Chicago, Aug. 24, 2023 (GLOBE NEWSWIRE) -- In the near future, the surgical instrument tracking system industry is poised to undergo a transformative evolution driven by advancements in technology and healthcare practices. With the integration of cutting-edge technologies such as RFID (Radio Frequency Identification), IoT (Internet of Things), and AI (Artificial Intelligence), surgical instrument tracking systems will not only streamline the management of medical equipment within healthcare facilities but also enhance patient safety, surgical efficiency, and inventory management. These systems will enable real-time monitoring, accurate location tracking, and comprehensive data analytics, empowering surgical staff to access instruments precisely when needed, reduce instances of lost or misplaced items, and ensure adherence to sterilization protocols. As the industry embraces these innovations, the surgical instrument tracking system landscape is set to revolutionize perioperative workflows and contribute significantly to elevated standards of care across the healthcare sector.
Surgical Instrument Tracking System 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 according to a latest report published by MarketsandMarkets™. 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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Surgical Instrument Tracking System Market Scope:
| Report Coverage | Details |
| Market Revenue in 2021 | $203 million |
| Estimated Value by 2026 | $406 million |
| Growth Rate | Poised to grow at a CAGR of 14.9% |
| Market Size Available for | 2019-2026 |
| Forecast Period | 2021–2026 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Component, Technology, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America, Middle East, and Africa |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Emerging economies |
| Key Market Drivers | Need to meet FDA Unique Device Identification mandates |
Surgical Instrument Tracking System market major players covered in the report, such as:
- 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)
- Surgical Safety Scanner (US)
- and Among Others
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The study categorizes the surgical instrument tracking systems market based on By Component, Technology, and End User at the regional and global level.
By Component
- Software
- Hardware Components
- Tags
- Readers
- Other Hardware Components
- Services
By Technology
- Barcodes
- Radiofrequency Identification (RFID)
By End User
- Hospitals
- Public Hospitals
- Private Hospitals
- Other End Users
By Region
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East & Africa
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The key stakeholders in the Surgical Instrument Tracking System market include:
- Healthcare Facilities: Hospitals, clinics, and surgical centers are primary users and beneficiaries of instrument tracking systems as they enhance operational efficiency and patient safety.
- Surgical Staff: Surgeons, nurses, and other operating room personnel rely on accurate instrument tracking to ensure tools are available and sterilized for procedures.
- Healthcare Administrators: Administrators oversee the implementation of tracking systems, impacting resource allocation, budgeting, and overall hospital operations.
- Medical Device Manufacturers: Companies producing surgical instruments equipped with tracking technologies play a pivotal role in shaping the market.
- Technology Providers: RFID, IoT, and AI solution providers develop and supply the tracking systems, contributing to technological advancements.
- Regulatory Authorities: Regulatory bodies set guidelines for equipment management, sterilization, and patient safety, influencing system compliance.
- Patients: Patients benefit from increased safety and reduced risks of surgical complications due to accurately tracked and sterilized instruments.
- Investors and Financiers: Investors support the growth of tracking system companies, driving innovation and market expansion.
- Research and Development Teams: Professionals working on refining tracking technologies and their integration into surgical environments.
- Training and Support Services: Entities offering training and technical support for using and maintaining the tracking systems effectively.
- Health IT Professionals: IT experts manage the integration of tracking systems with existing hospital information systems.
- Supply Chain Managers: Professionals overseeing the procurement and management of surgical instruments and tracking solutions.
- Industry Associations and Advocates: Organizations focused on promoting best practices, standards, and innovations in the surgical instrument tracking field.
- Ethics Committees: Ensure that patient privacy, data security, and ethical considerations are upheld in implementing tracking systems.
- Academic and Research Institutions: Contribute to advancements by studying the impact and efficacy of instrument tracking systems.
These stakeholders collectively shape the growth, adoption, and impact of surgical instrument tracking systems in the healthcare industry.
Recent Developments:
- In November 2020 STERIS acquired Key Surgical to strengthen, complement, and expand STERIS’s 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’s AeroScout Real-time Location System (RTLS) platform was fully integrated and certified with CISCO DNA Spaces—the next-gen 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.
Frequently Asked Questions (FAQs) of Surgical Instrument Tracking System Market:
Question 1: Which type of component is leading the by type of component segment?
Answer: 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.
Question 2: Which is the leading type of technology segment of surgical instrument tracking systems market?
Answer: 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.
Question 3: Which is the leading type of end user segment of surgical instrument tracking systems market?
Answer: 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.
Question 4: Who are the key players operating in the surgical instrument tracking systems market?
Answer: The prominent players operating in this market 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 Scanner (US).
Question 5: Which geographical region is dominating in surgical instrument tracking systems market?
Answer: 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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Report Objectives:
- To define, describe, and forecast the surgical instrument tracking systems market based on technology, component, end user, and region
- To provide detailed information regarding the major factors influencing the market growth (drivers, restraints, opportunities, and industry-specific challenges)
- To analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze the market opportunities for key stakeholders and provide details of the competitive landscape for key players
- To forecast the size of market segments with respect to five main regions—North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
- To profile the key players and comprehensively analyze their market shares and core competencies2
- To track and analyze competitive developments, such as product/service launches, agreements, partnerships, and collaborations, in the surgical instrument tracking systems market
- To benchmark players within the surgical instrument tracking systems market using the Competitive Leadership Mapping framework, which analyzes market players on various parameters in business and product strategies
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