Global Surgical Instrument Tracking System Market was valued at USD 186.85 Million in 2019 and is expected to register a CAGR of 15.07% during the forecast period of 2020 to 2027.
Surgical instrument tracking systems are systems that can combine scanning technology and application software. They help healthcare professionals to access time-saving tools, leading to them performing efficient and time-saving procedures. The surgical tracking systems are very much useful in organizing surgical sets, usage cycle tracking, and documentation of instruments used, understanding the replacement of instruments, and other applications.
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Factors that drive the market growth are the high rate of adoption of the surgical instrument tracking systems by hospitals, the need to meet unique device identification mandates, the convenience provided by surgical instrument tracking system in the management of inventories, and the increasing number of surgical instruments used in various surgeries. However, the high cost of implementing automated tracking systems coupled with a fall in the number of surgeries due to a pandemic is hampering the growth of the market.
Previously, it was only used for instrument count sheet management along with a few basic tasks such as traceability of instruments. The 2D barcodes have helped sterile handling and identification of instruments and help in tracking the history of each instrument’s use. Major healthcare providers are signing long-term agreements with surgical instrument tracking system suppliers for improving the quality of the inventory management systems. For instance, recently, Universal Health Services, Inc., one of the hospital management companies, which have a large network of hospitals in the US, signed a multi-year contract with Censis Technologies, Inc. for its surgical instrument tracking system Censitrac.
Market Dynamics
The surgical instrument tracking systems are used in the healthcare facilities to streamline the workflow, regulate the costs, and reduce waste as well as for effective inventory management. There are several benefits of surgical instrument tracking systems. Key players operating in the surgical instrument tracking system market are engaged in the acquisition of companies with similar products to expand their product portfolio and maintain a global footprint. For instance, in October 2019, Fortive Corporation (US) acquired Censis Technologies, Inc. (US). This acquisition helped Fortive Corporation to add a surgical instrument tracking systems product portfolio.
The growth of the global surgical instrument tracking system market can be attributed to the high rate of adoption of the surgical instrument tracking systems by hospitals, technological advancements in the surgical instrument tracking system market, and the growing number of surgical procedures globally. Technological advancements in the surgical instrument tracking system segment are reducing the time required for the process and increasing the accessibility and efficiency of inventory management in the medical facilities. It is also providing real-time data collection and monitoring of surgical instruments used in the healthcare facility. The market players have been engaged in the development of innovative products and services for catering to the needs of the healthcare providers. For instance, in October 2018, Spa Track launched a new Auto-Scanner RFID Surgical Instrument. It is a hetero-directional, rotating processing system that takes only 12 seconds for screening a complete instrument plate and can be inaccurate monitoring of every single registration number of items. Such technological advancements are expected to encourage the growth of the global surgical instrument tracking system market during the forecast period
Segmentation
Global Surgical Instrument Tracking System Market has been divided based on Components, Technology, and End-Use.
The market, based on components, has been segmented into hardware, software, and services. The hardware segment accounted for a significant market share of 51.6% in 2019. This large share can be attributed to its growing technological advancements, which is driving the adoption of these devices for inventory management. The hardware segment is further divided into readers, tags, and others.
The market, based on technology, has been bifurcated into barcode tracking and radio frequency identification. The Barcode tracking segment dominated the global surgical instrument tracking system market in 2019. Owing to the low cost of installation has resulted in the increased adoption of barcode technology in the surgical instrument tracking systems market. It held a market share of 86.9% in 2019.
On the basis of end use, the global surgical instrument tracking system market has been classified as hospitals and others. The hospitals segment dominated the global surgical instrument tracking system market in 2019. The large share of 83.0% of hospitals is attributable to the need to cut healthcare expenditure and manage existing instruments for tracking solutions.
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