Europe Surgical Instrument Tracking Systems Market By Type (Pro Sites, Multi Sites), Component (Hardware, Software, Services), Technology (Barcode Tracking, Radio Frequency Identification (RFID), Electronic Tracking, Others), End User (Hospitals, Ambulatory Surgical Centers, Research Centers, Clinics, Others), Distribution Channel (Direct Tender, Third Party Distributor), Country (Germany, U.K., France, Italy, Spain, Netherlands, Russia, Switzerland, Belgium, Turkey, Austria, Norway, Hungary, Lithuania, Ireland, Poland, Rest of Europe) Industry Trends and Forecast to 2028
Market Analysis and Insights: Europe Surgical Instrument Tracking Systems Market
Europe surgical instrument tracking systems market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 12.8% in the forecast period of 2021 to 2028 and is expected to reach USD 490.02 million by 2028. Establishment of unique device identification (UDI) system by FDA and increasing cross-contamination and infections due to the surgical instruments are the major drivers which propelled the demand of the market in the forecast period.
Surgical instrument tracking systems is the system that combines scanning technology and application software. It's a useful system for assisting healthcare professionals in gaining access to time-saving instruments and resulting in safe and efficient processes. The surgical instrument tracking systems aids in providing insight into the organization's processes in order to increase employee effectiveness. The system aids in the improvement of resource and tool governance, reducing the need for instant steam sterilization. These tracking instruments make the task of the personnel who are involved in the surgical instruments as well as the healthcare providers because their main motive is to enhance the quality of the patient’s life without any complications that can occur during the surgeries.
The demand for the surgical instrument tracking systems market has been increased in both developed as well as in developing countries and the reason behind this is an increasing cross-contamination and infections due to the surgical instruments. The surgical instrument tracking systems market is growing due to the high usability of RFID technology. The surgical instrument tracking systems market will grow in the forecasted period with the increasing number of surgical process worldwide.
High cost of full-fledged tracking system is expected to restraint the surgical instrument tracking systems market growth.
The surgical instrument tracking systems market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an analyst brief, our team will help you create a revenue impact solution to achieve your desired goal.
Europe Surgical Instrument Tracking Systems Market Scope and Market Size
Surgical instrument tracking systems market is segmented on the based on the basis of type, component, technology, end user and distribution channel. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of type, the surgical instrument tracking systems market is segmented into pro sites, and multi sites. In 2021, multi sites segment is expected to dominate the surgical instrument tracking systems market due to the multi-site tracking systems which cover major area of the hospitals and delivering all articles on time while reducing costs and increasing patient safety.
- On the basis of component, the surgical instrument tracking systems market is segmented into hardware, software and services. Hardware is further segmented into readers, tags and others. In 2021, software segment is expected to dominate the surgical instrument tracking systems market due to continuous technological advancement for inventory as well as surgical instrument management. Software are costly but it’s a onetime investment for long term use.
- On the basis of technology, the surgical instrument tracking systems market is segmented into barcode tracking, radio frequency identification (RFID), electronic tracking and others. In 2021, radio frequency identification (RFID) segment is expected to dominate the surgical instrument tracking systems market because it offers a larger memory and greater detection range. Moreover, the RFID technology can detect very small surgical instrument which are more expensive.
- On the basis of end user, the surgical instrument tracking systems market is segmented into hospitals, ambulatory surgical centers, research centers, clinics and others. In 2021, hospitals segment is expected to dominate the surgical instrument tracking systems market because hospitals have higher in and out patient flow and hospitals are more equipped which required continuous tracking for the instrument. Moreover, hospitals have higher adoption rate for the surgical tracking instrument during work cycle including surgery, post-surgery, storage and sterilization procedures.
- On the basis of distribution channel, the surgical instrument tracking systems market is segmented into direct tender and third party distributor. In 2021, direct tender segment is expected to dominate the surgical instrument tracking systems market as because software are installed on big level in hospitals which required cost effective scheme.
Surgical Instrument Tracking Systems Market Country Level Analysis
The surgical instrument tracking systems market is analyzed and market size information is provided by the basis of type, component, technology, end-user and distribution channel.
The countries covered in the Europe surgical instrument tracking systems market report are the Germany, U.K., France, Italy, Spain, Netherlands, Russia, Switzerland, Belgium, Turkey, Austria, Norway, Hungary, Lithuania, Ireland, Poland, Rest of Europe.
Software segment in Europe region is expected to grow with the highest growth rate in the forecast period of 2020 to 2027 because of continuous technological advancement for inventory as well as surgical instrument management. Germany is leading the growth of the European market and software segment is dominating in this country due to rising adoption of new technology for the betterment of patients as well as healthcare professionals. U.K. is the fastest growing country in the Europe region because rising government initiatives towards the surgical instrument tracking.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of Europe brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
High Usability of RFID Technology and Increasing Cross-Contamination and Infections Due to the Surgical Instruments are boosting the Market Growth of Surgical Instrument Tracking Systems
Surgical instrument tracking systems market also provides you with detailed market analysis for every country growth in surgical instrument tracking systems industry with surgical instrument tracking systems drugs sales, impact of advancement in the surgical instrument tracking systems technology and changes in regulatory scenarios with their support for the surgical instrument tracking systems market. The data is available for historic period 2010 to 2019.
Competitive Landscape and Surgical Instrument Tracking Systems Market Share Analysis
Surgical instrument tracking systems market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to surgical instrument tracking systems market.
The major companies which are dealing in the surgical instrument tracking systems are BD, Key Surgical (A Subsidiary of STERIS), Infor, STANLEY Healthcare, FingerPrint Medical Limited, Scanlan International, SpaTrack Medical Limited, Getinge AB, STERIS, B. Braun Melsungen AG, ASANUS Medizintechnik GmbH, ASANUS Medizintechnik GmbH, Steelco S.p.A., among other global or domestic players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product launch and agreement are also initiated by the companies worldwide which are also accelerating the surgical instrument tracking systems market.
For instance,
- In February 2020, Infor had acquired Intelligent InSites Inc. a company focused on the development and manufacturing of healthcare services and software for locating or tracking the clinical equipment among others. Through this acquisition the company has expanded it suite of technology for healthcare facilities and enhanced its value among the current and future healthcare customers.
- In July 2019, Key Surgical (A Subsidiary of STERIS) signed an acquisition agreement with Insitumed GmbH in order to boost up the endoscopy product portfolio and in order to strengthen its root in the Europe market. Through this acquisition the company had expanded its footprint and attained a lucrative growth in the market.
Collaboration, product launch, business expansion, award and recognition, joint ventures and other strategies by the market player is enhancing the company market in the surgical instrument tracking systems market which also provides the benefit for organization to improve their offering for surgical instrument tracking systems.
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