Reports
Global Surgical Instrument Tracking Systems Market: By Product: Hardware Systems, Software Systems, Services; By Technology: Barcodes, Radio Frequency Identification; Regional Analysis; Historical Market and Forecast (2018-2028); SWOT Analysis; Competitive Landscape; Industry Events and Developments
Global Surgical Instrument Tracking Systems Market Outlook
The global surgical instrument tracking systems market stood at a value of nearly USD 129 million in 2020. The industry is projected to grow at a CAGR of 20% over the forecast period of 2023-2028.
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The major factors driving the industry growth are the growing incidences of retained surgical instruments in the human body and the misplacement of such devices after surgical operations. Thus, the demand for advanced solutions like 2D barcodes and RFID to monitor the retained equipment is rising, boosting the sales of surgical instrument tracking systems globally.
Properties and Applications
Surgical instrument tracking systems are devices with advanced scanning technology in combination with inventory management application software, which provides management solutions for comprehensive surgical devices. It helps the user to gain full control over the surgical inventory.
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The global surgical instrument tracking systems market can be divided based on segments like product, technology, and regions.
- Products:
- Hardware Systems
- Software Systems
- Services
- Technology:
- Barcodes
- Radio Frequency Identification (RFID)
The EMR report looks into the regional surgical instrument tracking systems markets like North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.
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Market Analysis
With the growing instances of surgeries, the demand for surgical instrument tracking systems is also growing. In hospitals, the adoption of instrument tracking devices has witnessed a significant growth, which is boosting the sales of surgical instrument tracking systems globally. The factors like the growing need for inventory management coupled with the implementation of Unique Device Identification (UDI) regulations by the FDA, rapid technological development, and increased government efforts, encouraging the adoption of such devices are expected to aid the industry over the forecast period. Detection of medical equipment, along with the need for enhanced inventory management practices for surgical instruments, including sterilisation procedures, are some of the major issues encountered during the work cycle in the hospitals. Thus, the manufacturers are developing innovative technologies, which, in turn, is aiding the growth of the industry.
The software segment, among other product-types, leads the global surgical instrument tracking systems market, accounting for the highest share in the market. Further, the barcode technology, particularly 2D barcodes like data matrix and QR code, accounted for a major share in the market in 2020 owing to its increased adoption in the medical devices industry due to its low cost and robust build.
Region-wise, while North America dominated the surgical instrument tracking systems industry, accounting for the highest share in the market in 2020, the Asia Pacific is expected to witness the fastest growth rate over the forecast period owing to the untapped growth opportunities and the rapidly evolving healthcare sector in countries like China and India in the region.
Competitive Landscape
The report presents a detailed analysis of the following key players in the global surgical instrument tracking systems industry, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Censis Technologies, Inc.
- Xerafy Singapore Pte Ltd.
- Getinge AB
- Haldor Advanced Technologies
- Microsystems, Inc.
- B. Braun Melsungen AG
- SpaTrack Medical Limited
- Others
The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Product, Technology, Region |
| Breakup by Product | Hardware Systems, Software Systems, Services |
| Breakup by Technology | Barcodes, Radio Frequency Identification (RFID) |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Censis Technologies, Inc., Xerafy Singapore Pte Ltd., Getinge AB, Microsystems, Inc., B. Braun Melsungen AG, Haldor Advanced Technologies, SpaTrack Medical Limited, Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Surgical Instrument Tracking Systems Market Analysis
8.1 Key Industry Highlights
8.2 Global Surgical Instrument Tracking Systems Historical Market (2018-2022)
8.3 Global Surgical Instrument Tracking Systems Market Forecast (2023-2028)
8.4 Global Surgical Instrument Tracking Systems Market by Product
8.4.1 Hardware Systems
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Software Systems
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Services
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.5 Global Surgical Instrument Tracking Systems Market by Technology
8.5.1 Barcodes
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Radio Frequency Identification (RFID)
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.6 Global Surgical Instrument Tracking Systems Market by Region
8.6.1 Market Share
8.6.1.1 North America
8.6.1.2 Europe
8.6.1.3 Asia Pacific
8.6.1.4 Latin America
8.6.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2018-2022)
