Exponential Demand for RFID Tags Positions Surgical Instrument Tracking Market to Surpass US$ 1,294.89 Mn
The rapid integration of novel scanning technologies such as barcode and Radio Frequency Identification (RFID) with the existing tracking systems is a major factor that is likely to drive the sales in this market.
The ongoing development of unique software solutions for inventory management is anticipated to bolster the adoption of surgical instrument tracking systems in the forthcoming years. These systems are set to help healthcare providers in increasing the overall efficiency and reducing costs.
The growing focus of various industries on initiating smooth workflows and lowering the loss of valuable assets is a crucial factor spurring growth in the market. Leading manufacturers of surgical instrument tracking devices are engaging in collaborations with start-up or local companies to gain access to next-generation technologies.
In May 2020, for instance, STANLEY Healthcare and Cisco DNA Spaces teamed up to fully integrate the former's AeroScout Real-time Location System (RTLS) platform with the latter's indoor location services platform. This acquisition would enable both companies deliver enterprise-wide visibility into the status and location of people and assets in the healthcare sector. Thus, the focus of several organizations on similar strategies to develop novel tracking solutions for healthcare professionals is likely to augment the growth.
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