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 : February, 2020 | Healthcare IT | PPT format

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 study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

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

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.

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