Surgical Instrument Tracking Systems Market Expectations and Growth Trends Highlighted Until 2026

Surgical Instrument Tracking Systems Market in terms of revenue was estimated to be worth $203 million in 2021 and is poised to reach $406 million by 2026, growing at a CAGR of 14.9% from 2021 to 2026. The report contains the updated financial information for each listed public company from January 2018 to December 2021. It also contains the recent developments undertaken by market players as well as their strategic overview. The report also contains MNM views for major market players. Tracking systems are gaining importance among healthcare providers due to the drive to reduce costs and increase efficiency. Ensuring better inventory and asset management practises is key to this drive. End users are focused on minimizing the loss of valuable assets and ensuring smooth workflows. 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.

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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).

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.

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 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.

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Opportunity: 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 sectors' budgets 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).

Challenge: Technological limitations

Both RFID and barcode technologies for instrument tracking are marked by significant limitations. In RFID, it is believed that 20% of tags do not function properly. Most RFID tags cannot withstand high temperatures, humidity, or chemical reactions and can be interfered with by metals and liquids. Moreover, there are chances of interference from other radio transmissions or from electric or magnetic fields present in the usage environment. Additionally, a single reader cannot read tags from multiple frequencies, limiting its usage. In the case of barcodes, barcode scanning is error-sensitive and labor-intensive, as it involves manual procedures. Repetitive autoclaving could also damage barcode labels, making it necessary for checks to be conducted after every sterilization cycle.

North America was the largest regional market for surgical instrument tracking systems market in 2020.

North America is the largest regional market for surgical instrument tracking systems. The Unique Device Identification (UDI) regulations by the FDA and the need to reduce healthcare expenditures drive the surgical instrument tracking systems market in North America. However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period, primarily due to government initiatives to implement asset tracking solutions and growing access to healthcare facilities in the region.

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