Surgical instrument tracking systems market to reach the valuation around USD 500 million by 2026 and will grow at CAGR above 18.6% over forecast time frame
LOS ANGELES, June 13, 2019 (GLOBE NEWSWIRE) — Acumen Research and Consulting Announced Research Study on titled “Surgical Instrument Tracking Systems Market (By Product: Services, Software, Hardware; By Technology: RFID, Barcodes; By End Use: Hospitals, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”.
The increased incidence of retained foreign surgical organs is anticipated to increase the development during surgery. In the United States, approximately 4,500 to 6,000 surgery devices are left at the operating locations annually, which means that an extra operation is required to remove that equipment. As a result, demand for product monitoring tools is growing.
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The establishment of a distinctive scheme of object identification (UDI) through the Food and Drug Administration (FDA), is also one of the key variables driving the development of the operative instrument tracking systems. Most devices include a human and machine-readable device identifier as a result of the UDI. In the Global Unique Device Identification Database (GUDID), a database of the FDA, the device labeler shall provide a certain amount of information about each device. The necessary data can be readily accessed, searched and downloaded from the database.
The surgical device tracking systems have several advantages. It was used earlier only in the management of the instrument count sheet and in certain fundamental tools traceability. The use of tracking systems has however become more extensive with the introduction of technology. The introduction of 2D barcodes has allowed sterile processor employees to identify tools more correctly and also assist to develop a solid history of the use of each tool. The data enables the employees to determine if the tool requires repair. The identification of the radio frequency (RFID) in medical facilities enables to define and monitor the device. The use of RFID tags and operational follow-up solutions can automatically monitor critical devices in health care organizations and guarantee that the right, suitable instruments for each operation are accessible.
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Very often, employees cannot discover the materials that they need, resulting in time waste. In addition, the patient must remain under anesthesia until the tools have been located if the employee cannot locate an instrument after surgery. This results in a waste of time and time in the working room (OR) sometimes inadequately managing the supply chain, which in turn leads to OR operation in a reduced effectiveness due to irregular equipment flows, is misplaced or even lost in hospital supplies, or devices. To overcome these difficulties, hospitals use systems for the monitoring of surgical instruments.
Because of its multiple technological benefits, such as ease of handling and low installation cost, barcode technology was the biggest sales generating sector in 2018.
In the forecast period, the RFID section will grow at the highest CAGR because of the increasing demand from the device manufacturer for sophisticated tracking systems.
As a result of the increasing technological developments in software products, software solutions had the biggest income increase in 2018.
Due to the increased acceptance of these equipments for stock management and their capacity to improve patient security, the segment of hospitals had the biggest market share as regards income in 2018.
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North America had the biggest market share in 2018, and its dominance over the forecast period is anticipated to continue.
The provision will drive regional product demand during the era of forecasting with highly developed health facilities and the accessibility of sophisticated goods.
Key Players & Strategies
Some of the key market players are Haldor Advanced Technologies. Ltd.; Xerafy; Censis Technologies, Inc.; Getinge Group; B. Braun Melsungen AG; Materials Management Microsystems, Inc.; and Becton, Dickinson and Company.
Leading businesses implement several inorganic and organic approaches, like growth or launch of fresh products, collaboration and merger, as well as regional expansions to meet customers’ unmet requests. For example, Xerafy and The Tag Factory have signed a RFID ceramic tag technology license agreement for Xerafy in March 2015. The Tag Factory shall use RFID ceramic tag technology in accordance with the contract to market and produce Ceramic RFID tags.
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