Global Surgical Instrument Tracking Systems Market, By Type (Pro Sites, Multi Sites), Component (Hardware, Software, Services), Technology (Barcode Tracking, Radio Frequency Identification (RFID), Electronic Tracking, Others), End-User (Hospitals, Ambulatory Surgical Centers, Research Centers, Clinics, Others), Distribution Channel (Direct Tender, Third Party Distributor) – Industry Trends and Forecast to 2030.
Surgical Instrument Tracking Systems Market Analysis and Size
The surgical instrument tracking systems market is estimated to increase rapidly over the forecast period. Because of the need to cut costs and improve efficiency, tracking systems are becoming more popular among healthcare providers. Stronger inventory and asset management methods will aid this goal. End-users are concerned with preventing the loss of important assets and ensuring that workflows go smoothly. Surgical instrument monitoring systems make it easier to comply with the FDA's new unique device identification (UDI) tracking standards by automating medical equipment identification, including tools. The demand for solutions that enable compliance, such as surgical tool tracking systems, is projected to increase as the number of devices covered by UDI continues to grow.
Data Bridge Market Research analyses that the surgical instrument tracking systems market which was USD 230.81 million in 2022, is expected to reach up to USD 644.67 million by 2030, and is expected to undergo a CAGR of 13.7% during the forecast period. This indicates that the market value. “Hospitals” dominates the end user segment of the surgical instrument tracking systems market owing to the increasing focus on patient safety. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Surgical Instrument Tracking Systems Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Pro Sites, Multi Sites), Component (Hardware, Software, Services), Technology (Barcode Tracking, Radio Frequency Identification (RFID), Electronic Tracking, Others), End-User (Hospitals, Ambulatory Surgical Centers, Research Centers, Clinics, Others), Distribution Channel (Direct Tender, Third Party Distributor)
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Countries Covered
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U.S., Canada, Mexico, Peru, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Hungary, Lithuania, Austria, Ireland, Norway, Poland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Vietnam, Rest of Asia Pacific, South Africa, Saudi Arabia, U.A.E., Kuwait, Israel, Egypt, Rest of the Middle East and Africa
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Market Players Covered
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Fortive Corporation (U.S.), Material Management Microsystems (U.S.), Haldor Advanced Technologies (U.S.), BD (U.S.), Getinge AB (Sweden), STERIS (U.S.), STANLEY Healthcare (U.S.), MOBILE ASPECTS (U.S.), Integra LifeSciences (U.S.), Xerafy Singapore Pte Ltd. (Singapore), B. Braun Melsungen AG (Germany), SpaTrack Medical Limited (U.K.), Scanlan International (U.S.), CASE MEDICAL (U.S.), ASANUS Medizintechnik GmbH (Germany), Infor (U.S.), Vizinex RFID (U.S.), ScanCARE Pty Ltd. (U.S.), TGX Medical Systems (U.S.), Censis Technologies, Inc. (U.S.), Microsystems (Germany)
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Market Opportunities
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Market Definition
To satisfy the specialized needs of healthcare workers and improve the quality of patient care, surgical instrument tracking systems are used to monitor inventory at various stages of surgical procedures. They ensure real-time access to relevant instruments, which helps reduce case delays, improve operation safety, simplify difficult jobs, and efficiently manage workflow. They can also provide detailed load logs for malfunctioning devices and give you a lot of information about usage trends.
Surgical Instrument Tracking Systems Market Dynamics
Drivers
- Patient Safety Concerns
Increasing focus on patient safety and the prevention of surgical site infections (SSIs) drives the demand for surgical instrument tracking systems. Accurate tracking ensures proper sterilization, reducing the risk of infections during surgeries.
- Reduction in Surgical Errors
Surgical instrument tracking minimizes the risk of using the wrong instrument during procedures. RFID (radio-frequency identification) and barcode technologies ensure that the correct instruments are utilized, reducing surgical errors and enhancing patient outcomes.
- Technological Advancements
Advancements in RFID technology, IoT (Internet of Things), and cloud-based solutions enhance the functionality of tracking systems. Real-time tracking, analytics, and integration capabilities are continuously improving, driving market growth.
