Surgical Instrument Tracking Systems Market

Fortive Corporation Group and Material Management Microsystems are the leading players in the Surgical Instrument Tracking Systems Market

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. 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 a key aspect of 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 systems cost, long investment cycles, budgetary constraints, and technological limitations are expected to restrain market growth to a certain extent.

The surgical instrument tracking systems market consolidated at the top with a large number of leading market players based in developed countries The prominent players operating in this market include Fortive Corporation (US), Material Management Microsystems (US), Becton, Dickinson and Company (US), Haldor Advanced Technologies (Israel), Key Surgical, Inc. (US), Mobile Aspects (US), TGX Medical Systems (US), Xerafy (Singapore), STANLEY Healthcare (US), B. Braun Melsungen AG (Germany), Getinge AB (Sweden), Infor Inc. (US), SpaTrack Medical Limited (UK), and Scanlan International, Inc. (US). However, due to the intense competition in the market, major players are increasingly focusing on expanding their geographic presence in high-growth emerging markets, increasing their financial capacity through funding and strengthening their technological competitiveness by acquiring prominent players with the desired technological capabilities or geographic presence. Market players are also focusing on acquiring prominent players to expand their portfolios, seeking funding and enhance their distribution channels in regional markets

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Fortive Corporation Group is a global family of more than 20 industry-leading industrial growth and technology companies, united by a shared purpose: to make the world stronger, safer, and more effective by providing essential technology for the people who accelerate progress. The company acquired Censis Technologies which was founded in 1999 and headquartered at Franklin, Tennessee, US. Censis Technologies offers solutions for the tracking of surgical instruments, surgical trays, endoscopes, and mobile equipment. The company serves hospitals, acute care facilities, and government facilities in the US.Over the years, Censis Technologies has partnered with various firms, such as Medline Industries, Inc. (US), an authorized provider of CensiTrac marked instruments; Advanced Sterilization Products (US) for the integration of CensiTrac with the STERRAD system; Best Practice Professionals, Inc. (US) for the integration of CensiTrac with the OneSource document management service; and Princeton Medical Group, Inc. (US) a certified and licensed provider of CensiTrac Ready instrumentation.Censis  sister company Advanced Steriization Products (ASP) lobal leader in infection prevention solutions for healthcare. With advanced products, technologies, and workflows for medical sterilization and disinfection, ASP is dedicated to defending the lives of patients, families, healthcare workers, providers, and communities.

Material Management Microsystems is founded in 1991 and headquartered in Wisconsin in US. Material Management Microsystems is a leader in company’s flagship instrument tracking system based on barcode technology. Microsystems’ Individual Instrument Tracking Module (ITM) is designed for managing different valuable individual instruments, such as peel packs & flexible scopes.The company provides solutions to sterile processing professionals for the management of functions, such as sterility assurance, asset management, quality compliance, and overall resource management. Material Management Microsystems also has a large network of partners such as 3M, Advanced Sterilization Products (ASP), Belimed, OneSource, Aesculap, LPIT Solutions Inc., Precision Label Inc., and iTech, which help it in providing better products & services to its customers.

Related Reports:

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

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Report Code
MD 4448
RI Published ON
8/3/2020
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