Surgical Instruments Tracking Devices Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented by Component (Hardware, Software, Services), By Technology (Barcode Systems, Radio Frequency Identification Devices (RFID) Systems, Internet of Things (IoT)), By End User (Hospitals, Ambulatory Surgical Centers, Others), By Region and Competition

The global surgical instruments tracking devices market is anticipated to witness an impressive growth during the forecast period. This can be ascribed to the increasing population need for better medical technology in the developing countries. Additionally, growing initiative and investments by government organizations for developing new software for tracking hospital data and diagnostic centres have significantly increased the demand for surgical instruments tracking devices, across different parts of the globe. Additionally, growing adoption of new technology in the healthcare sector has significantly increased and this awareness of using tracking device and benefits is further expected to increase the demand for surgical instruments tracking device, thereby fuelling the market growth through 2028. Furthermore, increasing number of major key players in the market focus on developing new technology for benefit of users is further expected to increase the demand for surgical instruments tracking device market growth. According to a report published in January 2022 by the International Society of Aesthetic Plastic Surgery, the top five surgical procedures performed worldwide in aesthetics in 2020 were Breast Augmentation (1,624,281), Liposuction (1,525,197), Eyelid Surgery (1,225,540), Rhinoplasty (852,554), and Abdominoplasty (765,248). Surgical instruments tracking devices are specialized systems designed to track and manage surgical instruments throughout their lifecycle, from sterilization and storage to use and disposal. These devices use a range of technologies, such as RFID (Radio Frequency Identification) and barcode scanning, to provide real-time tracking and monitoring of surgical instruments. Surgical instruments tracking devices are relatively expensive, which could make them unaffordable for smaller healthcare facilities. This could limit the adoption of the devices, particularly in emerging markets. Many healthcare professionals are not aware of the benefits of surgical instruments tracking devices, which could limit their adoption. Education and training programs are necessary to increase awareness among healthcare professionals. Implementing surgical instruments tracking devices can be complex and requires significant changes to existing workflows. Healthcare facilities may be hesitant to invest in the devices due to the potential disruption to their operations. Surgical instruments tracking devices generate a large amount of data, which could be vulnerable to cyber threats. Healthcare facilities must implement robust data security measures to protect patient information. There is currently a lack of standardization in the surgical instruments tracking devices market, which could make it challenging for healthcare facilities to select and integrate the right devices into their operations.

Increasing Number of Surgical Procedure

Increasing number of accidental injuries along with growing prevalence of chronic diseases such as cardiovascular disorders, cancer, arthritis and obesity will further boost the market growth during the forecast period. Similarly, growing geriatric population is more susceptible to injuries and diseases so people are looking for minimally invasive surgery. This is expected to create a lucrative growth during the forecast period. Along with this, increasing urbanization, increasing level of disposable income and growing emphasis on better patient care and inventory managements are the major market drivers that will further propel the growth of surgical instrument tracking device market over the years. Similarly, the increasing number of people undergoing surgical procedures, is one of the key causes driving the need for surgical tool tracking devices in hospitals to improve surgical care safety. Between two and three million people are injured in motor vehicle crashes on U.S. roads every year. In 2019, the injury rate per 100,000 population stood at 835. The increasing prevalence of chronic diseases such as cancer and cardiovascular diseases, along with the aging population, has led to a rise in the number of surgical procedures globally. This has resulted in a corresponding increase in the demand for surgical instruments tracking devices. Real-time tracking of surgical instruments is necessary to reduce the risk of surgical site infections, improve the efficiency of surgical procedures, and reduce the overall cost of healthcare. Surgical instruments tracking devices use RFID technology to track the instruments, ensuring that they are accounted for during and after surgical procedures. Minimally invasive surgical procedures require specialized surgical instruments that need to be tracked during the procedure. The increasing adoption of minimally invasive surgical procedures is driving the growth of the surgical instruments tracking devices market. Medical technology has advanced rapidly over the past few decades, allowing for new and improved surgical techniques that are less invasive and have better outcomes. For example, minimally invasive surgery (MIS) allows for smaller incisions, shorter recovery times, and fewer complications. As the population ages, the demand for surgical procedures increases. Older adults are more likely to have medical conditions that require surgery, such as joint replacement or heart surgery. Lifestyle factors such as poor diet, lack of exercise, and smoking can lead to chronic conditions that require surgery, such as obesity, heart disease, and cancer. Improvements in healthcare access and insurance coverage have made it easier for patients to undergo surgeries they may not have been able to afford or access in the past. With the rise of the internet and social media, patients have greater access to information about medical conditions and surgical procedures, making them more likely to seek out treatment options.

