Surgical Instrument Tracking Systems Market

Global Surgical Instrument Tracking Systems Market Size (2023 to 2028)

The global surgical instrument tracking systems market size is anticipated to grow at a CAGR of 14.11% from 2023 to 2028. The market size is estimated to be worth USD 405.6 million by 2028 from USD 209.6 million in 2023.

The surgical instrument tracking system combines innovative scanning technology with software inventory management. It provides a detailed approach to managing surgical instruments and allows users to monitor a surgical stock thoroughly. In addition, surgical tool tracking systems offer smart warnings when resources need maintenance of any kind and eliminate unnecessary expensive use-based attention. As a result, the surgical tool tracking system provides advanced technologies that support healthcare organizations in improving their surgical equipment's reliability, efficiency, and safety. Also, this device enhances the quality of life and reduces the total surgical time.

COVID-19 impact on the global surgical instrument tracking systems market:

According to the US National Library of Medicine National Institutes of Health, all operations have been postponed. The number of procedures performed has decreased due to a decrease in regular patient visits to hospitals and clinics, which is likely to stifle market growth. Because of the rapid spread of COVID-19, there is a possibility of medical supply and equipment shortages due to temporary production site closures in impacted locations or travel restrictions affecting shipments. COVID-19 has had no substantial impact on surgical supplies across geographies except for transportation-related delays caused by travel restrictions and driver scarcity.

MARKET DRIVERS:

The growing number of surgeries happening worldwide and the rising incidence of retained surgical instruments drive the global surgical instrument tracking systems market.

The demand for solutions that enable compliance, such as surgical tool tracking systems, is projected to increase as the number of devices protected by UDI continues to grow. With the advancement of technology, however, tracking systems have become more extensive. The introduction of 2D barcodes has aided sterile processing personnel incorrectly identifying instruments and establishing a detailed history of each instrument's use. The data assists the staff in determining whether the device requires repair. The growing prevalence of surgical tool misplacement and the rising number of cases of hospital-acquired infections are driving the surgical instrument monitoring system market. Other factors driving market expansion include the high prevalence of surgical tools remaining in the human body after surgery and instrument misplacement.

The FDA's implementation of a unique device identification (UDI) system increases the demand for surgical instrument tracking systems. In addition, the market participants' strategic endeavors will further boost the surgical instrument tracking systems market's growth opportunities. The most obvious trend that has a significant impact on the global market for surgical tracking systems is the increased occurrence of retained surgical instrument instances. The rising number of these cases has spurred the demand for improved instrument tracking technologies in the operating room (OT), such as RFID and barcode, which has a significant impact on the adoption of surgical tool tracking systems. As a result, surgical instrument tracking software has been in high demand, and this trend is expected to continue during the forecast period.

MARKET RESTRAINTS:

During the forecast period, high system costs, protracted investment cycles, and a lack of ROI realization limit market growth. In addition, integration issues pose a problem for healthcare providers, potentially challenging the global surgical instrument tracking systems market.

REPORT COVERAGE:

This research report on the global surgical instrument tracking systems market has been segmented and sub-segmented based on technology, component, end-user, and region.

Surgical Instrument Tracking Systems Market - By Technology:

• Bar Code
• RFID

The barcode segment is predicted to account for a significant share of the market during the forecast period based on technology. QR barcodes are more prevalent in the market due to the cost associated with installing the systems being significantly less, resulting in a high increase in barcode technology driving the market growth. In addition, the growing adoption of bar codes in the healthcare sector contributes to the segment’s growth rate.

The RFID segment is expected to register the fastest growth rate due to technological advancements comprising high durability, data storage capacity, and reusability. For instance, Haldor Advanced Technologies Ltd. offered the ORLocate Operating Room Solution to efficiently manage surgical items, including instruments, disposables, sponges, and others.

