Report Overview

Global surgical instrument tracking systems market is forecasted to grow at CAGR (12.6%) over the projection period, as it is anticipated that the market for surgical instrument tracking systems will expand quickly owing to the need to cut costs and improve efficiency among the healthcare providers. This goal will be aided by improved inventory and asset management techniques. Moreover, by automating the identification of medical equipment’s including tools, surgical instrument monitoring systems make it simpler to adhere to the FDA's new Unique Device Identification (UDI) tracking regulations. As the number of devices covered by UDI keeps expanding, there will likely be a greater demand for solutions that facilitate compliance, including surgical tool tracking systems.

Global Surgical Instrument Tracking Systems Market - Industry Trends & Forecast Report 2028

The surgical instrument tracking systems market was worth USD 188.3 million in the year 2021. The market is projected to grow at a CAGR of 12.6% from 2022-2028 (forecast period), earning revenues of around USD 429.4 million by the end of 2028. The requirement to automatically track crucial equipment, such as surgical tools, is driving market expansion. The Unique Device Identification (UDI) program of the Food & Drug Administration (FDA) ensures that the appropriate instruments are accessible in time for each surgical procedure and enhances patient outcomes. The market is driven by the rising number of surgical operations caused by sports injuries, accidents, and cardiac surgeries because of the rise in cardiovascular ailments and other chronic disorders requiring surgery.

Furthermore, developing nations like India, China, the Middle East, Latin America, and Southeast Asia are projected to offer significant growth prospects for companies that make surgical equipment tracking systems. Healthcare market businesses in these economies may have opportunities for expansion due to rising healthcare spending and infrastructure. The automatic identification of medical devices, for instance, those that comply with U.S. standards, is made possible by surgical tool tracking systems. FDA's new tracking specifications for Unique Device Identification (UDI). The need for compliance-enabling solutions, like surgical instrument monitoring systems, is anticipated to increase as the number of devices subject to UDI continues to rise. A number of other governmental agencies has also established the regulatory standards for traceability from manufacturer to patient.

Surgical Instrument Tracking Systems – Overview

The surgical Instrument Tracking system combines the most recent scanning technology with application software for inventory control. Users are given a way to maintain the quality, compliance, and traceability of their instruments at work. The classification of Surgical Instruments includes hardware, software, and services. To offer more precise tracking of medical equipment, certain classes of medical devices are included in the Unique Device Identification System (UDI) program beginning in 2014. In addition, the EU took action in 2017 to adopt UDI under the EU MDR. The use of the most recent information technology systems and inventory management systems in hospitals has made software a vital component of surgical instrument tracking systems. However, due to the frequent purchase of disposable RFID (Radio-Frequency Identification) tags and barcode labels that require renewal, the hardware category is anticipated to experience the largest growth throughout the projection period.

Global Surgical Instrument Tracking Systems Market Forecast and Trends:

Growth Drivers

Fulfilment of FDA’s UDI (Unique Device Identification) Mandates Will Create Demand in Surgical Instruments Market

Surgical tool manufacturers are obligated to monitor their products from manufacturing through the whole supply chain. Device tracking is used to make sure that instrument manufacturers set up tracking systems that will allow them to quickly find devices in commercial distribution. The UDI (Unique Device Identification) regulations proposed by the US FDA (Food and Drug Administration) are expected to drive growth in the surgical instrument re-processors, specification developers, re-packagers, and re-labelers ) of surgical instruments are expected to implement direct marking at the individual instrument level.

Surgical instruments classified as Class I devices had to fully adhere to these FDA regulations until September 24, 2020. The time was then changed to September 24, 2022. Additionally, labelers must report each device to FDA's GUDID (Global Unique Device Identification Database). For all devices, this database acts as a reference catalog. These regulations are anticipated to be the primary factor influencing end users' adoption of surgical equipment monitoring systems.

Increasing Demand, Need for Surgical Interventions

Errors in handling surgical tools can lengthen procedures, increase costs, and raise the danger of surgical infections and perioperative morbidity. One of the main factors causing the need for surgical tool monitoring systems in hospitals to increase surgical care safety is this, together with the growing number of individuals undergoing surgical procedures. Additionally, the growing elderly population and rising prevalence of chronic conditions, including obesity, arthritis, cancer, and cardiovascular ailments, would significantly impact the growth of the market for surgical instrument monitoring systems. Increasing urbanization and rising levels of disposable income are two more key market factors that will propel the market for surgical instrument tracking systems even further. The market's growth rate is also being fueled by a rising emphasis on better patient care and inventory control.

