The Surgical Instrument Tracking Systems Market is expected to be valued at USD 431.6 Million in 2027 from USD 159.4 Million in 2019, registering a CAGR of 13.2% through the forecast period. The surgical instrument tracking system is actively deployed in the healthcare industry to track tablets, smartphones, and other smart devices used in hospitals or clinics. The advent of cutting edge technology and the escalating application of tracking systems using barcodes have added traction to market growth over the last couple of years and is projected to further drive market’s progress in the estimated timeframe.
The growing usage of tracking systems has improved patient safety and conferred accurate and rapid instrument identification, thereby optimizing the healthcare procedures. This, in turn, has increased the demand for surgical instrument tracking systems and propelled market growth. The soaring need for improved and streamlined workflow in research centers and clinical settings is also contributing to market demand.
One of the significant factors strengthening the industry’s growth curve is the implementation of the Unique Device Identification (UDI) systems by the U.S. FDA. This has compelled many companies to incorporate UDI in human and machine-readable configuration in numerous devices. However, factors such as financial constraints, expensive systems, and long-drawn-out investment cycles can potentially hamper the industry’s expansion.
The emergence of COVID-19 boosted the demand for surgical instrument tracking systems owing to a rapid surge in the patient pool and the growing need for medical interventions. Healthcare resource management has gained significant traction due to the augmenting concern surrounding the safety and security of the medical instruments. The devices enable the efficient tracking and utilization of the instrument and resources, thereby boosting market growth.
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Key Highlights from Report:
- Surgical instrument tracking system hardware is growing rapidly due to the continual purchase of perishable RFID barcode prints that need to be replaced continuously owing to their increased chances of detaching during washing or under stressful conditions.
- RFID tags are developed with the capability to resist the rigorous processes of the healthcare industry and the stringent sterilization procedures. These processes are used to automate the Universal Protocol set by The Joint Commission and adhere to the FDA’s UDI requirements.
- The hospital sub-segment is observing significant growth owing to the rapid adoption of these devices and technologies and an escalating number of surgeries performed. The frequency of losing a surgical instrument or its misplacement is very high in hospitals and other healthcare facilities, thereby making the tracking system more expensive. This has propelled the demand for efficient tracking systems and contributing to market growth.
- In 2019, North America occupied a significant share of the industry and is forecast to maintain its leading position in the industry in the projected timeframe. This growth can be accredited to the accelerated acceptance of advanced technologies, the growing requirement of cost-efficient healthcare facilities, and the precise and optimal management of equipment.
- Key companies in the market include Material Management Microsystems, Haldor Advanced Technologies, Becton, Dickinson And Company, Fortive Corporation Group, Getinge Group, Key Surgical, Inc., TGX Medical Systems, Xerafy, B. Braun Melsungen, and Mobile Aspects, among others.
- In June 2020, Terso Solutions, a global leader of RFID inventory management hardware and software technology, joined forces with Medical Tracking Solutions, Inc. Under the partnership, the two companies launched an RFID Surgical Loaner Kit tracking system to augment the transparency between manufacturers and hospitals, right from the warehouse to the end-point.
For the purpose of this report, Emergen Research has segmented the Global Surgical Instrument Tracking Systems Market on the basis of 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
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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