Surgical Instrument Tracking Systems Market - By Component:

• Software
• Hardware
  • Readers
  • Tags
  • Other Hardware
• Services

Based on the component, the software segment is projected to be the leader among all and is forecasted to be continuing its domination throughout the forecast period. Technology advancements in software are significant factors accelerating the segment's growth rate. For instance, IMPRESS instrument management software delivers information on serialized surgical instruments and provides continuous assistance over the phone.

The hardware segment to predicted to have a lucrative growth rate during the forecasting period. The continuous purchase of the products such as barcode and RFID labels, well-developed healthcare infrastructure, and increasing surgical procedures expand market growth. As a result, countries like France, Germany, U.K., U.S, and Japan account for the highest utilization of surgical instrument tracking systems.

Surgical Instrument Tracking Systems Market - By End-User:

• Hospitals
• Others

Based on the end-user, the hospital segment led the market in 2022. The rising incidences of surgical instruments left over in the human body during surgery are majorly driving growth for this segment. Around 20% of hospital devices, supplies, or equipment are inefficient in supply chain management, leading to a 50% reduction in the operating room's efficiency due to deprived equipment flow. The growing adoption of these devices in hospitals surges the market demand. For instance, the IMPRESS instruments used by the St. Joseph's Hospital and Medical Clinic in Arizona allow the hospitals to save more than USD 1.0 million in repair and refurbishment.

Surgical Instrument Tracking Systems Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Regionally, North America represents the most significant share of the Global Surgical instrument tracking systems market for monitoring surgical instruments and is projected to continue throughout the forecast period. In North America, the Unique Device Identification (UDI) program of the U.S. FDA was constructed to support the growing need to track medical equipment in the North American healthcare industry to accelerate product recalls and improve patient safety quality. Also, Unique Device Identification (UDI) can help the healthcare industry manage and track inventory rapidly. Hospitals may also use UDI to handle inventory or track devices internally.

However, throughout the forecast period, the Asia Pacific area is anticipated to experience the highest growth rate. Medical needs in this area are steadily rising every year, spreading across various countries, combined with increased awareness of health issues, which are accountable for the growth of the demand for the surgical instrument tracking systems market in this region.

KEY MARKET PLAYERS:

Some of the notable companies dominating the global surgical instrument tracking systems market profiled in this report are Censis Technologies, Inc., Material Management Microsystems (Microsystems, Inc.), Becton, Dickinson and Company, Haldor Advanced Technologies Ltd., Intelligent Insites, Inc., Key Surgical, Inc., Mobile Aspects, TGX Medical Systems, Xerafy, STANLEY Healthcare (Division of STANLEY Black & Decker), B. Braun Melsungen, Getinge Group, Infor, Spatrack Medical Limited and Scanlan International, Inc.

RECENT MARKET HAPPENINGS:

• Spa Track introduced a new RFID Surgical Instrument Auto-Scanner in the third quarter of 2018. The robust control system scheme provides a basis for the massive increase in healthcare management demand. The new high-performance table-top auto-scanner would be fitted with a hetero-directional, rotating processing system, representing a gigantic worldwide step towards screening a full instrument plate for just 12 seconds that will adequately recognize each single item count.
• BD announced BD's IMPRESS device management scheme integration with UniteOR's cloud-based provider leadership and surgical monitoring option in mid-2017. It helps healthcare workers to get a higher knowledge of surgical tray management in the operating room and sanitary storage unit. In addition, this integrated method reduces the particular time invested in tracking the current position of surgical instruments and trays. It enables OR employees to concentrate even more effort on the patient.
• Censis and HealthTrust signed a supplier agreement in 2019. CensiTrac subscription, as well as tailored professional services and support, are included in this agreement.
• In 2018, RST Automation released the RS AIM Interface for SPM Software, which connects Microsystems' SPM Sterile Processing Information System to RST Automation's AIM (Assisted Instrument Management) System.
• Terso Solutions announced a partnership with Medical Tracking Solutions, Inc. in June 2020. They introduced an RFID surgical loaner kit tracking technology to assist manufacturers and hospitals in gaining visibility from the warehouse to the point of usage and everything in between.