Surgical Instrument Tracking Systems Market by Technology (RFID, Barcode), Component (Hardware (Scanner), Software, Services), End User (Hospital (Public, Private)), Region (North America, Europe, Asia Pacific) COVID-19 Impact - Global Forecast to 2025
COVID-19 Impact on Global Surgical Instrument Tracking Systems Market
According to our findings, the surgical instrument tracking systems market is expected to grow at an approximate CAGR of 10-15% during the next two years. According to our analysis, the below factors are playing a key role in shaping the growth of the global market;
- The outbreak of COVID-19 has been increasing exponentially in the US. This has led to high risk infections to healthcare workers and patients and reduced the number of surgeries in hospitals. According to the US National Library of Medicine National Institutes of Health, all plastic surgeries have been postponed. There has been a decline in regular patient visits to hospitals and clinics which has led to a decline in the number of surgeries being conducted, which is expected to inhibit market growth.
- Due to the rapid spread of COVID-19, there is a risk of shortages in medical supplies and equipment due to the temporary lockdown of manufacturing sites in affected areas or travel restrictions impacting shipments. Beyond transportation-related delays arising from travel restrictions and the shortage of drivers, COVID-19 has not significantly impacted surgical supplies across geographies.
- The normalization of the global economy is expected to gradually increase the manufacturing and transportation of medical supplies, in turn, supporting market growth from the first quarter of 2021.
SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET DYNAMICS
Driver: Need to meet FDA Unique Device Identification mandates
The UDI (Unique Device Identification) regulation proposed by the US FDA (Food and Drug Administration) is expected to drive the surgical instrument tracking systems market. As per the UDI rules, labelers (manufacturers, reprocessors, specification developers, repackagers, and relabelers) of surgical instruments are expected to implement direct marking at the individual instrument level.
Restraint: High system cost, long investment cycles, and lack of realization of ROI
Surgical instrument tracking systems require heavy upfront investments that encompass the costs of application software, hardware, tags, and middleware as well as the cost of integrating the barcode/RFID 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 implementation of automated surgical instrument tracking systems using RFID is very high as compared to traditional systems such as barcode-based systems.
Opportunity : Active RFID technology for instruments
Active RFID technology is gaining importance as it offers a larger memory and greater detection range (up to 300 ft.) than passive RFID technology (20–40 ft.). This technology is generally used for surgical tray-level tracking—since most surgical instruments are comparatively small in size, it is challenging to develop tags that can fit accurately on these instruments. Moreover, tags need to be autoclavable, which are expensive to develop.
Challenge : Technological limitations
Both RFID and barcode technologies for instrument tracking are marked by significant limitations. In the case of RFID technology, it is believed that ~20% of tags do not function properly. Most RFID tags cannot withstand high temperatures, humidity, and chemical reactions, and can be interfered with by metals and liquids. Moreover, there are chances of interference from other radio transmissions or electric or magnetic fields present in the usage environment.
The barcode segment accounts for the largest share of the market, by technology, in 2019
Based on technology, the surgical instrument tracking systems market is segmented into barcode and RFID. The barcode segment accounted for the larger market share in 2019. The low cost of installation has resulted in the increased adoption of the barcode technology in the surgical instrument tracking systems market.
The hardware segment is expected to grow at the highest CAGR during the forecast period
Based component, the surgical instrument tracking systems market is segmented into software, hardware, and services. 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 hospital segment accounts for the largest share of the market, by end-user, in 2019
The surgical instrument tracking systems market is segmented into hospitals and other end users based on end-user. The hospitals segment accounted for the larger share of the surgical instrument tracking systems market in 2019. The growth of the hospitals segment is attributed to their high patient inflow as compared to other end users in the market. Hospitals also use more equipment and instruments on average than other healthcare providers and carry out a greater number of surgical procedures. This has ensured a sustained demand for tracking solutions in hospitals
The North America market accounts for largest market share for surgical instruments tracking systems in 2019
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 the healthcare expenditure and need for efficient equipment management is a key factor driving market growth are driving the surgical instrument tracking systems market in North America.
