Surgical Instrument Tracking System Market

Surgical Instrument Tracking System Market by Technology (RFID, Barcode), Component(Hardware (Scanner, Reader, Tags), Software, Services), End User(Hospital (Public, Private)), Region - Global Forecast to 2026

Report Code: MD 4448 Jan, 2022, by marketsandmarkets.com

The surgical instrument tracking system market is projected to reach USD 406 million by 2026, at a CAGR of 14.9% during the forecast period. 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.

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.

Surgical Instrument Tracking System

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Surgical Instrument Tracking Systems Market Growth Dynamics

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.

Until September 24, 2020, surgical instruments categorized as Class I devices had to comply fully with these FDA requirements. However, the date was then shifted to September 24, 2022. Additionally, labellers need to submit information about each device to the FDA’s GUDID (Global Unique Device Identification Database). This database serves as a reference catalog for all devices. These mandates are expected to be the key factor driving the adoption of surgical instrument tracking systems among end users.

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/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 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.

Another challenge hospitals face is the lack of understanding of the cost-benefit analysis or the assessment of returns on investment (ROI) on tracking systems. This challenge arises due to a lack of awareness of the importance of these systems and the high cost of acquisition. Additionally, manufacturers must abide by the safety standards as prescribed by the government and other regulatory bodies. Getting clearance from these regulators is one of the major problems faced by new entrants in this industry, thus restraining the growth of this market.

Opportunities: 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 sector’s budget 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).

In China, the National Health Service System Plan (2015–2020) focuses on expanding the hospital sector across the country. The number of hospital beds in China reached 9.1 million in 2020, an increase of 338,000 beds per year since 2016, growing at a CAGR of 5.3%. The increasing volume of healthcare data in India and the rising adoption of HIT solutions provide significant growth opportunities. According to the India Brand Equity Foundation (India), the country’s healthcare sector has witnessed rapid growth; it is estimated to reach USD 280 billion by 2020 at a CAGR of 17%, wherein the contribution of revenue coming from hospitals is a significant 71%.

Other emerging economies in the APAC region also offer lucrative investment opportunities for surgical instrument tracking system providers to offshore their business operations and production activities. As a result, in the last few years, several players operating in the surgical instrument tracking systems market have expanded their businesses in these economies. This creates lucrative opportunities for the market.

Challenges 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, 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. 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.

The Barcode segment accounted for the largest market share in 2020.

Barcodes are optical machine-readable representations of data where each character (data element) is represented by patterns (bars, blocks, and spaces). These barcodes encode larger amounts of data while maintaining a relatively smaller image with less space than linear barcodes.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.

The Software segment accounted for the largest market share in 2020.

Software components are non-tangible components used to run a system or perform primary tasks, which include maintaining equipment records and performing administrative tasks in any healthcare organization or hospital. It is an integral part of the surgical instrument tracking systems market and works as an interface between the database and end users. Growth in this market segment is driven by the frequent need for software upgrades and the introduction of new software applications. Vendors continuously introduce advanced, user-friendly products with improved data security to garner a greater market share in this field.

The Hospitals segment accounted for the largest market share in 2020.

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.

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.

Surgical Instrument Tracking System Market by Region

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Surgical Instrument Tracking Systems Market Key Players

Some of the prominent players in the surgical instrument tracking systems market are 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).

Scope of the Surgical Instrument Tracking System Market Report

Report Metric

Details

Market Size Availability for Years

2019–2026

Base Year

2020

Forecast Period

2021–2026

Forecast Units

Value (USD)

Segments Covered

By Component, Technology, End User and Region

Geographies Covered

North America, Europe, Asia Pacific, Latin America, Middle East, and Africa

Companies Covered

The major players include are 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).

