Surgical Instrument Tracking Systems market: Global Industry Analysis, Trends, and Forecast 2027

Surgical Instruments Tracking Systems Market is anticipated to reach US$ 385.19 Mn. by 2027 from US$ 129 Mn, in 2020 at a CAGR of 20 % during a forecast period. Surgical instrument tracking devices are a collection of tracking devices created specifically for use on surgical tools. Technology-based barcodes and radio frequency identification devices (RFIDs) are two examples. Surgical tool tracking devices are divided into three categories: hardware, software, and services. RFIDs and hardware are now dominating surgical equipment tracking technologies. These systems are designed to provide more information than only the location of surgical instruments, which is an essential aspect of surgical instrument asset management. Surgical Instruments Tracking Systems Market To know about the Research Methodology :- Request Free Sample Report In the report, 2020 is considered a base year however 2020’s numbers are on the real output of the companies in the market. Special attention is given to 2020 and the effect of lockdown on the demand and supply, and also the impact of lockdown for the next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.

Surgical Instruments Tracking Systems Market Dynamics

Surgical tool tracking systems are devices that use advanced scanning technology in conjunction with advanced management software. Software that provides a surgical equipment management solution. This enables the healthcare practitioner to have access to time-saving technologies and carry out efficient and time-saving treatments. Tracking systems are designed to serve as a bridge between humans and computers. Surgical tracking systems are important for organizing surgical sets, tracking and documenting instrument usage cycles, understanding instrument replacement, and other applications. The government and healthcare regulatory agencies have made the use of monitoring devices on surgical equipment mandatory in hospitals and surgical ambulatory clinics due to rising concerns about patient safety. In recent years, the use of these devices has been shown to save a significant amount of personnel and resources, which has assisted hospital inventory management and increased the surgical tool monitoring device market. Because of the rising prevalence of instrument misplacement and the ease of use of tracking systems, the surgical instrument tracking systems market is growing at a quicker rate. The rising number of surgical operations, as well as the increasing usage of healthcare IT in hospitals, are driving market expansion. According to the Centers for Disease Control and Prevention, hospital-acquired illnesses cause around 90,000 deaths in the United States each year. The Food and Drug Administration's introduction of a unique device identification (UDI) system is one of the major reasons driving the growth of the surgical instrument monitoring systems market (FDA). However, challenges such as high system prices, budget constraints, and significant expenditures may hamper the growth of the worldwide surgical tool tracking the market.

Surgical Instruments Tracking Systems Market Segmentation Analysis

By Component, with a 51.6 percent share of the worldwide market in 2019, the hardware segment is likely to maintain its dominance throughout the forecast period. This revenue increase was caused by increased technical improvements, which boost the use of these inventory management technologies. Surgical Instruments Tracking Systems MarketBy Technology, in 2020, the barcode segment had the biggest market share of xx percent. It is the most widely used tracking system, and its increasing popularity is fuelling the growth of the segment. Due to features such as low cost, strong construction, and readability, 2D barcodes such as data matrices and QR Codes are becoming increasingly popular in the market. Additionally, the inexpensive installation cost of these items has led to an increase in their use in healthcare institutions such as hospitals and ambulatory surgical centers. RFID technology is expected to grow at a quicker rate throughout the forecast period as a result of technical improvements, high durability, increased datastore capacity, and reusability.

