Surgical Instrument Tracking Systems Market (By Product: Services, Software, Hardware; By Technology: RFID, Barcodes; By End Use: Hospitals, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026

The global surgical instrument tracking systems market is expected to grow at noteworthy CAGR around 18.6 % throughout the forecast period and reach around US$ 500 million by 2026.

Surgical instruments have long been accessible for use in healthcare. Systems for the monitoring of surgical instruments are now a must. In the previous four to five years the number of tracking systems has evolved significantly, with fresh technologies and smartphones and tablets being included in the health field.

The report provides analysis of global Surgical Instrument Tracking Systems market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.

Market Dynamics

Important factors contributing to the development are increased incidence of retained operating tools in the human body after surgery and tool misplacement. The fatality rate for retained surgical objects is approximately 2.0%, according to the National Center for Biotechnology Information (SCBI). Therefore it is becoming more and more necessary for sophisticated technology, like 2D bar code and RFID, to monitor the retained tools during surgery. This factor will propel the industry. Another significant driver of market development is the high adoption of instrument monitoring goods by hospitals. During the working cycle, the tracking of medicines and stock management, including operations, post-operative operations, storage and sterilization are some of the main hospital issues. In order to follow these devices and systems, they are thus adopting innovative techniques that are to propel the market.

For example, Arizona, Hospital of St. Joseph, deploys IMPRESS tool management scheme that can save more than USD 1.0 million in renovation, reparation and purchase expenses of instruments every year.

The knife handles, sponges, scalpels, needles, clamps and electrical adapters, towels, scissors and security pins are some of the prevalent tools left unintentionally in the body of patients during surgery. Sponge is the most frequently retained surgical element among these tools. Surgical devices left in the bodies of patients tend to penetrate blood vessels and essential organs that cause inner bleeding and require a system for monitoring these instruments.

The FDA expects to promote the market by increasing stock management and implementing FDA Unique Device Identification (UDI) laws. Government technological progress and attempts to introduce these equipment are expected to boost the market further during the forecast era.

Product Outlook

The market for surgical devices monitoring systems is divided into hardware, software and services on the grounds of the product. The software was the biggest income segment in 2018 and will continue to dominate during the course of the research. Technological advances in software are a significant drivers of inventory and surgical device management for these systems. The software provides data on serialized operating tools, supports stock management and provides continuous support, for example, via telephone, by IMPRESS instrument management.

Due to repeated purchases of products such as bar-code tags and Rfid labels, the hardware segment is expected to show profitable growth during the forecast period. In 2018 the hardware segment was accompanied by revenue services, and the forecast period is anticipated to expand profitably. It is estimated that the United States, Germany, the United Kingdom, France and Japan are responsible for the greatest use of surgical devices. The development of this is expected to contribute towards a well developed health infrastructure and the increasing amount of surgical procedures.

End Use Outlook

Due to the growing occurrence of operational tools in the organism during operations, hospitals govern the general market in 2018. It is estimated that some 20% of hospital facilities, supplies or equipment is misplaced or lost due to inefficient leadership of the supply chain. Due to deprived machinery flows, this could lead to an efficiency decrease of 50 per cent. Consequently, these devices are increasingly used in hospitals.

Hospitals are also anticipated to see the highest development during the forecast era, as the hospitals are being increasingly adopted to stock management and to track medical devices, including sterilization, surgery and post-chirurgy during the working cycle. In Arizona, for example, St. Joseph's Hospital and Medical Clinic utilizes an IMPRESS tool management scheme to save over US$ 1.0 million each year in repair, renovation, and device acquisition expenses.

Technology Stance

In 2018, barcode technology represented the main market income share. This technology is the most widely used and is increasingly adopted in the medical device industry.2D-barcodes such as the information matrix and QR code become more common on the market because of their low price, solid construction and 360. It is the most common form of monitoring technology. Federal healthcare facilities, including hospitals and ambulatory surgeries, have increased the low cost of installation for these product products.

During this forecast period, the RFID Technology Segment will present the highest CAGR. The main variables that can be ascribed to development in the segment are technological advances, including higher durability, higher data store capability, reusability and no need for line of view. The ORLocate Operating Room Solution offers, for example, Haldor Advanced Technologies Ltd., a solution for effective surgical leadership, including tools, disposables, sponges and other products.

Regional Stance

In 2018, the general market for income was resulted by North America. U.S. Device Identification Unique (UDI) system implementation One of the main variables ascribed to this dominance of the region is the Food and Drug Administration (FDA), with which medical devices are effectively identified by their distribution channels and implementation. The presence of sophisticated technology and products as well as elevated health infrastructure per head and elevated levels of spending per capita are also expected to fuel regional market growth.

Due to untapped possibilities in the area, Asia Pacific is expected to grow at the most rapid CAGR in the predicted era. In addition, an growing amount of surgical operations combined with rapid development of health facilities are expected to propel the global market over the forecast era in Asian nations such as China, Indonesia and India. It is anticipated that the use of operating instruments will increase in the near future with the introduction of advanced software and hardware products.

Market Segmentation

Global Surgical Instrument Tracking Systems Market, By Product

• Services
• Software
• Hardware

Global Surgical Instrument Tracking Systems Market, By Technology

• RFID
• Barcodes

Global Surgical Instrument Tracking Systems Market, By End Use

• Hospitals
• Others

Global Surgical Instrument Tracking Systems Market, By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa (MEA)

The market research study on “Surgical Instrument Tracking Systems Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers detailed insights on global Surgical Instrument Tracking Systems market segments with market dynamics and their impact. The report also covers basic technology development policies.

This study offers an assessment of the recent sector trends and possibilities in the different subsegments from 2015 to 2026 and predicts income development at world-, regional, and nation level. For this purpose, ARC has segmented its worldwide market report for surgical instruments based on product, technology, end use and area: for the purposes of this research.

Key Players & Strategies

Some of the key market players are Haldor Advanced Technologies. Ltd.; Xerafy; Censis Technologies, Inc.; Getinge Group; B. Braun Melsungen AG; Materials Management Microsystems, Inc.; and Becton, Dickinson and Company.

Leading businesses implement several inorganic and organic approaches, like growth or launch of fresh products, collaboration and merger, as well as regional expansions to meet customers ' unmet requests. For example, Xerafy and The Tag Factory have signed a RFID ceramic tag technology license agreement for Xerafy in March 2015. The Tag Factory shall use RFID ceramic tag technology in accordance with the contract to market and produce Ceramic RFID tags.