Restraints

Low ROIs, Long Investment Cycles, High System Costs Act as Restarting Factor

The cost of application software, hardware, tags, middleware, integrating the barcode/RFID framework with the legacy system, maintenance services, consulting fees, and staff training are all upfront expenses for surgical instrument monitoring systems. Despite significant price reductions for tags and readers, the cost of implementing automated tracking systems like RFID—which need additional servers, databases, and middleware—has been rising quickly. When compared to more conventional systems like barcode-based systems, the overall cost of installing automated surgical instrument tracking systems employing RFID is relatively high. The majority of automated surgical tool tracking systems have extremely extended investment lifecycles in addition to high implementation costs.

Additionally, another challenge is the inability of hospitals to perform a cost-benefit analysis or evaluate the returns on investment (ROI) of tracking systems is another issue they encounter. This problem is caused by a need for more understanding of the significance of these systems and their high purchase costs. Manufacturers must also adhere to the safety requirements set forth by the government and other regulatory authorities. One of the main issues for new participants in this industry is getting approval from these regulators, which limits the market's expansion.

Impact of COVID-19 on Global Surgical Instrument Tracking Systems Market

Nearly every business has been impacted by the unmatched worldwide public health emergency known as COVID-19, and the long-term impacts are expected to have an influence on industry growth throughout the course of the forecast period. In order to assure the inclusion of underlying COVID-19 concerns and potential future directions, there is a need to realize that the surgical instrument tracking systems industry has been negatively impacted owing to the worldwide restrictions caused by the pandemic. With the restrictions being pulled off in the majority of nations with greater chunk of populations being vaccinated, it's expected that the Compound Annual Growth Rate (CAGR) as predicted, will be achieved by the industry in the forecasted period.

The market's major players have been compelled by the shift in demand toward medical devices to plan their manufacturing capacities, focus on new product development, and give the best supply chain strategies targeted at COVID-19 necessities. This is anticipated to accelerate the use of surgical tool monitoring systems throughout this time and increase technological research, production, and packaging. On the other hand, although COVID-19 has less effect on the market for surgical tool monitoring systems than it does on other medical equipment, it is still vital for business operations to design and implement backup plans as soon as possible. There will probably be risks to weak company models and expanding prospects for development, depending on how the economy is affected.

Global Surgical Instrument Tracking Systems Market – By Component

Hardware, software, and services are the three categories into which the worldwide market has been divided based on products. In 2021, the hardware product group had the highest revenue share, almost about 50%. It is anticipated that the category will continue to dominate during the research period. The use of these systems for inventory management and surgical tool management is greatly influenced by technological developments in hardware, such as RFID chips and barcode tags. As an example, the Wyss Institute at Harvard University has created a method for embedding RFID chips onto metal surgical equipment utilizing a vapor deposition procedure and biocompatible sealant.

Global Surgical Instrument Tracking Systems Market – End User

The global market has been further divided into hospitals, and other end uses on end uses. In 2021, the market was dominated by the hospital's end-use sector, which accounted for the highest revenue share of more than 80 %. Throughout the projection period, the category is expected to continue to lead. Effective inventory management and the growing need to decrease the likelihood of surgical equipment being left in patients' bodies after operations are two factors influencing this segment's market share. According to estimates, about 15-20 % of medical devices, supplies, or equipment are lost or misplaced as a result of poor supply chain management.

During the projection period, the segment is anticipated to increase at the fastest rate. This is attributed to hospitals' increasing use of surgical device tracking systems for inventory control and tracking of medical equipment during work cycles like surgery and sterilization.

Global Surgical Instrument Tracking Systems Market – Regional Insights

The market has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa based on geography. More than 40% of worldwide revenue was generated in 2021 in North America, which dominated the market overall. One of the main causes of this region's supremacy is the U.S. FDA's establishment of the UDI system for the efficient identification of medical devices and instruments. Additionally, it is projected that the region's market will increase due to the presence of a highly established healthcare infrastructure and the quick uptake of cutting-edge products and technology.

On the other hand, Asia Pacific is anticipated to grow at the fastest CAGR throughout the projection period. Untapped potential in this area is responsible for this growth. Additionally, it is anticipated that throughout the course of the forecast period, the number of surgical procedures will rise along with the fast-evolving healthcare infrastructure in Asian nations like China, Indonesia, and India. In the coming years, it is also projected that the development of technologically enhanced hardware and software solutions will increase the use of surgical instrument tracking systems.

