The global Surgical Instrument Tracking Systems market size is expected to be worth around US$ 400.7 Mn by 2030, according to a new report by Vision Research Reports.
The global Surgical Instrument Tracking Systems market size was valued at US$ 182.2 Mn in 2020 and is anticipated to grow at a CAGR of 15.2% during forecast period 2021 to 2030.
The increasing need for inventory management and implementation of Unique Device Identification (UDI) regulations formed by the FDA are some of the major factors supporting the market growth.
The U.S. regulations required surgical tools to be marked with a UDI by 2020. Most surgical instruments are identified under class I devices by the U.S. FDA. As per the FDA’s June 2020 guidelines, the agency postponed the compliance date for UDI labeling, Direct Mark, GUDID Data Submission, and Standard Date Format to September 2022.
Surgical instrument tracking systems also enable better monitoring by competent authorities while reducing medical errors, thus propelling the demand. The usability of such solutions in inventory management and during the work cycle including surgeries, storage, sterilization procedures, and post-surgery are other drivers contributing to market growth.
A large number of operating rooms and other departments in hospitals collectively require more than 1,000 instruments each day. This has led to a huge need for surgical instrument inventory management, which facilitates assembling and checking the set of tools while saving manpower and time. This is expected to fuel the market growth.
Although the number of elective surgeries plunged during the COVID-19 pandemic, the volume is expected to return to pre-COVID numbers which in turn is estimated to drive the market. Also, the pandemic has a neutral effect on the underlying need for surgical instrument tracking systems and in fact highlights the need for such solutions to track and control infections at hospitals and safeguard patient health.
The hardware segment dominated the market for surgical instrument tracking systems and accounted for the largest revenue share of 44.10% in 2020. The entire system comprising of the technique, RFID chips, antenna, and the visual display is designed to be wirelessly tracked and counted and to withstand repeated sterilizations. The hardware segment is also projected to register the highest CAGR over the next few years.
The services segment is expected to grow at a lucrative rate during the forecast period. The U.S., Germany, the U.K., France, and Japan are projected to account for the highest usage of surgical instrument tracking systems. Well-developed healthcare infrastructure and a rising number of surgical procedures are anticipated to contribute to this growth.
The barcode technology segment dominated the surgical instruments tracking systems market and accounted for the largest revenue share of 82.9% in 2020. The RFID segment is anticipated to register the highest growth over the forecast period. This is owing to the ability of RFID tags to withstand the rigorous healthcare environment such as harsh sterilization processes, in addition to storing additional information and documenting each instrument’s vital statistics e.g. repair history and location.
The hospital segment led the market for surgical instrument tracking systems and accounted for the largest revenue share of over 75.08% in 2020. Factors contributing to this share include the rising need to reduce the incidence of surgical instruments being left in the body during surgeries and effective inventory management.
Hospitals are also expected to witness the fastest growth over the forecast period due to the rising adoption of these products by hospitals for inventory management and tracing of medical instruments during work cycles such as sterilization procedures and surgery.
In 2020, North America led the overall market for surgical instrument tracking systems and accounted for the largest revenue share of 38.8%. The introduction of the UDI system by the U.S. Food and Drug Administration (FDA) for effective identification of medical devices and instruments is one of the major factors attributed to the dominance of this region. In addition, the presence of highly developed healthcare infrastructure and rapid adoption of advanced technology and products is anticipated to drive the market in the region.
Censis Technologies, Inc.
Spatrack Medical Limited
Xerafy Singapore Pte Ltd.
Fingerprint Medical Limited
B. Braun Melsungen AG
Haldor Advanced Technologies
Ternio Group LLC
The Surgical Instrument Tracking Systems market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Surgical Instrument Tracking Systems market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Surgical Instrument Tracking Systems market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Surgical Instrument Tracking Systems market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Surgical Instrument Tracking Systems market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Surgical Instrument Tracking Systems capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Surgical Instrument Tracking Systems by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Surgical Instrument Tracking Systems market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Surgical Instrument Tracking Systems market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Surgical Instrument Tracking Systems market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Surgical Instrument Tracking Systems industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
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 companies’ focus related to Surgical Instrument Tracking Systems market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Surgical Instrument Tracking Systems market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Surgical Instrument Tracking Systems market. These factors have benefited the growth of the global market for Surgical Instrument Tracking Systems. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Surgical Instrument Tracking Systems. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of SURGICAL INSTRUMENT TRACKING SYSTEMS are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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