The Global Surgical Instrument Tracking Systems Market is estimated to reach a market valuation of USD 431.6 Million by 2027, registering a CAGR of 13.2% throughout the projected timeframe, according to a recent analysis by Emergen Research. The market has seen a booming demand due to the increased application of surgical instrument tracking to monitor new technology and smart devices in the healthcare sector. The emergence of advanced technology and the usage of tracking systems such as bar codes are adding to the industry’s growth.
The growing need for quicker inventory management and information technology in hospitals and clinical settings is fostering market expansion. Bar codes offer enhanced patient safety and confer fast and precise instrument identification, optimizing the processes. The escalating requirement for research centers and clinics to enhance the workflow process is also adding traction to the industry’s growth. Healthcare resource management has been extensively focused on due to augmenting concerns about the safety and security of medical devices and equipment. These tracking systems allow for better instrument tracking and enable efficient utilization of the resources.
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Another major element contributing to the expansion of the market growth is the incorporation of unique device identification (UDI) system by the U.S. FDA. This has enabled the incorporation of UDI in human and machine-readable formats in most devices. Moreover, the emergence of COVID-19 pandemic, the escalating patient pool, and the need for more resources are predicted to further bolster the industry growth. However, elements such as budget constraints, high costs, and long-term investment plans can potentially impede the expansion of the market.
Top Companies Operating in Surgical Instrument Tracking Systems Market are:
Material Management Microsystems, Getinge Group, Fortive Corporation Group, Mobile Aspects, Haldor Advanced Technologies, B. Braun Melsungen, Becton, Dickinson And Company, Key Surgical, Inc., Xerafy, and TGX Medical Systems, among others are the prominent players of the global market.
Key Highlights from the Report:
- Surgical instrument tracking system hardware is gaining traction due to increased purchase of non-durable RFID barcode labels and tags that require constant replacement due to their increased susceptibility to detachment during cleaning processes.
- RFID tags are designed to combat the issues of the healthcare sector and the harsh sterilization procedures which automate the Universal Protocol of Joint Commission and adhere to FDA UDI necessities.
- Hospitals are projected to account for the largest share of the industry due to increased adoption of these systems and escalating incidences of surgical procedures performed. Hospitals extensively experience loss or misplacing of surgical equipment and devices which increases the healthcare expenses. The need to avoid this situation and maintain a regulatory budget is expected to augment the segment’s growth.
- North America occupied a significant share of the industry owing to the escalating adoption of advanced technologies and the rising requirement to minimize healthcare expenditure and optimize equipment management. The region accounted for a 34.8% industry share in 2019 and is foreseen to command the industry’s growth in the forecast timeframe.
- Endress+Hauser introduced its IIoT solution platform, Netilion, in April 2020, to augment the asset management and enhance the lifecycle, support, and maintenance of instruments and analyzers.
- In June 2020, Medical Tracking Solutions, Inc. and Terso Solutions joined forces to develop an RFID surgical loaner kit tracking solution to enhance the transparency between hospitals and manufacturers, right from a warehouse to the point-of-use.
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For this report, Emergen Research has segmented the Global Surgical Instrument Tracking Systems Market based on component, technology, end-user, and region:
Component Outlook (Revenue, USD Billion; 2017-2027)
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Radiofrequency identification (RFID)
End-User Outlook (Revenue, USD Billion; 2017-2027)
- Public Hospitals
- Private Hospitals
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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