Press Release

Dec, 27 2022

Fortive Corporation (U.S.), Material Management Microsystems (U.S.), Haldor Advanced Technologies (U.S.), BD (U.S.), and Getinge AB (Sweden) are Some of the Major Players Operating in the Market

The leading companies are undertaking several strategic initiatives to gain a larger market share, such as product development or launch, collaborations, mergers and acquisitions, and regional expansions. For example, STERIS plc acquired Key Surgical in October 2020, expanding its sterile processing, OR, and endoscopy offerings. The KeyDot surgical instrument tracking solution was added to STERIS' portfolio.

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Data Bridge Market Research analyses that the Surgical Instrument Tracking Systems Market was valued at USD 203 million in 2021 and is expected to reach USD 567.00 million by 2029, registering a CAGR of 13.7% during the forecast period of 2022 to 2029. Growing healthcare spending and infrastructure are likely to provide opportunities for market players in these economies. Furthermore, the growing emphasis of manufacturers on the adoption of advanced technologies and the increase in the number of emerging markets will provide beneficial opportunities for the surgical instrument tracking systems market growth during the forecast period.                 

Surgical Instrument Tracking Systems Market

The increasing number of surgical procedures across the world will drive the market's growth rate

Surgical tool processing errors can result in higher operation time, expenditures, and an increased risk of surgical infections, perioperative morbidity, and RSI episodes. This, together with the expanding number of people undergoing surgical procedures, is one of the key causes driving the need for surgical tool tracking systems in hospitals to improve surgical care safety. Furthermore, the rising prevalence of chronic diseases such as cardiovascular disorders, cancer, arthritis, and obesity coupled with the increasing number of geriatric population will act as a major factor influencing the growth of surgical instrument tracking systems market.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2014 - 2019)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

Type (Pro Sites, Multi Sites), Component (Hardware, Software, Services), Technology (Barcode Tracking, Radio Frequency Identification (RFID), Electronic Tracking, Others), End User (Hospitals, Ambulatory Surgical Centers, Research Centers, Clinics, Others), Distribution Channel (Direct Tender, Third Party Distributor)

Countries Covered

U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA)

Market Players Covered

Fortive Corporation (U.S.), Material Management Microsystems (U.S.), Haldor Advanced Technologies (U.S.), BD (U.S.), Getinge AB (Sweden), STERIS (U.S.), STANLEY Healthcare (U.S.), MOBILE ASPECTS (U.S.), Integra LifeSciences (U.S.), Xerafy Singapore Pte Ltd. (Singapore), B. Braun Melsungen AG (Germany), SpaTrack Medical Limited (U.K.), Scanlan International (U.S.), CASE MEDICAL (U.S.), ASANUS Medizintechnik GmbH (Germany), Infor (U.S.), Vizinex RFID (U.S.), ScanCARE Pty Ltd. (U.S.), TGX Medical Systems (U.S.), Censis Technologies, Inc. (U.S.), Microsystems (Germany) among others

Data Points Covered in the Report

In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework

Segment Analysis:

Global surgical instrument tracking systems market is categorized into five notable segments which are based on the type, component, technology, end user and distribution channel.

  • On the basis of type, global surgical instrument tracking systems market is segmented into pro sites and multi sites. In 2021, the multi-site segment is expected to dominate the market with a 69.76% market share due to the multi-site tracking systems covering major areas of the hospitals and delivering all articles on time while reducing costs and increasing patient safety.
  • On the basis of component, global surgical instrument tracking systems market is segmented into hardware, software and services. In 2021, hardware segment is expected to dominate the market with 60.03% market share due to continuous technological advancement for inventory as well as surgical instrument management. Software are costly but it's a onetime investment for long term use.
  • On the basis of technology, global surgical instrument tracking systems market is segmented into barcode tracking, radio frequency identification (RFID), electronic tracking and others. In 2021, radio frequency identification (RFID) segment is expected to dominate the market with 61.29% market share because it offers a larger memory and greater detection range. Moreover, the RFID technology can detect very small surgical instrument which are more expensive.
  • On the basis of end user, global surgical instrument tracking systems market is segmented into hospitals, ambulatory surgical centers, research centers, clinics and others. In 2021, hospitals segment is expected to dominate the market with 63.31% market share because hospitals have higher in and out patient flow and hospitals are more equipped which required continuous tracking for the instrument. Moreover, hospitals have higher adoption rate for the surgical tracking instrument during work cycle including surgery, post-surgery, storage and sterilization procedures.

