Surgical Instrument Tracking Systems Market in terms of revenue was estimated to be worth $203 million in 2021 and is poised to reach $406 million by 2026, growing at a CAGR of 14.9% from 2021 to 2026. The report contains the updated financial information for each listed public company from January 2018 to December 2021. It also contains the recent developments undertaken by market players as well as their strategic overview. The report also contains MNM views for major market players. Tracking systems are gaining importance among healthcare providers due to the drive to reduce costs and increase efficiency. Ensuring better inventory and asset management practises is key to this drive. End users are focused on minimizing the loss of valuable assets and ensuring smooth workflows. Other factors driving market growth include the FDA’s unique device identification mandates and the growth of the surgical instruments market. However, high system costs, long investment cycles, budgetary constraints, and technological limitations are expected to restrain market growth to a certain extent. Also, due to the COVID-19 pandemic, there was a slight decrease in growth in the first quarter of 2021. With elective and non-elective surgeries postponed, delayed, or cancelled worldwide, there was a marked decrease in the use of surgical instrument tracking systems and consumables.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=211153029
Browse in-depth TOC on “Surgical Instrument Tracking Systems Market”
139 – Tables
39 – Figures
177 – Pages
Key Player
The key players operating in this market include Fortive (US), Material Management Microsystems (US), Becton, Dickinson and Company (US), Haldor Advanced Technologies (Israel), Intelligent InSites, Inc. (US), Key Surgical, Inc. (US), Mobile Aspects (US), TGX Medical Systems (US), Xerafy (Singapore), STANLEY Healthcare (US), B. Braun Melsungen AG (Germany), Getinge AB (Sweden), Infor Inc. (US), SpaTrack Medical Limited (UK), and Scanlan International, Inc. (US).
Drivers: Need to meet FDA Unique Device Identification mandates
Manufacturers are required to track surgical instruments—from manufacturing through the distribution chain. The purpose of device tracking is to ensure that manufacturers of instruments establish tracking systems that will enable them to promptly locate devices in commercial distribution.
The UDI (Unique Device Identification) regulations proposed by the US FDA (Food and Drug Administration) are expected to drive growth in the surgical instrument tracking systems market. According to the UDI rules, labellers (manufacturers, reprocessors, specification developers, re-packagers, and relabelers) of surgical instruments are expected to implement direct marking at the individual instrument level.
Restrains: High system costs, long investment cycles, and low ROIs
Surgical instrument tracking systems require heavy upfront investments that encompass the costs of application software, hardware, tags, and middleware and the cost of integrating the barcode framework along with the legacy system, maintenance services, consultancy fees, and staff training. Although the cost of tags and readers has reduced considerably, the implementation cost of automated tracking systems, such as RFID, that require additional servers, databases, and middleware, has been increasing steadily. The overall cost of implementing automated surgical instrument tracking systems using RFID is very high compared to traditional systems such as barcode-based systems. Apart from high implementation costs, most automated surgical instrument tracking systems have very long investment lifecycles.
Enquiry Before Buying this Report : https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=211153029
Opportunity: Emerging economies
Emerging economies such as India, China, and countries across the Middle East, Latin America, and Southeast Asia are expected to offer significant growth opportunities for players in the surgical instrument tracking systems market. The growing healthcare expenditure and improving healthcare infrastructure in these economies are expected to present growth opportunities for market players.
Various governments in Middle Eastern countries are taking initiatives to improve their healthcare facilities. For instance, in 2018, USD 39.2 billion (SR 147 billion) was allocated to develop health services, of which USD 8.8 billion (SR 33 billion) was to be utilized as a part of Saudi Vision 2030. The health and social development sectors' budgets are also responsible for completing the construction of hospitals and primary healthcare centers in all regions of Saudi Arabia. As many as 36 new hospitals with a capacity of 8,950 beds are currently being established and developed in all regions of the Kingdom. Additionally, two medical cities, with a total capacity of 2,350 beds, are being constructed (source: Trade Arabia – Business News Information).
Challenge: Technological limitations
Both RFID and barcode technologies for instrument tracking are marked by significant limitations. In RFID, it is believed that 20% of tags do not function properly. Most RFID tags cannot withstand high temperatures, humidity, or chemical reactions and can be interfered with by metals and liquids. Moreover, there are chances of interference from other radio transmissions or from electric or magnetic fields present in the usage environment. Additionally, a single reader cannot read tags from multiple frequencies, limiting its usage. In the case of barcodes, barcode scanning is error-sensitive and labor-intensive, as it involves manual procedures. Repetitive autoclaving could also damage barcode labels, making it necessary for checks to be conducted after every sterilization cycle.
North America was the largest regional market for surgical instrument tracking systems market in 2020.
North America is the largest regional market for surgical instrument tracking systems. The Unique Device Identification (UDI) regulations by the FDA and the need to reduce healthcare expenditures drive the surgical instrument tracking systems market in North America. However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period, primarily due to government initiatives to implement asset tracking solutions and growing access to healthcare facilities in the region.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=211153029
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/surgical-instrument-tracking-system-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/surgical-instrument-tracking-system.asp
Related Reports:
