Surgical Instrument Tracking Systems Market by Technology (Barcode, RFID), Component (Software, Hardware [Scanner], Service), End-User (Hospital [Public, Private]), and Region (North America, Europe, APAC, Latin America, MEA) Global Forecast to 2024
[112 Pages Report] The surgical instrument tracking systems market is projected to reach USD 312 million by 2024 from USD 161 million in 2019, at a CAGR of 14.1% between 2019 and 2024. The growth of this market is majorly driven by the need to meet FDA Unique Device Identification mandates, requirement for better inventory and asset management practices, and growth of the surgical instruments market. However, high system costs, long investment cycles, and lack of realization of ROI are expected to restrain the growth of this market during the forecast period.
In 2018, hospitals dominated the surgical instrument tracking systems market
Based on end user, the market is segmented into hospitals and other end users. The hospitals segment accounted for the larger share of the market in 2018. 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 APAC market is expected to grow at the highest CAGR during the forecast period
America is the largest regional market for surgical instrument tracking systems. The Unique Device Identification (UDI) regulations by FDA and need to cut down the healthcare expenditure are the factors driving the 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.
Key Market Players
The prominent players operating in this market include Censis Technologies (US), Material Management Microsystems (US), Becton, Dickinson and Company (US), Haldor Advanced Technologies (Israel), Intelligent InSites, Inc. (US), Key Surgical, Inc. (US), Mobile Aspects (US), TGX Medical Systems (US), Xerafy (China), STANLEY Healthcare (US), B. Braun Melsungen AG (Germany), Getinge AB (Sweden), Infor Inc. (US), SpaTrack Medical Limited (UK), and Scanlan International, Inc. (US).
Censis Technologies is engaged in providing various solutions for the tracking of surgical instruments, surgical trays, endoscopes, and mobile equipment. The company serves hospitals, acute care facilities, and many government facilities in the US. Over the years, Censis Technologies has partnered with various other firms, such as Medline Industries Inc (US) (authorized provider of Censitrac marked instruments), Advanced Sterilization Products (US) (for integration of Censitrac with the STERRAD system), Best Practice Professionals, Inc. (US) (for integration of Censitrac with the oneSOURCE document management service), and Princeton Medical Group, Inc. (US) (Certified and Licensed Provider of 'Censitrac Ready' Instrumentation).
Scope of the Report
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Report Metric |
Details |
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Market size available for years |
20172024 |
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Base year considered |
2018 |
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Forecast period |
20192024 |
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Forecast units |
Value (USD) |
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Segments covered |
Technology, Component, End User, and Region |
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Geographies covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
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Companies covered |
Censis Technologies (US), Material Management Microsystems (US), Becton, Dickinson and Company (US), Haldor Advanced Technologies (Israel), Intelligent InSites, Inc. (US), Key Surgical, Inc. (US), Mobile Aspects (US), TGX Medical Systems (US), Xerafy (China), STANLEY Healthcare (US), B. Braun Melsungen AG (Germany), Getinge AB (Sweden), Infor Inc. (US), SpaTrack Medical Limited (UK), and Scanlan International, Inc. (US). |
The research report categorizes the market into the following segments and subsegments:
Market, by Technology
- Barcode
- RFID
Market, by Component
- Software
- Hardware
- Tags
- Readers
- Other Hardware
- Services
Market, by End User
- Hospitals
- Public
- Private
- Other End User
Market, by Region
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- RoE
- Asia Pacific
- Latin America
- Middle East & Africa
Recent Developments
- In 2018, Cenis Technologies Inc. (US) acquired Applied Logics (US). Applied Logic, is one of the leading players of surgical tracking software. This acquisition strengthened Censis Technologies presence in the surgical instrument tracking systems market.
- In 2018, Material Management Microsystems (US) signed an agreement with ReadySet Surgical (US) to provide its capabilities in an integrated environment in order to provide a transparent surgical supply chain.
- In 2017, Censis and HealthTrust entered into an agreement with HealthTrust in the newly established Surgical Instrument Management software category. The contract encompasses CensiTrac subscription and customized professional services and support, through HealthTrusts acute care and sub-acute facilities.
Critical questions answered in the report:
- Which regions are likely to grow at the highest CAGR?
- What are the recent trends affecting the market?
- Who are the key players in the market and how intense is the competition?
