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Surgical Instrument Tracking System Market

Global Surgical Instrument Tracking System Market Size, Share & Trends Analysis Report by Technology (Bar Code Scanning and Radio-Frequency Identification (RFID)), by Component (Software, Hardware, Services), by Vertical (Hospitals and Ambulatory Surgical Centers) and Forecast 2019-2025
    Update Available - Forecast 2024-2030   

Published: Jul 2023 | Report Code: | Category : Biotechnology | Delivery Format: /

The global surgical instrument tracking system market is anticipated to grow at the CAGR of 14%, during the forecast period. There are various key factors that are contributing to the growth of the global surgical instrument tracking system market such as increasing incidence of retained surgical instrument cases, which possesses a need for surgical instrument inventory management. In the healthcare sector, the demand for a surgical instrument tracking system has become an important part owing to significant adoption of smartphones, tablets and other connected technologies. The introduction of 2D barcodes has enabled for processing the information more accurately to identify the instruments.

The radio-frequency identification (RFID) plays a vital role in the surgical instrument tracking system that enables the identification and tracking of devices in the medical facility. Moreover, the RFID tagging of individual surgical instruments allows hospitals to account for all the information on instruments. As a result, this provides asset management, safety, and cost-saving benefits to the healthcare sector. In healthcare organizations, the use of RFID tags and surgical tracking management solutions can track automatically the equipment and appropriate tools that are available for the surgical procedure. Automated asset tracking improves the efficiency of the hospitals that manage hundreds of pieces of equipment across the large facilities. 

Segmental Outlook  

The surgical instrument tracking system market is segmented on the basis of technology, component, and vertical. Based on technology, the market is segmented into bar code scanning and RFID. RFID is expected to hold a significant share in the market during the forecast period. This is due to the primary application of RFID in the medical industry and surgical procedures. Based on components, the market is segmented into software, hardware, and services. Based on vertical, the market is segmented into hospitals and ambulatory surgical centers. The hospitals are expected to hold substantial market share during the forecast period. The hospitals witness significant adoption of technologically advanced solutions, including surgical instrument tracking system for managing multiple operations such as tracking instruments, sets, and sterile surgery. 

Surgical instrument tracking software contributes a significant share in the market

Tracking is a critical component and plays a vital role in the healthcare sector. The tracking process can be completed through software, as it offers real-time data, including productivity improvement, quality, and storage of data. Surgical instrument tracking software provides image-guided surgery and inventory management, and asset management; among other services. Moreover, the technological advancements in software will boost the adoption of these devices for inventory and surgical instrument management. For instance, in 2018, Becton, Dickinson, and Co. launched an IMPRESS instrument, management software that enables to delivers the information. 

Global Surgical Instrument Tracking System Market Share by Component, 2018 (%)

Surgical Instrument Tracking System Market Size

Regional Outlook

The global surgical instrument tracking system market is analyzed on the basis of the geographical regions that are contributing significantly towards the growth of the market. On the basis of geography, the global market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. North America is estimated to hold a significant share in the global market due to the well-developed healthcare infrastructure and presence of key market players in the region, such as Censis Technologies, Inc. However, Asia-Pacific is expected to grow significantly during the forecast period owing to increasing numerous surgical procedures coupled with the healthcare reforms in emerging economies, such as India and China. 

Global Surgical Instrument Tracking System Market Growth, by Region 2019-2025

Surgical Instrument Tracking System Market Size

North America is estimated to hold a significant share in the global market

North America is expected to hold a significant share in the global surgical instrument tracking system market. This is due to the high per capita healthcare expenditure in the region, particularly in the US. In addition, the introduction of the UDI (Unique Device Identification) system and FDA for identification of medical devices through various distribution channels is one of the key factors that contribute to the growth of the market. 

Market Players Outlook

The key players of the surgical instrument tracking system market include Aesculap, Inc., Censis Technologies, Inc., Getinge AB, Material Management Microsystems, Key Surgical LLC, Haldor Advanced Technologies, and Xerafy Singapore Pte Ltd. These market players are constantly focusing on gaining major market share by adopting various competitive strategies such as mergers and acquisitions, product launch, partnership, and collaborations. 

The Report Covers

  • Market value data analysis of 2018 and forecast to 2025.
  • Annualized market revenues ($ million) for each market segment.
  • Country-wise analysis of major geographical regions.
  • Key companies operating in the global surgical instrument tracking system market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
  • Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
  • Analysis of market-entry and market expansion strategies.
  • Competitive strategies by identifying ‘who-stands-where’ in the market.

1. Report Summary

1.1. Research Methods and Tools

1.2. Market Breakdown

1.2.1. By Segments

1.2.2. By Geography

1.2.3. By Stakeholders

2. Market Overview and Insights

2.1. Scope of the Report

2.2. Analyst Insight & Current Market Trends

2.2.1. Key Findings

2.2.2. Recommendations

2.2.3. Conclusion

2.3. Rules & Regulations

3. Competitive Landscape

3.1. Company Share Analysis

3.2. Key Strategy Analysis

3.3. Key Company Analysis

3.3.1. Aesculap, Inc., a company of B. Braun Melsungen AG 

3.3.1.1. Overview

3.3.1.2. Financial Analysis

3.3.1.3. SWOT Analysis

3.3.1.4. Recent Developments

3.3.2. Censis Technologies, Inc.

3.3.2.1. Overview

3.3.2.2. Financial Analysis

3.3.2.3. SWOT Analysis

3.3.2.4. Recent Developments

3.3.3. Getinge AB 

3.3.3.1. Overview

3.3.3.2. Financial Analysis

3.3.3.3. SWOT Analysis

3.3.3.4. Recent Developments

3.3.4. Material Management Microsystems 

3.3.4.1. Overview

3.3.4.2. Financial Analysis

3.3.4.3. SWOT Analysis

3.3.4.4. Recent Developments

3.3.5. Key Surgical LLC

3.3.5.1. Overview

3.3.5.2. Financial Analysis

3.3.5.3. SWOT Analysis

3.3.5.4. Recent Developments

4. Market Determinants 

4.1. Motivators

4.2. Restraints

4.3. Opportunities 

5. Market Segmentation

5.1. Global Surgical Instrument Tracking System Market by Technology

5.1.1. Bar Code Scanning

5.1.2. Radio-Frequency Identification (RFID)

5.2. Global Surgical Instrument Tracking System Market by Component

5.2.1. Software

5.2.2. Hardware

5.2.3. Services 

5.3. Global Surgical Instrument Tracking System Market by Vertical

5.3.1. Hospitals

5.3.2. Ambulatory Surgical Centers

6. Regional Analysis

6.1. North America

6.1.1. United States

6.1.2. Canada

6.2. Europe

6.2.1. UK

6.2.2. Germany

6.2.3. Italy

6.2.4. Spain

6.2.5. France

6.2.6. Rest of Europe

6.3. Asia-Pacific

6.3.1. China

6.3.2. India

6.3.3. Japan

6.3.4. Rest of Asia-Pacific

6.4. Rest of the World

7. Company Profiles

7.1. Aesculap, Inc., a company of B. Braun Melsungen AG

7.2. Applied Logic, Inc.

7.3. Becton, Dickinson and Co.

7.4. BesCo bvba

7.5. Censis Technologies, Inc.

7.6. FingerPrint Medical Ltd.

7.7. Getinge AB

7.8. Haldor Advanced Technologies 

7.9. Keir Surgical

7.10. Key Surgical LLC

7.11. Material Management Microsystems

7.12. Mobile Aspects

7.13. SpaTrack Medical Ltd.

7.14. STANLEY healthcare

7.15. Synergy Health Ltd.

7.16. TGX Medical Systems Inc.

7.17. Xerafy Singapore Pte Ltd.

LIST OF TABLES

1. GLOBAL SURGICAL INSTRUMENT TRACKING SYSTEM MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2018-2025 ($ MILLION)

2. GLOBAL BAR CODE SCANNING MARKET RESEARCH AND ANALYSIS BY REGION, 2018-2025 ($ MILLION)

3. GLOBAL RADIO-FREQUENCY IDENTIFICATION (RFID) MARKET RESEARCH AND ANALYSIS BY REGION, 2018-2025 ($ MILLION) 

4. GLOBAL SURGICAL INSTRUMENT TRACKING SYSTEM MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2018-2025 ($ MILLION)

5. GLOBAL SURGICAL INSTRUMENT TRACKING SYSTEM SOFTWARE MARKET RESEARCH AND ANALYSIS BY REGION, 2018-2025 ($ MILLION)

6. GLOBAL SURGICAL INSTRUMENT TRACKING SYSTEM HARDWARE MARKET RESEARCH AND ANALYSIS BY REGION, 2018-2025 ($ MILLION)

7. GLOBAL SURGICAL INSTRUMENT TRACKING SYSTEM SERVICES MARKET RESEARCH AND ANALYSIS BY REGION, 2018-2025 ($ MILLION)

8. GLOBAL SURGICAL INSTRUMENT TRACKING SYSTEM MARKET RESEARCH AND ANALYSIS BY VERTICAL, 2018-2025 ($ MILLION)

9. GLOBAL SURGICAL INSTRUMENT TRACKING SYSTEM IN HOSPITALS MARKET RESEARCH AND ANALYSIS BY REGION, 2018-2025 ($ MILLION)

10. GLOBAL SURGICAL INSTRUMENT TRACKING SYSTEM IN AMBULATORY SURGICAL CENTERS MARKET RESEARCH AND ANALYSIS BY REGION, 2018-2025 ($ MILLION)

11. GLOBAL SURGICAL INSTRUMENT TRACKING SYSTEM MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2018-2025 ($ MILLION)

