The report “Surgical Instrument Tracking System Market with COVID-19 Impact by Technology(RFID, Barcode), Component(Hardware (Scanner, Reader, Tags), Software, Services), End User(Hospital (Public, Private)), Region – Global Forecast to 2026” 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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Other factors driving market growth include the FDA’s Unique Device Identification mandates and the growth of the surgical instruments market. However, high system costs, long investment cycles, budgetary constraints, and technological limitations are expected to restrain market growth to a certain extent. Also, due to the COVID-19 pandemic, there was a slight decrease in growth in the first quarter of 2021. With elective and non-elective surgeries postponed, delayed, or cancelled worldwide, there was a marked decrease in the use of surgical instrument tracking systems and consumables.
Key Player
The key players operating in this market include Fortive (US), Material Management Microsystems (US), Becton, Dickinson and Company (US), Haldor Advanced Technologies (Israel), Intelligent InSites, Inc. (US), Key Surgical, Inc. (US), Mobile Aspects (US), TGX Medical Systems (US), Xerafy (Singapore), STANLEY Healthcare (US), B. Braun Melsungen AG (Germany), Getinge AB (Sweden), Infor Inc. (US), SpaTrack Medical Limited (UK), and Scanlan International, Inc. (US).
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 systems market 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.
The Hospitals segment accounted for the largest market share in 2020.
Based on end users, the surgical instrument tracking systems market is segmented into hospitals and other end users. The hospitals segment accounted for a larger share of the surgical instrument tracking systems market in 2020. Growth in the hospitals end-user segment can be attributed to their high patient inflow compared to other end users in the market. Hospitals also use more equipment and instruments on average than other healthcare providers and conduct a greater number of surgical procedures. This has ensured a sustained demand for tracking solutions in hospitals.
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The Surgical Instrument Tracking Systems Market encompasses the development and implementation of systems and technologies that track and manage surgical instruments in healthcare facilities. These systems aim to enhance patient safety, improve operational efficiency, reduce costs, and ensure regulatory compliance.
Key Points:
- Market Overview: The Surgical Instrument Tracking Systems Market has been experiencing steady growth in recent years. The demand for these systems is fueled by the increasing need for efficient inventory management, reduced risk of retained surgical items (RSIs), and a growing emphasis on patient safety.
- System Components: Surgical instrument tracking systems typically comprise RFID (Radio Frequency Identification) tags, barcodes, readers/scanners, software applications, and databases. RFID-based systems are widely adopted due to their real-time tracking capabilities and effective inventory management.
- Benefits and Features: Surgical instrument tracking systems offer several advantages to healthcare facilities. These include improved instrument utilization and availability, reduced instances of lost or misplaced instruments, enhanced workflow efficiency, accurate instrument tracking for enhanced patient safety, and streamlined regulatory compliance.
- Application Areas: Surgical instrument tracking systems are primarily used in hospitals, ambulatory surgical centers, and specialty clinics. These systems are deployed across various surgical departments, including operating rooms, central sterile supply departments (CSSDs), and perioperative areas.
- Market Growth and Trends: The Surgical Instrument Tracking Systems Market is expected to witness significant growth in the coming years. This growth is driven by the increasing adoption of healthcare technology solutions, growing awareness about patient safety, and the need for efficient inventory management in healthcare facilities.
Regional Dynamics:
- North America: Historically, North America has been a major market for surgical instrument tracking systems. This can be attributed to the region’s advanced healthcare infrastructure and high awareness regarding patient safety. The presence of well-established healthcare facilities and stringent regulatory frameworks further contribute to market growth.
- Europe: Europe is another significant market for surgical instrument tracking systems. The region’s focus on patient safety and the implementation of advanced healthcare technologies propel market growth. Additionally, the presence of government initiatives and regulations aimed at improving healthcare efficiency drives the adoption of these systems.
- Asia Pacific: The Asia Pacific region is witnessing rapid growth in the Surgical Instrument Tracking Systems Market. Factors such as increasing healthcare expenditure, expanding healthcare infrastructure, and rising awareness about patient safety contribute to the market’s expansion. Moreover, the region’s large population and growing medical tourism industry create opportunities for market players.
- Latin America, Middle East, and Africa: These regions are also experiencing notable growth in the adoption of surgical instrument tracking systems. Factors such as rising healthcare investments, improving healthcare infrastructure, and a growing focus on patient safety drive the market’s development.
It’s important to note that the market trends and dynamics mentioned above are subject to change over time. For the most up-to-date information on the Surgical Instrument Tracking Systems Market and its regional dynamics, consulting industry reports and market research specific to the desired region is recommended.
Report Link: Surgical Instrument Tracking System Market
Recent Developments:
- In November 2020, STERIS acquired Key Surgical to strengthen, complement, and expand STERIS product offerings and global reach.
- In July 2020, Vizinex RFID (US) launched Flexible 6012 and Flexible 6027 RFID tags, which offer mounting flexibility, are durable, and are IP67-rated, making them ideal for tracking many types of assets in indoor settings.
- In May 2020, Stanley Healthcare partnered with Cisco. Under this partnership, STANLEY AeroScout real-time location system (RTLS) platform was fully integrated and certified with CISCO DNA Spaces, the next-generation indoor location services platform, to offer enterprise-wide visibility into the location and status of assets and people in healthcare environments.
- In November 2019, Fortive Corporation acquired Censis Technologies to expand its SaaS-based surgical instrument tracking and workflow solutions.
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