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 : October, 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.

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?