Competitive Landscape

The global surgical instrument tracking systems market is consolidated with the presence of several manufacturing companies globally. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. In order to increase their market share, the top corporations are engaging in a number of strategic efforts, including product launches, collaborations, mergers and acquisitions, and geographical expansions. The key players include Fortive (Formerly Censis Technologiees, Inc.), FingerPrint Medical Limited, B. Braun Melsungen AG, SpaTrack Medical Limited, Getinge AB, Haldor Advanced Technologies, Ternio Group LLC., Healthtech Pivot LLP, Integra LifeSciences, Xerafy Singapore Pte Ltd among other prominent players.

Recent Development

• In July 2021, Vizinex RFID introduced Flexible 6012 and Flexible 6027 RFID tags, allowing flexible installation. Both RFID tags are ideal for tracking different assets in interior situations because they are adaptable, durable, and IP67-rated. RFID tags make asset tracking simple and affordable in offices, data centers, hospitals, and manufacturing facilities.

Scope of the Report

Attributes	Details
Years Considered	Historical data – 2018-2021
	Base Year – 2021
	Estimated Year - 2022
	Forecast – 2022 – 2028
Facts Covered	Revenue in USD Billion
Market Coverage	By Region[North America (U.S, Canada), Europe(Germany, United Kingdom, Italy, France, Spain, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, Indonesia, Malaysia, Philippines, Singapore, Rest of Asia-Pacific), Latin America(Brazil, Mexico, Argentina, Chile, Peru, Venezuela, Rest of Latin America), The Middle East and Africa (Saudi Arabia, UAE, South Africa, Iran,
	Oman, Turkey, Rest of Middle East & Africa)
Product Service/Segmentation	By Component, By End User, By Technology, By Region
Key Players	Fortive (Formerly Censis Technologiees, Inc.), FingerPrint Medical Limited, B. Braun Melsungen AG, SpaTrack Medical Limited, Getinge AB, Haldor Advanced Technologies, Ternio Group LLC., Healthtech Pivot LLP, Integra LifeSciences, Xerafy Singapore Pte Ltd among other prominent players.

 

By Component

• Hardware

• Tags

• Readers

• Services

• Others

By End User

• Hospitals

• Ambulatory Surgical Centers

• Research Centers

• Others

By Technology

• Barcode Tracking

• Radio Frequency Identification

By Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3.  Global Surgical Instrument Tracking Systems Market Variable Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Fulfilment of FDA’s UDI (Unique Device Identification) Mandates Will Create Demand in Surgical Instruments Market
         2. Increasing Demand, Need for Surgical Interventions
      2. Restraints
         1. Low ROIs, Long Investment Cycles, High System Costs
      3. Opportunities
         1. Emerging economies
      4. Challenges
         1. Technological limitations
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Global Surgical Instrument Tracking Systems Market Overview
   1. Market Size & Forecast by Value, 2020-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Component
         1. Hardware
            1. Tags
            2. Readers
            3. Services
            4. Others
      2. By End User
         1. Hospitals
         2. Ambulatory Surgical Centers
         3. Research Centers
         4. Others
      3. By Technology
         1. Barcode Tracking
         2. Radio Frequency Identification (RFID)
      4. By Region
         1. North America
         2. Europe
         3. The Asia Pacific
         4. Latin America
         5. The Middle East and Africa
5. North America Surgical Instrument Tracking Systems Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Component
      2. By End User
      3. By Technology
      4. By Country
         1. United States
         2. Canada
6. Europe Surgical Instrument Tracking Systems Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Component
      2. By End User
      3. By Technology
      4. By Country
         1. Germany
         2. United Kingdom
         3. Italy
         4. France
         5. Spain
         6. The Netherlands
         7. Belgium
         8. NORDIC Countries
         9. Rest of Europe
7. The Asia Pacific Surgical Instrument Tracking Systems Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Component
      2. By End User
      3. By Technology
      4. By Country
         1. China
         2. India
         3. Japan
         4. South Korea
         5. Australia
         6. Indonesia
         7. Malaysia
         8. Philippines
         9. Singapore
         10. Rest of Asia Pacific
8. Latin America Surgical Instrument Tracking Systems Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Component
      2. By End User
      3. By Technology
      4. By Country
         1. Brazil
         2. Mexico
         3. Argentina
         4. Chile
         5. Rest of Latin America
9. The Middle East & Africa Surgical Instrument Tracking Systems Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Component
      2. By End User
      3. By Technology
      4. By Country
         1. Saudi Arabia
         2. UAE
         3. South Africa
         4. Nigeria
         5. Egypt
         6. Qatar
         7. Kuwait
         8. Iran
         9. Oman
         10. Turkey
         11. Rest of Middle East & Africa
10. Competitive Landscape
    1. List of Key Players and Their offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
11. Impact of Covid-19 on Global Surgical Instrument Tracking Systems Market
12. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, SWOT, and Strategic Outlook) *

