Report Ocean has recently released a comprehensive report on the Surgical Instrument Tracking Devices market, providing valuable insights into factors affecting its growth. This report delves into crucial information regarding market drivers, constraints, and opportunities, offering readers a clear understanding of market dynamics. Furthermore, it provides a detailed analysis of industry trends and developments shaping the Surgical Instrument Tracking Devices market. The report offers a thorough assessment of the market at both global and regional levels, providing comprehensive insights for businesses and stakeholders.
Market Overview
In 2021, the global Surgical Instrument Tracking Devices market had a size of $351.4 million. It is projected to experience significant growth, reaching a value of $761.4 million by 2030, with a compound annual growth rate (CAGR) of 10.9% during the forecast period from 2022 to 2030.
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Factors Influencing the Market
Several key factors are driving the growth of the global Surgical Instrument Tracking Devices market:
- Technological Advancements: Continuous technological advancements in the medical sector are adding more features to surgical instruments. Advanced surgical instrument tracking devices are capable of reducing procedure time and improving inventory management in healthcare facilities.
- Healthcare Expenditure: Increasing healthcare expenditure and growing awareness of the benefits of advanced technologies are contributing to the market’s growth.
- Aging Population: The growing geriatric population and the rise in chronic diseases are driving the demand for surgical instrument tracking devices.
- Environmental Benefits: Surgical instrument tracking devices offer eco-friendly solutions for healthcare facilities.
COVID-19 Impact Analysis
The demand for surgical instrument tracking devices was negatively affected by the COVID-19 pandemic, as the focus of the healthcare sector shifted to handling the pandemic. Many healthcare facilities had to divert resources to COVID-19 patients, leading to a reduced demand for surgical instrument tracking devices. However, as the pandemic comes under control in several regions, the market is showing signs of recovery.
Regional Analysis
- Asia-Pacific: The Asia-Pacific surgical instrument tracking devices market is expected to dominate the global market. The region’s growth can be attributed to increasing per capita income and advancements in surgical procedures.
Key Competitors
Key players in the Surgical Instrument Tracking Devices market include:
- Becton, Dickinson, and Company
- B. Braun Melsungen AG
- ASANUS Medizintechnik GmbH
- FingerPrint Medical Limited
- Steris plc.
- Stanley Black & Decker
- Fortive Corporation
- Getinge AB
- Murata Manufacturing Co., Ltd
- Integra LifeSciences Holdings Corporation
- Haldor Advanced Technologies
- Other prominent companies
Market Segmentation
The global Surgical Instrument Tracking Devices market is segmented based on technology, product, end-users, and regions:
- Technology:
- RFID
- Barcode
- Product:
- Hardware
- Software
- Services
- End-Users:
- Hospitals
- Ambulatory Surgical Centers (ASCs)
About Report Ocean
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