- Operational Efficiency
Tracking systems streamline hospital operations by optimizing inventory management, reducing manual errors, and enhancing staff efficiency. Real-time visibility into instrument availability ensures that surgeries are not delayed due to missing or misplaced instruments.
Opportunities
- Emerging Markets
Healthcare infrastructure development in emerging economies presents significant opportunities. The increasing number of hospitals and surgical centers in these regions provides a vast market for surgical instrument tracking systems.
- Rising Demand for Ambulatory Surgical Centers
The growing preference for outpatient surgeries and the rise of ambulatory surgical centers create a demand for efficient tracking solutions tailored to the specific needs of these facilities.
Restraints/Challenges
- High Initial Investment
Implementing surgical instrument tracking systems involves substantial initial costs, including purchasing hardware, software, and training staff. This investment can be a significant challenge, especially for smaller healthcare facilities with limited budgets.
- Integration with Existing Systems
Integrating tracking systems with existing hospital management software and electronic health records (EHR) systems can be complex. Compatibility issues and system integration challenges often hinder seamless implementation.
- Data Security Concerns
Tracking systems collect sensitive data about surgical instruments and procedures. Ensuring the security and privacy of this data, protecting it from breaches and unauthorized access, is a critical challenge that needs to be addressed.
This surgical instrument tracking systems market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the surgical instrument tracking systems market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
- In July 2020, Vizinex RFID had announced the launch of Flexible 6012 and Flexible 6027 RFID tags that offer mounting flexibility. Both RFID tags are versatile, resilient, and IP67-rated, making them perfect for tracking various assets in interior environments. RFID tags make asset tracking in factories, hospitals, data centers, and offices simple and cost-effective
Global Surgical Instrument Tracking Systems Market Scope
The surgical instrument tracking systems market is segmented on the basis of type, component, technology, end user and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Pro Sites
- Multi Sites
Component
- Hardware
- Software
- Services
Technology
- Barcode Tracking
- Radio Frequency Identification (RFID)
- Electronic Tracking
- Others
End-User
- Hospitals
- Ambulatory Surgical Centers
- Research Centers
- Clinics
- Others
Distribution Channel
- Direct Tender
- Third Party Distributor
Surgical Instrument Tracking Systems Market Regional Analysis/Insights
The surgical instrument tracking systems market is analysed and market size insights and trends are provided by type, component, technology, end-user and distribution channel as referenced above.
The countries covered in the surgical instrument tracking systems market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
North America dominates the surgical instrument tracking systems market because of improved healthcare infrastructure and the rising level of disposable income in this region. In addition, the rise in the development of technologically advanced software and hardware solutions will flourish the market’s growth rate in this region
Asia-Pacific is projected to observe significant amount of growth of the surgical instrument tracking systems market due to the rising adoption of surgical instrument tracking technology in healthcare sector in this region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology, and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of sales channels are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed Base and New Technology Penetration
The surgical instrument tracking systems market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for surgical instrument tracking systems market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the surgical instrument tracking systems market. The data is available for historic period 2015 to 2020.
Competitive Landscape and Surgical Instrument Tracking Systems Market Share Analysis
The surgical instrument tracking systems market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the company's focus related to surgical instrument tracking systems market.
Some of the major players operating in the surgical instrument tracking systems market are:
- Fortive Corporation (U.S.)
- Material Management Microsystems (U.S.)
- Haldor Advanced Technologies (U.S.)
- BD (U.S.)
- Getinge AB (Sweden)
- STERIS (U.S.)
- STANLEY Healthcare (U.S.)
- MOBILE ASPECTS (U.S.)
- Integra LifeSciences (U.S.)
- Xerafy Singapore Pte Ltd. (Singapore)
- B. Braun Melsungen AG (Germany)
- SpaTrack Medical Limited (U.K.)
- Scanlan International (U.S.)
- CASE MEDICAL (U.S.)
- ASANUS Medizintechnik GmbH (Germany)
- Infor (U.S.)
- Vizinex RFID (U.S.)
- ScanCARE Pty Ltd. (U.S.)
- TGX Medical Systems (U.S.)
- Censis Technologies, Inc. (U.S.)
- Microsystems (Germany)
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