Surgical Instrument Tracking Systems Market

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

Report Code: MD 4448 Aug, 2020, by marketsandmarkets.com
align=justify>[112 Pages Report] The surgical instrument tracking systems market is projected to reach USD 338 million by 2025 from USD 180 million in 2020, at a CAGR of 13.4% during the forecast period. The growth of this market is majorly driven by the need to meet FDA Unique Device Identification mandates, the requirement for better inventory and asset management practices, and the growth of the surgical instruments market. However, high system costs, long investment cycles, and a lack of realization of ROI are expected to restrain the growth of this market during the forecast period.

Surgical Instrument Tracking Systems Market

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.

Surgical Instrument Tracking Systems Market  by Region

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).

Report Metric

Details

Market size available for years

2018–2025

Base year considered

2019

Forecast period

2020–2025

Forecast units

Value (USD)

Segments covered

Technology, Component, End User

Geographies covered

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

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):

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

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:

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
COVID-19

Get in-depth analysis of the COVID-19 impact on the Surgical Instrument Tracking Systems Market

Benchmarking the rapid strategy shifts of the Top 100 companies in the Surgical Instrument Tracking Systems Market

Request For Special Pricing
Report Code
MD 4448
Published ON
Aug, 2020
Choose License Type
BUY NOW
  • SHARE
X
Request Customization
Speak to Analyst
Speak to Analyst
OR FACE-TO-FACE MEETING
PERSONALIZE THIS RESEARCH
  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
REQUEST A FREE CUSTOMIZATION
LET US HELP YOU!
  • What are the Known and Unknown Adjacencies Impacting the Surgical Instrument Tracking Systems Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
CUSTOMIZED WORKSHOP REQUEST
ADJACENT MARKETS
REQUEST BUNDLE REPORTS
+1-888-600-6441
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
CONNECT WITH US
ABOUT TRUST ONLINE
©2020 MarketsandMarkets Research Private Ltd. All rights reserved
...

Digital Virtual Assistant - MarketsandMarkets

Home