The report “Surgical Instrument Tracking System Market is projected to reach USD 406 million by 2026 from an estimated USD 203 million in 2021, at a CAGR of 14.9% during the forecast period. Tracking systems are gaining importance among healthcare providers due to the drive to reduce costs and increase efficiency. Ensuring better inventory and asset management practices is key to this drive. End users are focused on minimizing the loss of valuable assets and ensuring smooth workflows.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=211153029
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).
FORTIVE CORPORATION (US)
Censis Technologies, a subsidiary of Fortive Corporation, held the leading position in the surgical instrument tracking systems market in 2020. The company’s leading position can be attributed to its strong brand recognition and extensive service portfolio. Censis Technologies provides separate tracking solutions for trays, individual instruments, and scopes along with a wide range of related products under the umbrella of CensiTrac. The company serves hospitals, acute care facilities, and government facilities across the US.
MATERIAL MANAGEMENT MICROSYSTEMS (US)
Material Management Microsystems was the second-largest player in the surgical instrument tracking systems market in 2020. The company’s leading position can be attributed to its robust product portfolio. Material Management Microsystems focuses on adopting organic and inorganic growth strategies to expand its presence in the surgical instrument tracking systems market. For instance, in 2018, the company entered into an agreement with ReadySet Surgical to offer its capabilities in an integrated environment to provide a transparent surgical supply chain. This acquisition strengthened the company’s presence in the surgical instrument tracking systems market.
BECTON, DICKINSON AND COMPANY (US)
BD is one of the leading players in the surgical instrument tracking systems market. The company’s leading position can be attributed to its strong brand recognition and extensive product portfolio in this market. BD offers a full range of scalable, real-time, and integrated instrument tracking solutions. The company caters to pharmaceutical & biotechnology companies, hospitals & clinical diagnostic labs, universities, research institutes, and government agencies. Focused research and development efforts, pioneering innovation in injection, and global footprint are the company’s major strengths.
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.
Inquiry Before Buying @ 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.
View detailed Table of Content here@
Recent Developments:
- In November 2020, STERIS acquired Key Surgical to strengthen, complement, and expand STERIS product offerings and global reach.
- In July 2020, Vizinex RFID (US) launched Flexible 6012 and Flexible 6027 RFID tags, which offer mounting flexibility, are durable, and are IP67-rated, making them ideal for tracking many types of assets in indoor settings.
- In May 2020, Stanley Healthcare partnered with Cisco. Under this partnership, STANLEY AeroScout real-time location system (RTLS) platform was fully integrated and certified with CISCO DNA Spaces, the next-generation indoor location services platform, to offer enterprise-wide visibility into the location and status of assets and people in healthcare environments.
- In November 2019, Fortive Corporation acquired Censis Technologies to expand its SaaS-based surgical instrument tracking and workflow solutions.
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
Visit Our Website: https://www.marketsandmarkets.com
About MarketsandMarkets™
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are moulded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit MarketsandMarkets™ or follow us on Twitter, LinkedIn and Facebook.
