Surgical Instrument Tracking Systems Market Industry Challenges, Business Overview and Forecast Research Study 2024
Surgical Instrument Tracking Systems Market Overview:
The Surgical Instrument Tracking Systems Market is expected to grow at a CAGR of 14.9 percent from an estimated USD 203 million in 2021 to USD 406 million by 2026. Because of the need to cut costs and improve efficiency, tracking systems are becoming more popular among healthcare providers. This goal will be aided by stronger inventory and asset management methods. End users are concerned with preventing the loss of important assets and ensuring that workflows go smoothly.
The FDA's Unique Device Identification regulations, as well as the growth of the surgical tools market, are driving market growth. High system costs, extended investment cycles, budgetary constraints, and technology limits, on the other hand, are projected to hinder market expansion. In addition, because to the COVID-19 pandemic, growth slowed slightly in the first quarter of 2021. Surgical tool tracking systems and consumables were used less frequently when elective and non-elective procedures were postponed, delayed, or cancelled around the world.
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The surgical instrument tracking systems market is projected to reach USD 406 million by 2026 from an estimated USD 203 million in 2021, at a CAGR of 14.9% during the forecast period. Tracking systems are gaining importance among healthcare providers due to the drive to reduce costs and increase efficiency. Ensuring better inventory and asset management practices is key to this drive. End users are focused on minimizing the loss of valuable assets and ensuring smooth workflows.
The Hospitals segment accounted for the largest market share in 2020.
Based on end users, the surgical instrument tracking systems market is segmented into hospitals and other end users. The hospitals segment accounted for a larger share of the surgical instrument tracking systems market in 2020. Growth in the hospitals end-user segment can be attributed to their high patient inflow compared to other end users in the market. Hospitals also use more equipment and instruments on average than other healthcare providers and conduct a greater number of surgical procedures. This has ensured a sustained demand for tracking solutions in hospitals.
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Key Market Players
Some of the prominent players in the surgical instrument tracking systems market are Fortive Corporation (US), Material Management Microsystems (US), Becton, Dickinson and Company (BD) (US), Haldor Advanced Technologies (US), Getinge AB (Sweden), STERIS (US), STANLEY Healthcare (US), Mobile Aspects (US), Integra LifeSciences Holdings Corporation (US), Xerafy (Singapore), B. Braun Melsungen AG (Germany), SpaTrack Medical Limited (UK), Scanlan International, Inc. (US), Case Medical (US), ASANUS Medizintechnik GmbH (Germany), Keir Surgical Ltd. (Canada), TechnoSource Australia Pty Ltd. (Australia), NuTrace (US), Vizinex RFID (US), ScanCARE Pty Ltd. (US), RFID Discovery (UK), Healthtech Pivot LLP (India), RMS Omega Healthcare (US), Avery Dennison Corporation (US), and Surgical Safety Scanner (US).
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The Barcode segment accounted for the largest market share in 2020.
Based on technology, the surgical instrument tracking systems market is segmented into barcode and RFID. The barcode segment accounted for a larger market share in 2020. The low installation cost of barcodes has resulted in their increased adoption in the surgical instrument tracking systems market.
The Software segment accounted for the largest market share in 2020.
Based on components, the surgical instrument tracking systems market is segmented into software, hardware, and services. The software segment accounted for the largest market share in 2020. However, the hardware segment is expected to witness the highest growth during the forecast period. This is mainly due to the repeat purchase of non-durable RFID tags/barcode labels that need replacement, as tags/labels are prone to detachment during washing and/or damage during sterilization cycles.
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