Surgical Instrument Tracking Systems Market Analysis, Segments Overview, Major Geographies, Prominent Players Review


Posted April 29, 2022 by akashmnm

The surgical instrument tracking systems market is projected to reach USD 406 million by 2026 from an estimated USD 203 million in 2021, at a CAGR of 14.9% during the forecast period.

 
This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.

[177 Pages Report] The surgical instrument tracking systems market is projected to reach USD 406 million by 2026 from an estimated USD 203 million in 2021, at a CAGR of 14.9% during the forecast period. Tracking systems are gaining importance among healthcare providers due to the drive to reduce costs and increase efficiency. Ensuring better inventory and asset management practices is key to this drive. End users are focused on minimizing the loss of valuable assets and ensuring smooth workflows.

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The Barcode segment accounted for the largest market share in 2020.

Based on technology, the surgical instrument tracking systems market is segmented into barcode and RFID. The barcode segment accounted for a larger market share in 2020. The low installation cost of barcodes has resulted in their increased adoption in the surgical instrument tracking systems market.

The Software segment accounted for the largest market share in 2020.

Based on components, the surgical instrument tracking tracing system is segmented into software, hardware, and services. The software segment accounted for the largest market share in 2020. However, the hardware segment is expected to witness the highest growth during the forecast period. This is mainly due to the repeat purchase of non-durable RFID tags/barcode labels that need replacement, as tags/labels are prone to detachment during washing and/or damage during sterilization cycles.

Surgical Instrument Tracking Systems Market Dynamics

Drivers: Need to meet FDA Unique Device Identification mandates

Manufacturers are required to track surgical instruments—from manufacturing through the distribution chain. The purpose of device tracking is to ensure that manufacturers of instruments establish tracking systems that will enable them to promptly locate devices in commercial distribution.

The UDI (Unique Device Identification) regulations proposed by the US FDA (Food and Drug Administration) are expected to drive growth in the surgical instrument tracking systems market. According to the UDI rules, labellers (manufacturers, reprocessors, specification developers, re-packagers, and relabelers) of surgical instruments are expected to implement direct marking at the individual instrument level.

Until September 24, 2020, surgical instruments categorized as Class I devices had to comply fully with these FDA requirements. However, the date was then shifted to September 24, 2022. Additionally, labellers need to submit information about each device to the FDA’s GUDID (Global Unique Device Identification Database). This database serves as a reference catalog for all devices. These mandates are expected to be the key factor driving the adoption of surgical instrument tracking systems among end users.

Restrains: High system costs, long investment cycles, and low ROIs

Surgical instrument tracking systems require heavy upfront investments that encompass the costs of application software, hardware, tags, and middleware and the cost of integrating the barcode/RFID framework along with the legacy system, maintenance services, consultancy fees, and staff training. Although the cost of tags and readers has reduced considerably, the implementation cost of automated tracking systems, such as RFID, that require additional servers, databases, and middleware, has been increasing steadily. The overall cost of implementing automated surgical instrument tracking systems using RFID is very high compared to traditional systems such as barcode-based systems. Apart from high implementation costs, most automated surgical instrument tracking systems have very long investment lifecycles.

Another challenge hospitals face is the lack of understanding of the cost-benefit analysis or the assessment of returns on investment (ROI) on tracking systems. This challenge arises due to a lack of awareness of the importance of these systems and the high cost of acquisition. Additionally, manufacturers must abide by the safety standards as prescribed by the government and other regulatory bodies. Getting clearance from these regulators is one of the major problems faced by new entrants in this industry, thus restraining the growth of this market.

Opportunities: Emerging economies

Emerging economies such as India, China, and countries across the Middle East, Latin America, and Southeast Asia are expected to offer significant growth opportunities for players in the surgical instrument tracking systems market. The growing healthcare expenditure and improving healthcare infrastructure in these economies are expected to present growth opportunities for market players.

Various governments in Middle Eastern countries are taking initiatives to improve their healthcare facilities. For instance, in 2018, USD 39.2 billion (SR 147 billion) was allocated to develop health services, of which USD 8.8 billion (SR 33 billion) was to be utilized as a part of Saudi Vision 2030. The health and social development sector’s budget are also responsible for completing the construction of hospitals and primary healthcare centers in all regions of Saudi Arabia. As many as 36 new hospitals with a capacity of 8,950 beds are currently being established and developed in all regions of the Kingdom. Additionally, two medical cities, with a total capacity of 2,350 beds, are being constructed (Source: Trade Arabia - Business News Information).

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Key Market Players

Some of the prominent players in the surgical instrument tracking systems market are Fortive Corporation (US), Material Management Microsystems (US), Becton, Dickinson and Company (BD) (US), Haldor Advanced Technologies (US), Getinge AB (Sweden), STERIS (US), STANLEY Healthcare (US), Mobile Aspects (US), Integra LifeSciences Holdings Corporation (US), Xerafy (Singapore), B. Braun Melsungen AG (Germany), SpaTrack Medical Limited (UK), Scanlan International, Inc. (US), Case Medical (US), ASANUS Medizintechnik GmbH (Germany), Keir Surgical Ltd. (Canada), TechnoSource Australia Pty Ltd. (Australia), NuTrace (US), Vizinex RFID (US), ScanCARE Pty Ltd. (US), RFID Discovery (UK), Healthtech Pivot LLP (India), RMS Omega Healthcare (US), Avery Dennison Corporation (US), and Surgical Safety

PRNewswire:

https://www.prnewswire.com/news-releases/surgical-instrument-tracking-systems-market-worth-406-million-by-2026--exclusive-report-by-marketsandmarkets-301457103.html
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Issued By Arohi
Business Address Pune
Country India
Categories Health
Tags surgical instrument tracking systems market , surgical instrument tracking systems market analysis , surgical instrument tracking systems market industry , surgical instrument tracking systems market share , surgical instrument tracking systems market size
Last Updated April 29, 2022