Key Market Players
The prominent players in this market are Fortive Corporation Group (US), Material Management Microsystems(US), Becton, Dickson and Company (US), B. Braun Melsungen AG (Germany), Gentinge Group (Sweden), Steris Instrument Management Services (US) and Haldor Advanced Technologies (US).
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Report Metric |
Details |
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Market size available for years |
2018–2025 |
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Base year considered |
2019 |
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Forecast period |
2020–2025 |
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Forecast units |
Value (USD) |
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Segments covered |
Technology, Component, End User |
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Geographies covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa |
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Companies covered |
Fortive Corporation Group (US), Material Management Microsystems(US), Becton, Dickson and Company (US), Haldor Advanced Technologies (US), Key Surgical,Inc. (US), Mobile Aspects (US), TGX Medical Systems (US), Xerafy (China), Stanley Healthcare (Israel), B.Barun Melsungen (Germany), Gentinge Group (Sweden), Steris Instrument Management Services (US),Koch Industries (US), SpaTrack Medical Limited (UK), Scanlan International,Inc. (US), Case Medical (US), Asanus Medizintechnik Gmbh Inc. (Germany), Keir Surgical Ltd. (Canada), Intechnology Distribution PTY Ltd. (Australia), Nutrace (US). |
The study categorizes the Surgical Instrument Tracking Systems market based on technology, component, end user and regional and global level.
Global Surgical Instrument Tracking Systems Market, by Technology
- Barcode
- RFID
Global Surgical Instrument Tracking Systems Market, by Component
- Software
- Hardware
- Readers
- Tags
- Other Hardware
- Services
Global Surgical Instrument Tracking Systems Market, by End Use
- Covid-19 Impact, By End User
- Hospitals
- Public Hospitals
- Private Hospitals
- Other End Users
Global Surgical Instrument Tracking Systems Market, by Region
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Rest of Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Recent Developments
- In 2019, Censis entered into a supplier agreement with HealthTrust. This agreement encompasses CensiTrac subscription and customized professional services and support.
- In 2018, RS AIM Interface for SPM Software, designed to provide connectivity between Microsystems’ SPM Sterile Processing Information System and the RST Automation’s AIM (Assisted Instrument Management) System.
- In 2018, BD's IMPRESS™ instrument management system and UniteOR's cloud-based surgical tray tracking and vendor management solution, that enables greater visibility of surgical tray management to health care workers in the operating room and sterile processing department.
- In 2018, Haldor Advanced Technologies, The company further strengthened its ORLocate portfolio and launched services as ORLocate SPD.
Frequently Asked Questions (FAQ):
Which are the top industry players in the global surgical instruments tracking systems market?
The top market players in the global surgical instrument tracking systems market include Fortive Corporation Group (US), Material Management Microsystems(US), Becton, Dickson and Company (US), Haldor Advanced Technologies (US), Key Surgical,Inc. (US), Mobile Aspects (US), TGX Medical Systems (US), Xerafy (China), Stanley Healthcare (Israel), B.Barun Melsungen (Germany), Gentinge Group (Sweden), Steris Instrument Management Services (US),Koch Industries (US), SpaTrack Medical Limited (UK), Scanlan International,Inc. (US), Case Medical (US), Asanus Medizintechnik Gmbh Inc. (Germany), Keir Surgical Ltd. (Canada), Intechnology Distribution PTY Ltd. (Australia), Nutrace (US).
What are the top trends in the global surgical instruments tracking systems market?
Opportunities in the global surgical instruments tracking systems market:
- Requirement for better asset management and inventory practices
- Growth in surgical instruments market
Which global surgical instruments tracking systems technologies have been included in this report?
This report the following main segments:
- Barcode
- RFID
Which geographical region is dominating in the global surgical instruments tracking systems market?
