Exponential Demand for RFID Tags Positions Surgical Instrument Tracking Market at Over US$1,294.89 Million
NEW YORK, February 16, 2022 /PRNewswire/ — Fact.MR – A market research and competitive intelligence provider: The global surgical instrument tracking market should reach US$1,294.89 million in 2032 and grows at a CAGR of 18% over the forecast period of 2022 to 2032, estimates Fact.MR. The rapid integration of new scanning technologies such as barcodes and radio frequency identification (RFID) with existing tracking systems is a major factor likely to drive sales in this market.
The continued development of unique software solutions for inventory management is expected to drive the adoption of surgical instrument tracking systems in the years to come. These systems are designed to help healthcare providers increase overall efficiency and reduce costs.
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The growing focus of various industries on initiating smooth workflows and reducing loss of valuable assets is a crucial factor driving the growth of the market. Leading manufacturers of surgical instrument tracking devices are engaging in collaborations with start-ups or local companies to access next-generation technologies.
In May 2020for example, STANLEY Health and Cisco DNA Spaces have partnered to fully integrate the former’s AeroScout Real-Time Location System (RTLS) platform with the latter’s Indoor Location Services platform. This acquisition would allow both companies to provide enterprise-wide visibility into the status and location of people and assets in healthcare. Thus, the focus by several organizations on similar strategies to develop new tracking solutions for healthcare professionals is likely to increase growth.
“Continuous advancements in the computing and electronics sectors are expected to drive the demand for improved tracking solutions that can effectively record real-time information. Apart from this, the growing popularity of RFID technology is enabling in due to its various advantages, such as greater detection range and memory, over passive RFID technology, is expected to drive growth,” says an analyst at Fact.MR.
Key points to remember:
- Based on the technology, the RFID-based systems segment is expected to grow at a CAGR of 18.4% through 2032, supported by strong demand for wireless scanning solutions in hospitals.
- By end-user, the hospital operating room segment is expected to hold around 33% of the revenue share in 2022 with the increasing automation in the healthcare industry.
- In terms of products, the service segment is expected to dominate owing to the growing number of surgeries in various countries around the world.
- The United States is expected to dominate the market due to growing government initiatives to encourage the installation of advanced equipment surgical instrument tracking equipment.
- Japan The surgical instrument tracking market is expected to witness lucrative growth owing to the development of RFID technology to improve multiple processes in the healthcare sector.
- North America is expected to account for around 38.5% of the share in 2022.
- Asia Pacific is expected to hold approximately 19% of the share over the valuation period.
- The implementation of strict regulations by governments requiring manufacturers to perform direct marking at an individual instrument level is expected to fuel the market.
- Displacement of Surgical instruments is expected to drive the demand for progressive solutions such as RFID and 2D barcodes for surveillance purposes.
- The need to ensure the right tools are available on time for every surgery to improve patient outcomes in hospitals is believed to be accelerating growth.
- The requirement for high upfront investments that encompass the costs of application middleware, beacons, hardware, and software can hinder growth.
- Lack of return on investment (ROI) assessment and insufficient awareness of cost-benefit analysis of tracking systems can hinder the market.
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The major players operating in the global surgical instrument tracking market aim to adopt unique approaches, such as acquisitions, mergers, technological advancements and revolutionary marketing tactics to strengthen their positions. Some of the other key players are focusing on investing huge sums in research and development activities to come up with innovative products to meet the high demand from a wide range of industries.
- November 2020: STERIS plc, a renowned medical device company based in the United States, has completed the acquisition of Key Surgical, a manufacturer of sterile processing products. This acquisition would help the company strengthen, expand and complement its global reach, as well as its product offering. It would also allow the company to provide better service to customers and create additional value for shareholders.
- July 2020: Vizinex RFID, which is a designer and manufacturer of RFID tags for various applications, introduced 6012 Flexible and 6027 Flexible, two of the company’s metal-printable flexible tags to provide robust performance at a relatively low cost. These beacons are IP67 rated, durable and offer mounting flexibility. These properties would make the beacons ideal for use in several types of indoor assets.
Key Players of Surgical Instrument Tracking Market include:
- Becton Dickinson and Company
- Cantel Medical Corporation (MEDIVATORS Inc.)
- Steris Plc.
- Key surgery
- Getinge AB
- GS1 United Kingdom
- Intelligent InSites, Inc.
- Olympus Society
- LM-Instruments Oy
- TGX Medical Systems
- Censis Technologies Inc.
- Haldor Advanced Technologies Ltd.
- Braun Melsungen (Aesculapius)
- Keir surgery
- STANLEY Health
- Mobile Aspects Inc.
- Besco SPRL
More Valuable Insights into Surgical Instrument Tracking Market
Fact.MR provides an unbiased analysis of the Surgical Instrument Tracking market, showcasing historical demand data (2017-2021) and forecast statistics for the period 2022-2032. The study discloses compelling insights into the Global Surgical Instrument Tracking Market with detailed segmentation on the basis of:
- Surgical Instrument Tracking Console
- Surgical Instrument Tracking Software
- Surgical Endoscope Tracking and Management System
- Surgical Instrument Tracking Services
- Barcode-based surgical instrument tracking systems
- RFID Based Surgical Instrument Tracking Systems
Per end user
- Surgical Instrument Tracking for Hospitals Sterile Processing Department (SPD)
- Surgical Instrument Tracking for Hospital Operating Rooms
- Surgical Instrument Tracking for Ambulatory Surgery Centers
- Surgical Instrument Tracking for In-Office Specialty Clinics
- North America
- Latin America
- East Asia
- South Asia
- Environment Asia & Africa (SOUL)
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Key Questions Covered in the Surgical Instrument Tracking Market Report
- The report offers an overview of the demand outlook for the Surgical Instrument Tracking market for 2022-2032.
- The market study also highlights the predicted sales growth for the surgical instrument tracking market between 2022 and 2032.
- The Surgical Instruments Tracking Market study identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current and forecast market size and technological advancements at the within the industry.
- Analyze the Surgical Instrument Monitoring market share of major companies in the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, etc.
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