Market Overview:
The global surgical instruments tracking systems market is expected to grow at a CAGR of 7.5% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for minimally invasive surgeries, rising number of hospitals and healthcare facilities, and growing awareness about patient safety. Based on type, the global surgical instruments tracking systems market can be segmented into hardware, software, and services. The hardware segment is expected to account for the largest share of the global surgical instruments tracking systems market in 2018. This segment is projected to grow at a CAGR of 7.8% during the forecast period from 2018 to 2030. The software segment is projected to grow at a CAGR of 8% during the same period owing to its growing demand for real-time location tracking (RTLT) solutions across various applications such as public hospitals and private hospitals.
Product Definition:
Surgical Instruments Tracking Systems are used to track the location and status of surgical instruments. The systems help to ensure that the correct instruments are used for each procedure, and that instrument sterilization is performed properly.
Hardware:
Hardware is the part of a Tracking System that includes devices such as RFID tags, barcode scanners, and other devices. The hardware used in tracking systems has been witnessing significant growth over the past few years owing to several advantages offered by them such as reduction in errors during surgery (fusion of data from different sources), prevention of surgical waste & inventory management, and real-time location system (RTLS) enabled equipment for improved patient safety.
Software:
Software and its usage in surgical instruments tracking systems market is used by healthcare professionals to keep track of the instrument during surgery. It helps them to store, organize and catalog the information related to medical devices. The software also provides a platform for manufacturers for providing updates about their products which are installed in the system thereby helping surgeons with improved patient outcomes.
Application Insights:
The market is segmented based on application into public hospitals and private hospitals. The public hospital segment dominated the global surgical instruments tracking systems market in 2017, accounting for over 60% of the revenue share. This can be attributed to factors such as a high number of surgeries being performed at a time, increasing government funding for healthcare facilities, and an increase in patients seeking medical assistance due to financial constraints caused due to illness or accidents.
The private hospital segment is expected to witness lucrative growth over the forecast period owing to factors such as rising disposable income levels among certain groups of people including middle-class professionals along with their preference towards elective surgeries that are performed at clinics or hospitals compared with urgent care centers or walk-in clinics run by non-government organizations (NGOs). Furthermore, growing investments from companies operating in various segments including software & services providers and hardware manufacturers are expected to boost product demand globally within this sector.
Regional Analysis:
North America dominated the global market in 2017. This can be attributed to factors such as increasing R&D investments by companies and higher adoption of advanced technologies in this region. Moreover, growing number of surgical procedures are also driving the demand for these systems in North America. According to a study published by International Society of Aesthetic Plastic Surgery (ISAPS), around 1 million cosmetic/dermatology procedures were performed on U.S residents from 2013 to 2016, which includes Botox injections, chemical peels and liposuction treatments among others.
Asia Pacific is anticipated to witness lucrative growth over the forecast period owing to rising healthcare expenditure coupled with increasing government initiatives aimed at improving healthcare infrastructure in emerging countries such as China.
Growth Factors:
- Increasing demand for minimally invasive surgeries: The global surgical instruments tracking systems market is expected to grow at a CAGR of 7.5% during the forecast period, owing to the increasing demand for minimally invasive surgeries. Minimally invasive surgeries are less traumatic and result in shorter hospital stays, which is driving the adoption of surgical instruments tracking systems.
- Growing number of hospitals and clinics: The growth in the number of hospitals and clinics is also contributing to the growth of the surgical instruments tracking systems market as these institutions are increasingly adopting such systems to improve patient safety and workflow efficiency.
- Rising awareness about patient safety: There has been a rising awareness among healthcare professionals about patient safety in recent years, which has led to an increase in the adoption of surgical instruments tracking systems across hospitals and clinics worldwide.
- Technological advancements: The development of innovative technologies that can help track medical devices effectively is aiding the growth of this market segmentation positively impacting on overall industry size estimations accordingly long term prospects too simultaneously going forward concurrently furthermore too! 5 Emerging economies offer potential opportunities: The growing healthcare infrastructure coupled with rising disposable income levels in emerging economies offers potential opportunities for players operating in this market
Scope Of The Report
Report Attributes
Report Details
Report Title
Surgical Instruments Tracking Systems Market Research Report
By Type
Hardware, Software, Services
By Application
Public Hospitals, Private Hospitals
By Companies
Becton Dickinson, Censis Technologies, Haldor, Getinge, Stanley Healthcare, SpaTrack Medical, TGX Medical Systems, Key Surgical, Xerafy
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
236
Number of Tables & Figures
166
Customization Available
Yes, the report can be customized as per your need.
Global Surgical Instruments Tracking Systems Market Report Segments:
The global Surgical Instruments Tracking Systems market is segmented on the basis of:
Types
Hardware, Software, Services
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Public Hospitals, Private Hospitals
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Becton Dickinson
- Censis Technologies
- Haldor
- Getinge
- Stanley Healthcare
- SpaTrack Medical
- TGX Medical Systems
- Key Surgical
- Xerafy
Highlights of The Surgical Instruments Tracking Systems Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Hardware
- Software
- Services
- By Application:
- Public Hospitals
- Private Hospitals
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Surgical Instruments Tracking Systems Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Surgical instruments tracking systems (ISTs) are a type of medical device that can be used to track the movement and location of surgical tools during surgery. ISTs can help surgeons to ensure that surgical tools are placed in the correct position during surgery, and can also help to identify potential problems with the surgical procedure.
Some of the major players in the surgical instruments tracking systems market are Becton Dickinson, Censis Technologies, Haldor, Getinge, Stanley Healthcare, SpaTrack Medical, TGX Medical Systems, Key Surgical, Xerafy.
The surgical instruments tracking systems market is expected to grow at a compound annual growth rate of 7.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Surgical Instruments Tracking Systems Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Surgical Instruments Tracking Systems Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Surgical Instruments Tracking Systems Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Surgical Instruments Tracking Systems Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Surgical Instruments Tracking Systems Market Size & Forecast, 2020-2028
4.5.1 Surgical Instruments Tracking Systems Market Size and Y-o-Y Growth
4.5.2 Surgical Instruments Tracking Systems Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Hardware
5.2.2 Software
5.2.3 Services
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Public Hospitals
6.2.2 Private Hospitals
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Surgical Instruments Tracking Systems Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Surgical Instruments Tracking Systems Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Hardware
9.6.2 Software
9.6.3 Services
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Public Hospitals
9.10.2 Private Hospitals
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Hardware
10.6.2 Software
10.6.3 Services
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Public Hospitals
10.10.2 Private Hospitals
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Hardware
11.6.2 Software
11.6.3 Services
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Public Hospitals
11.10.2 Private Hospitals
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Hardware
12.6.2 Software
12.6.3 Services
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Public Hospitals
12.10.2 Private Hospitals
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Hardware
13.6.2 Software
13.6.3 Services
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Public Hospitals
13.10.2 Private Hospitals
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Surgical Instruments Tracking Systems Market: Competitive Dashboard
14.2 Global Surgical Instruments Tracking Systems Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Becton Dickinson
14.3.2 Censis Technologies
14.3.3 Haldor
14.3.4 Getinge
14.3.5 Stanley Healthcare
14.3.6 SpaTrack Medical
14.3.7 TGX Medical Systems
14.3.8 Key Surgical
14.3.9 Xerafy