     13.1.   Fortive (Formerly Censis Technologiees, Inc.)

13.2.   FingerPrint Medical Limited

13.3.   B. Braun Melsungen AG

     13.4.   SpaTrack Medical Limited

     13.5.   Getinge AB

13.6.   Haldor Advanced Technologies

13.7.   Ternio Group LLC.

13.8.   Healthtech Pivot LLP

     13.9.   Integra LifeSciences

     13.10. Xerafy Singapore Pte Ltd

     13.11. Other Prominent Players

13. Key Strategic Recommendations
14. Research Methodology
    1. Qualitative Research
    2. Primary & Secondary Research
    3. Quantitative Research
    4. Market Breakdown & Data Triangulation
       1. Secondary Research
       2. Primary Research
    5. Breakdown of Primary Research Respondents, By Region
    6. Assumptions & Limitations

 

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

 

List of Figures

 

Figure 1: Global Surgical Instrument Tracking Systems Market Segmentation

Figure 2: Global Surgical Instrument Tracking Systems Industry Value Chain Analysis

Figure 3: Global Surgical Instrument Tracking Systems Market Size, By Value (USD Million), 2018-2028

Figure 4: Global Surgical Instrument Tracking Systems Market Share (%), By Component, By Value, 2018-2028

Figure 5: Global Surgical Instrument Tracking Systems Market Share (%), By End User, By Value, 2018-2028

Figure 6: Global Surgical Instrument Tracking Systems Market Share (%), By Technology, By Value, 2018-2028

Figure 7: Global Surgical Instrument Tracking Systems Market Share (%), By Region, By Value, 2018-2028

Figure 8: North America Surgical Instrument Tracking Systems Market Size, By Value (USD Million), 2018-2028

Figure 9: North America Surgical Instrument Tracking Systems Market Share (%), By Component, By Value, 2018-2028

Figure 10: North America Surgical Instrument Tracking Systems Market Share (%), By End User, By Value, 2018-2028

Figure 11: North America Surgical Instrument Tracking Systems Market Share (%), By Technology, By Value, 2018-2028

Figure 12: North America Surgical Instrument Tracking Systems Market Share (%), By Country, By Value, 2018-2028   

Figure 13: Europe Surgical Instrument Tracking Systems Market Size, By Value (USD Million), 2018-2028

Figure 14: Europe Surgical Instrument Tracking Systems Market Share (%), By Component, By Value, 2018-2028

Figure 15: Europe Surgical Instrument Tracking Systems Market Share (%), By End User, By Value, 2018-2028

Figure 16: Europe Surgical Instrument Tracking Systems Market Share (%), By Technology, By Value, 2018-2028

Figure 17: Europe Surgical Instrument Tracking Systems Market Share (%), By Country, By Value, 2018-2028

Figure 18: The Asia-Pacific Surgical Instrument Tracking Systems Market Size, By Value (USD Million), 2018-2028

Figure 19: The Asia-Pacific Surgical Instrument Tracking Systems Market Share (%), By Component, By Value, 2018-2028

Figure 20: The Asia-Pacific Surgical Instrument Tracking Systems Market Share (%), By End User, By Value, 2018-2028  

Figure 21: The Asia-Pacific Surgical Instrument Tracking Systems Market Share (%), By Technology, By Value, 2018-2028

Figure 22: The Asia-Pacific Surgical Instrument Tracking Systems Market Share (%), By Country, By Value, 2018-2028

Figure 23: Latin America Surgical Instrument Tracking Systems Market Size, By Value (USD Million), 2018-2028

Figure 24: Latin America Surgical Instrument Tracking Systems Market Share (%), By Component, By Value, 2018-2028

Figure 25: Latin America Surgical Instrument Tracking Systems Market Share (%), By End User, By Value, 2018-2028

Figure 26: Latin America Surgical Instrument Tracking Systems Market Share (%), By Technology, By Value, 2018-2028

Figure 27: Latin America Surgical Instrument Tracking Systems Market Share (%), By Country, By Value, 2018-2028

Figure 28: The Middle East & Africa Surgical Instrument Tracking Systems Market Size, By Value (USD Million), 2018-2028

Figure 29: The Middle East & Africa Surgical Instrument Tracking Systems Market Share (%), By Component, By Value, 2018-2028

Figure 30: The Middle East & Africa Surgical Instrument Tracking Systems Market Share (%), By End User, By Value, 2018-2028

