Surgical Instrument Tracking System Market to grow by USD 157.17 million from 2022 to 2027, North America to account for 41% of market growth- Technavio
NEW YORK, Sept. 19, 2023 /PRNewswire/ -- The surgical instrument tracking system market is expected to grow by USD 157.17 million from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of 9.34% during the forecast period, according to Technavio Research. The market is segmented by Component (Hardware, Software, and Services), Technology (Barcodes and RFID), and Geography (North America, Asia, Europe, and the Rest of the World (ROW)). The increasing elderly population with chronic diseases, as well as an increase in surgical volume, is a major factor contributing to the growth of the regional market. The growth of the North American Surgical Instrument Monitoring Market is expected to be driven by an increasing incidence of Colorectal cancer, ulcerative colitis, and orthopedic and gynecological surgery. Moreover, as they design and develop high-precision disposable and reusable surgical scalpels, the presence of established regional players meets the specific needs of end users. Favorable reimbursement policies in the US controlled by the Centers for Medicare and Medicaid Services (CMMS), which have structured systems and frameworks for such devices, are also driving the market growth in this region. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Read FREE PDF Sample Report
Company Profile:
ASANUS Medizintechnik GmbH, B.Braun SE, Becton Dickinson and Co., Case Medical, Fortive Corp., Getinge AB, Healthtech Pivot LLP, Integra Lifesciences Corp., Koch Industries Inc., Mobile Aspects, Paragon ID SA, Promedical Inc., RapID Surgical, RMS Omega Technologies, Skincare Pty Ltd., Scanlan International, Securitas AB, SpaTrack Medical Ltd., STERIS plc, and Xerafy Singapore Pte Ltd.
ASANUS Medizintechnik GmbH: The company offers surgical instrument tracking systems such as splintTag.
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The market share growth by the hardware segment will be significant during the forecast period. Hardware used in surgical instrument tracking systems includes scanners, readers, and tags. In addition, the mandatory adoption of Unique Device Identification (UDI) regulations in surgical instrument tracking is mainly expected to drive the growth of the hardware segment in the surgical instrument tracking system market.
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"Besides analyzing the current market scenario, our report examines historic data from 2017 to 2021"- Technavio
Surgical Instrument Tracking System Market: Market Dynamics
Key Driver
- Increase in the volume of surgeries coupled with chronic diseases in the older population.
- Rising demand for security and automation in surgical theaters
- Mandatory regulation by the FDA for UDI
An increase in the volume of surgeries coupled with chronic diseases in the older population is a key factor driving market growth. Surgical care is essential to manage various conditions such as orthopedic, ENT, thoracic, and many other chronic conditions. The increase in the number of surgical procedures to treat these chronic diseases is driving the demand for surgical instruments. Complex surgeries involving the spine, nerves, and skull require sophisticated and advanced surgical instruments with high precision and reliability. In addition, surgical instruments are used for heart surgery, cesarean section, and weight loss surgery. Therefore, the increasing number of target groups with chronic diseases requiring surgery as the best treatment option will increase the demand for surgical instruments. Hence, these factors are expected to drive market growth during the forecast period.
Adopting automation in the healthcare sector is a major trend in the market. Identify key trends, drivers, and challenges in the market. Download a FREE sample to gain access to this information.
FAQS
- How do the major trends impact the market?
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ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Component
Market Segmentation by Technology
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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