Surgical Instruments Tracking Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028

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Surgical Instruments Tracking Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028

Status : November, 2021 | Healthcare IT

Report Digest


Surgical Instruments Tracking Systems Market: Snapshot

The global surgical instruments tracking devices market is likely to be driven by the rising need for implementation of Unique Device Identification regulations by the FDA and inventory management. In addition, technological advancements coupled with increased government initiatives are likely to offer ample growth opportunities for the global surgical instruments tracking devices market. 

A few of the surgical instruments accidently left behind the body of the patient comprises electrosurgical adapters, knife blades, safety pins, scalpels, needles, scissors, sponges, towels, and clamps. Of all these instruments, sponge has emerged as the most common item that is accidentally retained inside the patient’s body. Once left inside the body, surgical instruments rupture vital organs and blood vessels. It, then, leads to heavy internal bleeding leading to the need to track these surgical equipments. 

Based on types, the global surgical instruments tracking devices market could be segmented intoElectronic tracking

  • Barcode tracking
  • Radio Frequency Identification (RFID)

On the basis of end users, the market is split into

  • Hospitals
  • Clinics
  • Research facilities
  • Laboratories

The software segment has been one of the major revenue generating segments for the market. In addition, software upgradation and development is one of the major factors of growth of the market as it is essential for the management of surgical instruments. 

The global surgical instrument tracking systems market exhibits a highly fragmented landscape. The competitive landscape is characterized by clinical results of products and launch of new products. The leading market players, as such, utilize various strategies like high spending on research and development activities, partnerships, new product launches, and acquisitions to expand their footprint across the globe.

Surgical Instruments Tracking Systems Market: Introduction

Surgical instruments tracking systems have been accessible for use in medical field for several years. Today, surgical instruments tracking systems have turned into a need. The previous four to five years have witnessed major changes in tracking systems.  Rapid advances in instruments tracking systems technologies such as nano-engineering and opto-electrical engineering have created new avenues in recent years. Need for unobtrusive and automated tracking systems will keep demands lucrative in coming years.

The report by TMR Research takes a closer look at recent trends impacting the revenue potential of various players and offers insights into imminent investment pockets in key markets.

Surgical Instruments Tracking Systems Market: Key Development

  • Xerafy and The Tag Factory and Xerafy, in March 2015, declared an agreement for RFID ceramic label innovation of Xerafy. As per the understanding, The Tag Factory will make and market ceramic RFID labels utilizing the RFID ceramic label innovation.
  • Well-known hospitals such as Rush University Medical Center in Chicago and Mayo Clinic’s Saint Mary’s Hospital in Minnesota have also installed RFID system to track surgical instruments and medical devices.

Some of the most prominent competitors operating in the competitive landscape of global surgical instruments tracking systems market include -

  • Censis Technologies, Inc.
  • Xerafy
  • Getinge Group
  • B. Braun Melsungen AG
  • Materials Management Microsystems, Inc.
  • Becton
  • Dickinson and Company
  • Haldor Advanced Technologies Ltd.

Most players are embracing a few organic and inorganic and natural systems, for example, new launches and product advancements, mergers and acquisitions, and collaborations alongside expansion on regional and global scale for serving the unmet needs of users.

Surgical Instruments Tracking Systems Market Dynamics

Rising instances of surgical instruments left in the human body after medical procedures and instrument scattering are the main considerations driving the evolution of the surgical instruments tracking systems market. As indicated by the National Center for Biotechnology Information (NCBI), the casualty rate of held surgical articles is around 2.0%. Along these lines, the requirement for cutting edge innovations, for example, 2D scanner tags and RFID to follow the held instruments while the patient is still in the task theater, is rising. This factor is anticipated to push the surgical instruments tracking systems market.

Rising popularity of instruments tracking devices by emergency clinics is another main consideration boosting the market development. Following healthcare gadgets and stock administration during work cycle including medical procedure, post-medical procedure, sanitization, and storage systems are a portion of the serious issues supervised by emergency clinics. Along these lines, they are embracing new technologies to follow these gadgets and systems, which thus is relied upon to stimulate the market.

A portion of the regular instruments that are accidently left in a patient's body during medical procedure consists of sponges, blades, needles, electrosurgical adapters, clamps, scalpels, safety pins, scissors, and towels. Among these instruments, towels are probably the most common thing left behind by mistake. Surgical instruments left in patients' bodies will in general cut veins and puncture blood vessels that might lead to internal bleeding, creating a pressing need for technologies to track these instruments.

Expanding requirement for stock administration and usage of Unique Device Identification (UDI) guidelines by the FDA are foreseen to drive the market. Innovative headways and initiatives by governments to adopt these gadgets is foreseen to additionally boost the market in the coming years.

Surgical Instruments Tracking Systems Market: Geographical Analysis

In 2018, North America contributed sizable revenue shares in the global surgical instruments tracking systems market. The launch of unique device identification (UDI) framework by the U.S. FDA for accurately identifying proof of medicinal gadgets through their distribution networks is one of the central points credited to this lead. Moreover, the presence of well-established healthcare infrastructure, fast adoption of cutting-edge products, and high per capita healthcare consumption in other developed regions, such as Europe, are foreseen to fuel the global surgical instruments tracking systems market.

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.

TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?