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

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 (FAQ):

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 18)
    1.1 OBJECTIVES OF THE STUDY
    1.2 MARKET DEFINITION & SCOPE
           1.2.1 INCLUSIONS & EXCLUSIONS
           1.2.2 MARKETS COVERED
           1.2.3 YEARS CONSIDERED FOR THE STUDY
    1.3 CURRENCY
    1.4 LIMITATIONS
    1.5 MARKET STAKEHOLDERS
    1.6 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 22)
    2.1 RESEARCH DATA
           2.1.1 SECONDARY DATA
                    2.1.1.1 Key data from secondary sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Key data from primary sources
                    2.1.2.2 Insights from primary experts
                    2.1.2.3 Breakdown of primary sources
    2.2 MARKET SIZE ESTIMATION
    2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
    2.4 MARKET SHARE ESTIMATION
    2.5 ASSUMPTIONS FOR THE STUDY
    2.6 RISK ASSESSMENT
    2.7 MARKET LIMITATIONS
           2.7.1 METHODOLOGY-RELATED LIMITATIONS
           2.7.2 SCOPE-RELATED LIMITATIONS

3 EXECUTIVE SUMMARY (Page No. - 33)

4 PREMIUM INSIGHTS (Page No. - 36)
    4.1 SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET OVERVIEW
    4.2 ASIA PACIFIC: MARKET, BY TECHNOLOGY (2020)
    4.3 SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET: GEOGRAPHIC GROWTH OPPORTUNITIES
    4.4 REGIONAL MIX: MARKET (2021–2026)
    4.5 SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET: DEVELOPED VS. DEVELOPING MARKETS

5 MARKET OVERVIEW (Page No. - 40)
    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 Growing medical device and surgical instruments markets
           5.2.2 RESTRAINTS
                    5.2.2.1 High system costs, long investment cycles, and low ROIs
           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
    5.3 IMPACT OF COVID-19 ON THE SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET
    5.4 TECHNOLOGY ANALYSIS
           5.4.1 USE OF BLOCKCHAIN IN SURGICAL INSTRUMENT TRACKING SYSTEMS
    5.5 REGULATORY ANALYSIS
           5.5.1 NORTH AMERICA
           5.5.2 EUROPE
           5.5.3 ASIA PACIFIC
           5.5.4 MIDDLE EAST & AFRICA
    5.6 VALUE CHAIN ANALYSIS
    5.7 END-USER DEMAND ANALYSIS
           5.7.1 DEMAND ANALYSIS FOR SURGICAL INSTRUMENT TRACKING SYSTEMS
           5.7.2 UNMET NEEDS
           5.7.3 CHALLENGES ASSOCIATED WITH MANUAL SURGICAL INSTRUMENT TRACKING SYSTEMS: END-USER PERSPECTIVE
    5.8 ECOSYSTEM ANALYSIS
    5.9 PORTER’S FIVE FORCES ANALYSIS
           5.9.1 THREAT FROM NEW ENTRANTS
           5.9.2 THREAT FROM SUBSTITUTES
           5.9.3 BARGAINING POWER OF SUPPLIERS
           5.9.4 BARGAINING POWER OF BUYERS
           5.9.5 INTENSITY OF COMPETITIVE RIVALRY
    5.10 PATENT ANALYSIS
           5.10.1 METHODOLOGY
           5.10.2 PUBLICATION TRENDS
           5.10.3 JURISDICTION ANALYSIS
           5.10.4 TOP APPLICANTS

6 SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET, BY COMPONENT (Page No. - 59)
    6.1 INTRODUCTION
    6.2 SOFTWARE
           6.2.1 FREQUENT NEED FOR UPGRADES AND THE INTRODUCTION OF NEW SOFTWARE APPLICATIONS TO DRIVE MARKET GROWTH
    6.3 HARDWARE
           6.3.1 READERS
                    6.3.1.1 Technological advancements to support the growth of this market
           6.3.2 TAGS
                    6.3.2.1 Benefits associated with tags, such as durability & long read range, make them ideal for surgical instrument tracking implementation
           6.3.3 OTHER HARDWARE COMPONENTS
    6.4 SERVICES
           6.4.1 RECURRING REQUIREMENT OF SERVICES & GROWING ADOPTION OF CLOUD-BASED MODELS TO DRIVE MARKET GROWTH

7 SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET, BY TECHNOLOGY (Page No. - 68)
    7.1 INTRODUCTION
    7.2 BARCODE
           7.2.1 LOW COST OF INSTALLATION TO DRIVE THE GROWTH OF THIS MARKET SEGMENT
    7.3 RADIOFREQUENCY IDENTIFICATION (RFID)
           7.3.1 HIGHER DATA STORAGE CAPACITY & FASTER DATA TRANSMISSION RATE SUPPORT THE GROWTH OF THE RFID MARKET

