Surgical Instrument Tracking Systems Market worth $338 Million by 2025

According to the new market research report Surgical Instrument Tracking Systems Market by Technology (RFID, Barcode), Component (Hardware (Scanner), Software, Services), End User (Hospital (Public, Private)), Region (North America, Europe, Asia Pacific) COVID-19 Impact - Global Forecast to 2025, published by MarketsandMarkets, the Surgical Instrument Tracking Systems Market is projected to reach USD 338 million by 2025 from USD 180 million in 2020, at a CAGR of 13.4% during the forecast period.

The growth of this market is majorly due to the need for efficient equipment management and to reduce the overall healthcare costs. There is an increasing trend of the requirement for better inventory and asset management practices, and the growth of the surgical instrument tracking systems market. On the other hand, high system costs an upgradation, long investment cycles, and a lack of realization of ROI are expected to restrain the growth of this market during the forecast period.

Due to the COVID-19 outbreak, we are estimating that the major share of the medical devices industry which includes imaging devices, dental care devices, surgical products, and medical supplies, among others, which contribute 60-75% of the overall medical devices market are expected to be stagnant or experience a steep fall in growth rate during 2020 and couple of quarters in 2021. A new, USD 5-7 billion market opportunity (by 2021) is expected in the medical devices industry which includes critical care medical devices. On the other hand, surgical devices used in dental surgical instruments, plastic surgery instruments, ophthalmic surgical instruments, and minimally invasive surgical instruments used in operating rooms are not expected to experience a major revenue shift during 2020 and 2021, as compared to other medical devices such as devices used in ICUs, CCUs, and emergency departments of hospitals.