Surgical Instrument Tracking Devices Market worth USD 768.4 million by 2030

The Market Statsville Group (MSG) publishes the new report on the "Surgical Instrument Tracking Devices Market by Technology Type (RFID, and Barcode), by Product Type (Hardware, Software, and Services), by End-Users (Ambulatory Surgical Centers, Hospitals, and Others), by Region – Global Share and Forecast to 2030".

The global surgical instrument tracking devices market size was projected to grow at a CAGR of 9.1% to reach USD 768.4 million by 2030 from USD 361.4 million in 2021. Surgical instruments have their own shelf life, and manufacturers usually specify how many cycles they can be used for, such as bipolar vessel-sealing surgical instruments. A surgical instrument tracking system shows users how many cycles an instrument has completed and, in some cases, can prevent further use once the maximum number of cycles has been reached. This eliminates user discretion, and manual cycle counts, resulting in a safer process for patients. Additionally, the number of usage cycles completed by each instrument is critical information for staff when performing instrument maintenance or deciding whether or not to condemn or continue using these instruments.

Factors such as the increasing need for inventory management and implementation of UDI regulations, the rising number of surgical procedures globally propeling the demand for surgical instrument tracking device, and the rising number of surgical procedures globally propeling the demand for surgical instrument tracking device are driving the global surgical instrument tracking devices market. However, Technological limitations and the negative impact of covid-19 hamper market growth.

Global Surgical Instrument Tracking Devices Market Segmentation

The surgical instrument tracking devices market has been segmented into the technology, product type, end-users, and region.

• By Technology Type (RFID, Barcode, and IoT)
• By Product Type (Hardware, Software, and Services)
• By End-Users (Ambulatory Surgical Centers, Hospitals, and Others)
• By Region (North America, Europe, Asia Pacific, South America, and the Middle East & Africa)

Hardware, by product type, is estimated to hold the largest market share during the forecast period

Based on product type, the global surgical instrument tracking devices market is categorized into hardware, software, and services. In 2021, the hardware had the largest market share of 44.1% in the global surgical instrument tracking devices market. The growth in the hardware segment is primarily driven by the rising number of surgeries and various regulations associated with device identification. However, only the high-end multispecialty private hospitals and clinics are majorly using these tracking systems equipped instruments because public healthcare centers usually face financial problems.

The tag's bi-directional nature allows it to receive firmware and configuration updates from MobileView once it has been installed. This eliminates the need for field workers to collect, update, and re-deploy tags manually. The T12s Tag can be attached to infusion pumps, defibrillators, and portable X-Ray machines, among other medical devices. With real-time asset tracking, inventory control, rental management, and effective preventative maintenance are all made easier.

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North America accounts for the largest market share in surgical instrument tracking devices market 2021

Based on the regions, the global surgical instrument tracking devices market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, North America accounted for the highest market share of 58.5% in the global surgical instrument tracking devices market. The North America region is the early adopter of advanced technologies for surgical instrument tracking devices. Many of the leading companies in the market are headquartered in this region and maintain a strong presence in the domestic market.

The U.S. surgical instrument tracking devices market is expected to dominate the North America market during the forecast period as the U.S. registers some of the highest expenditures on healthcare. U.S. had the major share in the North America surgical instrument tracking devices market in 2021. In May 2020, STANLEY Healthcare collaborated with Cisco DNA Spaces as the first certified partner focused on healthcare, enabling hospitals to deploy a wide range of real-time location system (RTLS) applications quickly and affordably.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the surgical instrument tracking devices market. It also consists of the profiles of leading companies such as Becton, Dickinson and Company, ASANUS Medizintechnik GmbH, FingerPrint Medical Limited, Steris plc., Stanley Black & Decker, Integra LifeSciences Holdings Corporation, B. Braun Melsungen AG, Getinge AB, Murata Manufacturing Co., Ltd., Fortive Corporation, and Haldor Advanced Technologies.

Browse complete report: https://www.marketstatsville.com/surgical-instrument-tracking-devices-market

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