The global surgical instrument tracking systems market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. 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 the healthcare expenditure are driving 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.
Which is the leading global surgical instruments tracking systems component?
The software segment accounted for the largest market share. 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. .
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TABLE OF CONTENTS
1 INTRODUCTION (Page No. - 15)
1.1 OBJECTIVES OF THE STUDY
1.2 MARKET DEFINITION
1.3 MARKET SCOPE
1.3.1 MARKETS COVERED
1.3.2 YEARS CONSIDERED FOR THE STUDY
1.4 CURRENCY
1.5 LIMITATIONS
1.6 SUMMARY OF CHANGES
1.7 MARKET STAKEHOLDERS
2 RESEARCH METHODOLOGY (Page No. - 18)
2.1 RESEARCH APPROACH
2.1.1 SECONDARY RESEARCH
2.1.1.1 Key data from secondary sources
2.1.2 PRIMARY RESEARCH
2.1.2.1 Key data from primary sources
2.1.2.2 Breakdown of primaries
2.2 MARKET SIZE ESTIMATION
2.3 DATA TRIANGULATION APPROACH
2.4 MARKET SHARE ANALYSIS
2.5 ASSUMPTIONS FOR THE STUDY
3 EXECUTIVE SUMMARY (Page No. - 25)
4 PREMIUM INSIGHTS (Page No. - 28)
4.1 SURGICAL INSTRUMENT TRACKING SYSTEMS: MARKET OVERVIEW
4.2 NORTH AMERICA: SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET, BY COMPONENT (2018)
4.3 GEOGRAPHICAL SNAPSHOT OF THE SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET
5 MARKET OVERVIEW (Page No. - 31)
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
5.2.1 MARKET DRIVERS
5.2.1.1 Need to meet FDA Unique Device Identification mandates
5.2.1.2 Requirement for better inventory and asset management practices
5.2.1.3 Growth of the surgical instruments market
5.2.2 RESTRAINTS
5.2.2.1 High system cost, long investment cycles, and lack of realization of ROI
5.2.3 OPPORTUNITIES
5.2.3.1 Emerging economies
5.2.3.2 Development of active RFID technology for instruments
5.2.4 CHALLENGES
5.2.4.1 Technological limitations
5.2 COVID IMPACT ON SURICAL INSTRUMENT TRACKING MARKET
6 SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET, BY TECHNOLOGY (Page No. - 35)
6.1 INTRODUCTION
6.2 BARCODE
6.2.1 LOW COST OF INSTALLATION TO DRIVE THE GROWTH OF THIS MARKET SEGMENT
6.3 RADIOFREQUENCY IDENTIFICATION (RFID)
6.3.1 HIGHER DATA STORAGE CAPACITY & FASTER DATA TRANSMISSION RATE ARE SUPPORTING THE GROWTH OF THE RFID MARKET
7 SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET, BY COMPONENT (Page No. - 40)
7.1 INTRODUCTION
7.2 SOFTWARE
7.2.1 FREQUENT NEED FOR UPGRADES AND THE INTRODUCTION OF NEW SOFTWARE APPLICATIONS TO DRIVE MARKET GROWTH
7.3 HARDWARE
7.3.1 READERS
7.3.1.1 Technological advancements are expected to support the growth of this market
7.3.2 TAGS
7.3.2.1 Benefits associated with tags, such as durability & long read range, make them ideal for surgical instrument tracking implementation
7.3.3 OTHER HARDWARE
7.4 SERVICES
7.4.1 RECURRING REQUIREMENT OF SERVICES & GROWING ADOPTION OF CLOUD-BASED MODELS TO DRIVE MARKET GROWTH
8 SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET, BY END USER (Page No. - 50)
8.1 INTRODUCTION
8.2 COVID IMPACT, BY END USER
8.3 HOSPITALS
8.3.1 PUBLIC HOSPITALS
8.3.1.1 Need to cut healthcare expenditure and manage existing equipment is driving the demand for tracking solutions in public hospitals
8.3.2 PRIVATE HOSPITALS
8.3.2.1 Private hospitals focus on acquisitions and consolidation for growth
8.4 OTHER END USERS
9 SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET, BY REGION (Page No. - 58)
9.1 INTRODUCTION
9.2 COVID IMPACT,BY REGION
9.3 NORTH AMERICA
9.3.1 US
9.3.1.1 Establishment of Unique Device Identification rule by the FDA is expected to drive the market in the US
9.3.2 CANADA
9.2.2.1 Need to cut healthcare costs will drive the market in Canada
9.4 EUROPE
9.4.1 GERMANY
9.4.1.1 Strong healthcare infrastructure and rapid adoption of technological innovation support Germany’s market dominance
