Market Research Report
Global Surgical Instrument Tracking Devices Market: Focus on Product Type, Technology, End User, 10 Countries' Data, and Competitive Landscape - Analysis and Forecast, 2021-2031
|Published by||BIS Research Inc.||Product code||1009535|
|Published||Content info||188 Pages
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|Global Surgical Instrument Tracking Devices Market: Focus on Product Type, Technology, End User, 10 Countries' Data, and Competitive Landscape - Analysis and Forecast, 2021-2031|
|Published: June 2, 2021||Content info: 188 Pages||
Global Surgical Instrument Tracking Devices Market to Reach $868.2 Million by 2031
Market Report Coverage - Surgical Instrument Tracking Devices
Market Growth Drivers
Key Surgical Instrument Tracking Devices Companies Profiled
ASANUS Medizintecknik GmbH, B Braun Melsungen AG, Becton, Dickinson and Company, FingerPrint Medical Limited, Fortive Corporation, Getinge AB, Haldor Advanced Technologies, Integra LifeSciences Holdings Corporation, Murata Manufacturing Co., Ltd., NuTrace, Scanlan International, SpaTrack Medical Limited, Stanley Black & Decker, Inc., Steris plc. and Xerafy Singapore Pte Ltd.
Key Questions Answered in this Report:
Global Surgical Instrument Tracking Devices Market Overview
The surgical instrument tracking devices are a combination of tracking devices that are specially designed to be implemented on surgical instruments. Barcodes and radio frequency identification devices (RFIDs) are two types based on technology. By product type, surgical instrument tracking devices can be categorized into hardware, software, and services. Surgical instrument tracking devices are currently dominated by RFIDs and hardware. These systems are focused on the idea of having more information than just the location of surgical instruments, which is an important factor in surgical instrument asset management. Due to the growing concerns regarding patient safety, the government and healthcare regulatory bodies have made the implementation of tracking devices on surgical instruments mandatory in hospitals and surgical ambulatory centers. Adoption of these devices has been seen in recent years to save a lot of manpower and resources, which has aided hospital inventory management and boosted the surgical instrument tracking devices market.
The surgical instrument tracking devices market report highlights that the radio frequency identification device (RFID) market was valued at $283.4 million in 2020 and is expected to reach $685.9 million by the end of 2031. The market for RFID is anticipated to grow at a CAGR of 9.0% during the forecast period 2021-2031.
Global Surgical Instrument Tracking Devices Market Dynamics
Patient safety and resource management are top priorities in healthcare practice. Doctors, nurses, administrators, and staff work to strengthen them every day. Furthermore, even the most experienced practitioners are susceptible to human error. Patient safety has vastly improved in recent decades, owing in large part to advancements in technology.
It is no secret that hospitals often handle millions of dollars in assets, making inventory management of the surgical assets a time-consuming and laborious task. To ensure patient safety and quality of care, most healthcare providers rely heavily on surgical instrument tracking devices technology.
Presently, the factors driving the growth of the market as per the surgical instrument tracking devices market report include increasing need for inventory management and implementation of unique device identification (UDI) regulations by the FDA inciting the use of surgical instrument tracking devices, rising number of surgical procedures globally propels the demand for surgical instrument tracking devices. Also, the availability of technologically advanced products offering more features in tracking devices and factors like time pressure and infections faced by the hospital lead to a rise in demand for surgical instrument tracking devices.
All the surgical instrument tracking devices, such as barcode and radio frequency identification devices (RFID), are based on features like temperature resistance, heavy chemical resistance, resistance from heavy metal and liquids, and resistance to other harsh environments. While RFIDs and barcodes offer a variety of benefits to end users, such as providing real-time location and a wealth of other data, this technology faces a number of challenges, especially in the workplace, where devices must withstand harsh conditions. Aside from these technological issues, the COVID-19 pandemic has had a negative impact on the market by causing delays in elective procedures all over the world.
