Global Radiofrequency Identification Surgical Instrument Tracking Systems Market, By 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) – Industry Trends and Forecast to 2029
Radiofrequency Identification Surgical Instrument Tracking Systems Market Analysis and Size
The radiofrequency identification surgical instrument tracking systems? market is expected to witness significant growth during the forecast period. Errors in the processing of surgical instruments can increase the length and cost of operations as well as the risk of surgical infections, perioperative morbidity, and cases of retained surgical item (RSI). This is one of the main causes for the demand for surgical instrument monitoring systems to enhance the safety of surgical care in hospitals and the increasing number of people undergoing surgical procedures. The demand for surgical instrument tracking systems is also fuelled by the expanding elderly population suffering from chronic illnesses like cardiovascular diseases (CVDs), arthritis, cancer, and obesity. These illnesses can be prevented by using surgical instrument monitoring systems. Additionally, for proper central sterile supply department (CSSD) administration, a number of medical equipment vendors are providing comprehensive surgical instrument tracking systems integrated with the most recent scanning software.
Data Bridge Market Research analyses that the radiofrequency identification surgical instrument tracking systems market which was USD 203 million in 2021, would rocket up to USD 625.31 million by 2029, and is expected to undergo a CAGR of 15.10% during the forecast period 2022 to 2029. 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 also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Radiofrequency Identification Surgical Instrument Tracking Systems Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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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)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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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)
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Market Opportunities
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Market Definition
Surgical tool tracking systems are utilised to monitor inventory at various stages of surgical procedures, to satisfy the special requirements of medical professionals and enhance the standard of patient care. They guarantee that the tools are available in real-time, reducing case delays, enhancing operation safety, streamlining difficult activities, and effectively managing workflow.
Radiofrequency Identification Surgical Instrument Tracking Systems Market Dynamics
Drivers
- Increasing demand to meet FDA unique device identification mandates
The market for surgical tool monitoring systems is anticipated to grow as a result of the US FDA's proposed UDI (Unique Device Identification) rules. UDI rules mandate the use of direct marking at the individual instrument level for surgical instrument labelers (manufacturers, reprocessors, specification authors, re-packagers, and relabelers).
- Rise in the number of individuals undergoing surgical procedures
Errors in the handling of surgical tools can lengthen procedures, increase costs, and raise the danger of surgical infections, perioperative morbidity, and RSI episodes. One of the main factors causing the need for surgical tool monitoring systems in hospitals to increase surgical care safety is this, together with the growing number of individuals undergoing surgical procedures.
- Rising chronic diseases
Additionally, the growing elderly population and rising prevalence of chronic conditions including obesity, arthritis, cancer, and cardiovascular ailments would have a significant impact on the growth of the market. Increasing urbanisation and rising levels of disposable income are two more key market factors that will propel the market for radiofrequency identification surgical instrument tracking systems even further.
Opportunities
- Increase in the number of research and development activities
The market's growth is fueled by growing healthcare spending and increasing healthcare infrastructure. This will provide beneficial opportunities for the radiofrequency identification surgical instrument tracking systems market growth.
Moreover, the growing focus of manufacturers on the adoption of advanced technologies and the number of emerging markets will further provide beneficial opportunities for the growth of radiofrequency identification surgical instrument tracking systems during the forecast period.
Restraints/Challenges
- High cost associated with system, and long investment cycles
Application software, hardware, tags, middleware, the cost of integrating the barcode/RFID framework with the legacy system, maintenance services, consultancy fees, and staff training are all upfront costs for surgical tool monitoring systems. The cost of installing automated tracking systems like RFID, which need more servers, databases, and middleware, has steadily climbed even while the cost of tags and readers has reduced dramatically.
- Unskilled professionals
On the other hand, the lack of skilled professionals will challenge the surgical instrument tracking systems market. Additionally, the impact of COVID-19 on supply chain and low awareness among people will act as restrain and further impede the growth rate of market during the forecast period of 2022-2029.
This radiofrequency identification surgical instrument tracking systems market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the radiofrequency identification surgical instrument tracking systems market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Radiofrequency Identification Surgical Instrument Tracking Systems Market
COVID-19 began in Wuhan, China, in December 2019, and since then has rapidly spread throughout the world. The worst affected countries include the United States, India, Brazil, Russia, France, the United Kingdom, Turkey, Italy, and Spain in terms of confirmed cases and reported deaths. The market for radiofrequency identification surgical instrument tracking systems was significantly impacted by the COVID-19 outbreak. A 2020 research by Censis Technologies, Inc. found that the epidemic caused many elective surgeries to be delayed. However, when they reopened, technicians and operating rooms had to deal with a significant backlog while still working around COVID. This made clear the need for efficient surgical instrument tracking systems as equipment shortages and sterile supply processing issues arose.
Recent Development
- In July 2020, Flexible 6012 and Flexible 6027 RFID tags with flexible mounting were introduced by Vizinex RFID. Both RFID tags are ideal for tracking different assets in interior situations because they are adaptable, durable, and IP67-rated. Asset tracking is made simple and affordable in offices, data centres, hospitals, and manufacturing facilities via RFID tags.
Global Radiofrequency Identification Surgical Instrument Tracking Systems Market Scope
The radiofrequency identification surgical instrument tracking systems market is segmented on the basis of type, component, technology, end-user and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
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
Radiofrequency Identification Surgical Instrument Tracking Systems Market Regional Analysis/Insights
The radiofrequency identification surgical instrument tracking systems market is analysed and market size insights and trends are provided by country, type, component, technology, end-user and distribution channel as referenced above.
The countries covered in the radiofrequency identification surgical instrument tracking systems market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the radiofrequency identification surgical instrument tracking systems market due to the rising adoption of surgical instrument tracking technology in healthcare sector in this region.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 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.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed base and New Technology Penetration
The radiofrequency identification surgical instrument tracking systems market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for radiofrequency identification surgical instrument tracking systems market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the radiofrequency identification surgical instrument tracking systems market. The data is available for historic period 2010-2020.
Competitive Landscape and Radiofrequency Identification Surgical Instrument Tracking Systems Market Share Analysis
The radiofrequency identification surgical instrument tracking systems market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to radiofrequency identification surgical instrument tracking systems market.
Some of the major players operating in the radiofrequency identification surgical instrument tracking systems market are:
- 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)
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