The global surgical instrument tracking systems market was valued at USD 172.1 million in 2020 and is expected to grow at a CAGR of 11.1% during the forecast period. The increasing adoption rate of surgical instrument tracking systems by healthcare facilities, the need to follow specific device recognition requirements, the flexibility offered by tracking systems in inventory management, and the growing number of instruments used in different surgical procedures are factors that drive the market growth.
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It was initially used only for device count sheet management and a few simple tasks, including instrument traceability. The 2D barcodes also aided in the sterile handling and recognition of instruments and the recording of each instrument's use history. The industry is being fueled by an increase in the number of cases of surgical instruments remaining in patients' bodies and being misplaced after surgery.
The growth of the surgical instrument tracking systems market is driven by factors such as new regulatory requirements introduced by government bodies such as the FDA, increasing focus on patient safety and patient care, and advancements in tracking system technology. Globally regulatory bodies have introduced regulations on the manufacturers of medical devices with respect to surgical devices. In the U.S., FDA has introduced UDI (Unique Device Identification), under which every medical device manufacturer has to label and adopt tracking systems in their surgical instruments.
Even regulators from Europe, China, and other countries have adopted UDI regulations for the manufacturers of medical devices to introduce uniform regulations across the world as proposed by the International Medical Device Regulators Forum (IMDRF). The increasing regulation is a significant boost for the market globally.
There is a rapid advancement in the market in recent years. Technologies such as active RFID is increasingly adopted in surgical instrument tracking. The new technology has a greater detection range when compared to passive RFID technology. Active RFID can detect up to 300ft, whereas passive technologies as the only range of 40 ft.
Active RFID can detect surgical systems of smaller size, including surgical tray-level tracking. The emergence of advanced instrument tracking systems will provide an opportunity for this market to grow in the coming years. A surgical instrument tracking systems improve the safety of patients during a surgical procedure. There is an increase in hospital-acquired infection, with more than 90,000 deaths in the US alone. Most of the infections are caused by misplacement of surgical instruments leading to contamination of the equipment.
Hence the proper adoption of these systems in hospitals will significantly reduce hospital-acquired infections. Companies are introducing new tracking devices in recent years. In 2018, Spa Track Medical Limited introduced an advanced RFID hospital scanner for surgical instrument tracking. The table-top auto-scanner can scan a complete basket of instruments (100 instruments) in only 12 seconds.
The unprecedented COVID-19 pandemic that is affecting countries across the globe is expected to slow down the tracking systems market. Many plastic surgeries and elective surgeries have been postponed. There is a decrease in regular patient visits to hospitals that have resulted in fewer surgeries performed in the last year, which is expected to limit the market's growth.
The market is primarily segmented on the basis of product, technology, end-use, and region.
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The hardware segment dominated the global market and generated the highest revenue in 2020. Implementing these systems for inventory and surgical equipment management is being fueled by advancements in technology in hardware, such as barcode tags and RFID chips. The services segment is anticipated to grow at a high rate during the forecast timeframe.
The United States, the United Kingdom, Germany, Japan, and France are few countries expected to have high use of these systems. A well-developed medical system and an increase in the number of surgical procedures performed will contribute to the growth of this market segment.
The hospitals market segment generated the highest revenue in 2020. The segment is expected to dominate the market during the forecast timeframe, owing to the increasing acceptance of these products by hospitals for inventory management and tracking of the equipment during work cycles such as sterilization procedures and surgery.
North America is expected to be the biggest market during the forecast period due to the stringent rules adopted by regulatory bodies such as the FDA to adapt tracking devices. The number of medical procedures is expected to increase to 144 million in 2023 from 129 million procedures in 2018 in the U.S. All these factors will significantly contribute to the region’s growth.
Asia Pacific surgical instrument tracking systems market is expected to be the fastest-growing region during the forecast period. China has UDI regulations for surgical instrument tracking systems along with Australia. The region is carrying out more surgeries due to improved healthcare infrastructure and increased medical tourism in countries like India.
Companies are looking to develop new technologies in the market to meet the demand of the healthcare industry. Major players in medical devices are looking to adopt tracking systems due to increased regulation across the globe. New systems are expected in the market soon because of the increased need for better patient care and safety.
Some of the major players operating in the market include Spatrack Medical Limited, Censis Technologies, Inc., Xerafy Singapore Pte Ltd., Getinge AB, Fingerprint Medical Limited, B. Braun Melsungen AG, Haldor Advanced Technologies, BD, Microsystems, INC, and Ternio Group LLC.
Market size value in 2020
USD 172.1 million
Revenue forecast in 2028
USD 383.9 million
11.1% from 2021 - 2028
2016 - 2019
2021 - 2028
Revenue in USD million/billion and CAGR from 2021 to 2028
By Product, By Technology, By End-Use, By Region
North America Europe Asia Pacific Latin America; Middle East & Africa
Spatrack Medical Limited, Censis Technologies, Inc., Xerafy Singapore Pte Ltd., Getinge AB, Fingerprint Medical Limited, B. Braun Melsungen AG, Haldor Advanced Technologies, BD, Microsystems, INC, and Ternio Group LLC