- What are the application areas of surgical instrument tracking systems?
- What are the challenges hindering the adoption of surgical instrument tracking systems?
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 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: Market, By Component (2018)
4.3 Geographical Snapshot of the 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
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
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 System Market, By End User (Page No. - 50)
8.1 Introduction
8.2 Hospitals
8.2.1 Public Hospitals
8.2.1.1 Need to Cut Healthcare Expenditure and Manage Existing Equipment is Driving Demand for Tracking Solutions in Public Hospitals
8.2.2 Private Hospitals
8.2.2.1 Private Hospitals are Focused on Acquisitions and Consolidation for Growth
8.3 Other End Users
9 Surgical Instrument Tracking Systems Market, By Region (Page No. - 58)
9.1 Introduction
9.2 North America
9.2.1 US
9.2.1.1 Establishment of Unique Device Identification Rule By Fda is Expected to Drive the Market in the US
9.2.2 Canada
9.2.2.1 Need to Cut Healthcare Costs Will Drive the Market in Canada
9.3 Europe
9.3.1 Germany
9.3.1.1 Strong Healthcare Infrastructure and Rapid Adoption of Technological Innovation Support Germanys Market Dominance
9.3.2 UK
9.3.2.1 Need to Cut Costs and Time Incurred on Manual Tracking Methods Will Drive Market Growth in the UK
9.3.3 France
9.3.3.1 Population Growth and Growing Demand for Surgical Treatment Will Drive Market Growth in France
9.3.4 Rest of Europe
9.4 Asia Pacific
9.4.1 APAC Market is Characterized By Rising Healthcare Access and Infrastructural Development
9.5 Latin America
9.5.1 Growing Medical Tourism and Growth of the Latam Healthcare Sector is Driving the Market
9.6 Middle East & Africa
9.6.1 Infrastructural Development Activity is A Key Driver of 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 Scenario
10.5 Competitive Leadership Mapping (Overall Market) (2018)
10.5.1 Visionary Leaders
10.5.2 Innovators
10.5.3 Dynamic Differentiators
10.5.4 Emerging Companies
11 Company Profiles (Page No. - 86)
(Business Overview, Products Offered, Recent Developments, MnM View)*
11.1 Censis Technologies, Inc.
11.2 Material Management Microsystems (Microsystems, Inc)
11.3 Becton, Dickinson and Company
11.4 Haldor Advanced Technologies Ltd.
11.5 Intelligent Insites, Inc
11.6 Key Surgical, Inc.
11.7 Mobile Aspects
11.8 TGX Medical Systems
11.9 Xerafy
11.1 STANLEY Healthcare (Division of STANLEY Black & Decker)
11.11 B. Braun Melsungen
11.12 Getinge Group
11.13 Infor
11.14 Spatrack Medical Limited
11.15 Scanlan International, Inc.
*Details on Business Overview, Products Offered, Recent Developments, MnM View Might Not Be Captured in Case of Unlisted Companies.
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
List of Tables (105 Tables)
Table 1 Projected Growth of Surgical Instruments Markets
Table 2 Surgical Instrument Tracking Systems Market, By Technology, 20172024 (USD Million)
Table 3 Market, By Technology, 20172024 (Units)
Table 4 Market for Barcode, By Region, 20172024 (USD Million)
Table 5 North America: Market for Barcode, By Country, 20172024 (USD Million)
Table 6 Europe: Market for Barcode, By Country, 20172024 (USD Million)
Table 7 Market for RFID, By Region, 20172024 (USD Thousand)
Table 8 North America: Market for RFID, By Country, 20172024 (USD Thousand)
Table 9 Europe: Market for RFID, By Country, 20172024 (USD Thousand)
Table 10 Surgical Instruments Tracking Systems Market, By Component, 20172024 (USD Million)
Table 11 Software Offered By Key Players
Table 12 Surgical Instrument Tracking Software Market, By Region, 20172024 (USD Million)
Table 13 North America: Surgical Instrument Tracking Software Market, By Country, 20172024 (USD Million)
Table 14 Europe: Surgical Instrument Tracking Software, By Country, 20172024 (USD Million)
Table 15 Surgical Instrument Tracking Hardware Market, By Type, 20172024 (USD Million)
Table 16 Surgical Instrument Tracking Hardware Market, By Region, 20172024 (USD Million)
Table 17 North America: Surgical Instrument Tracking Hardware Market, By Country, 20172024 (USD Million)
Table 18 Europe: Surgical Instrument Tracking Hardware Market, By Country, 20172024 (USD Million)