8 SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET, BY END USER (Page No. - 72)
    8.1 INTRODUCTION
    8.2 HOSPITALS
           8.2.1 PUBLIC HOSPITALS
                    8.2.1.1 Need to curtail healthcare expenditure and manage existing equipment drives the demand for tracking solutions in public hospitals
           8.2.2 PRIVATE HOSPITALS
                    8.2.2.1 Private hospitals focus on acquisitions and consolidation for growth
    8.3 OTHER END USERS

9 SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET, BY REGION (Page No. - 78)
    9.1 INTRODUCTION
    9.2 IMPACT OF COVID-19, BY REGION
    9.3 NORTH AMERICA
           9.3.1 US
                    9.3.1.1 Establishment of Unique Device Identification mandates by the FDA to drive the market in the US
           9.3.2 CANADA
                    9.3.2.1 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
                    9.4.2.1 Need to cut costs and time incurred in manual tracking methods will drive market growth in the UK
           9.4.3 FRANCE
                    9.4.3.1 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 JAPAN
                    9.5.1.1 Early adoption of technologically advanced products drives market growth in Japan
           9.5.2 CHINA
                    9.5.2.1 Growing investments in healthcare infrastructure development in China will drive market growth
           9.5.3 REST OF ASIA PACIFIC
    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. - 117)
     10.1 OVERVIEW
     10.2 KEY PLAYER STRATEGIES/RIGHT TO WIN
             10.2.1 OVERVIEW OF STRATEGIES ADOPTED BY PLAYERS IN THE SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET
     10.3 REVENUE SHARE ANALYSIS OF TOP MARKET PLAYERS
     10.4 COMPETITIVE BENCHMARKING
     10.5 COMPETITIVE LEADERSHIP MAPPING
             10.5.1 STARS
             10.5.2 EMERGING LEADERS
             10.5.3 PERVASIVE PLAYERS
             10.5.4 PARTICIPANTS
     10.6 COMPETITIVE LEADERSHIP MAPPING FOR OTHER COMPANIES
             10.6.1 PROGRESSIVE COMPANIES
             10.6.2 DYNAMIC COMPANIES
             10.6.3 STARTING BLOCKS
             10.6.4 RESPONSIVE COMPANIES
     10.7 MARKET SHARE ANALYSIS
     10.8 COMPETITIVE SCENARIO