The clinics segment will dominate the end user segment of the surgical instrument tracking systems market

The clinics segment will emerge as the dominating segment end user segment. This is because of the growing number of clinics in the market especially in the developing economies. Further, growth and expansion of research development services on a global scale will further bolster the growth of this segment.

  • On the basis of distribution channel, global surgical instrument tracking systems market is segmented into direct tender and third party distributor. In 2021, direct tender segment is expected to dominate the market with 77.02% market share as because software are installed on big level in hospitals which required cost effective scheme.

The direct tender segment will dominate the distribution channel segment of the surgical instrument tracking systems market

The direct tender segment will emerge as the dominating segment under distribution channel. This is because of the growing number of infrastructural development activities in the market especially in the developing economies. Further, growth and expansion of the healthcare industry all around the globe will further bolster the growth of this segment.

Major Players         

Data Bridge Market Research recognizes the following companies as the market players in market: Fortive Corporation (U.S.), Material Management Microsystems (U.S.), Haldor Advanced Technologies (U.S.), BD (U.S.), Getinge AB (Sweden), STERIS (U.S.), STANLEY Healthcare (U.S.), MOBILE ASPECTS (U.S.), Integra LifeSciences (U.S.), Xerafy Singapore Pte Ltd. (Singapore), B. Braun Melsungen AG (Germany), SpaTrack Medical Limited (U.K.), Scanlan International (U.S.), CASE MEDICAL (U.S.), ASANUS Medizintechnik GmbH (Germany), Infor (U.S.), Vizinex RFID (U.S.), ScanCARE Pty Ltd. (U.S.), TGX Medical Systems (U.S.), Censis Technologies, Inc. (U.S.), Microsystems (Germany).

Surgical Instrument Tracking Systems Market

Market Development

  • In February 2020, Getinge AB launched the Torin, a complete OR management software used for the surgical departments to modify the activities involved in the surgical department. This technology will decrease the disruptions and cost and increase the patient care in hospitals. This software launch helped the company to enhance their product portfolio and set up their footprints in the field of tracking system
  • In December 2020, Censis Technologies, Inc. (a subsidiary of Fortive) went into partnership with Cantel Medical Corp to develop and manufacture leading infection prevention endoscope reprocessing workflow equipped with surgical asset management and instrument tracking solutions. This new solution strengthened the surgical instrument tracking and provided the facility with the best practices to support patient safety and infection prevention. This partnership helped the company to expand its footprint in the surgical instrument tracking systems market.
  • In September 2020, Mobile Aspects signed a distribution agreement with PENTAX Medical, a global healthcare industry leader focused on diagnostic and therapeutic endoscopy solutions. As per the agreement signed, PENTAX Medical will distribute iRIScope software and iRIScope cabinets manufactured by Mobile Aspects in the U.S. This agreement enhanced the company's product distribution capabilities and allowed it to attain lucrative growth.
  • In April 2020, Infor was acquired by Koch Industries, Inc., a global leader in business cloud software, and in the past few years, transformed the global transformative technologies. Through this acquisition, Infor had accelerated its research and developmental activities and attained lucrative growth.

Regional Analysis

Geographically, the countries covered in the market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

As per Data Bridge Market Research analysis:

North America is the dominant region in surgical instrument tracking systems market during the forecast period 2022 to 2029

The majority of the market was in North America. This is due to the considerable new product development operations carried out by well-known firms in this area. One of the main potential growth elements thought to be responsible for the increased prevalence of chronic diseases in this area is the clinical urgency to use these items.

Asia-Pacific is estimated to be the fastest-growing region in surgical instrument tracking systems market the forecast period 2022 to 2029

Over the forecast period, Asia-Pacific is anticipated to grow at a profitable pace. The significant growth is linked to rising healthcare costs. The regional market is growing because of improved healthcare infrastructure and the rising level of disposable income in this region. Additionally, the rise in the development of technologically advanced software and hardware solutions will flourish the market's growth rate in this region.

COVID-19 Impact

COVID-19 began in Wuhan, China, in December 2019 and has quickly spread throughout the world since then. The United States, India, Brazil, Russia, France, the United Kingdom, Turkey, Italy, and Spain have been among the hardest hit in terms of confirmed cases and reported deaths. The pandemic of COVID-19 had a significant impact on the surgical instrument tracking market. Many elective surgeries were postponed due to the pandemic, according to a 2020 study by Censis Technologies, Inc. However, operating rooms and technicians faced a massive backlog when they reopened while still operating around COVID. As sterile supply processing and equipment shortages became a problem, the need for effective surgical tool tracking systems became clear. 

For more detailed information about the surgical instrument tracking systems market, visit: https://www.databridgemarketresearch.com/reports/global-surgical-instrument-tracking-systems-market


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