Exponential Demand for RFID Tags Positions Surgical Instrument Tracking Market to Surpass US$ 1,294.89 Mn

NEW YORK, Feb. 16, 2022 /PRNewswire/ -- Fact.MR – A Market Research and Competitive Intelligence Provider: The global surgical instrument tracking market is expected to reach US$ 1,294.89 Mn in 2032 and exhibit growth at a CAGR of 18% during the forecast period from 2022 to 2032, estimates Fact.MR. The rapid integration of novel scanning technologies such as barcode and Radio Frequency Identification (RFID) with the existing tracking systems is a major factor that is likely to drive the sales in this market.

The ongoing development of unique software solutions for inventory management is anticipated to bolster the adoption of surgical instrument tracking systems in the forthcoming years. These systems are set to help healthcare providers in increasing the overall efficiency and reducing costs.

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The growing focus of various industries on initiating smooth workflows and lowering the loss of valuable assets is a crucial factor spurring growth in the market. Leading manufacturers of surgical instrument tracking devices are engaging in collaborations with start-up or local companies to gain access to next-generation technologies.

In May 2020, for instance, STANLEY Healthcare and Cisco DNA Spaces teamed up to fully integrate the former's AeroScout Real-time Location System (RTLS) platform with the latter's indoor location services platform. This acquisition would enable both companies deliver enterprise-wide visibility into the status and location of people and assets in the healthcare sector. Thus, the focus of several organizations on similar strategies to develop novel tracking solutions for healthcare professionals is likely to augment the growth.

"Ongoing advancements in the IT and electronics industries are expected to propel the demand for upgraded tracking solutions that would be able to record real-time information efficiently. Apart from this, the increasing popularity of active RFID technology owing to its various benefits, such as greater detection range and larger memory, as compared to passive RFID technology is anticipated to boost the growth," says a Fact.MR analyst.

Key Takeaways:

• Based on technology, the RFID-based system segment is set to grow at a CAGR of 18.4% through 2032 backed by the high demand for wireless scanning solutions in hospitals.
• By end user, the hospital operation theaters segment is likely to hold about 33% of revenue share in 2022 with the rising automation in the healthcare industry.
• In terms of product, the services segment is anticipated to dominate owing to the rising number of surgical procedures in various countries across the globe.
• The U.S. is projected to lead the market on the back of the growing government initiatives to encourage the installation of cutting-edge surgical instrument tracking equipment.
• Japan surgical instrument tracking market is likely to showcase lucrative growth because of the development of RFID technology to enhance multiple processes in the healthcare sector.
• North America is expected to account for approximately 38.5% of the share in 2022.
• Asia Pacific is set to hold around 19% of the share in the evaluation period.

Growth Drivers:

• Implementation of stringent regulations by governments compelling manufacturers execute direct marking at an individual instrument level is set to fuel the market.
• Misplacement of surgical instruments is expected to drive the demand for progressive solutions such as RFID and 2D barcodes for monitoring purposes.
• The need to ensure that right tools are available in time for every surgical procedure to enhance patient outcomes in hospitals is estimated to accelerate growth.

Restraints:

• Requirement of high upfront investments that encompass the costs of application middleware, tags, hardware, and software may hinder the growth.
• Lack of assessment of Returns on Investment (ROI) and insufficient awareness about the cost-benefit analysis of tracking systems can hamper the market.

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Competitive Landscape

Leading players operating in the global surgical instrument tracking market are aiming to embrace unique approaches, such as acquisitions, mergers, technological advancements, and ground-breaking marketing tactics to strengthen their positions. Some of the other key players are focusing on investing huge sums in research and development activities to come up with innovative products to cater to the high demand from a wide range of industries.

For instance,

• November 2020: STERIS plc, a renowned medical equipment company based in the U.S., completed the acquisition of Key Surgical, a manufacturer of sterile processing products. This acquisition would help the company to strengthen, expand, and complement its global reach, as well as product offering. It would also enable the company to provide better service to customers and create an additional value for shareholders.
• July 2020: Vizinex RFID, which is a designer and manufacturer of RFID tags for various applications, introduced 6012 Flexible and 6027 Flexible, two of the company's on-metal, printable, flexible tags to provide robust performance at a relatively low cost. These tags are IP67-rated, durable, and offer mounting flexibility. These properties would make the tags ideal for usage in several types of assets in indoor settings.

Key Players in the Surgical Instrument Tracking Market Include:

• Becton Dickinson and Company
• Infor
• Cantel Medical Corporation (MEDIVATORS Inc.)
• Steris Plc.
• Key Surgical
• Getinge AB
• GS1 UK
• Intelligent InSites, Inc.
• Olympus Corporation
• LM-Instruments Oy
• TGX Medical Systems
• Censis Technologies Inc.
• Haldor Advanced Technologies Ltd.
• Braun Melsungen (Aesculap)
• Keir Surgical
• STANLEY Healthcare
• Mobile Aspects Inc.
• Besco Bvba

More Valuable Insights on Surgical Instrument Tracking Market

Fact.MR provides an unbiased analysis of the surgical instrument tracking market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global surgical instrument tracking market with a detailed segmentation on the basis of:

By Product

• Surgical Instrument Tracking Console
• Surgical Instrument Tracking Software
• Surgical Endoscope Tracking and Management System
• Surgical Instrument Tracking Services

By Technology

• Barcode Scanning Based Surgical Instrument Tracking Systems
• RFID Based Surgical Instrument Tracking Systems

By End User

• Surgical Instrument Tracking for Hospital Sterile Processing Department (SPD)
• Surgical Instrument Tracking for Hospital Operation Theaters
• Surgical Instrument Tracking for Ambulatory Surgical Centers
• Surgical Instrument Tracking for Office-based Specialized Clinics

By Region

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle Asia & Africa (MEA)

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Key Questions Covered in Surgical Instrument Tracking Market Report

• The report offers insight into the surgical instrument tracking market demand outlook for 2022-2032.
• The market study also highlights projected sales growth for surgical instrument tracking market between 2022 and 2032.
• Surgical instrument tracking market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
• Surgical instrument tracking market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.

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