11 COMPANY PROFILES (Page No. - 132)
     11.1 MAJOR PLAYERS
             11.1.1 FORTIVE CORPORATION GROUP
                        11.1.1.1 Business overview
                        11.1.1.2 Products & services offered
                        11.1.1.3 Recent developments
                        11.1.1.4 MnM view
                               11.1.1.4.1 Right to win
                               11.1.1.4.2 Strategic choices made
                               11.1.1.4.3 Weaknesses and competitive threats
             11.1.2 MATERIAL MANAGEMENT MICROSYSTEMS, INC.
                        11.1.2.1 Business overview
                        11.1.2.2 Products & services offered
                        11.1.2.3 Recent developments
             11.1.3 BECTON, DICKINSON AND COMPANY
                        11.1.3.1 Business overview
                        11.1.3.2 Products & services offered
                        11.1.3.3 MnM view
                               11.1.3.3.1 Right to win
                               11.1.3.3.2 Strategic choices made
                               11.1.3.3.3 Weaknesses and competitive threats
             11.1.4 HALDOR ADVANCED TECHNOLOGIES
                        11.1.4.1 Business overview
                        11.1.4.2 Products & services offered
                        11.1.4.3 Recent developments
                        11.1.4.4 MnM view
             11.1.5 GETINGE AB
                        11.1.5.1 Business overview
                        11.1.5.2 Products & services offered
                        11.1.5.3 MnM view
                               11.1.5.3.1 Right to win
                               11.1.5.3.2 Strategic choices made
                               11.1.5.3.3 Weaknesses and competitive threats
             11.1.6 STERIS
                        11.1.6.1 Business overview
                        11.1.6.2 Products & services offered
                        11.1.6.3 Recent developments
             11.1.7 STANLEY HEALTHCARE (A DIVISION OF STANLEY BLACK & DECKER)
                        11.1.7.1 Business overview
                        11.1.7.2 Products & services offered
                        11.1.7.3 Recent developments
             11.1.8 MOBILE ASPECTS
                        11.1.8.1 Business overview
                        11.1.8.2 Products & services offered
                        11.1.8.3 MnM view
             11.1.9 INTEGRA LIFESCIENCES HOLDINGS CORPORATION
                        11.1.9.1 Business overview
                        11.1.9.2 Products & services offered
                        11.1.9.3 Recent developments
                        11.1.9.4 MnM view
                               11.1.9.4.1 Right to win
                               11.1.9.4.2 Strategic choices made
                               11.1.9.4.3 Weaknesses and competitive threats
             11.1.10 XERAFY
                        11.1.10.1 Business overview
                        11.1.10.2 Products & services offered
                        11.1.10.3 Recent developments
                        11.1.10.4 MnM view
             11.1.11 B. BRAUN MELSUNGEN AG
                        11.1.11.1 Business overview
                        11.1.11.2 Products & services offered
                        11.1.11.3 MnM view
             11.1.12 SPATRACK MEDICAL LIMITED
                        11.1.12.1 Business overview
                        11.1.12.2 Products & services offered
                        11.1.12.3 Recent developments
             11.1.13 SCANLAN INTERNATIONAL, INC.
                        11.1.13.1 Business overview
                        11.1.13.2 Products & services offered
             11.1.14 CASE MEDICAL
                        11.1.14.1 Business overview
                        11.1.14.2 Products & services offered
             11.1.15 ASANUS MEDIZINTECHNIK GMBH
                        11.1.15.1 Business overview
                        11.1.15.2 Products & services offered
             11.1.16 KEIR SURGICAL LTD.
                        11.1.16.1 Business overview
                        11.1.16.2 Products & services offered
             11.1.17 TECHNOSOURCE AUSTRALIA PTY LTD.
                        11.1.17.1 Business overview
                        11.1.17.2 Products & services offered
             11.1.18 NUTRACE
                        11.1.18.1 Business overview
                        11.1.18.2 Products & services offered
             11.1.19 VIZINEX RFID
                        11.1.19.1 Business overview
                        11.1.19.2 Products & services offered
                        11.1.19.3 Recent developments
             11.1.20 SCANCARE PTY LTD.
                        11.1.20.1 Business overview
                        11.1.20.2 Products & services offered
             11.1.21 RFID DISCOVERY
             11.1.22 HEALTHTECH PIVOT LLP
             11.1.23 RMS OMEGA HEALTHCARE
             11.1.24 AVERY DENNISON CORPORATION
             11.1.25 SURGICAL SAFETY SCANNER

12 APPENDIX (Page No. - 170)
     12.1 DISCUSSION GUIDE
     12.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
     12.3 AVAILABLE CUSTOMIZATIONS
     12.4 RELATED REPORTS
     12.5 AUTHOR DETAILS


LIST OF TABLES (139 Tables)

