Global Surgical Instrument Tracking Devices Market Report 2021: Market is Expected to Reach $685.9 Million by the End of 2031 - Rise in Demand for Active RFIDs

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Jun 21, 2021, 13:15 ET

DUBLIN, June 21, 2021 /PRNewswire/ -- The "Global Surgical Instrument Tracking Devices Market: Focus on Product Type, Technology, End User, 10 Countries' Data, and Competitive Landscape - Analysis and Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.

The radio frequency identification device (RFID) market was valued at $283.4 million in 2020 and is expected to reach $685.9 million by the end of 2031. The market for RFID is anticipated to grow at a CAGR of 9.0% during the forecast period 2021-2031.

The surgical instrument tracking devices are a combination of tracking devices that are specially designed to be implemented on surgical instruments. Barcodes and radio frequency identification devices (RFIDs) are two types based on technology. By product type, surgical instrument tracking devices can be categorized into hardware, software, and services.

Surgical instrument tracking devices are currently dominated by RFIDs and hardware. These systems are focused on the idea of having more information than just the location of surgical instruments, which is an important factor in surgical instrument asset management.

Due to the growing concerns regarding patient safety, the government and healthcare regulatory bodies have made the implementation of tracking devices on surgical instruments mandatory in hospitals and surgical ambulatory centers. Adoption of these devices has been seen in recent years to save a lot of manpower and resources, which has aided hospital inventory management and boosted the surgical instrument tracking devices market.

Key Questions Answered in this Report:

What is the current market size and future potential of surgical instrument tracking devices?
What is the current market share and growth share of the different surgical instrument tracking devices in the market?
What are the guidelines implemented by different government regulatory bodies to regulate the approval of the surgical instrument tracking devices in the market?
What are the major market drivers, restraints, and opportunities in the global surgical instrument tracking devices market?
What is the impact of the COVID-19 pandemic on the market?
Which technology is being researched and worked upon to improve the surgical instrument tracking devices technologies?
Who are the leading players dominating the global surgical instrument tracking devices market?
What are the key development and strategies incorporated by the players of the global surgical instrument tracking devices market to sustain the competition and retain their supremacy?
Which countries contribute to the major share of current demand, and which countries hold significant scope for expansion for business activities by players of the global surgical instrument tracking devices market?

Key Highlights

According to the global surgical instrument tracking devices market report, radio frequency identification device (RFID) is dominating the market in 2020 when compared to barcode under the segmentation - by technology. RFID is forecasted to uphold this position in the market and continue to dominate during the forecast period 2021-2031.
In terms of product type segmentation, hardware is the market leader, led by software. During the forecasted period 2021-2031, hardware is projected to lead the market. Software is projected to rise at a faster pace than hardware, with a CAGR of 10.1%.
When the overall market contribution is considered, RFID accounts for 80% of the total market, whereas hardware leads by 47.2%.
Surgical instrument tracking devices hold the highest numbers in the North America region followed by Europe. The U.S. leads the table by contributing 59.8% of the total market in 2020. It is expected that the U.S. will maintain its position in the region-based segmentation.

Key Topics Covered:

1 Product Definition

2 Scope of Research Study
2.1 Key Questions Answered in the Report
2.2 Forecast Period Selection Criteria

3 Research Methodology

4 Industry Insights
4.1 Legal Regulations
4.2 Business Model Analysis
4.3 Impact of COVID-19 on Global Surgical Instrument Tracking Devices Market
4.3.1 Changes in Surgical Facilities
4.3.2 COVID-19 Created an Elective Surgery Backlog
4.3.3 Impact on Instrument Manufacturers

5 Competitive Landscape
5.1 Key Strategies and Developments
5.1.1 Partnerships, Alliances, and Business Expansions
5.1.2 Regulatory and Legal Activities
5.1.3 Product Offerings and Upgradation
5.1.4 Funding Activities
5.1.5 Mergers and Acquisitions
5.2 Market Share Analysis
5.2.1 Technology Type
5.2.2 Product Type
5.2.3 Region
5.3 Growth-Share Analysis
5.3.1 Technology Type
5.3.2 Product Type
5.3.3 Region

6 Global Surgical Instrument Tracking Devices Market Scenario
6.1 Assumptions and Limitations
6.2 Key Findings
6.3 Potential Opportunities
6.3.1 Rise in Incidence Cases of Retained Surgical Instruments
6.3.2 Development and High Demand for Integration of IoT in Surgical Instrument Tracking Devices
6.4 Market Drivers
6.4.1 Increasing Need for Inventory Management and Implementation of Unique Device Identification (UDI) Regulations by the FDA to Incite the Use of Surgical Instrument Tracking Devices
6.4.2 Rising Number of Surgical Procedures Globally to Propel the Demand for Surgical Instrument Tracking Devices
6.4.3 Availability of Technological Advanced Products to Offer More Features in Surgical Instrument Tracking Devices
6.4.4 Factors like Time Pressure and Infection Faced by the Hospitals to Lead to the Rise in Demand for Surgical Instrument Tracking Devices
6.5 Market Restraints
6.5.1 Technological Limitations
6.5.2 Fall in Elective Surgeries Across the Globe During COVID-19 Pandemic to Impact the Market Negatively
6.6 Market Trends
6.6.1 Rise in Demand for Active RFIDs
6.6.2 Growth of Web-Based Services in Global Surgical Instrument Tracking Devices Market

7 Global Surgical Instrument Tracking Devices Market (by Technology)
7.1 Market Overview
7.2 Market Size and Forecast
7.2.1 Barcode Systems
7.2.2 Radio Frequency Identification Devices (RFID) Systems
7.2.3 Internet of Things (IoT)

8 Global Surgical Instrument Tracking Devices Market (by Product Type)
8.1 Market Overview
8.1.1 Hardware
8.1.2 Software
8.1.3 Services

9 Global Surgical Instrument Tracking Devices Market (by End User)
9.1 Market Overview
9.1.1 Hospitals
9.1.2 Ambulatory Surgical Centers (ASCs)
9.1.3 Others

10 Global Surgical Instrument Tracking Devices Market (by Region)
10.1 Market Overview
10.2 North America
10.2.1 Overview
10.2.2 Market Size and Forecast
10.2.3 Country
10.2.3.1 U.S.
10.2.3.2 Canada
10.3 Europe
10.3.1 Overview
10.3.2 Market Size and Forecast
10.3.3 Country
10.3.3.1 Germany
10.3.3.2 U.K.
10.3.3.3 France
10.3.3.4 Italy
10.3.3.5 Spain
10.3.3.6 Rest-of-Europe
10.4 Asia-Pacific
10.4.1 Market Overview
10.4.2 Market Size and Forecast
10.4.3 Country
10.4.3.1 Japan
10.4.3.2 China
10.4.3.3 Australia and New Zealand
10.4.3.4 Rest-of-Asia-Pacific
10.5 Rest-of-the-World
10.5.1 Market Overview
10.5.2 Market Size and Forecast

11 Company Profiles