Growing Development of Infrastructure in Healthcare Sector

Growing number of individuals undergoing surgical operations is the main reasons for the need for surgical tool monitoring systems in hospitals to improve surgical care safety. Similarly, the growing incidence of chronic diseases such as cardiovascular disorders, cancer, arthritis, and obesity, as well as the growing elderly population, would have a significant impact on the growth of the surgical tool tracking systems market. Also growing demand for patient care management will further boost the market growth during the forecast period. Detego, a business intelligence solutions provider for fashion retailers, has released the newly developed RFID based management software with a new feature called as Smart Shield. This new technological advancement utilizes machine learning to accurately determine the relative location of individual RFID tags, which will drastically improve costs and process efficiencies for retailers implementing RFID, resulting in propelling the market growth. Technological advancements such as the integration of artificial intelligence and machine learning in surgical instruments tracking devices are driving the growth of the market. These technologies help in improving the accuracy and efficiency of the devices. Governments across the world are taking initiatives to improve healthcare infrastructure, which is driving the growth of the surgical instruments tracking devices market. For instance, in the US, the Affordable Care Act has led to an increase in the number of insured individuals, which has resulted in a rise in the number of surgical procedures. Ultrasonic sensors can be embedded in surgical instruments to track their location and movement in real-time. This technology can also be used to detect the presence of instruments that may have been accidentally left inside a patient. Barcodes can be attached to surgical instruments and scanned using handheld devices to track their location and usage. This technology can also be used to ensure that the correct instruments are used for a particular procedure. Computer vision technology uses cameras and machine learning algorithms to track surgical instruments in real-time. This can help prevent instruments from being left inside a patient by alerting the surgical team if an instrument is missing at the end of a procedure.

Recent Developments

• In October 2020, Steris- a seller of infection prevention, surgical equipment, and other hospital products has acquired Key Surgical in a US$850 million deal that adds complementary product lines and expands its geographic reach.
• In 2020, Vizient, Inc. launched its new RFID-enabled surgical instrument tracking system, which provides real-time tracking of surgical instruments during procedures. The system also offers integration with EHRs and other healthcare systems.
• In 2019, Xerafy launched its new RFID-enabled surgical instrument tracking system, which offers enhanced accuracy and efficiency in tracking surgical instruments. The system also offers integration with EHRs and other healthcare systems.
• In 2018, Haldor Advanced Technologies launched its new RFID-enabled surgical instrument tracking system, which uses advanced machine learning algorithms to improve the accuracy and efficiency of tracking surgical instruments. The system also offers integration with EHRs and other healthcare systems.
• In 2018, Mobile Aspects launched its new RFID-enabled surgical instrument tracking system, which offers real-time tracking of surgical instruments during procedures. The system also offers integration with EHRs and other healthcare systems.

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Market Segmentation

The global surgical instruments tracking devices market can be segmented by component, by technology, by end user and by region. Based on component, the market can be segmented into Hardware, Software, Services. Based on technology, the market can be segmented into Barcode Systems, Radio Frequency Identification Devices (RFID) Systems, Internet of Things (IoT). Based on end user, the market can be differentiated into Hospitals, Ambulatory Surgical Centers, Others. Regionally, North America dominated the market among Asia Pacific, Europe, Middle East & Africa, and South America. Among the different countries, United States dominated the global surgical instruments tracking devices market on account of the increasing rate of accidental injuries along with the high rate of adoption of surgical instruments tracking devices by hospitals in every country. y.

Market Players

ASANUS Medizintechnik GmbH, Becton, Dickinson, and Company, B. Braun Melsungen AG, FingerPrint Medical Limited, Fortive Corporation, Getinge AB, Integra Lifesciences Holding Corporation, Murata Manufacturing Co., Ltd, Stanley Black & Decker, Inc., Steris plc. are some of the leading players operating in the Global Surgical Instruments Tracking Devices Market.

Report Scope:

In this report, global surgical instruments tracking devices market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

         ·         Surgical Instruments Tracking Devices Market, By Component:

o    Hardware

o    Software

o    Services

        ·         Surgical Instruments Tracking Devices Market, By Technology:

o   Barcode Systems

o   Radio Frequency Identification Devices (RFID) Systems

o   Internet of Things (IoT)

        ·         Surgical Instruments Tracking Devices Market, By End User:

o   Hospitals,

o   Ambulatory Surgical Centers

o   Others

        ·         Surgical Instruments Tracking Devices Market, By Region:

o    North America

§  United States

§  Canada

§  Mexico

o    Europe

§  France

§  Germany

§  United Kingdom

§  Italy

§  Spain

o    Asia Pacific

§  China

§  India

§  Japan

§  South Korea

§  Australia

o    South America

§  Brazil

§  Argentina

§  Colombia

o    Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Global Surgical Instruments Tracking Devices Market.

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Company Information

• Detailed analysis and profiling of additional market players (up to five).

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