TABLE 1 EXCHANGE RATES UTILIZED FOR CONVERSION TO USD
TABLE 2 RISK ASSESSMENT: SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET
TABLE 3 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES: IMPACT ANALYSIS
TABLE 4 US: UDI REGULATIONS FOR MEDICAL DEVICES
TABLE 5 EUROPE: REGULATIONS FOR UDI SYSTEM COMPLIANCE
TABLE 6 CHINA: REGULATIONS FOR UDI SYSTEM COMPLIANCE
TABLE 7 JAPAN: REGULATIONS FOR UDI SYSTEM COMPLIANCE
TABLE 8 INDIA: REGULATIONS FOR UDI SYSTEM COMPLIANCE
TABLE 9 SOUTH KOREA: REGULATIONS FOR UDI SYSTEM COMPLIANCE
TABLE 10 SAUDI ARABIA: REGULATIONS FOR UDI SYSTEM COMPLIANCE
TABLE 11 MARKET: ECOSYSTEM MAPPING
TABLE 12 PORTER’S FIVE FORCES ANALYSIS
TABLE 13 SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET, BY COMPONENT, 2019–2026 (USD MILLION)
TABLE 14 SOFTWARE OFFERED BY KEY PLAYERS
TABLE 15 SURGICAL INSTRUMENT TRACKING SOFTWARE MARKET, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 16 SURGICAL INSTRUMENT TRACKING HARDWARE MARKET, BY TYPE, 2019–2026 (USD MILLION)
TABLE 17 SURGICAL INSTRUMENT TRACKING HARDWARE MARKET, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 18 SURGICAL INSTRUMENT TRACKING HARDWARE MARKET FOR READERS, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 19 SURGICAL INSTRUMENT TRACKING HARDWARE MARKET FOR TAGS, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 20 SURGICAL INSTRUMENT TRACKING HARDWARE MARKET FOR OTHER HARDWARE COMPONENTS, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 21 SERVICES OFFERED BY KEY PLAYERS
TABLE 22 SURGICAL INSTRUMENT TRACKING SERVICES MARKET, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 23 MARKET, BY TECHNOLOGY, 2019–2026 (USD MILLION)
TABLE 24 MARKET FOR BARCODES, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 25 MARKET FOR RFID, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 26 MARKET, BY END USER, 2019–2026 (USD MILLION)
TABLE 27 MARKET FOR HOSPITALS, BY TYPE, 2019–2026 (USD MILLION)
TABLE 28 MARKET FOR HOSPITALS, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 29 MARKET FOR PUBLIC HOSPITALS, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 30 MARKET FOR PRIVATE HOSPITALS, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 31 MARKET FOR OTHER END USERS, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 32 MARKET, BY REGION, 2019–2026 (USD MILLION)
TABLE 33 NORTH AMERICA: MARKET, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 34 NORTH AMERICA: MARKET, BY TECHNOLOGY, 2019–2026 (USD MILLION)
TABLE 35 NORTH AMERICA: MARKET, BY COMPONENT, 2019–2026 (USD MILLION)
TABLE 36 NORTH AMERICA: SURGICAL INSTRUMENT TRACKING HARDWARE MARKET, BY TYPE, 2019–2026 (USD MILLION)
TABLE 37 NORTH AMERICA: MARKET, BY END USER, 2019–2026 (USD MILLION)
TABLE 38 NORTH AMERICA: SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET FOR HOSPITALS, BY TYPE, 2019–2026 (USD MILLION)
TABLE 39 US: MACROECONOMIC INDICATORS
TABLE 40 US: SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET, BY TECHNOLOGY, 2019–2026 (USD MILLION)
TABLE 41 US: MARKET, BY COMPONENT, 2019–2026 (USD MILLION)
TABLE 42 US: SURGICAL INSTRUMENT TRACKING HARDWARE MARKET, BY TYPE, 2019–2026 (USD MILLION)
TABLE 43 US: MARKET, BY END USER, 2019–2026 (USD MILLION)
