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The surgical instrument tracking system market size is estimated to grow by USD 157.17 million at a CAGR of 9.34% between 2022 and 2027.
Surgical care is essential to manage various health conditions such as orthopedic, ENT, thoracic, and many other chronic conditions. The increase in the volume of surgeries to treat these chronic diseases is driving the demand for these instruments. Furthermore, these instruments are used for cardiac surgery, cesarean section, and bariatric surgery. Hence, the increasing number of the target population suffering from chronic diseases that require surgery as the best treatment option will increase the demand for these instruments thereby, contributing to the growth of the market during the forecast period.
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
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The market share growth by the hardware segment will be significant during the forecast period. Hardware used in surgical instrument tracking systems includes scanners, readers, and tags. The scanner takes a picture of the barcode and uses the processing capabilities of the scanning device to decode the barcode. A tag is a unique identifier placed on surgical instruments such as trays, containers, and other medical instruments. A unique device identifier that is integrated with information about the device, such as manufacturer name and device name.
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The hardware segment was valued at USD 83.21 million in 2017. There are also autoclavable tracker devices - which can be used in the field of repeated sterilization and decontamination cycles without any damage. The reader reads these tags and stores the data entered in these tags. In addition, the mandatory adoption of Unique Device Identification (UDI) regulations in the tracking of surgical instruments is primarily expected to drive the growth of the hardware segment in the global market during the forecast period.
Barcode is a technology that enables product information to be scanned into barcodes and alphanumeric characters, simplifying the process of checking items in a store or tracking inventory in a storage facility. In the healthcare industry, barcodes are essential for tracking inventory and ensuring that each patient receives the correct treatment. In addition, barcode technology can help to prevent possible legal action by recording all medical treatments and medical devices used during a patient's hospital stay. The establishment of a barcode system can help to monitor materials and speed up the ordering process, which is expected to accelerate the growth of the segment during the forecast period.
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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. The main factors contributing to the growth of the regional market are the increase in the elderly population suffering from chronic diseases and the increase in the volume of surgeries. The high incidence of colorectal cancer, ulcerative colitis, orthopedic surgery, and gynecological surgery is anticipated to drive the growth of the market in North America.
Furthermore, the presence of established regional players meets the specific needs of end users as they design and develop high-precision disposable and reusable surgical scalpels. Favorable reimbursement policies in the US controlled by the Centers for Medicare and Medicaid Services (CMMS), which have structured systems and frameworks for such devices, are also driving the market growth in this region. Hence, such factors will drive the growth of the market during the forecast period.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
ASANUS Medizintechnik GmbH: The company offers surgical instrument tracking systems such as splintTag.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
The adoption of automation in the healthcare sector is the primary trend in the market. According to the National Center for Biotechnology Information (NCBI), in the US, approximately 1,500 surgeries are observed by the retained surgical foreign bodies (RSB) out of the total number of surgeries performed each year. Approximately 78 to 87% of surgical instruments on the operating tray are not used. This results in unnecessary costs for sterilizing and wearing instruments. Therefore, the adoption of RFID technology automates this time-consuming surgical instrument tracking process and reduces surgical instrument maintenance costs.
Moreover, RFID uses real-time technology to track surgical instruments, which eliminates unused instruments and the costs associated with sterilizing and wearing surgical instruments. With the help of RFID in surgical instrument tracking systems, a hospital saves USD 155,000 per operating room (based on two daily cases with 300 instruments supplied) in North America. Thus, the aforementioned benefits are expected to drive market growth during the forecast period.
The high cost of implementation is a key challenge that affects the growth of the market. Despite its many advantages, the real-time positioning system (RTLS) or tracking systems also create challenges for their users. RTLS implementation is expensive due to the high initial cost of implementation, which will force manufacturers to opt for low-cost technologies such as barcode systems. The cost of RTLS includes costs associated with planning and design, cabling, software licenses, and positioning hardware such as signage and readers.
Moreover, the cost of setting up and implementing an RTLS system is very high. the system alerted the hospital authorities to the devices exiting the hospital, and they discovered that patients were accidentally wearing expensive devices when discharged. These alerts saved the hospital about USD 50,000 in the first week of the program. Therefore, the high implementation cost of RTLS is one of the major challenges that will impede the growth of the global surgical instrument tracking systems market during the forecast period.
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The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
The market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market is a critical component of Healthcare technology, offering Inventory management solutions for hospitals and healthcare facilities. These systems utilize technologies such as RFID tracking and Barcode scanning to ensure accurate Asset tracking and management.
Efficient tracking of Surgical equipment enhances Operating room efficiency and improves Healthcare logistics. The systems also help in managing Surgical instrument sterilization processes and ensuring compliance with sterilization standards, contributing to Patient safety. By providing real-time visibility into inventory and optimizing supply chain processes, these systems help in Supply chain optimization and Hospital inventory control. They also streamline Surgical tray management and automate inventory processes, reducing manual errors and improving overall Healthcare workflow efficiency. Overall, the market plays a crucial role in enhancing operational efficiency and patient care in healthcare settings.
Surgical Instrument Tracking System Market Scope |
|
Report Coverage |
Details |
Page number |
148 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.34% |
Market growth 2023-2027 |
USD 157.17 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
8.4 |
Regional analysis |
Northh America, Asia, Europe, and Rest of World (ROW) |
Performing market contribution |
North America at 41% |
Key countries |
Germany, UK, China, and Japan |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ASANUS Medizintechnik GmbH, B.Braun SE, Becton Dickinson and Co., Case Medical, Fortive Corp., Getinge AB, Healthtech Pivot LLP, Integra Lifesciences Corp., Koch Industries Inc., Mobile Aspects, Paragon ID SA, Promedical Inc., RapID Surgical, RMS Omega Technologies, Skincare Pty Ltd., Scanlan International, Securitas AB, SpaTrack Medical Ltd., STERIS plc, and Xerafy Singapore Pte Ltd. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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