Growing number of surgical procedures, due to the sports injuries, accidents, and cardiac surgeries, owing to the high prevalence of cardiovascular diseases and other chronic conditions, where the surgery is mandatorily suggested, is the major factor that is driving the surgical instrument tracking market.
According to the European Union Statistics, during 2016-2017, in Germany, hip replacement surgery was performed for 304 times per 100,000 individuals. In Austria and Finland, it was around 273 and 265 per 100,000 individuals, respectively.
Furthermore, increasing the adoption of surgical instrument tracking products by hospitals is another major factor in driving the market growth. Finding medical devices and inventory management during work cycle, including surgery, post-surgery, storage, and sterilization procedures, are some of the major problems faced by the hospitals. Hence, they are adopting innovative technologies to track this equipment and systems, which, in turn, is expected to drive the market.
Additionally, implementation of unique device identification (UDI) regulations by the growing geriatric population, coupled with an increasing number of chronic diseases, and growing technological advancements are driving the demand for surgical instrument tracking.
However, the high cost associated with the implementation of the surgical instrument tracking systems may hamper the growth of the surgical instrument tracking market.
Key Market Trends
RFID Holds a Significant Market Share in Surgical Instrument Tracking Market
- RFID (Radio Frequency Identification) is significantly used in managing hospital assets, which include medical equipment, surgical equipment, data charts, etc., and becomes tedious, especially during emergencies.
- One of the reasons that RFID is expanding considerably in healthcare is the sheer number of applications that can benefit. In hospitals that have been outfitted with the technology, RFID is present in many forms, from the tracking of surgical tools to tracking patients.
- Major hospitals, like the Mayo Clinic’s Saint Mary’s Hospital in Minnesota and Rush University Medical Center in Chicago, have deployed RFID to track equipment, surgical instruments, and staff members.
North America Dominates Global Surgical Instrument Tracking Market
- USFDA has proposed the unique device identification (UDI) system, to adequately identify medical devices sold in the United States, from manufacturing through distribution to patient use. It is the major factor that is driving the market in the North American region.
- Additionally, the presence of well-established market players, rapid adoption of advanced technology and products, and a growing number of surgical procedures are expected to propel the overall growth of the market, over the forecast period.
- According to the Journal of Infectious Disease Adviser, approximately 27 million surgical procedures are performed in the United States, annually.
The surgical instrument tracking market is very competitive, with most of the players competing to increase their market shares. Strong competition and rapid technological advancements are key factors that confront the market. Key players in the market are Becton, Dickinson and Company, BESCO, Censis Technologies Inc., Key Surgical Inc., Steris PLC, and Syrma Technology, among others.
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Table of Contents
1.2 Study Assumptions
1.3 Scope of the Study
4.2 Market Drivers
4.2.1 Increasing Number of Surgeries
4.2.2 Growing Incidence of Retained Surgical Instrument Cases
4.2.3 Mandatory Regulation by FDA for Unique Device Identification
4.3 Market Restraints
4.3.1 High Cost Associated with Implementation of Surgical Instrument Tracking System
4.3.2 Lack of Skilled Professionals and Technological Advancements
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5.1.2 RFID (Radio Frequency Identification)
5.2 By Component
5.3 By End User
5.3.2 Other End Users
5.4.1 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.4.4 Middle-East and Africa
18.104.22.168 South Africa
22.214.171.124 Rest of Middle-East and Africa
5.4.5 South America
126.96.36.199 Rest of South America
6.1.1 Becton, Dickinson and Company
6.1.3 Censis Technologies Inc.
6.1.5 Key Surgical Inc.
6.1.6 Keir Surgical Ltd
6.1.7 ScanCARE Pty Ltd
6.1.8 Spa Track Medical Limited
6.1.9 Steris PLC
6.1.10 Syrma Technology
A selection of companies mentioned in this report includes:
- Becton, Dickinson and Company
- Censis Technologies Inc.
- Key Surgical Inc.
- Keir Surgical Ltd
- ScanCARE Pty Ltd
- Spa Track Medical Limited
- Steris PLC
- Syrma Technology