Surgical Instrument Tracking Systems Market By Key Players - Fortive Corporation, BD, Censis Technologies
Surgical instrument tracking systems is a combination of latest scanning technology and application software for inventory management. It provides a solution which allows users to maintain Quality, Compliance and Traceability of Instruments in work place. Starting in 2014, different classes of medical devices are included in UDI program to provide more accurate tracking of medical devices. Moreover, EU acted to adopt UDI in 2017, under the EU MDR.
The Global Surgical Instrument Tracking Systems Market is anticipated to reach US$ 400 Million by 2026, growing at a healthy growth rate of 15% in the next 5 years. The market growth is likely to be driven by growing demand for Inventory and Asset Management during work cycle and implementation of Unique Device Identification (UDI) regulations formed by the FDA.
Developments in Software/Hardware Usage Drives the Market Growth
Software is a crucial part of surgical instrument tracking systems due to adoption of latest information technology systems and inventory management systems in the hospitals. However, hardware segment is expected to witness the highest growth during the forecast period due to the repetitive purchase of non-durable RFID tags/barcode labels that needs replacement.
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Shifts Towards RFID Technology Over Traditional Barcode Methods
Currently hospitals are using barcode method due to its low installation cost. On the other hand, RFID is a highly versatile technology and has many advantages over barcodes, such as they do not need line of sight, come in read/write form, etc. However, both RFID and barcode technologies have considerable limitations.
Hospital Market Expected to Continue Its Dominance
Hospitals are increasing in number due to growing demand of better healthcare stemming from increase in population and advancements in medical technology. They have higher patient inflow and also conduct large number of surgical procedures. Growing need of comprehensive surgical instrument management solution is driving the demand of these systems amongst the hospitals.
North America Leads the Adoption of Surgical Instrument Tracking Systems Market
North America commands the largest share of the Surgical Instrument Tracking Systems market. The UDI regulations proposed by the US FDA, increasing number of surgeries performed, and presence of leading players in this region are some of the key factors supporting the market growth. Emerging economies such as India and China, as well as countries in the Middle East, Latin America, and Southeast Asia, are also anticipated to grow significantly over the forecast period.
Competitive Landscape Analysis: Surgical Instrument Tracking Systems Market
The key players operating in the Surgical Instrument Tracking Systems market are Fortive Corporation, BD, Censis Technologies, Steris PLC and STANLEY Healthcare. Other promising players operating in the market are Syrma Technology, Xerafy, Getinge AB, B. Braun Melsungen AG, among others.
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