The challenges that are restricting the growth of the market include technological limitations and a fall in elective surgeries across the globe during the COVID-19 pandemic, which impacted the market negatively.
With developments in instrument tracking technology and their implementation in the healthcare field, the surgical instrument tracking devices market provides numerous tremendous opportunities. The correct evidence-based methodology, quantitative evaluation, and high-value technology would transform market dynamics by integrating emergent innovations into established products.
The surgical instrument tracking devices market could benefit from an increase in the number of cases of retained surgical instruments, as well as the growth and high demand for IoT in surgical instrument tracking devices.
Impact of COVID-19 on the Global Surgical Instrument Tracking Devices Market
The impact of the COVID-19 pandemic on economies and societies across the globe cannot be undermined. COVID-19 has impacted elective surgeries and procedures around the globe, which have negatively impacted the surgical instrument tracking devices market. The pandemic created backlogs for elective procedures leading to a decline in the need for surgical instrument tracking devices.
The COVID-19 pandemic has adversely impacted the business development and deployment activities of surgical instrument tracking devices products manufacturers. Engineers and experts are not able to begin the manufacturing of advanced chips, among other products, in specific countries such as South Korea. Many of the potential business partners are unable to make on-site visits to facilities or industry conferences for experience and trials of the various newly developed data science and surgical planning systems. The external labs affected by COVID-19 are experiencing delays in obtaining regulatory approval, thus increasing operating expenses. COVID-19 has also resulted in shutdowns or disruptions of business for many companies' manufactures and suppliers.
The long-term effect of the COVID-19 pandemic on the activities of companies or their third-party partners, on the other hand, would be largely determined by future developments and the resumption of normal business operations, all of which are highly uncertain.
Global Surgical Instrument Tracking Devices Market (by Technology)
Different technologies that are studied and analyzed under surgical instrument tracking devices market report include barcode and radio frequency identification device (RFID).
Radio frequency identification device (RFID) generates the highest revenue in the surgical instrument tracking devices market, and barcode is expected to rise at a faster pace between 2021 and 2031. This is mostly due to a rise in barcode adoption due to lower prices and being user-friendly.
Global Surgical Instrument Tracking Devices Market (by Product Type)
Different product types that are studied and analyzed under surgical instrument tracking devices market report include hardware, software, and services.
In the surgical instrument tracking devices market, the hardware segment generates the most revenue, while the software segment is projected to expand at the fastest rate during the forecast period 2021-2031. This is primarily due to a transition in hospital and ambulatory care centers toward digitalization and improved inventory management, necessitating the use of programs/tools that provide easily readable information.
Global Surgical Instrument Tracking Devices Market (by Region)
The different regions covered under the surgical instrument tracking devices market report include North America, Europe, Asia-Pacific, and Rest-of-the-World.
North America dominated the global surgical instrument tracking devices market in 2020 and is anticipated to uphold its dominance throughout the forecast period. The growth in the market is majorly driven by the increasing adoption of surgical instrument tracking devices after several cases of retained "foreign bodies" were reported across the globe. It is mandatory in several countries to implement surgical instrument tracking devices for patient's safety during an operative procedure. Also, the ongoing trend for digital transformation is putting a significant impact on the market growth.
Key Market Players and Competition Synopsis
Some of the key players operating in the market include Steris plc., Stanley Black & Decker, Becton, Dickinson and Company, B. Braun Melsungen AG, Fortive Corporation, Getinge AB, Murata Manufacturing Co., Ltd, Integra LifeSciences Holdings Corporation, ASANUS Medizintechnik GmbH, FingerPrint Medical Limited, among others.
The surgical instrument tracking devices market has witnessed several strategic and technological developments in the past few years undertaken by the different market players to attain their respective market shares in this emerging domain. Some of the strategies covered in this segment are product offerings and upgradation, partnerships, alliances and business expansions, mergers and acquisitions, funding activities, and regulatory and legal activities. The preferred strategy for companies has been product offerings and upgradation.