[:en]The global market for medical device technologies reached nearly $521.2 billion in 2017 and should reach $674.5 billion by 2022, at a compound annual growth rate (CAGR) of 5.3% for the period of 2017-2022, according to ReportLinker. FDA also requires that certain medical devices be tracked from the time they are manufactured to distribution in order to locate the devices promptly in case of a recall of a device that can pose serious risk to health. Additionally, hospitals are spending about $10 million more a year in the supply chain than is necessary, according to a new Navigant study.

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