Pune, 06, Dec, 2022: Maximize Market Research is a leading healthcare research firm that has delivered a detailed analysis of the Surgical Instrument Tracking System Market. The report includes key business insights, demand analysis, pricing analysis and competitive landscape along with recommendations. The report expects the market to grow from USD 233.5 million in 2021 to USD 714.1 million by 2029 at a CAGR of 15 percent during the forecast period from 2022 to 2029.
Surgical Instrument Tracking System Market Scope and Research Methodology
The report is an in-depth analysis of all the key players in the Surgical Instrument Tracking System Market by market share, revenue, market penetration, financial status and region. The Surgical Instrument Tracking System Market is segmented by product, application and end-users for a detailed analysis for understanding the market penetration, competitive structure, pricing and demand analysis. The report aids the formulation of strategic decision-making and finding investment pockets for businesses. Current trends prevailing in the Surgical Instrument Tracking System Market are presented and historical data is used to forecast growth rate fluctuations to equip stakeholders, investors, market key players and followers about future market conditions.
For the competitive landscape, major players and new entrants in the Surgical Instrument Tracking System Market are collated based on the features offered by the software, portfolio, technological advancements adopted, mergers and acquisitions, joint ventures and strategic alliances. With each company profile, recommendations are provided on investments and estimations of their market size for the forecast period. New entrants can use the report to understand the future course of the Surgical Instrument Tracking System Market.
Data was collected using both primary and secondary data collection methods for the analysis. The bottom-up approach was employed to validate the market size and its estimation by different segments. Methods such as surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs, marketing professionals, customers and retailers on the demand side and manufacturers, and wholesalers on the supply side were included in the primary methods. Secondary data was methodically collected from a curated selection of sources to ensure the reliability of the inferences. This includes official databases of various organisations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases.
SWOT analysis was conducted to provide the strengths and weaknesses of the Surgical Instrument Tracking System Market while PESTLE was employed to understand the potential impact of the macro-economic, social, political and technological factors affecting the Surgical Instrument Tracking System Market.
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Surgical Instrument Tracking System Market Overview
A Surgical Instrument Tracking System is a software that automates the inventory management of surgical instruments and hospital assets. The software helps keep track of the manual recordings at the tray level to better manage the surgical instruments. Within seconds, the system identifies and ensures correct surgical sets are available at the time of medical procedures, thereby increasing the efficiency of the operational processes.
Surgical Instrument Tracking System Market Dynamics
The growing incidence of chronic diseases has been on the rise. This has resulted in an increase in surgical procedures in hospitals, making surgical instrument management important. A mistake in surgical instrument processing increases the operation time and cost. It also increases the risk of infections during the operation and perioperative morbidity. Other factors leading to the increase in surgeries are growing urbanisation and increasing disposable income. These factors combined are expected to drive the Surgical Instrument Tracking System Market growth over the forecast period.
Various norms by the FDA are leading to the growth of the Surgical Instrument Tracking System such as planned Unique Device Identification (UDI) requirements. This compels manufacturers to produce systems that track tools from production to distribution. However, high system costs and lengthy investment cycles are expected to impede the Surgical Instrument Tracking System Market growth.
Surgical Instrument Tracking System Market Regional Insights
The Surgical Instrument Tracking System Market was dominated by North America, holding 40 percent of sales. The need for the system on account of the increasing rate of chronic illnesses increased the demand for the Surgical Instrument Tracking System Market in North America. Governments increased their expenditure on healthcare along with building a robust healthcare infrastructure. Both these factors fuelled the growth of the regional Surgical Instrument Tracking System Market.
Over the forecast period, the Asia-Pacific region is expected to witness the fastest growth in the Surgical Instrument Tracking System Market. The market is led by economies like China, Indonesia and India given massive developments in healthcare infrastructure. Technological advancements in the software are also driving the regional Surgical Instrument Tracking System Market growth.
Surgical Instrument Tracking System Market Segmentation:
Surgical Instrument Tracking System Market Key Competitors include:
- Fortive Corporation
- Material Management Microsystems
- Haldor Advanced Technologies
- Getinge AB
- STANLEY Healthcare
- MOBILE ASPECTS
- Integra LifeSciences
- Xerafy Singapore Pte Ltd.
- B. Braun Melsungen AG
- SpaTrack Medical Limited
- Scanlan International
- CASE MEDICAL
- ASANUS Medizintechnik GmbH
- Vizinex RFID
- ScanCARE Pty Ltd.
- TGX Medical Systems
- Censis Technologies, Inc.
Key questions answered in the Surgical Instrument Tracking System Market are:
- What is Surgical Instrument Tracking System?
- What is the current growth rate of the Surgical Instrument Tracking System Market?
- What is the growth rate of Surgical Instrument Tracking System Market for the next five years?
- What is the nature of competition in Surgical Instrument Tracking System industry in developed and developing economies?
- Who are the key players in the Surgical Instrument Tracking System Market?
- How much of the Surgical Instrument Tracking System Market is dominated by key competitors?
- Who are the market leaders in Surgical Instrument Tracking System in Europe?
- Who are the market leaders in Surgical Instrument Tracking System in USA and Canada?
- Who are the market leaders in Surgical Instrument Tracking System in India, China, Japan and South Korea?
- What are the external and internal factors affecting growth in the Surgical Instrument Tracking System Market?
- Who held the largest market share in Surgical Instrument Tracking System Market?
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- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Product, Technology, End-Use and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading healthcare research firm, has also published the following reports:
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Electrosurgical Analyzer Market–The Electrosurgical Analyzer Market size is expected to reach USD 3.14 billion by 2029 at a CAGR of 4 percent during the forecast period. The Electrosurgical Analyzer Market is expected to be driven by need and safe performance of electrosurgical analyser.
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