The report "Surgical Instrument Tracking System Market in terms of revenue was estimated to be worth $203 million in 2021 and is poised to reach $406 million by 2026, growing at a CAGR of 14.9% from 2021 to 2026. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The report contains the updated financial information for each listed public company from January 2018 to December 2021. It also contains the recent developments undertaken by market players as well as their strategic overview. The report also contains MNM views for major market players.nbsp;Tracking systems are gaining importance among healthcare providers due to the drive to reduce costs and increase efficiency. Ensuring better inventory and asset management practises is key to this drive. End users are focused on minimizing the loss of valuable assets and ensuring smooth workflows. Other factors driving market growth include the FDArsquo;s unique device identification mandates and the growth of the surgical instruments market. However, high system costs, long investment cycles, budgetary constraints, and technological limitations are expected to restrain market growth to a certain extent. Also, due to the COVID-19 pandemic, there was a slight decrease in growth in the first quarter of 2021. With elective and non-elective surgeries postponed, delayed, or cancelled worldwide, there was a marked decrease in the use of surgical instrument tracking systems and consumables.

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Key Player

The key players operating in this market include Fortive (US), Material Management Microsystems (US), Becton, Dickinson and Company (US), Haldor Advanced Technologies (Israel), Intelligent InSites, Inc. (US), Key Surgical, Inc. (US), Mobile Aspects (US), TGX Medical Systems (US), Xerafy (Singapore), STANLEY Healthcare (US), B. Braun Melsungen AG (Germany), Getinge AB (Sweden), Infor Inc. (US), SpaTrack Medical Limited (UK), and Scanlan International, Inc. (US).

Driver: Need to meet FDA’s Unique Device Identification mandates

Manufacturers are required to track surgical instruments from manufacturing through the distribution chain. The purpose of device tracking is to ensure that manufacturers of instruments establish tracking systems that will enable them to promptly locate devices in commercial distribution.

The UDI (Unique Device Identification) regulations proposed by the US Food and Drug Administration (FDA) are expected to drive growth in the surgical instrument tracking systems market. According to the UDI rules, labelers (manufacturers, reprocessors, specification developers, repackagers, and relabelers) of surgical instruments are expected to implement direct marking at the individual instrument level.

Until September 24, 2020, surgical instruments categorized as Class I devices had to fully comply with these FDA requirements. However, the date was then shifted to September 24, 2022. Additionally, labelers need to submit information about each device to the FDA#39;s GUDID (Global Unique Device Identification Database). This database serves as a reference catalogue for all devices. These mandates are expected to be the key factor driving the adoption of surgical instrument tracking systems among end users.

Restraint: High system costs, long investment cycles, and low ROIs

Surgical instrument tracking systems require heavy upfront investments that encompass the costs of application software, hardware, tags, and middleware; the cost of integrating the barcode and RFID framework with the legacy system; and the cost of maintenance services, consulting fees, and staff training. Although the cost of tags and readers has reduced considerably, the implementation cost of automated tracking systems, such as RFID, that require additional servers, databases, and middleware has been steadily increasing. The overall cost of implementing automated surgical instrument tracking systems using RFID is very high compared to traditional systems, such as barcode-based systems. Apart from high implementation costs, most automated surgical instrument tracking systems have very long investment lifecycles.

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The Barcode segment accounted for the largest market share in 2020.

Based on technology, the surgical instrument tracking systems market is segmented into barcode and RFID. The barcode segment accounted for a larger market share in 2020. The low installation cost of barcodes has resulted in their increased adoption in the surgical instrument tracking systems market.

The Software segment accounted for the largest market share in 2020.

Based on components, the surgical instrument tracking systems market is segmented into software, hardware, and services. The software segment accounted for the largest market share in 2020. However, the hardware segment is expected to witness the highest growth during the forecast period. This is mainly due to the repeat purchase of non-durable RFID tags/barcode labels that need replacement, as tags/labels are prone to detachment during washing and/or damage during sterilization cycles.

The Hospitals segment accounted for the largest market share in 2020.

Based on end users, the surgical instrument tracking systems market is segmented into hospitals and other end users. The hospitals segment accounted for a larger share of the surgical instrument tracking systems market in 2020. Growth in the hospitals end-user segment can be attributed to their high patient inflow compared to other end users in the market. Hospitals also use more equipment and instruments on average than other healthcare providers and conduct a greater number of surgical procedures. This has ensured a sustained demand for tracking solutions in hospitals.

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Recent Developments:

• In November 2020, STERIS acquired Key Surgical to strengthen, complement, and expand STERIS product offerings and global reach.

• In July 2020, Vizinex RFID (US) launched Flexible 6012 and Flexible 6027 RFID tags, which offer mounting flexibility, are durable, and are IP67-rated, making them ideal for tracking many types of assets in indoor settings.

• In May 2020, Stanley Healthcare partnered with Cisco. Under this partnership, STANLEY AeroScout real-time location system (RTLS) platform was fully integrated and certified with CISCO DNA Spaces, the next-generation indoor location services platform, to offer enterprise-wide visibility into the location and status of assets and people in healthcare environments.

• In November 2019, Fortive Corporation acquired Censis Technologies to expand its SaaS-based surgical instrument tracking and workflow solutions.

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