Global 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
Global Surgical Instrument Tracking Systems Market Analysis and Size
The surgical instrument tracking systems market is estimated to increase rapidly over the forecast period. Because of the need to cut costs and improve efficiency, tracking systems are becoming more popular among healthcare providers. Stronger inventory and asset management methods will aid this goal. End users are concerned with preventing the loss of important assets and ensuring that workflows go smoothly. Surgical instrument monitoring systems make it easier to comply with the FDA's new Unique Device Identification (UDI) tracking standards by automating medical equipment identification, including tools. The demand for solutions that enable compliance, such as surgical tool tracking systems, is projected to increase as the number of devices covered by UDI continues to grow.
- 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. 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.
Global Surgical Instrument Tracking Systems Market Definition
To satisfy the specialized needs of healthcare workers and improve the quality of patient care, surgical instrument tracking systems are used to monitor inventory at various stages of surgical procedures. They ensure real-time access to relevant instruments, which helps reduce case delays, improve operation safety, simplify difficult jobs, and efficiently manage workflow. They can also provide detailed load logs for malfunctioning devices and give you a lot of information about usage trends.
Report Scope and Market 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 2019 - 2014)
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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 (US), Material Management Microsystems (US), Haldor Advanced Technologies (US), BD (US), Getinge AB (Sweden), STERIS (US), STANLEY Healthcare (US), MOBILE ASPECTS (US), Integra LifeSciences (US), Xerafy Singapore Pte Ltd. (Singapore), B. Braun Melsungen AG (Germany), SpaTrack Medical Limited (UK), Scanlan International (US), CASE MEDICAL (US), ASANUS Medizintechnik GmbH (Germany), Infor (US), Vizinex RFID (US), ScanCARE Pty Ltd. (US), TGX Medical Systems (US), Censis Technologies, Inc. (US), Microsystems (Germany)
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Market Opportunities
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Surgical Instrument Tracking Systems Market Dynamics
Drivers
- Increasing demand to meet FDA unique device identification mandates
The proposed UDI (Unique Device Identification) regulations by the US FDA (Food and Drug Administration) are projected to propel the surgical tool monitoring systems market forward. Labellers of surgical instruments (manufacturers, reprocessors, specification developers, re-packagers, and relabelers) are required by UDI guidelines to use direct marking at the individual instrument level.
- Rise in the number of individuals undergoing surgical procedures
Surgical tool processing errors can result in higher operation time and 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. Along with this, increasing urbanization and increasing level of disposable income are the major market drivers that will further escalate the growth of surgical instrument tracking systems market. Additionally, increasing emphasis on better patient care and inventory management is fueling the market’s growth rate.
Opportunities
- Growing level of healthcare expenditure
Growing healthcare spending and increasing healthcare infrastructure are likely to provide growth possibilities for market players in these economies.
Moreover, growing focus of manufacturers on the adoption of advanced technologies and increase in the number of emerging markets will further provide beneficial opportunities for the surgical instrument tracking systems market growth during the forecast period.
Restraints/Challenges Global Surgical Instrument Tracking Systems Market
- High cost associated with system, and long investment cycles
Surgical tool monitoring systems need significant upfront investments, including application software, hardware, tags, middleware, and the expense of connecting the barcode/RFID framework with the legacy system, maintenance services, consulting fees, and staff training. Although the cost of tags and readers has decreased significantly, the cost of implementing automated tracking systems such as RFID, which require additional servers, databases, and middleware, has continuously increased.
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 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 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 Surgical Instrument Tracking Systems Market
COVID-19 started off in Wuhan, China, in December 2019 and has quickly expanded worldwide since then. In terms of confirmed cases and reported deaths, the United States, India, Brazil, Russia, France, the United Kingdom, Turkey, Italy, and Spain are among the worst hit. The COVID-19 pandemic had a major impact on the surgical instrument tracking market. According to a 2020 study by Censis Technologies, Inc, many elective surgeries were postponed due to the pandemic. When they reopened, however, operating rooms and technicians faced a massive backlog while continuing to operate around COVID. As sterile supply processing and equipment shortages became an issue, this revealed the necessity for effective surgical tool tracking systems.
Recent Development
- In July 2020, Vizinex RFID had announced the launch of Flexible 6012 and Flexible 6027 RFID tags that offer mounting flexibility. Both RFID tags are versatile, resilient, and IP67-rated, making them perfect for tracking various assets in interior environments. RFID tags make asset tracking in factories, hospitals, data centers, and offices simple and cost-effective.
Global Surgical Instrument Tracking Systems Market Scope
The 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
On the basis of type, the surgical instrument tracking systems market is segmented into pro sites, and multi sites. In 2021, multi sites segment is expected to dominate the surgical instrument tracking systems market as these tracking systems cover a large region of the hospital, ensuring that all essential instruments are delivered on time and that patient safety is increased.
Component
- Hardware
- Software
- Services
On the basis of component, the surgical instrument tracking systems market is segmented into hardware, software and services. In 2021, software segment is expected to dominate the surgical instrument tracking systems market owing to the rise in technological development.
Technology
- Barcode Tracking
- Radio Frequency Identification (RFID)
- Electronic Tracking
- Others
On the basis of technology, the 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 surgical instrument tracking systems market as it has a bigger memory and detection range, as well as the ability to detect very small surgical instruments.
End User
- Hospitals
- Ambulatory Surgical Centers
- Research Centers
- Clinics
- Others
On the basis of end user, the 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 surgical instrument tracking systems market because surgical monitoring tool adoption is higher in hospitals during the work cycle, which includes surgery, storage, post-surgery, and sterilizing operations, among other things.
Distribution Channel
- Direct Tender
- Third Party Distributor
On the basis of distribution channel, the surgical instrument tracking systems market is segmented into direct tender and third party distributor. In 2021, direct tender segment is expected to dominate the surgical instrument tracking systems market as the software for surgical instrument tracking is widely utilized in hospitals, necessitating a cost-effective strategy.
Surgical Instrument Tracking Systems Market Regional Analysis/Insights
The 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 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.
Asia-Pacific dominates the surgical instrument tracking systems market 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.
North America is expected to grow during the forecast period due to the rising adoption of surgical instrument tracking technology in healthcare sector 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 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 surgical instrument tracking systems market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the surgical instrument tracking systems market. The data is available for historic period 2010-2020.
Competitive Landscape and Surgical Instrument Tracking Systems Market Share Analysis
The 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 surgical instrument tracking systems market.
Some of the major players operating in the surgical instrument tracking systems market are:
- Fortive Corporation (US)
- Material Management Microsystems (US)
- Haldor Advanced Technologies (US)
- BD (US)
- Getinge AB (Sweden)
- STERIS (US)
- STANLEY Healthcare (US)
- MOBILE ASPECTS (US)
- Integra LifeSciences (US)
- Xerafy Singapore Pte Ltd. (Singapore)
- B. Braun Melsungen AG (Germany)
- SpaTrack Medical Limited (UK)
- Scanlan International (US)
- CASE MEDICAL (US)
- ASANUS Medizintechnik GmbH (Germany)
- Infor (US)
- Vizinex RFID (US)
- ScanCARE Pty Ltd. (US)
- TGX Medical Systems (US)
- Censis Technologies, Inc. (US)
- Microsystems (Germany)
Research Methodology : Global Surgical Instrument Tracking Systems Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts https://www.databridgemarketresearch.com/speak-to-analyst/?dbmr=global-surgical-instrument-tracking-systems-market
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