Surgical instrument tracking devices are systems that can combine scanning technology and application software. They help healthcare professionals to perform efficient and time-saving procedures. The surgical tracking devices are very useful in organizing surgical sets, cycle tracking, and documentation of instruments used, understanding the replacement of instruments, and other applications.
Surgical instruments have a shelf life, and manufacturers usually specify how many cycles they can be used for. A surgical instrument tracking system shows users how many cycles an instrument has completed and, in some cases, can prevent further use once the maximum number of cycles has been reached. This eliminates user discretion, and manual cycle counts, resulting in a safer process for patients. Additionally, the number of usage cycles completed by each instrument is critical information for staff when performing instrument maintenance or deciding whether or not to condemn or continue using these instruments.
Moreover, an instrument tracking system that uniquely identifies every surgical instrument via unique codes or Automatic Identification and Data Capture (AIDC) technology ensures that staff gets to know the exact number of items being used on a patient. Additionally, RFID makes the counting automated and convenient, leading to better compliance on SOPs. This greatly reduces chances of “retained foreign bodies” by 0.3-1 cases per 1000 cases.
The global surgical instrument tracking devices market was valued at $354.3 million in 2020 and is anticipated to reach $868.2 million by 2031, witnessing a CAGR of 9.16% during the forecast period 2021-2031.
Surgical instrument tracking devices have revolutionized tracking and locating medical devices through the introduction of technologically advanced products and their increased adoption among their end users. Major manufacturers of these advanced technologies are located mainly in North America and Europe.
Market Size and Forecast based on Region
North America region is the early adopters of advanced technologies for surgical instrument tracking devices. Many of the leading companies in the market are headquartered in this region and maintain a strong presence in the domestic market..
Market Shares of Key Competitors in the Global Market
Steris plc dominates the global surgical instrument tracking devices market by holding high value of the market share in 2020. Followed by Steris plc, the market was dominated by Fortive Corporation and Case Medical, which held nearly high value more in 2020, respectively.
Key Trends and Opportunities in the Market
Key trends include a rise in demand for active RFIDs and the increasing use of web-based services. When compared to barcodes, RFIDs have become more popular. This is due to the advantages of RFIDs over barcode labeling, which includes the ability to perform multiple read-writes of data to the tag, higher data storage space, faster data transmission rate, and the ability to perform multiple dynamic data updates with rapid read speeds and batch reading capability. Many advances have been observed in the global surgical instrument tracking devices market since the FDA made it mandatory for hospitals and ambulatory centers to adopt monitoring systems for their surgical instruments. Manufacturers are pursuing the “More in Less” goal, aiming to include more services in a single product.
Key Development and Strategies
Manufacturers in the market have recognized that barcodes and RFIDs are promising technologies with a bright future for the surgical instrument tracking devices industry. New offerings were present in the majority of the key developments mapped over the last five years (January 2016-March 2021). To remain ahead of the competition, companies have been concentrating more on product releases. Twelve product offerings and upgradation in the surgical instrument tracking devices market from January 2016 to March 2021 had a significant impact in increasing the market’s level of competitiveness.
The market has witnessed a total of 32 key developments over the five years (January 2016-March 2021), with a majority of them being product offerings and upgradation accompanied by partnerships, alliances, and business expansions. Efforts are being made to bring more technologically innovative goods to market, each aimed at a particular unmet need. With the launch of new and updated devices with improved features, surgical instrument tracking devices technology has become increasingly possible to unlock new use cases.
Currently, most market players are involved in introducing new products and partnerships, alliances, and business expansions in the market. There is a potential in the market for mergers and acquisitions in the future as more and more start-ups are entering the market targeting specific applications, and key players are trying to consolidate their position in the market. Surgical instrument tracking devices have a promising outlook, and successful start-ups may enter into merger agreements with well-established players in the market. An increasing preference from a wide range of end users is expected to boost the demand for surgical instrument tracking devices in the market.
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