Table 19 Surgical Instrument Tracking Hardware Market for Readers , By Region, 20172024 (USD Million)
Table 20 North America: Surgical Instrument Tracking Hardware Market for Readers, By Country, 20172024 (USD Million)
Table 21 Europe: Surgical Instrument Tracking Hardware Market for Readers, By Country, 20172024 (USD Thousand)
Table 22 Surgical Instrument Tracking Hardware Market for Tags , By Region, 20172024 (USD Thousand)
Table 23 North America: Surgical Instrument Tracking Hardware Market for Tags, By Country, 20172024 (USD Thousand)
Table 24 Europe: Surgical Instrument Tracking Hardware Market for Tags, By Country, 20172024 (USD Thousand)
Table 25 Surgical Instrument Tracking Market for Other Hardware, By Region, 20172024 (USD Thousand)
Table 26 North America: Surgical Instrument Tracking Market for Other Hardware, By Country, 20172024 (USD Thousand)
Table 27 Europe: Surgical Instrument Tracking Market for Other Hardware, By Country, 20172024 (USD Thousand)
Table 28 Surgical Instrument Tracking Services Market, By Region, 20172024 (USD Million)
Table 29 North America: Surgical Instrument Tracking Services Market, By Country, 20172024 (USD Million)
Table 30 Europe: Surgical Instrument Tracking Services Market, By Country, 20172024 (USD Thousand)
Table 31 Surgical Instrument Tracking Systems Market, By End User, 20172024 (USD Million)
Table 32 Market for Hospitals, By Region, 20172024 (USD Million)
Table 33 North America: Market for Hospitals, By Country, 20172024 (USD Million)
Table 34 Europe: Market for Hospitals, By Country, 20172024 (USD Million)
Table 35 Market for Hospitals, By Type, 20172024 (USD Million)
Table 36 Market for Public Hospitals, By Region, 20172024 (USD Million)
Table 37 North America: Market for Public Hospitals, By Country, 20172024 (USD Million)
Table 38 Europe: Market for Public Hospitals, By Country, 20172024 (USD Million)
Table 39 Market for Private Hospitals, By Region, 20172024 (USD Million)
Table 40 North America: Market for Private Hospitals, By Country, 20172024 (USD Million)
Table 41 Europe: Market for Public Hospitals, By Country, 20172024 (USD Million)
Table 42 Surgical Instrument Tracking Systems Market for Other End Users, By Region, 20172024 (USD Thousand)
Table 43 North America: Market for Other End Users, By Country, 20172024 (USD Thousand)
Table 44 Europe: Market for Other End Users, By Country, 20172024 (USD Million)
Table 45 Market, By Region, 20172024 (USD Million)
Table 46 North America: Market, By Country, 20172024 (USD Million)
Table 47 North America: Market, By Technology, 20172024 (USD Million)
Table 48 North America: Market, By Component, 20172024 (USD Million)
Table 49 North America: Market for Hardware, By Type, 20172024 (USD Million)
Table 50 North America: Market, By End User, 20172024 (USD Million)
Table 51 North America: Market for Hospitals, By Type, 20172024 (USD Million)
Table 52 US: Market, By Technology, 20172024 (USD Million)
Table 53 US: Market, By Component, 20172024 (USD Million)
Table 54 US: Market for Hardware, By Type, 20172024 (USD Million)
Table 55 US: Market, By End User, 20172024 (USD Million)
Table 56 US: Market for Hospitals, By Type, 20172024 (USD Million)
Table 57 Canada: Surgical Instrument Tracking Systems Market, By Technology, 20172024 (USD Thousand)
Table 58 Canada: Market, By Component, 20172024 (USD Million)
Table 59 Canada: Market for Hardware, By Type, 20172024 (USD Thousand)
Table 60 Canada: Market, By End User, 20172024 (USD Million)
Table 61 Canada: Market for Hospitals, By Type, 20172024 (USD Million)
Table 62 Europe: Market, By Country, 20172024 (USD Million)
Table 63 Europe: Market, By Technology, 20172024 (USD Million)
Table 64 Europe: Market, By Component, 20172024 (USD Million)
Table 65 Europe: Market for Hardware, By Type, 20172024 (USD Million)
Table 66 Europe: Market, By End User, 20172024 (USD Million)
Table 67 Europe: Market for Hospitals, By Type, 20172024 (USD Million)
Table 68 Germany: Market, By Technology, 20172024 (USD Thousand)
Table 69 Germany: Market, By Component, 20172024 (USD Million)
Table 70 Germany: Market for Hardware, By Type, 20172024 (USD Thousand)
Table 71 Germany: Market, By End User, 20172024 (USD Thousand)