9.4.2 UK
9.3.2.1 Need to cut costs and time incurred on manual tracking methods will drive market growth in the UK
9.4.3 FRANCE
9.3.3.1 Population growth and growing demand for surgical treatment will drive market growth in France
9.4.4 REST OF EUROPE
9.5 ASIA PACIFIC
9.5.1 THE APAC MARKET IS CHARACTERIZED BY RISING HEALTHCARE ACCESS AND INFRASTRUCTURAL DEVELOPMENT
9.6 LATIN AMERICA
9.6.1 GROWING MEDICAL TOURISM AND GROWTH OF THE LATAM HEALTHCARE SECTOR IS DRIVING THE MARKET
9.7 MIDDLE EAST & AFRICA
9.7.1 INFRASTRUCTURAL DEVELOPMENT IS A KEY DRIVER FOR MARKET GROWTH IN THE MEA
10 COMPETITIVE LANDSCAPE (Page No. - 82)
10.1 OVERVIEW
10.2 MARKET RANKING ANALYSIS, 2018
10.3 COMPETITIVE SCENARIO
10.4 COMPETITIVE LEADERSHIP MAPPING (OVERALL MARKET) (2018)
10.4.1 VISIONARY LEADERS
10.4.2 INNOVATORS
10.4.3 DYNAMIC DIFFERENTIATORS
10.4.4 EMERGING COMPANIES
11 COMPANY PROFILES (Page No. - 86)
11.1 FORTIVE CORPORATION GROUP
11.1.1 BUSINESS OVERVIEW
11.1.2 SERVICES OFFERED
11.1.3 RECENT DEVELOPMENTS
11.2 MATERIAL MANAGEMENT MICROSYSTEMS
11.2.1 BUSINESS OVERVIEW
11.2.2 SERVICES OFFERED
11.2.3 RECENT DEVELOPMENTS
11.3 BECTON, DICKINSON AND COMPANY
11.3.1 BUSINESS OVERVIEW
11.3.2 PRODUCTS OFFERED
11.3.3 RECENT DEVELOPMENTS
11.3.4 MNM VIEW
11.4 HALDOR ADVANCED TECHNOLOGIES
11.4.1 BUSINESS OVERVIEW
11.4.2 SERVICES OFFERED
11.4.3 RECENT DEVELOPMENTS (2015–2018)
11.5 KEY SURGICAL, INC.
11.6.1 BUSINESS OVERVIEW
11.6.2 SERVICES OFFERED
11.6.3 RECENT DEVELOPMENTS
11.6 MOBILE ASPECTS
11.7.1 BUSINESS OVERVIEW
11.7.2 SERVICES OFFERED
11.7.3 RECENT DEVELOPMENTS
11.7 TGX MEDICAL SYSTEMS
11.8.1 BUSINESS OVERVIEW
11.8.2 PRODUCTS & SERVICES OFFERED
11.8.3 RECENT DEVELOPMENTS
11.8 XERAFY
11.9.1 PRODUCTS OFFERED
11.9.2 RECENT DEVELOPMENTS
11.9 STANLEY HEALTHCARE (DIVISION OF STANLEY BLACK & DECKER)
11.10.1 BUSINESS OVERVIEW
11.10.2 SERVICES OFFERED
11.10.3 RECENT DEVELOPMENTS
11.10 B. BRAUN MELSUNGEN
11.11.1 BUSINESS OVERVIEW
11.11.2 SERVICES OFFERED
11.11.3 RECENT DEVELOPMENTS
11.11 GETINGE GROUP
11.12.1 BUSINESS OVERVIEW
11.12.2 PRODUCTS OFFERED
11.12.3 RECENT DEVELOPMENTS
11.12 STERIS INSTURMENT MANAGEMENT SERVICES
11.12.1 BUSINESS OVERVIEW
11.12.2 PRODUCTS OFFERED
11.12.3 RECENT DEVELOPMENTS
11.13 KOCH INDUSTRIES
11.13.1 BUSINESS OVERVIEW
11.13.2 PRODUCTS OFFERED
11.13.3 RECENT DEVELOPMENTS
11.14 SPATRACK MEDICAL LIMITED
11.14.1 BUSINESS OVERVIEW
11.14.2 PRODUCTS OFFERED
11.14.3 PRODUCT LAUNCHES
11.14.4 EXPANSIONS
11.15 SCANLAN INTERNATIONAL, INC.
11.15.1 BUSINESS OVERVIEW
11.15.2 PRODUCTS OFFERED
11.15.3 RECENT DEVELOPMENTS
11.16 CASE MEDICAL
11.15.1 BUSINESS OVERVIEW
11.15.2 PRODUCTS OFFERED
11.17 ASANUS MEDIZINTECHNIK GMBH INC.
11.15.1 BUSINESS OVERVIEW
11.15.2 PRODUCTS OFFERED
11.18 KEIR SURGICAL LTD.
11.15.1 BUSINESS OVERVIEW
11.15.2 PRODUCTS OFFERED
11.19 INTECHNOLOGY DISTRIBUTION PTY LTD.
11.15.1 BUSINESS OVERVIEW
11.15.2 PRODUCTS OFFERED
11.20 NUTRACE
