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.
Key Takeaways:
Based on technology, the RFID-based system segment is set to grow at a CAGR of 18.4% through 2032 backed by the high demand for wireless scanning solutions in hospitals.
By end user, the hospital operation theaters segment is likely to hold about 33% of revenue share in 2022 with the rising automation in the healthcare industry.
In terms of product, the services segment is anticipated to dominate owing to the rising number of surgical procedures in various countries across the globe.
The U.S. is projected to lead the market on the back of the growing government initiatives to encourage the installation of cutting-edge surgical instrument tracking equipment.
Japan surgical instrument tracking market is likely to showcase lucrative growth because of the development of RFID technology to enhance multiple processes in the healthcare sector.
North America is expected to account for approximately 38.5% of the share in 2022.
Asia Pacific is set to hold around 19% of the share in the evaluation period.
No comments: