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By 2030, the global market for surgical instrument monitoring systems is expected to be worth $0.69 billion, up from a 2022 valuation of $0.29 billion. This represents a CAGR of 12.5% from 2023 to 2030. The rise of the markets for medical devices and surgical instruments, as well as the increasing necessity of complying with FDA unique device identification rules, are among the most important factors fueling the expansion of these markets.
The pressure to cut costs and boost productivity has increased the value of tracking systems among healthcare providers. Improved inventory and asset management practices are crucial to this initiative. Users care primarily about preventing the waste of important resources and maintaining uninterrupted processes. The expansion of the market for surgical tools and the FDA's requirements for uniquely identifying medical devices also contribute to the expansion of this sector. Market expansion is anticipated to be tempered by factors such as high system costs, lengthy investment cycles, financial constraints, and technology limits. The first quarter of 2021 saw a small slowdown in growth as a result of the COVID-19 epidemic. As both planned and unplanned operations were put on hold or canceled all around the world, there was a significant drop in demand for surgical instrument tracking systems and associated supplies.
Manufacturers are obligated to keep track of surgical tools from the time they are made until they are delivered to the hospital. The goal of device tracking is to facilitate rapid device location in commercial distribution by facilitating communication between instrument manufacturers and distributors. Growth in the market for surgical instrument tracking systems is anticipated to be fueled by the UDI (Unique Device Identification) regulations suggested by the US Food and Drug Administration (FDA). Manufacturers, reprocessors, specification developers, repackagers, and relabelers (collectively referred to as "labelers") of surgical instruments are required to use direct marking on each unique instrument in accordance with UDI regulations.
A large sum of money must be spent at the outset on surgical instrument tracking systems. This includes the purchase and installation of the necessary application software, hardware, tags, and middleware; the integration of the barcode and RFID framework with the existing system; and the payment of consulting fees, staff training, and other related expenses. Although RFID tags and readers have become much more affordable, the cost to deploy such a system has increased due to the need for supplementary hardware and software. When compared to more conventional systems, such barcode-based ones, the overall cost of adopting automated surgical instrument monitoring systems employing RFID is relatively expensive. Most automated systems for tracking surgical instruments are expensive to set up and have a lengthy return on investment horizon.
Manufacturers of medical devices are required by the FDA's Unique Device Identification (UDI) regulation to label and trace their goods in a way that allows for identification at every stage of the distribution and usage chain. As a result of this rule, hospitals and other healthcare institutions will need surgical instrument monitoring systems that are UDI compliant and can aid in the management of medical device inventories. In order to improve inventory management, surgical instrument tracking systems are installed to monitor the whereabouts and utilization of surgical tools in real time. By ensuring that the appropriate tools are utilized during the appropriate procedures, these systems can also help to limit the occurrence of medical errors. Increased demand for surgical instrument tracking systems is anticipated as a result of the FDA's UDI rule. Healthcare providers' efforts to meet UDI standards, as well as the promise of enhanced inventory management and patient safety, are projected to fuel the market's compound annual growth rate.
The distribution chain for surgical instruments must be monitored by the manufacturer. Instrument makers can employ device tracking to ensure that they have a system in place that will allow them to easily locate their products in commercial distribution. The proposed UDI (Unique Device Identification) regulations from the US FDA (Food and Drug Administration) are expected to boost the market for surgical instrument tracking systems. Direct marking at the level of the individual instrument is essential for manufacturers, resource and specification authors, re-packagers, and relabelers of surgical instruments to meet UDI standards. Class I devices used in surgery were required to comply with these FDA guidelines until September 24, 2020. The date was pushed back to September 24, 2022. In addition, the GUDID (Unique Device Identifier Database) requires labelers to provide information on each device to the FDA. This database serves as a catalog of available devices. This is a major factor in the growth of the market for surgical instrument monitoring systems.
Report Coverage
Global Surgical Instrument Tracking Systems research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Surgical Instrument Tracking Systems report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Surgical Instrument Tracking Systems competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Surgical Instrument Tracking Systems market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Surgical Instrument Tracking Systems market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Surgical Instrument Tracking Systems market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Fortive Corporation (US), Material Management Microsystems (US), Becton, Dickinson and Company (BD) (US), Haldor Advanced Technologies (US), Getinge AB (Sweden), STERIS (US), STANLEY Healthcare (US), Mobile Aspects (US), Integra LifeSciences Holdings Corporation (US), Xerafy (Singapore), B. Braun Melsungen AG (Germany), SpaTrack Medical Limited (UK), Scanlan International, Inc. (US), Case Medical (US), ASANUS Medizintechnik GmbH (Germany), Keir Surgical Ltd. (Canada), TechnoSource Australia Pty Ltd. (Australia), NuTrace (US), Vizinex RFID (US), ScanCARE Pty Ltd. (US), RFID Discovery (UK), Healthtech Pivot LLP (India), RMS Omega Healthcare (US), Avery Dennison Corporation (US), and Surgical Safety Scanner (US).
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Surgical Instrument Tracking Systems market based on the below-mentioned segments:
Global Surgical Instrument Tracking Systems Market, By Components
Hardware
Software
Services
Global Surgical Instrument Tracking Systems market, By System Type
Barcode Tracking
Radio Frequency Identification
Global Surgical Instrument Tracking Systems Market, By End User
Hospitals
Others
Global Surgical Instrument Tracking Systems market, Regional Analysis
The pressure to cut costs and boost productivity has increased the value of tracking systems among healthcare providers. Improved inventory and asset management practices are crucial to this initiative. Users care primarily about preventing the waste of important resources and maintaining uninterrupted processes. The expansion of the market for surgical tools and the FDA's requirements for uniquely identifying medical devices also contribute to the expansion of this sector. Market expansion is anticipated to be tempered by factors such as high system costs, lengthy investment cycles, financial constraints, and technology limits. The first quarter of 2021 saw a small slowdown in growth as a result of the COVID-19 epidemic. As both planned and unplanned operations were put on hold or canceled all around the world, there was a significant drop in demand for surgical instrument tracking systems and associated supplies.
Manufacturers are obligated to keep track of surgical tools from the time they are made until they are delivered to the hospital. The goal of device tracking is to facilitate rapid device location in commercial distribution by facilitating communication between instrument manufacturers and distributors. Growth in the market for surgical instrument tracking systems is anticipated to be fueled by the UDI (Unique Device Identification) regulations suggested by the US Food and Drug Administration (FDA). Manufacturers, reprocessors, specification developers, repackagers, and relabelers (collectively referred to as "labelers") of surgical instruments are required to use direct marking on each unique instrument in accordance with UDI regulations.
A large sum of money must be spent at the outset on surgical instrument tracking systems. This includes the purchase and installation of the necessary application software, hardware, tags, and middleware; the integration of the barcode and RFID framework with the existing system; and the payment of consulting fees, staff training, and other related expenses. Although RFID tags and readers have become much more affordable, the cost to deploy such a system has increased due to the need for supplementary hardware and software. When compared to more conventional systems, such barcode-based ones, the overall cost of adopting automated surgical instrument monitoring systems employing RFID is relatively expensive. Most automated systems for tracking surgical instruments are expensive to set up and have a lengthy return on investment horizon.
Manufacturers of medical devices are required by the FDA's Unique Device Identification (UDI) regulation to label and trace their goods in a way that allows for identification at every stage of the distribution and usage chain. As a result of this rule, hospitals and other healthcare institutions will need surgical instrument monitoring systems that are UDI compliant and can aid in the management of medical device inventories. In order to improve inventory management, surgical instrument tracking systems are installed to monitor the whereabouts and utilization of surgical tools in real time. By ensuring that the appropriate tools are utilized during the appropriate procedures, these systems can also help to limit the occurrence of medical errors. Increased demand for surgical instrument tracking systems is anticipated as a result of the FDA's UDI rule. Healthcare providers' efforts to meet UDI standards, as well as the promise of enhanced inventory management and patient safety, are projected to fuel the market's compound annual growth rate.
The distribution chain for surgical instruments must be monitored by the manufacturer. Instrument makers can employ device tracking to ensure that they have a system in place that will allow them to easily locate their products in commercial distribution. The proposed UDI (Unique Device Identification) regulations from the US FDA (Food and Drug Administration) are expected to boost the market for surgical instrument tracking systems. Direct marking at the level of the individual instrument is essential for manufacturers, resource and specification authors, re-packagers, and relabelers of surgical instruments to meet UDI standards. Class I devices used in surgery were required to comply with these FDA guidelines until September 24, 2020. The date was pushed back to September 24, 2022. In addition, the GUDID (Unique Device Identifier Database) requires labelers to provide information on each device to the FDA. This database serves as a catalog of available devices. This is a major factor in the growth of the market for surgical instrument monitoring systems.
Report Coverage
Global Surgical Instrument Tracking Systems research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Surgical Instrument Tracking Systems report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Surgical Instrument Tracking Systems competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Surgical Instrument Tracking Systems market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Fortive Corporation (US), Material Management Microsystems (US), Becton, Dickinson and Company (BD) (US), Haldor Advanced Technologies (US), Getinge AB (Sweden), STERIS (US), STANLEY Healthcare (US), Mobile Aspects (US), Integra LifeSciences Holdings Corporation (US), Xerafy (Singapore), B. Braun Melsungen AG (Germany), SpaTrack Medical Limited (UK), Scanlan International, Inc. (US), Case Medical (US), ASANUS Medizintechnik GmbH (Germany), Keir Surgical Ltd. (Canada), TechnoSource Australia Pty Ltd. (Australia), NuTrace (US), Vizinex RFID (US), ScanCARE Pty Ltd. (US), RFID Discovery (UK), Healthtech Pivot LLP (India), RMS Omega Healthcare (US), Avery Dennison Corporation (US), and Surgical Safety Scanner (US). |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Surgical Instrument Tracking Systems Market from 2021 to 2030.
- Market Forecast for Surgical Instrument Tracking Systems Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Surgical Instrument Tracking Systems competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Surgical Instrument Tracking Systems
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Surgical Instrument Tracking Systems market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Surgical Instrument Tracking Systems market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Fortive Corporation (US), Material Management Microsystems (US), Becton, Dickinson and Company (BD) (US), Haldor Advanced Technologies (US), Getinge AB (Sweden), STERIS (US), STANLEY Healthcare (US), Mobile Aspects (US), Integra LifeSciences Holdings Corporation (US), Xerafy (Singapore), B. Braun Melsungen AG (Germany), SpaTrack Medical Limited (UK), Scanlan International, Inc. (US), Case Medical (US), ASANUS Medizintechnik GmbH (Germany), Keir Surgical Ltd. (Canada), TechnoSource Australia Pty Ltd. (Australia), NuTrace (US), Vizinex RFID (US), ScanCARE Pty Ltd. (US), RFID Discovery (UK), Healthtech Pivot LLP (India), RMS Omega Healthcare (US), Avery Dennison Corporation (US), and Surgical Safety Scanner (US).
Primary Target Market
- Market Players of Surgical Instrument Tracking Systems
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Surgical Instrument Tracking Systems market based on the below-mentioned segments:
Global Surgical Instrument Tracking Systems Market, By Components
Hardware
Software
Services
Global Surgical Instrument Tracking Systems market, By System Type
Barcode Tracking
Radio Frequency Identification
Global Surgical Instrument Tracking Systems Market, By End User
Hospitals
Others
Global Surgical Instrument Tracking Systems market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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