Surgical Instrument Tracking Systems Market with COVID-19 Impact by Technology (RFID, Barcode), Component (Hardware (Scanner, Reader, Tags), Software, Services), End User (Hospital (Public, Private)), Region – Global Forecast to 2026 during the forecast periodaccording to a new report by MarketsandMarkets™. The surgical instrument tracking systems 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
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).
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.
Request Sample Pages:https://www.marketsandmarkets.com/requestsampleNew.asp?id=211153029
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
Browse Adjacent Market: 3D Bioprinting Market Research Reports & Consulting
Related Reports:
laboratory-equipment-service-market by Type (Repair & Maintenance, Calibration, Validation), Contract (Standard, Custom), Equipment (Analytical, Equipment, General, Support), Service Provider (OEM), and End User (Pharmaceutical) – Global Forecast to 2024
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:
Track and Trace Solutions Market