Surgical Instruments Tracking Systems Market Regional Insight

In 2020, North America held an xx percent share of the worldwide market. The adoption of the Unique Device Identification (UDI) system by the Food and Drug Administration (FDA) for effective identification of medical devices is the key driver driving the market in the United States. In addition, the regional market is expected to grow due to its well-developed medical infrastructure, quick adoption of innovative technologies and products, and high per capita healthcare spending. The Asia Pacific dominated the global market in 2020 due to reasons such as improved medical infrastructure, more patient education, and increased disposable income. Surgical tool monitoring systems are expected to grow fast in rising countries such as China, India, Indonesia, and South Korea throughout the forecast period, owing to an increase in surgical operation occurrences. The development of technologically advanced software and hardware solutions is expected to increase the use of surgical tool tracking systems soon. The United States, the United Kingdom, Germany, Japan, and France are just a few of the countries that are expected to adopt these systems extensively. The growth of this market segment is expected to be aided by a well-developed medical system and a rise in the number of surgical operations done. Due to rising demand for surgical treatment, growing economies, high disposable income per person, and higher healthcare spending, Europe had a significant share of the worldwide surgical tool monitoring system market. The regional market, on the other hand, is being propelled by the presence of well-developed healthcare infrastructure and the growing adoption of innovative technologies and goods. Report Objectives: • Landscape analysis of the Surgical Instruments Tracking Systems Market • competitive benchmarking • Past and current status of the industry with the forecasted market size and trends • Evaluation of potential key players that include market leaders, followers, and new entrants • Technology trends • Potential impact of micro-economic factors of the market • External and Internal factors affecting market have been analysed The report also helps in understanding the Surgical Instruments Tracking Systems Market dynamics, structure by analysing the market segments and project the Surgical Instruments Tracking Systems Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Surgical Instruments Tracking Systems Market make the report investor’s guide.

Surgical Instruments Tracking Systems Market Scope: Inquiry Before Buying

Surgical Instruments Tracking Systems Market
Report Coverage Details
Base Year: 2020 Forecast Period: 2021-2027
Historical Data: 2016 to 2020 Market Size in 2020: US $ 129 Mn.
Forecast Period 2021 to 2027 CAGR: 20  % Market Size in 2027: US $ 385.19 Mn.
Segments Covered: by Component • Hardware • Software • Services
by Technology • Barcode Technology • RFID Technology
by Application • Hospitals • Clinics • Research Centers