Figure 31: The Middle East & Africa Surgical Instrument Tracking Systems Market Share (%), By Technology, By Value, 2018-2028

Figure 32: The Middle East & Africa Surgical Instrument Tracking Systems Market Share (%), By Country, By Value, 2018-2028

Figure 33: Global Surgical Instrument Tracking Systems Market Share Analysis, 2021

 

List of Tables

Table 1: Global Surgical Instrument Tracking Systems Market Size, By Component, By Value (USD Million), 2018-2028

Table 2: Global Surgical Instrument Tracking Systems Market Size, By End User, By Value (USD Million), 2018-2028

Table 3: Global Surgical Instrument Tracking Systems Market Size. By Technology, By Value (USD Million), 2018-2028

Table 4: Global Surgical Instrument Tracking Systems Market Size. By Region, By Value (USD Million), 2018-2028

Table 5: North America Surgical Instrument Tracking Systems Market Size, By Component, By Value (USD Million), 2018-2028

Table 6: North America Surgical Instrument Tracking Systems Market Size, By End User, By Value (USD Million), 2018-2028

Table 7: 28 North America Surgical Instrument Tracking Systems Market Size (USD Million), By Technology, By Value 2018-2028 

Table 8: 28 North America Surgical Instrument Tracking Systems Market Size (USD Million), By Country, By Value 2018-2028 

Table 9: Europe Surgical Instrument Tracking Systems Market Size, By Component, By Value (USD Million), By Value 2018-2028

Table 10: Europe Surgical Instrument Tracking Systems Market Size, By End User, By Value (USD Million), By Value 2018-2028

Table 11: 40 Europe Surgical Instrument Tracking Systems Market Size (USD Million), By Technology, By Value 2018-2028

Table 12: 40 Europe Surgical Instrument Tracking Systems Market Size (USD Million), By Country, By Value 2018-2028

Table 13: The Asia-Pacific Surgical Instrument Tracking Systems Market Size, By Component, By Value (USD Million), By Value 2018-2028

Table 14: The Asia-Pacific Surgical Instrument Tracking Systems Market Size (USD Million), By End User, By Value 2018-2028

Table 15: The Asia-Pacific Surgical Instrument Tracking Systems Market Size (USD Million), By Technology, By Value 2018-2028

Table 16: The Asia-Pacific Surgical Instrument Tracking Systems Market Size (USD Million), By Country, By Value 2018-2028

Table 17: Latin America Surgical Instrument Tracking Systems Market Size, By Component, By Value (USD Million), By Value 2018-2028

Table 18: Latin America Surgical Instrument Tracking Systems Market Size, By End User, By Value (USD Million), 2018-2028

Table 19: Latin America Surgical Instrument Tracking Systems Market Size (USD Million), By Technology, By Value 2018-2028

Table 20: Latin America Surgical Instrument Tracking Systems Market Size (USD Million), By Country, By Value 2018-2028  

Table 21: The Middle East & Africa Surgical Instrument Tracking Systems Market Size, By Component, By Value (USD Million), 2018-2028

Table 22: The Middle East & Africa Surgical Instrument Tracking Systems Market Size, By End User, By Value (USD Million), 2018-2028

Table 23: The Middle East & Africa Surgical Instrument Tracking Systems Market Size (USD Million), By Technology, By Value 2018-2028

Table 24: The Middle East & Africa Surgical Instrument Tracking Systems Market Size (USD Million), By Country, By Value 2018-2028 

Table 25: List of Key Players and Their offerings

Table 26: Competitive Benchmarking, by Operating Parameters

Table 27: Fortive (Formerly Censis Technologiees, Inc.) Company Overview

Table 28: Fortive (Formerly Censis Technologiees, Inc.) Financial Overview

Table 29: FingerPrint Medical Limited Company Overview

Table 30: FingerPrint Medical Limited Financial Overview

Table 31: B. Braun Melsungen AG Company Overview

Table 32: B. Braun Melsungen AG Financial Overview

Table 33: SpaTrack Medical Limited Company Overview

Table 34: SpaTrack Medical Limited Financial Overview

Table 35: Getinge AB Company Overview

Table 36: Getinge AB Financial Overview

Table 37: Haldor Advanced Technologies Company Overview

Table 38: Haldor Advanced Technologies Financial Overview

Table 39: Ternio Group LLC. Company Overview

Table 40: Ternio Group LLC. Financial Overview

Table 41: Healthtech Pivot LLP Company Overview

Table 42: Healthtech Pivot LLP Financial Overview

Table 43: Xerafy Singapore Pte Ltd Company Overview

Table 44: Xerafy Singapore Pte Ltd Financial Overview