The global Surgical Instrument Tracking Systems market is forecasted to be worth USD 431.6 Million by 2027, according to a current analysis by Emergen Research. The surgical instrument tracking system market is used in the healthcare industry for tracking new technology and smartphones and tablets.

The advent of the latest technology and usage of tracking systems in the form of bar codes has fueled market growth. It improves patient safety and fast and accurate instrument identification, resulting in an optimized process. The need for research centers and clinics to improve workflow is also benefitting the market demand.

Another major propelling factor is the implementation of a unique device identification (UDI) system by the Food and Drug Administration. This has led most of the devices to include UDI in human and machine-readable form. However, factors such as budget limitations, massive cost systems, and lengthy investment cycles can hinder the growth of the market.

Healthcare resource management has gained traction with the rise in concern for the security and safety of medical instruments and devices. These devices help in tracking the instrument and enable proper resource utilization. The demand for the market is growing due to the rise in the number of COVID-19 incidences. The increase in the number of patients has affected the market positively.

Based on the types, the Surgical Instrument Tracking Systems market has been further classified based on geography, application and consumption capability. On the basis of the product application, the industry is bifurcated taking into consideration those in demand and are an outcome of technology advancement. Region-wise, the performance of the industry along with the prominent vendors operating in the geography also illuminates stakeholders, business owners, and field marketing, executives. The different facets of the business based on parameters including new launches, acquisition and mergers and new entrants are discussed extensively during the study.

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Key Highlights From The Report

In June 2020, Terso Solutions announced its partnership with Medical Tracking Solutions, Inc. They launched an RFID surgical loaner kit tracking solution to help the visibility for manufacturers and hospitals from the warehouse to the point of use and everything in between.

Surgical instrument tracking system hardware is gaining popularity as there is a repeat purchase of non-durable radiofrequency-identification barcode labels that require constant replacement as they are more prone to detachment during damage or washing.

RFID tags are designed to resist the rigors of the healthcare industry, as well as the harsh sterilization processes, which are used to automate the Joint Commission's Universal Protocol and meet FDA UDI requirements.

Hospitals are witnessing high demand due to the adoption of products and a rise in the incidence of surgeries. The hospitals lose a lot of its surgical devices or misplace it, which makes the whole process more expensive. This will propel the segment’s demand in the market.

North America held the largest market share due to the adoption of advanced technologies and the need for lower healthcare expenses and efficient equipment management, which will drive the demand for the product. The region will hold a market share of 34.8% in the year 2019.

Key participants include Material Management Microsystems, Fortive Corporation Group, Haldor Advanced Technologies, Becton, Dickinson And Company, Mobile Aspects, Key Surgical, Inc., TGX Medical Systems, B. Braun Melsungen, Xerafy, and Getinge Group, among others.

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Component Outlook (Revenue, USD Billion; 2017-2027)
Software
Services
Hardware
Readers
Tags
Others

Technology Outlook (Revenue, USD Billion; 2017-2027)
Radiofrequency identification (RFID)
Barcode

End Users Outlook (Revenue, USD Billion; 2017-2027)
Hospitals
Private Hospitals
Public Hospitals
Others

Regional Outlook (Revenue, USD Billion; 2017-2027)
North America
Europe
Asia Pacific
Latin America
MEA

Table of Content

Chapter 1. Methodology & Sources

1.1. Surgical Instrument Tracking Systems Market Definition
1.2. Surgical Instrument Tracking Systems Market Research Scope
1.3. Surgical Instrument Tracking Systems Market Methodology
1.4. Surgical Instrument Tracking Systems Market Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Surgical Instrument Tracking Systems Market Estimation Technique

Chapter 2. Executive Summary

2.1. Summary Snapshot, 2019-2027

Chapter 3. Key Insights

Chapter 4. Surgical Instrument Tracking Systems Market Segmentation & Impact Analysis

Continued…