Surgical Instruments Tracking Systems Market by Region

• North America • Asia pacific • Europe • Middle East and Africa • South America

Surgical Instruments Tracking Systems Market: Key Players

• Keir Surgical • Key Surgical • Aesculap Inc. • Censis Technologies • Synergy Health Ltd. • Xerafy • TGX Medical Systems • STERIS Plc. • Microsystems • McKesson Corporation • Haldor Advanced Technologies • GS1 UK • STANLEY healthcare • Becton, Dickinson and Company • B. Braun Melsungen AG • Applied Logic Inc. • SpaTrack Medical Limited • Scanlan International Inc. • Case Medical • Asanus Medizintechnik GmbH Inc. • Nutrace • Intechnology Distribution PTY ltd. • Fortive Corporation Frequently Asked Questions 1. What is the projected market size & growth rate of Surgical Instruments Tracking Systems Market? Ans- Surgical Instruments Tracking Systems Market was valued at USD 129 million in 2020 and is projected to reach USD 385.19 million by 2027, growing at a CAGR of 20 % during the forecast period. 2. What are the key driving factors for the growth of Surgical Instruments Tracking Systems Market? Ans- Surgical tool tracking systems are devices that use advanced scanning technology in conjunction with advanced management software. 3. Which Region accounted for the largest Surgical Instruments Tracking Systems Market share? Ans- In 2020, North America held an xx percent share of the worldwide market. 4. What makes North America a Lucrative Market for Surgical Instruments Tracking Systems Market? Ans- well-developed medical infrastructure, quick adoption of innovative technologies and products, and high per capita healthcare spending. 5. What are the top players operating in Surgical Instruments Tracking Systems Market? Ans- Keir Surgical, Key Surgical, Aesculap Inc., Censis Technologies, Synergy Health Ltd., Xerafy, TGX Medical Systems, STERIS Plc., and Microsystems.
1. Global Surgical Instruments Tracking Systems Market: Research Methodology 2. Global Surgical Instruments Tracking Systems Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Surgical Instruments Tracking Systems Market 2.2. Summary 2.1.1. Key Findings 2.1.2. Recommendations for Investors 2.1.3. Recommendations for Market Leaders 2.1.4. Recommendations for New Market Entry 3. Global Surgical Instruments Tracking Systems Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12 COVID-19 Impact 4. Global Surgical Instruments Tracking Systems Market Segmentation 4.1 Global Surgical Instruments Tracking Systems Market, By Component (2020-2027) • Hardware • Software • Services 4.2 Global Surgical Instruments Tracking Systems Market, By Technology (2020-2027) • Barcode Technology • RFID Technology 3.4. European Surgical Instruments Tracking Systems Market, By Application (2020-2027) • Hospitals • Clinics • Research Centers 5. North America Surgical Instruments Tracking Systems Market (2020-2027) 5.1 North American Surgical Instruments Tracking Systems Market, By Component (2020-2027) • Hardware • Software • Services 5.2 North America Surgical Instruments Tracking Systems Market, By Technology (2020-2027) • Barcode Technology • RFID Technology 5.3. European Surgical Instruments Tracking Systems Market, By Application (2020-2027) • Hospitals • Clinics • Research Centers 5.3 North America Surgical Instruments Tracking Systems Market, by Country (2020-2027) • United States • Canada • Mexico 6. Asia Pacific Surgical Instruments Tracking Systems Market (2020-2027) 6.1. Asia Pacific Surgical Instruments Tracking Systems Market, By Component (2020-2027) 6.2. Asia Pacific Surgical Instruments Tracking Systems Market, By Technology (2020-2027) 6.3. European Surgical Instruments Tracking Systems Market, By Application (2020-2027) 6.4. Asia Pacific Surgical Instruments Tracking Systems Market, by Country (2020-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 7. Middle East and Africa Surgical Instruments Tracking Systems Market (2020-2027) 7.1. Middle East and Africa Surgical Instruments Tracking Systems Market, By Component (2020-2027) 7.2. Middle East and Africa Surgical Instruments Tracking Systems Market, By Technology (2020-2027) 7.3. European Surgical Instruments Tracking Systems Market, By Application (2020-2027) 7.4. Middle East and Africa Surgical Instruments Tracking Systems Market, by Country (2020-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 8. Latin America Surgical Instruments Tracking Systems Market (2020-2027) 8.1. Latin America Surgical Instruments Tracking Systems Market, By Component (2020-2027) 8.2. Latin America Surgical Instruments Tracking Systems Market, By Technology (2020-2027) 8.3. European Surgical Instruments Tracking Systems Market, By Application (2020-2027) 8.4 Latin America Surgical Instruments Tracking Systems Market, by Country (2020-2027) • Brazil • Argentina • Rest Of Latin America 9. European Surgical Instruments Tracking Systems Market (2020-2027) 9.1. European Surgical Instruments Tracking Systems Market, By Component (2020-2027) 9.2. European Surgical Instruments Tracking Systems Market, By Technology (2020-2027) 9.3. European Surgical Instruments Tracking Systems Market, By Application (2020-2027) 9.4 European Surgical Instruments Tracking Systems Market, by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 10. Company Profile: Key players 10.1. Keir Surgical 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.129. Recent Developments 10.2. Keir Surgical 10.3. Key Surgical 10.4. Aesculap Inc. 10.5. Censis Technologies 10.6. Synergy Health Ltd. 10.7. Xerafy 10.8. TGX Medical Systems 10.9. STERIS Plc. 10.10. Microsystems 10.11. McKesson Corporation 10.12. Haldor Advanced Technologies 10.13. GS1 UK 10.14. STANLEY healthcare 10.15. Becton, Dickinson and Company 10.16. B. Braun Melsungen AG 10.17. Applied Logic Inc. 10.18. SpaTrack Medical Limited 10.19. Scanlan International Inc. 10.20. Case Medical 10.21. Asanus Medizintechnik GmbH Inc. 10.22. Nutrace 10.23. Intechnology Distribution PTY ltd. 10.24. Fortive Corporation

About This Report

Report ID 84029
Category Healthcare
Published Date February 2021
Updated Date Jan 2022
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