11.15.1 BUSINESS OVERVIEW
11.15.2 PRODUCTS OFFERED
12 APPENDIX (Page No. - 106)
12.1 DISCUSSION GUIDE
12.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
12.3 AVAILABLE CUSTOMIZATIONS
12.4 RELATED REPORTS
12.5 AUTHOR DETAILS
This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.
Secondary Research
This research study involved the use of widespread secondary sources; directories; databases such as Dun & Bradstreet, Bloomberg Businessweek, and Factiva; white papers; annual reports; and companies’ house documents. Secondary research was used to identify and collect information for this extensive, technical, market-oriented, and commercial study of the global surgical instrument tracking systems market. It was also used to obtain important information about the top players, market classification, and segmentation according to industry trends to the bottom-most level, geographic markets, key developments related to market, and technology perspectives. A database of the key industry leaders was also prepared using secondary research.
Primary Research
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, technology and innovation directors, and related key executives from various key companies and organizations operating in the surgical instrument tracking systems market. The primary sources from the demand side include industry experts such as surgeons, physicians and doctors, and life science researchers.
A breakdown of the primary respondents is provided below:
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
The market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (segmental analysis of major segments) and top-down approach (assessment of utilization/adoption/penetration trends, by technology, component, end user, and region).
Data Triangulation
After arriving at the market size, the surgical instrument tracking systems market was divided into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments & subsegments, the data triangulation and market breakdown procedures were employed, wherever applicable.
Objectives of the Study
- To define, describe, and forecast the surgical instrument tracking systems market on the basis of technology, component, end user, and region
- To provide detailed information regarding major factors influencing 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, namely, 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, 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
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (Upto 5)
Geographic Analysis
- Further breakdown of the North America surgical instrument tracking systems market into US and Canada
Get in-depth analysis of the COVID-19 impact on the Surgical Instrument Tracking Systems Market
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Growth opportunities and latent adjacency in Surgical Instrument Tracking Systems Market