Global Sponge Detection System Market Is Predicted To Expand At A Cagr Of 5.7% By 2031

Healthcare

According to a new report by Fact.MR – a provider of market research and competitive intelligence – the global sponge detection systems market was valued at USD 107 million in 2020 and is expected to grow at a CAGR of 5.7% during the forecast period (2021-2031) .

Retention of surgical sponges inside a patient’s body is considered a major medical error by the World Health Organization (WHO). Retained surgical sponge is the most dangerous among all due to complications of severe. The sponge gets easily retained since it is small in size, and once it gets soaked in blood, it is difficult to separate from the surrounding tissues.

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Key Takeaways from Market Study   

  • Radiofrequency detection systems are expected to gain more than 41% revenue share in the market by 2031 expanding at a CAGR of 4.5% over the forecast period (2021–2031).
  • Sponge detection systems are widely used during abdominal surgeries; thus it is gaining the largest share among all applications with a projected market share of 24.7% by the end of 2031.
  • Among all the end users, hospitals are expected to account for more than 46% of the market share, owing to rising awareness for controlling the number of retained surgical sponges after surgery.
  • North America held a major share in the global market for sponge detection systems in 2020, and a similar trend is expected to continue during the forecast period due to higher adoption of advanced systems in healthcare facilities and increase in healthcare expenditure in the region.
  • Manufacturers are actively involved in portfolio expansion and collaboration with various companies to gain a larger market share.

“Increasing technological advancements in sponge detection systems with rising demand to reduce the risk of retained surgical sponges are expected to boost market growth over the coming years,” says an analyst of Fact. MR.

Market Competition

Key players are competing to increase their market share, and continue to depend on collaborations, acquisitions, alliances, and product launches to provide access to new technologies in both, new and existing markets.

Key manufacturers are entering into strategic agreements with leading players to expand their product portfolios across countries.

  • For instance, in 2016, Haldor Advanced Technologies Ltd. signed an exclusive distribution agreement with Hill-Rom. The agreement covers the exclusive global distribution of ORLocate suite of products and technology.

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