Table 72 Germany: Market for Hospitals, By Type, 20172024 (USD Million)
Table 73 UK: Market, By Technology, 20172024 (USD Thousand)
Table 74 UK: Surgical Instrument Tracking Systems Market, By Component, 20172024 (USD Million)
Table 75 UK: Market for Hardware, By Type, 20172024 (USD Thousand)
Table 76 UK: Market, By End User, 20172024 (USD Thousand)
Table 77 UK: Market for Hospitals, By Type, 20172024 (USD Million)
Table 78 France: Market, By Technology, 20172024 (USD Thousand)
Table 79 France: Market, By Component, 20172024 (USD Million)
Table 80 France: Market for Hardware, By Type, 20172024 (USD Thousand)
Table 81 France: Market, By End User, 20172024 (USD Thousand)
Table 82 France: Market for Hospitals, By Type, 20172024 (USD Million)
Table 83 RoE: Market, By Technology, 20172024 (USD Thousand)
Table 84 RoE: Market, By Component, 20172024 (USD Thousand)
Table 85 RoE: Market for Hardware, By Type, 20172024 (USD Thousand)
Table 86 RoE: Market, By End User, 20172024 (USD Thousand)
Table 87 RoE: Market for Hospitals, By Type, 20172024 (USD Million)
Table 88 APAC: Market, By Technology, 20172024 (USD Thousand)
Table 89 APAC: Market, By Component, 20172024 (USD Million)
Table 90 APAC: Market for Hardware, By Type, 20172024 (USD Thousand)
Table 91 APAC: Market, By End User, 20172024 (USD Thousand)
Table 92 APAC: Market for Hospitals, By Type, 20172024 (USD Million)
Table 93 Latin America: Market, By Technology, 20172024 (USD Thousand)
Table 94 Latin America: Market, By Component, 20172024 (USD Million)
Table 95 Latin America: Market for Hardware, By Type, 20172024 (USD Thousand)
Table 96 Latin America: Surgical Instrument Tracking Systems Market, By End User, 20172024 (USD Thousand)
Table 97 Latin America: Market for Hospitals, By Type, 20172024 (USD Thousand)
Table 98 MEA: Market, By Technology, 20172024 (USD Thousand)
Table 99 MEA: Market, By Component, 20172024 (USD Thousand)
Table 100 MEA: Market for Hardware, By Type, 20172024 (USD Thousand)
Table 101 MEA: Market, By End User, 20172024 (USD Thousand)
Table 102 MEA: Market for Hospitals, By Type, 20172024 (USD Thousand)
Table 103 Contracts, Agreements, and Partnerships (20162019)
Table 104 Acquisitions (20162019)
Table 105 Product/Service Launch (2016-2019)
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
The secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B Hoovers), white papers, annual reports, companies house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the surgical instrument tracking systems market. It was also used to obtain important information about the key players and market classification & segmentation according to industry trends to the bottom-most level, and 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 & innovation directors, and related key executives from various key companies and organizations operating in the market. The primary sources from the demand side included industry experts, such as researchers & scientists and industry experts from medical device companies. Primary research was conducted to validate the market segmentation, identify key players in the market, and gather insights on key industry trends & key market dynamics.
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. Data triangulation and market breakdown procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all segments & subsegments.
Objectives of the Study
- To define, describe, segment, and forecast the global market by technology, component, end user, and region
- To provide detailed information about the factors influencing market growth (such as drivers, restraints, opportunities, and challenges)
- To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
- To forecast the size of the surgical instrument tracking systems market in five main regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa
- To profile key players in the global market and comprehensively analyze their core competencies and market shares
- To track and analyze competitive developments such as product/service launches, partnerships, and collaborations in the market
- 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
- 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
Growth opportunities and latent adjacency in Surgical Instrument Tracking Systems Market