9.3.2 Forecast Trend (2023-2028)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2018-2022)
9.4.2 Forecast Trend (2023-2028)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2018-2022)
9.5.2 Forecast Trend (2023-2028)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Competitive Landscape
12.1 Market Structure
12.2 Company Profiles
12.2.1 Censis Technologies, Inc.
12.2.1.1 Company Overview
12.2.1.2 Product Portfolio
12.2.1.3 Demographic Reach and Achievements
12.2.1.4 Certifications
12.2.2 Xerafy Singapore Pte Ltd.
12.2.2.1 Company Overview
12.2.2.2 Product Portfolio
12.2.2.3 Demographic Reach and Achievements
12.2.2.4 Certifications
12.2.3 Getinge AB
12.2.3.1 Company Overview
12.2.3.2 Product Portfolio
12.2.3.3 Demographic Reach and Achievements
12.2.3.4 Certifications
12.2.4 Microsystems, Inc.
12.2.4.1 Company Overview
12.2.4.2 Product Portfolio
12.2.4.3 Demographic Reach and Achievements
12.2.4.4 Certifications
12.2.5 B. Braun Melsungen AG
12.2.5.1 Company Overview
12.2.5.2 Product Portfolio
12.2.5.3 Demographic Reach and Achievements
12.2.5.4 Certifications
12.2.6 Haldor Advanced Technologies
12.2.6.1 Company Overview
12.2.6.2 Product Portfolio
12.2.6.3 Demographic Reach and Achievements
12.2.6.4 Certifications
12.2.7 SpaTrack Medical Limited
12.2.7.1 Company Overview
12.2.7.2 Product Portfolio
12.2.7.3 Demographic Reach and Achievements
12.2.7.4 Certifications
12.2.8 Others
13 Industry Events and Developments
List of Key Figures and Tables
1. Global Surgical Instrument Tracking Systems Market: Key Industry Highlights, 2018 and 2028
2. Global Surgical Instrument Tracking Systems Historical Market: Breakup by Product (USD Million), 2018-2022
3. Global Surgical Instrument Tracking Systems Market Forecast: Breakup by Product (USD Million), 2023-2028
4. Global Surgical Instrument Tracking Systems Historical Market: Breakup by Technology (USD Million), 2018-2022
5. Global Surgical Instrument Tracking Systems Market Forecast: Breakup by Technology (USD Million), 2023-2028
6. Global Surgical Instrument Tracking Systems Historical Market: Breakup by Region (USD Million), 2018-2022
7. Global Surgical Instrument Tracking Systems Market Forecast: Breakup by Region (USD Million), 2023-2028
8. North America Surgical Instrument Tracking Systems Historical Market: Breakup by Country (USD Million), 2018-2022
9. North America Surgical Instrument Tracking Systems Market Forecast: Breakup by Country (USD Million), 2023-2028
10. Europe Surgical Instrument Tracking Systems Historical Market: Breakup by Country (USD Million), 2018-2022
11. Europe Surgical Instrument Tracking Systems Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Asia Pacific Surgical Instrument Tracking Systems Historical Market: Breakup by Country (USD Million), 2018-2022
13. Asia Pacific Surgical Instrument Tracking Systems Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Latin America Surgical Instrument Tracking Systems Historical Market: Breakup by Country (USD Million), 2018-2022
15. Latin America Surgical Instrument Tracking Systems Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Middle East and Africa Surgical Instrument Tracking Systems Historical Market: Breakup by Country (USD Million), 2018-2022
17. Middle East and Africa Surgical Instrument Tracking Systems Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Global Surgical Instrument Tracking Systems Market Structure
Key Questions Answered in the Report
In 2020, the global surgical instrument tracking systems market attained a value of nearly USD 129 million.
The market is projected to grow at a CAGR of 20% between 2021 and 2026.
The major drivers of the market include the growing incidences of retained surgical instruments in the human body and the misplacement of such devices after surgical operations, rising need for inventory management, growing technological development, and innovations in the industry.
The growing demand for advanced solutions like 2D barcodes and RFID to monitor the retained equipment is the key industry trend propelling the growth of the market.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The leading products of surgical instrument tracking systems in the industry are hardware systems, software systems, and services.
The major technologies of surgical instrument tracking systems in the market are barcodes and radio frequency identification (RFID).
The major players in the industry are Censis Technologies, Inc., Xerafy Singapore Pte Ltd., Getinge AB, Microsystems, Inc., B. Braun Melsungen AG, Haldor Advanced Technologies and SpaTrack Medical Limited, among others.
Analyst Review
The global surgical instrument tracking systems market attained a value of USD 129 million in 2020, driven by the growing incidences of retained surgical instruments in the human body. Aided by the demand for advanced solutions like 2D barcodes and RFID to monitor the retained equipment, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 20%.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on product, the industry can be divided into hardware systems, software systems, and services. By technology, the market is segmented into barcodes, and radio frequency identification (RFID). The major regional markets for surgical instrument tracking systems are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Censis Technologies, Inc., Xerafy Singapore Pte Ltd., Getinge AB, Microsystems, Inc., B. Braun Melsungen AG, Haldor Advanced Technologies, and SpaTrack Medical Limited, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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