12. NORTH AMERICAN SURGICAL INSTRUMENT TRACKING SYSTEM MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2018-2025 ($ MILLION)

13. NORTH AMERICAN  SURGICAL INSTRUMENT TRACKING SYSTEM MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2018-2025 ($ MILLION)

14. NORTH AMERICAN SURGICAL INSTRUMENT TRACKING SYSTEM MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2018-2025 ($ MILLION)

15. NORTH AMERICAN SURGICAL INSTRUMENT TRACKING SYSTEM MARKET RESEARCH AND ANALYSIS BY VERTICAL, 2018-2025 ($ MILLION)

16. EUROPEAN  SURGICAL INSTRUMENT TRACKING SYSTEM MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2018-2025 ($ MILLION)

17. EUROPEAN  SURGICAL INSTRUMENT TRACKING SYSTEM MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2018-2025 ($ MILLION)

18. EUROPEAN SURGICAL INSTRUMENT TRACKING SYSTEM MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2018-2025 ($ MILLION)

19. EUROPEAN SURGICAL INSTRUMENT TRACKING SYSTEM MARKET RESEARCH AND ANALYSIS BY VERTICAL, 2018-2025 ($ MILLION)

20. ASIA-PACIFIC  SURGICAL INSTRUMENT TRACKING SYSTEM MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2018-2025 ($ MILLION)

21. ASIA-PACIFIC  SURGICAL INSTRUMENT TRACKING SYSTEM  MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2018-2025 ($ MILLION)

22. ASIA-PACIFIC SURGICAL INSTRUMENT TRACKING SYSTEM MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2018-2025 ($ MILLION)

23. ASIA-PACIFIC SURGICAL INSTRUMENT TRACKING SYSTEM MARKET RESEARCH AND ANALYSIS BY VERTICAL, 2018-2025 ($ MILLION)

24. REST OF THE WORLD SURGICAL INSTRUMENT TRACKING SYSTEM MARKET RESEARCH AND ANALYSIS BY TECHNOLOGY, 2018-2025 ($ MILLION)

25. REST OF THE WORLD SURGICAL INSTRUMENT TRACKING SYSTEM MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2018-2025 ($ MILLION)

26. REST OF THE WORLD SURGICAL INSTRUMENT TRACKING SYSTEM MARKET RESEARCH AND ANALYSIS BY VERTICAL, 2018-2025 ($ MILLION)

LIST OF FIGURES 

1. GLOBAL SURGICAL INSTRUMENT TRACKING SYSTEM MARKET SHARE BY TECHNOLOGY, 2018 VS 2025 (%)

2. GLOBAL SURGICAL INSTRUMENT TRACKING SYSTEM MARKET SHARE BY COMPONENT, 2018 VS 2025 (%)

3. GLOBAL SURGICAL INSTRUMENT TRACKING SYSTEM MARKET SHARE BY VERTICAL, 2018 VS 2025 (%)

4. GLOBAL SURGICAL INSTRUMENT TRACKING SYSTEM MARKET SHARE BY GEOGRAPHY, 2018 VS 2025 (%)

5. US SURGICAL INSTRUMENT TRACKING SYSTEM MARKET SIZE, 2018-2025 ($ MILLION)

6. CANADA  SURGICAL INSTRUMENT TRACKING SYSTEM MARKET SIZE, 2018-2025 ($ MILLION)

7. UK SURGICAL INSTRUMENT TRACKING SYSTEM MARKET SIZE, 2018-2025 ($ MILLION)

8. FRANCE  SURGICAL INSTRUMENT TRACKING SYSTEM MARKET SIZE, 2018-2025 ($ MILLION)

9. GERMANY  SURGICAL INSTRUMENT TRACKING SYSTEM MARKET SIZE, 2018-2025 ($ MILLION)

10. ITALY  SURGICAL INSTRUMENT TRACKING SYSTEM MARKET, 2018-2025 ($ MILLION)

11. SPAIN  SURGICAL INSTRUMENT TRACKING SYSTEM MARKET SIZE, 2018-2025 ($ MILLION)

12. ROE  SURGICAL INSTRUMENT TRACKING SYSTEM MARKET SIZE, 2018-2025 ($ MILLION)

13. INDIA  SURGICAL INSTRUMENT TRACKING SYSTEM MARKET SIZE, 2018-2025 ($ MILLION)

14. CHINA  SURGICAL INSTRUMENT TRACKING SYSTEM MARKET SIZE, 2018-2025 ($ MILLION)

15. JAPAN  SURGICAL INSTRUMENT TRACKING SYSTEM MARKET SIZE, 2018-2025 ($ MILLION)

16. REST OF ASIA-PACIFIC  SURGICAL INSTRUMENT TRACKING SYSTEM MARKET SIZE, 2018-2025 ($ MILLION)

17. REST OF THE WORLD  SURGICAL INSTRUMENT TRACKING SYSTEM MARKET SIZE, 2018-2025 ($ MILLION)

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