The surgical instrument tracking systems market is projected to reach USD 406 million by 2026 from an estimated USD 203 million in 2021, 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. Also, due to the COVID-19 pandemic, there was a slight decrease in growth in the first quarter of 2021. With elective and non-elective surgeries postponed, delayed, or cancelled worldwide, there was a marked decrease in the use of surgical instrument tracking systems and consumables.
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The key players operating in this market include Fortive (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 (Singapore), STANLEY Healthcare (US), B. Braun Melsungen AG (Germany), Getinge AB (Sweden), Infor Inc. (US), SpaTrack Medical Limited (UK), and Scanlan International, Inc. (US).
FORTIVE CORPORATION (US)
Censis Technologies, a subsidiary of Fortive Corporation, held the leading position in the surgical instrument tracking systems market in 2020. The company’s leading position can be attributed to its strong brand recognition and extensive service portfolio. Censis Technologies provides separate tracking solutions for trays, individual instruments, and scopes along with a wide range of related products under the umbrella of CensiTrac. The company serves hospitals, acute care facilities, and government facilities across the US.
MATERIAL MANAGEMENT MICROSYSTEMS (US)
Material Management Microsystems was the second-largest player in the surgical instrument tracking systems market in 2020. The company’s leading position can be attributed to its robust product portfolio. Material Management Microsystems focuses on adopting organic and inorganic growth strategies to expand its presence in the surgical instrument tracking systems market. For instance, in 2018, the company entered into an agreement with ReadySet Surgical to offer its capabilities in an integrated environment to provide a transparent surgical supply chain. This acquisition strengthened the company’s presence in the surgical instrument tracking systems market.
BECTON, DICKINSON AND COMPANY (US)
BD is one of the leading players in the surgical instrument tracking systems market. The company’s leading position can be attributed to its strong brand recognition and extensive product portfolio in this market. BD offers a full range of scalable, real-time, and integrated instrument tracking solutions. The company caters to pharmaceutical & biotechnology companies, hospitals & clinical diagnostic labs, universities, research institutes, and government agencies. Focused research and development efforts, pioneering innovation in injection, and global footprint are the company’s major strengths.
Surgical Instrument Tracking System Market with COVID-19 Impact by Technology(RFID, Barcode), Component(Hardware (Scanner, Reader, Tags), Software, Services), End User(Hospital (Public, Private)), Region - Global Forecast to 2026
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