Surgical Instrument Tracking Systems Market - Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth and Forecast 2017 - 2025

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Surgical Instrument Tracking Systems Market - Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth and Forecast 2017 - 2025

Status : October, 2020 | Medical Devices | PPT format

Report Digest


Global Surgical Instrument Tracking Systems Market: Snapshot

The global market for surgical instrument tracking systems is poised for double-digit growth rate in the near future. Surgical instrument tracking system helps manage inventory at various point of service to meet unique needs.

Surgical instrument tracking system helps enhance patient safety. This is because enhanced sterile processing and distribution processes facilitate to optimize patient care. It helps reduce case delays as the system ensures the necessary instruments are ready on time, every time. Surgical instrument tracking system help provide insights on sterile processing department (SPD) processes to enhance staff productivity. The system helps improve resource and instrument management to reduce the need for immediate use steam sterilization (IUSS).

Increasing incidence of misplacement of surgical instruments and increasing number of cases of hospital-acquired infections are key factors behind the growth of surgical instrument tracking system market. As per statistics of Centers for Disease Control and Prevention (CDC), almost 90,000 individuals die because of hospital-acquired infection in the U.S. each year. Therefore, the need to prevent infection caused due to contaminated instruments and need for better inventory management is driving the surgical instrument tracking system market.

In addition, rising incidence of retained surgical instrument cases is another key factor contributing to the growth of surgical instrument tracking system market. As per statistics of the National Center for Biotechnology Information, the mortality rate of retained surgical objects is almost 2%. This is necessitating the deployment of advanced technologies such as 2D barcodes and RFID to track instruments in operating rooms.

Apart from this, factors such as unique device identification (UDI) regulations by FDA, growing need for inventory management and better patient care, and the need to maximize revenue through operational efficiency are fuelling the surgical instrument tracking system market.

On the downside, extended investment cycles, high system costs, and budgetary constraints are challenging this market’s growth.

Global Surgical Instrument Tracking Systems Market: Overview 

The global surgical instrument tracking systems market has been witnessing a considerable rise in its valuation. The rising prevalence of hospital-acquired infections and the increasing incidence of instrument misplacement are propelling this market substantially. 

According to the CDC, hospital-acquired infections cause nearly 90,000 deaths per year in the U.S. alone. In a bid to prevent the infections caused by contaminated medical tools and to improve the inventory management, tracking systems are likely to witness increased adoption, which is expected to reflect positively on the worldwide market for surgical instrument tracking systems in the near future. 

Global Surgical Instrument Tracking Systems Market: Key Trends 

The rising prevalence of retained surgical instrument cases is the most prominent trend that is having a significant impact on the global market for surgical tracking systems. The increasing number of these cases has fueled the requirement of advanced instrument tracking technologies, such as RFID and barcode, in operation theater (OT), which is reflecting greatly on the uptake of surgical instrument tracking systems. 

The demand for surgical instrument tracking software has been noticeably high and the trend is likely to remain so over the next few years. Similarly, barcode technology is anticipated to contribute the most significant share to the revenue generated in this market over the forthcoming years. 

Global Surgical Instrument Tracking Systems Market: Market Potential 

The global surgical instrument tracking systems market is likely to gain substantially from the technological advancements in surgical instrument tracking software for inventory and surgical instruments management in the near future. The decline in the installation cost of barcodes, resulting in the rising deployment of surgical instrument tracking systems in hospitals, clinics, and ambulatory surgery centers (ASCs), is also projected to benefit this market over the years to come. 

Moving forwards, researchers expect the advent of RFID technology and the introduction of technologically advanced software and hardware products will bring in significant growth in the worldwide market for surgical instrument tracking systems over the next few years. 

Global Surgical Instrument Tracking Systems Market: Regional Outlook 

The worldwide market for surgical instrument tracking systems has a strong presence across Asia Pacific, the Middle East and Africa, North America, Europe, and Latin America. Closely followed by Europe, North America has been leading the global market. Going forward, the presence of a highly developed medical and healthcare infrastructure, increasing uptake of advanced technology and products, and the rise in the per capita healthcare expenditure points towards a thriving future of this regional market. 

With the introduction of unique device identification system by FDA for the efficient identification of medical devices by their distribution channels, the U.S. has emerged as the key domestic market for surgical instrument tracking systems in North America and is anticipated to remain on the top over the next few years. 

Amongst other, Asia Pacific is expected to present the most promising growth opportunities over the forthcoming years, thanks to the presence of untapped potential in this region. Apart from this, the increase in the geriatric population and the rapidly improving healthcare infrastructure in various Asian economies, such as India, China, and Japan, are also projected to boost the Asia Pacific surgical instrument tracking systems in the near future. 

Global Surgical Instrument Tracking Systems Market: Competitive Analysis 

The global market for surgical instrument tracking systems displays a highly competitive landscape, with the key players adopting several efficient strategies, such as mergers, acquisitions, partnerships, product innovation, and geographical expansion, to strengthen their presence. The leading manufacturers of surgical instrument tracking systems across the world are Censis Technologies Inc. Getinge Group, Xerafy, Haldor Advanced Technologies Ltd., B. Braun Melsungen AG, Materials Management Microsystems Inc., and Becton, Dickinson and Co.

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?