Surgical instrument tracking system is a blend of latest scanning technology and application software for inventory management. Surgical instrument tracking solution offers the most advanced technology that assists healthcare organisation in improving the efficiency, quality and safety of their surgical equipment and allows the user in full control of a surgical inventory. Besides, these systems also aids in smart alerts when assets require any kind of maintenance and removes unnecessary costly attention based upon the use. For example, RFID surgical instrument tracking system enables hospitals to have a speedier, comprehensive accounting of materials before and after surgery.

SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET OUTLOOK

The growth of surgical instrument tracking system market is mainly driven by the necessity for better inventory and asset management practices, the need to meet FDA Unique Device Identification mandates, rising incidence of retained surgical instruments in the human body after surgery and instrument misplacement and the growth of the surgical instruments market. As indicated by National Center for Biotechnology Information (NCBI), the fatality rate of retained surgical objects is around 2.0%. Therefore, the need for advanced technologies such as 2D barcodes and RFID to track the retained instruments while the patient is still in the operation theatre is increasing. 

Besides, High adoption of instrument tracking products by hospitals and technological advancements and efforts from governments to implement adoption of these devices are expected to further fuel the market over the estimated timeframe.

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COVID 19 PANDEMIC IMPACT ON SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET OUTLOOK

Health care systems worldwide have been affected by the novel severe acute respiratory syndrome coronavirus emergence since December 2019. The impact of COVID-19 on surgical practice is widespread, ranging from workforce and staffing issues, procedural prioritisation, viral transmission risk intraoperatively, changes to perioperative practice and ways of working alongside the impact on surgical education and training. The COVID-19 pandemic caused a steep decrease in elective surgery scheduling, to the extent of complete cancellation without future planning of safe development. The decline in number of surgeries being conducted, the surgical instrument tracking system market is expected to decline in market growth.

SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET SEGMENTAL OVERVIEW

The report analyses the global a surgical instrument tracking systems market based on technology, component, end user and geography. 

SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET BY TECHNOLOGY

Surgical Instrument Tracking Systems market technology is bifurcated into Barcode and RFID. Barcode technology is most used type of tracking technology and its augmented adoption in medical devices industry owing to the low installation cost of these products boost the growth of the market. On the other hand, RFID technology segment is expected to observe fastest CAGR during the estimated timeframe. Technological advancements as well as high durability, more data storage capacity, reusability are the factors that will contribute to the segment growth.

SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET BY COMPONENT

Surgical instrument tracking systems major component consists of hardware, software, and services. Hardware consists of readers, tags and other hardware. RFID tags and surgical tracking management solutions in healthcare organizations can automatically track critical equipment and ensure that the correct and appropriate tools are available for each surgical procedure. Technological advancements in software is a major factor driving the adoption of these devices for inventory as well as surgical instrument management.

SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET BY END USER 

By end user, the market is categorised into hospitals and other end users. The hospitals segment is projected to account for the largest share of the market. Speedily increasing patient volume and the consequent increase in the number of complex surgeries, easy accessibility to multiple specialty treatments in a single facility are the central point driving the development of this end-user segment.

SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET BY GEOGRAPHY

By geography, the global surgical instrument tracking systems market is analysed across key regions such as, North America, Europe, Asia Pacific, and Rest of the world. The dominance of North America is attributed to factors growing geriatric population presence of highly developed healthcare infrastructure, rapid adoption of advanced technology and products, and high per capita healthcare expenditure. Other prominent factor for the larger market share are the highest local presence of global players, and higher public private spending as a percentage of GDP (resulting in better healthcare facilities and infrastructure).

Asia Pacific is anticipated to observe highest CAGR growth over the forecast period owing to the factors such as presence of a large patient pool in economies such as India and China. Moreover, increasing number of surgical procedures coupled with rapidly developing healthcare infrastructure in Asian countries will increase the industry size over the forecast period.

SURGICAL INSTRUMENT TRACKING SYSTEMS MARKET KEY PLAYERS

Some of the key players operating in the s market are Fortive Corporation Group , Material Management Microsystems, Becton, Dickson and Company, Haldor Advanced Technologies, Key Surgical,Inc., Mobile Aspects , TGX Medical Systems , Xerafy, Stanley Healthcare (Israel), B.Barun Melsungen , Gentinge Group, Steris Instrument Management Services, Koch Industries , SpaTrack Medical Limited, Scanlan International,Inc. , Case Medical, Asanus Medizintechnik Gmbh Inc., Keir Surgical Ltd., Intechnology Distribution PTY Ltd., and Nutrace among others.

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