TABLE 44 US: SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET FOR HOSPITALS, BY TYPE, 2019–2026 (USD MILLION)
TABLE 45 CANADA: MACROECONOMIC INDICATORS
TABLE 46 CANADA: MARKET, BY TECHNOLOGY, 2019–2026 (USD MILLION)
TABLE 47 CANADA: MARKET, BY COMPONENT, 2019–2026 (USD MILLION)
TABLE 48 CANADA: SURGICAL INSTRUMENT TRACKING HARDWARE MARKET, BY TYPE, 2019–2026 (USD MILLION)
TABLE 49 CANADA: MARKET, BY END USER, 2019–2026 (USD MILLION)
TABLE 50 CANADA: MARKET FOR HOSPITALS, BY TYPE, 2019–2026 (USD MILLION)
TABLE 51 EUROPE: MARKET, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 52 EUROPE: MARKET, BY TECHNOLOGY, 2019–2026 (USD MILLION)
TABLE 53 EUROPE: MARKET, BY COMPONENT, 2019–2026 (USD MILLION)
TABLE 54 EUROPE: SURGICAL INSTRUMENT TRACKING HARDWARE MARKET, BY TYPE, 2019–2026 (USD MILLION)
TABLE 55 EUROPE: MARKET, BY END USER, 2019–2026 (USD MILLION)
TABLE 56 EUROPE: MARKET FOR HOSPITALS, BY TYPE, 2019–2026 (USD MILLION)
TABLE 57 GERMANY: MACROECONOMIC INDICATORS
TABLE 58 GERMANY: MARKET, BY TECHNOLOGY, 2019–2026 (USD MILLION)
TABLE 59 GERMANY: MARKET, BY COMPONENT, 2019–2026 (USD MILLION)
TABLE 60 GERMANY: SURGICAL INSTRUMENT TRACKING HARDWARE MARKET, BY TYPE, 2019–2026 (USD MILLION)
TABLE 61 GERMANY: MARKET, BY END USER, 2019–2026 (USD MILLION)
TABLE 62 GERMANY: MARKET FOR HOSPITALS, BY TYPE, 2019–2026 (USD MILLION)
TABLE 63 UK: MACROECONOMIC INDICATORS
TABLE 64 UK: MARKET, BY TECHNOLOGY, 2019–2026 (USD MILLION)
TABLE 65 UK: MARKET, BY COMPONENT, 2019–2026 (USD MILLION)
TABLE 66 UK: SURGICAL INSTRUMENT TRACKING HARDWARE MARKET, BY TYPE, 2019–2026 (USD MILLION)
TABLE 67 UK: MARKET, BY END USER, 2019–2026 (USD MILLION)
TABLE 68 UK: MARKET FOR HOSPITALS, BY TYPE, 2019–2026 (USD MILLION)
TABLE 69 FRANCE: MACROECONOMIC INDICATORS
TABLE 70 FRANCE: MARKET, BY TECHNOLOGY, 2019–2026 (USD MILLION)
TABLE 71 FRANCE: MARKET, BY COMPONENT, 2019–2026 (USD MILLION)
TABLE 72 FRANCE: SURGICAL INSTRUMENT TRACKING HARDWARE MARKET, BY TYPE, 2019–2026 (USD MILLION)
TABLE 73 FRANCE: MARKET, BY END USER, 2019–2026 (USD MILLION)
TABLE 74 FRANCE: MARKET FOR HOSPITALS, BY TYPE, 2019–2026 (USD MILLION)
TABLE 75 REST OF EUROPE: MARKET, BY TECHNOLOGY, 2019–2026 (USD MILLION)
TABLE 76 REST OF EUROPE: MARKET, BY COMPONENT, 2019–2026 (USD MILLION)
TABLE 77 REST OF EUROPE: SURGICAL INSTRUMENT TRACKING HARDWARE MARKET, BY TYPE, 2019–2026 (USD MILLION)
TABLE 78 REST OF EUROPE: MARKET, BY END USER, 2019–2026 (USD MILLION)
TABLE 79 REST OF EUROPE: MARKET FOR HOSPITALS, BY TYPE, 2019–2026 (USD MILLION)
TABLE 80 ASIA PACIFIC: MARKET, BY COUNTRY, 2019–2026 (USD MILLION)
TABLE 81 ASIA PACIFIC: MARKET, BY TECHNOLOGY, 2019–2026 (USD MILLION)
TABLE 82 ASIA PACIFIC: MARKET, BY COMPONENT, 2019–2026 (USD MILLION)
TABLE 83 ASIA PACIFIC: SURGICAL INSTRUMENT TRACKING HARDWARE MARKET, BY TYPE, 2019–2026 (USD MILLION)
TABLE 84 ASIA PACIFIC: MARKET, BY END USER, 2019–2026 (USD MILLION)
TABLE 85 ASIA PACIFIC: MARKET FOR HOSPITALS, BY TYPE, 2019–2026 (USD MILLION)
TABLE 86 JAPAN: MACROECONOMIC INDICATORS
TABLE 87 JAPAN: MARKET, BY TECHNOLOGY, 2019–2026 (USD MILLION)
TABLE 88 JAPAN: MARKET, BY COMPONENT, 2019–2026 (USD MILLION)
