medical Systems, B. Braun Melsungen, Xerafy, and Getinge Group, among others.
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For the purpose of this report, Emergen Research has segmented the Global Surgical Instrument Tracking Systems Market on the basis of component, technology, end-user, and region:
Component Outlook (Revenue, USD Billion; 2017-2027)
Software
Services
Hardware
Readers
Tags
Others
Technology Outlook (Revenue, USD Billion; 2017-2027)
Radiofrequency identification (RFID)
Barcode
End-User Outlook (Revenue, USD Billion; 2017-2027)
Hospitals
Private Hospitals
Public Hospitals
Others
Others Regional Outlook (Revenue, USD Billion; 2017-2027)
North America
Europe
Asia Pacific
Latin America
MEA
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Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Key Insights
Chapter 4. Unmanned Ground Vehicle Market Segmentation & Impact Analysis
4.1. Unmanned Ground Vehicle Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Surging demand in commercial applications
4.2.2.2. Growing demand in homeland security
4.2.2.3. Growing demand in ISR operations
4.2.2.4. Increased R&D investment
4.2.3. Market restraints analysis
4.2.3.1. High cost of unmanned ground vehicle
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter’s Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Chapter 5. Unmanned Ground Vehicle Market By Operation Mode Insights & Trends, Revenue (USD Million)
5.1. Operation Mode Dynamics & Market Share, 2019 & 2027
5.1.1. Autonomous
5.1.2. Remotely Operated
5.1.3. Tethered
Continued…
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