Surgical Instruments Tracking Systems Market To Rise As Of Increased Frequency Of Cardiovascular Illnesses

Surgical Instruments Tracking Systems Industry Overview

 

The global surgical instruments tracking systems market size is anticipated to reach USD 513.09 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 12.1% over the forecast period. The increasing need for inventory management and implementation of Unique Device Identification (UDI) regulations formed by the FDA are some of the major factors supporting the market growth. Furthermore, surgical tool manufacturers are expected to track their products from manufacturing to distribution. The goal of device tracking is to ensure that instrument manufacturers set up mechanisms that allow them to quickly locate devices in commercial distribution. The proposed UDI regulations by the U.S. Food & Drug Administration (FDA) are projected to propel market growth.

 

Surgical Instruments Tracking Systems Market Segmentation

Grand View Research has segmented the global surgical instruments tracking systems market report based on product, technology, end use, and region:

Based on the Product Insights, the market is segmented into hardware, software and services

• The hardware product segment accounted for the largest revenue share of more than 45.00% in 2021. The segment is projected to maintain its dominance during the study period.
• Technological advancements in hardware, such as RFID chips and barcode tags, are a major factor driving the adoption of these systems for inventory as well as surgical instrument management.
• The entire system comprising the technique, RFID chips, antenna, and the visual display is designed to be wirelessly tracked & counted and to withstand repeated sterilizations.
• The services segment is also expected to grow at a considerable rate during the forecast period. Well-developed healthcare infrastructure and a rising number of surgical procedures are anticipated to contribute to this growth.

 

Based on the Technology Insights, the market is segmented into barcodes and RFID

• The barcode technology segment accounted for the largest revenue share of more than 82.00% in 2021.
• Barcode is the most commonly used type of tracking technology and its increased adoption in the medical devices industry is the key element contributing to its high revenue share in the market.
• Low installation cost of these products has resulted in their rising applications in healthcare facilities including hospitals and Ambulatory Surgery Centers(ASCs).
• The RFID segment is anticipated to register the fastest CAGR over the forecast period due to the ability of RFID tags to withstand the rigorous healthcare environment, such as harsh sterilization processes, in addition to storing additional information and documenting each instrument’s vital statistics, such as repair history and location.

 

Based on the End-use Insights, the market is segmented into hospitals and others

• The hospitals end-use segment led the market in 2021 and accounted for the maximum revenue share of more than 79.00%. Factors contributing to the share of this segment include the rising need to reduce the incidence of surgical instruments being left in the patient’s body during surgeries and effective inventory management.
• The segment is also expected to witness the fastest growth rate over the forecast period. This can be credited to the rising adoption of surgical device tracking solutions by hospitals for inventory management and tracing of medical instruments during work cycles, such as sterilization procedures and surgery.

Surgical Instruments Tracking Systems Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The leading companies are undertaking several strategic initiatives, such as product developments or launches, collaborations, and mergers & acquisitions along with regional expansions for gaining a higher market share. 

Some of the prominent players in the global surgical instruments tracking systems market include:

• Censis Technologies, Inc. (Fortive)
• SpaTrack Medical Ltd.
• Xerafy Singapore Pte Ltd.
• Fingerprint Medical Ltd.
• Getinge AB
• Braun Melsungen AG
• BD
• Haldor Advanced Technologies
• Microsystems, Inc.
• Ternio Group LLC

 

Market Industry Development

• October 2020: STERIS plc acquired Key Surgical, thus expanding its sterile processing, OR, and endoscopy offerings. This also added the latter’s KeyDot surgical instrument tracking solution to STERIS’ portfolio.

 

Order a free sample PDF of the Surgical Instruments Tracking Systems Market Intelligence Study, published by Grand View Research.