TABLE 89 JAPAN: SURGICAL INSTRUMENT TRACKING HARDWARE MARKET, BY TYPE, 2019–2026 (USD MILLION)
TABLE 90 JAPAN: MARKET, BY END USER, 2019–2026 (USD MILLION)
TABLE 91 JAPAN: MARKET FOR HOSPITALS, BY TYPE, 2019–2026 (USD MILLION)
TABLE 92 CHINA: MACROECONOMIC INDICATORS
TABLE 93 CHINA: MARKET, BY TECHNOLOGY, 2019–2026 (USD MILLION)
TABLE 94 CHINA: MARKET, BY COMPONENT, 2019–2026 (USD MILLION)
TABLE 95 CHINA: SURGICAL INSTRUMENT TRACKING HARDWARE MARKET, BY TYPE, 2019–2026 (USD MILLION)
TABLE 96 CHINA: MARKET, BY END USER, 2019–2026 (USD MILLION)
TABLE 97 CHINA: MARKET FOR HOSPITALS, BY TYPE, 2019–2026 (USD MILLION)
TABLE 98 REST OF ASIA PACIFIC: MARKET, BY TECHNOLOGY, 2019–2026 (USD MILLION)
TABLE 99 REST OF ASIA PACIFIC: MARKET, BY COMPONENT, 2019–2026 (USD MILLION)
TABLE 100 REST OF ASIA PACIFIC: SURGICAL INSTRUMENT TRACKING HARDWARE MARKET, BY TYPE, 2019–2026 (USD MILLION)
TABLE 101 REST OF ASIA PACIFIC: MARKET, BY END USER, 2019–2026 (USD MILLION)
TABLE 102 REST OF ASIA PACIFIC: MARKET FOR HOSPITALS, BY TYPE, 2019–2026 (USD MILLION)
TABLE 103 LATIN AMERICA: MARKET, BY TECHNOLOGY, 2019–2026 (USD MILLION)
TABLE 104 LATIN AMERICA: MARKET, BY COMPONENT, 2019–2026 (USD MILLION)
TABLE 105 LATIN AMERICA: SURGICAL INSTRUMENT TRACKING HARDWARE MARKET, BY TYPE, 2019–2026 (USD MILLION)
TABLE 106 LATIN AMERICA: MARKET, BY END USER, 2019–2026 (USD MILLION)
TABLE 107 LATIN AMERICA: MARKET FOR HOSPITALS, BY TYPE, 2019–2026 (USD MILLION)
TABLE 108 MIDDLE EAST & AFRICA: MARKET, BY TECHNOLOGY, 2019–2026 (USD MILLION)
TABLE 109 MIDDLE EAST & AFRICA: SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET, BY COMPONENT, 2019–2026 (USD MILLION)
TABLE 110 MIDDLE EAST & AFRICA: SURGICAL INSTRUMENT TRACKING HARDWARE MARKET, BY TYPE, 2019–2026 (USD MILLION)
TABLE 111 MIDDLE EAST & AFRICA: MARKET, BY END USER, 2019–2026 (USD MILLION)
TABLE 112 MIDDLE EAST & AFRICA: SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET FOR HOSPITALS, BY TYPE, 2019–2026 (USD MILLION)
TABLE 113 FOOTPRINT OF COMPANIES IN THE MARKET
TABLE 114 COMPONENT: COMPANY FOOTPRINT (25 COMPANIES)
TABLE 115 END USER: COMPANY FOOTPRINT (25 COMPANIES)
TABLE 116 REGION: COMPANY FOOTPRINT (25 COMPANIES)
TABLE 117 MARKET: DEGREE OF COMPETITION
TABLE 120 FORTIVE CORPORATION GROUP: BUSINESS OVERVIEW
TABLE 121 MATERIAL MANAGEMENT MICROSYSTEMS, INC.: BUSINESS OVERVIEW
TABLE 122 BECTON, DICKINSON AND COMPANY: BUSINESS OVERVIEW
TABLE 123 HALDOR ADVANCED TECHNOLOGIES: BUSINESS OVERVIEW
TABLE 124 GETINGE AB: BUSINESS OVERVIEW
TABLE 125 STERIS: BUSINESS OVERVIEW
TABLE 126 STANLEY HEALTHCARE: BUSINESS OVERVIEW
TABLE 127 MOBILE ASPECTS: BUSINESS OVERVIEW
TABLE 128 INTEGRA LIFESCIENCES HOLDINGS CORPORATION: BUSINESS OVERVIEW
TABLE 129 XERAFY: BUSINESS OVERVIEW
TABLE 130 B. BRAUN MELSUNGEN AG: BUSINESS OVERVIEW
TABLE 131 SPATRACK MEDICAL LIMITED: BUSINESS OVERVIEW
TABLE 132 SCANLAN INTERNATIONAL, INC.: BUSINESS OVERVIEW
TABLE 133 CASE MEDICAL: BUSINESS OVERVIEW
TABLE 134 ASANUS MEDIZINTECHNIK GMBH: BUSINESS OVERVIEW
TABLE 135 KEIR SURGICAL LTD.: BUSINESS OVERVIEW
TABLE 136 TECHNOSOURCE AUSTRALIA PTY LTD.: BUSINESS OVERVIEW
TABLE 137 NUTRACE: BUSINESS OVERVIEW
TABLE 138 VIZINEX RFID: BUSINESS OVERVIEW
TABLE 139 SCANCARE PTY LTD.: BUSINESS OVERVIEW


LIST OF FIGURES (39 Figures)

FIGURE 1 RESEARCH DESIGN
FIGURE 2 PRIMARY SOURCES
FIGURE 3 BREAKDOWN OF PRIMARY INTERVIEWS: SUPPLY-SIDE AND DEMAND-SIDE PARTICIPANTS
FIGURE 4 MARKET SIZE ESTIMATION: REVENUE SHARE ANALYSIS
FIGURE 5 BOTTOM-UP APPROACH
FIGURE 6 TOP-DOWN APPROACH
FIGURE 7 CAGR PROJECTIONS: SUPPLY-SIDE ANALYSIS
FIGURE 8 CAGR PROJECTIONS FROM THE ANALYSIS OF DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES OF THE SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET (2021–2026)
FIGURE 9 DATA TRIANGULATION METHODOLOGY
FIGURE 10 MARKET, BY TECHNOLOGY, 2021 VS. 2026 (USD MILLION)
FIGURE 11 MARKET, BY COMPONENT, 2021 VS. 2026 (USD MILLION)
FIGURE 12 MARKET, BY END USER, 2021 VS. 2026 (USD MILLION)
FIGURE 13 GEOGRAPHICAL SNAPSHOT OF THE SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET
FIGURE 14 NEED FOR BETTER INVENTORY AND ASSET MANAGEMENT PRACTICES TO DRIVE THE GROWTH OF THE MARKET
FIGURE 15 BARCODE SEGMENT ACCOUNTED FOR THE LARGEST SHARE OF THE ASIA PACIFIC MARKET IN 2020
FIGURE 16 MARKET IN CHINA TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD
FIGURE 17 ASIA PACIFIC TO REGISTER THE HIGHEST GROWTH RATE DURING THE FORECAST PERIOD (2021–2026)
FIGURE 18 NORTH AMERICA WILL CONTINUE TO DOMINATE THE SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET TILL 2026
FIGURE 19 MEDICAL DEVICE MARKET, 2016–2020 (USD BILLION)
FIGURE 20 IMPACT OF COVID-19 ON THE MARKET
FIGURE 21 MARKET: REGULATORY TIMELINES, BY COUNTRY
FIGURE 22 MARKET: VALUE CHAIN ANALYSIS
FIGURE 23 MARKET: ECOSYSTEM ANALYSIS
FIGURE 24 PUBLICATION TRENDS, 2015–2021
FIGURE 25 JURISDICTION ANALYSIS, 2015–2021
FIGURE 26 TOP APPLICANTS, 2015–2021
FIGURE 27 NORTH AMERICA: MARKET SNAPSHOT
FIGURE 28 ASIA PACIFIC : MARKET SNAPSHOT
FIGURE 29 REVENUE ANALYSIS OF KEY PLAYERS IN THE SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET
FIGURE 30 MARKET: COMPETITIVE LEADERSHIP MAPPING (2020)
FIGURE 31 MARKET: COMPETITIVE LEADERSHIP MAPPING FOR OTHER COMPANIES (2020)
FIGURE 32 MARKET SHARE ANALYSIS, BY KEY PLAYER, 2020
FIGURE 33 COMPANY SNAPSHOT: FORTIVE CORPORATION GROUP (2020)
FIGURE 34 COMPANY SNAPSHOT: BECTON, DICKINSON AND COMPANY (2020)
FIGURE 35 COMPANY SNAPSHOT: GETINGE AB (2020)
FIGURE 36 COMPANY SNAPSHOT: STERIS (2020)
FIGURE 37 COMPANY SNAPSHOT: STANLEY BLACK & DECKER (2020)
FIGURE 38 COMPANY SNAPSHOT: INTEGRA LIFESCIENCES HOLDINGS CORPORATION (2020)
FIGURE 39 COMPANY SNAPSHOT: B. BRAUN MELSUNGEN AG (2020)

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:

Surgical Instrument Tracking Systems Market  Size, and Share

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
Report Code
MD 4448
Published ON
Jan, 2022
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