Global Surgical Instruments Tracking Systems Market 2021 (Includes Business Impact of COVID-19)

                                          
Report updated on 11th September, 2021: Global Surgical Instruments Tracking Systems Market 2021 (Includes Business Impact of COVID-19)
Global Surgical Instruments Tracking Systems Market is a recent report on offer by Trusted Business Insights. The report provides in-depth insights, revenue details, and other information regarding the target market. It includes the various trends, drivers, restraints, opportunities, and threats in the respective sections. Profiles of the key players operating in the target market are presented along with competitive landscape. Respective revenues and financials, key developments, strategies, acquisitions & mergers, and market footprint are also included. The global industrial wax market report has been segmented on the basis of product type, technology, end-use, and region.
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The global Surgical Instruments Tracking Systems market size was valued at USD $177.55 million in 2020 and is projected to reach USD $584.76 million by 2030, and is anticipated to expand at a CAGR of 12.63% over the forecast period from 2020 to 2030.


Global Surgical Instruments Tracking Systems Market: Overview


Adoption of surgical instrument tracking systems and products in hospitals is significantly high and hence among some of the primary drivers of growth of the global surgical instruments tracking systems market currently. Some major challenges hospitals face includes maintaining a track of every piece of medical components and devices and inventory management during work cycles. A track needs to be maintained during surgery, post-surgery, during sterilization procedures, as well as while in storage. As a result, adoption of these systems has been increasing significantly in the recent past.


Global Surgical Instruments Tracking Systems Market: Dynamics


Incidence of surgical implements being left accidently or retained in the insides of patients by medical personnel had been increasingly commonplace over the recent past. Some of these incidences even had fatal results. A surgical instrument inadvertently left behind in a patients body can cause injury, require a repeated surgery, incurs additional costs, and can result in a hospital losing credibility. According to results of research studies, around 4,500 to 6,000 of such incidences occur each year in the US alone. Some of the most commonly left or retained surgical instruments are sponges, scalpels, scissors, towels, drain tips, needles, guide wires, clamps, tweezers, forceps, and scopes others. According to the National Center for Biotechnology Information (SCBI), the fatality rate for retained surgical objects is approximately 2.0%. Among the retained objects list, sponges and needles are the he most commonly retained objects. Sponges pose a major challenge as they soak up patients blood during surgery and almost always are able to blend in with organs and tissue, and hence are difficult to track. Objects are commonly left back or retained during abdominal surgery, and in the abdomen, vagina, and chest cavity. As a result of such incidences, the need for more advanced technologies and devices such as 2D bar code and RFID to maintain a track of all instruments and tools before, during, and after surgery.


Global Surgical Instruments Tracking Systems Market: Segment Analysis


By Product Type:

Among the product type segments, revenue from the hardware segment is projected to increase significantly more than that from the other product type segments over the forecast period. This is attributable to the frequent need to change labels or tags, and this is driving demand and need to replace these products continuously.

By Technology:

Among the technology segments in the global surgical instrument tracking market, the radio-frequency identification (RFID) and bar codes segments are expected to be rather close to each other in terms of demand and revenue share over the forecast period. However, revenue from the barcode segment is projected to be higher owing to low cost for product implementation.

By End-use:

Among the end-user segments, revenue from the hospital segment is projected to remain significantly higher that other segments in the global surgical instrument tracking systems market.


Global Surgical Instruments Tracking Systems Market: Regional Analysis


The market in Asia Pacific is expected to account for significantly high revenue share, and projected to dominate among other regions in the global industrial wax market over the forecast period. This projected dominance is attributable to rapid industrialization, coupled with increasing cosmetics & personal care product demand, and growing and expanding automotive, construction, and other industries in countries in this region. Revenue from the Asia Pacific market is expected to register a significant growth rate, owing to increasing R&D activities and increasing investments by governments and manufacturers in various industries. The North America industrial wax market is projected to register moderate revenue share in the global market, followed by Europe. This can be attributed to rising demand for industrial wax in various applications such as cosmetics, coatings & polishing, and others in countries in the region.


Below are the active patents related to Surgical Instruments Tracking Systems Market.


Patent Number: US8064985B2

System and method for determining the position of a flexible instrument used in a tracking system

Abstract

A medical instrument for use in an image guided surgery system, including a support member operatively connected to a flexible engaging member, and a strain gauge affixed to a portion of the flexible engaging member. The strain gauge is configured to detect deflection of the flexible engaging member.

Application filed Date: 2003-09-12

Application granted Date: 2011-11-22

Current Assignee: GE Medical Systems Global Technology Co LLC, Stryker European Holdings I LLC

Patent Number: US8281994B1

Barcode emulation in medical device consumption tracking system

Abstract

An interface system for providing product identifier data to a legacy system for a unit tracking system comprises a reader for reading unit tracking information for items. The unit tracking information uniquely identifies each of the items. In one example, this unit tracking information is an RFID serial number. Then, a translator looks up universal product numbers associated with the items with which the unit tracking number is associated. The translator passes the universal product number to the legacy system.

Application filed Date: 2007-06-20

Application granted Date: 2012-10-09

Current Assignee: WaveMark Inc

Patent Number: US20180204323A1

Detection of surgical instruments on surgical tray

Abstract

The subject matter described herein generally relates to determining whether any surgical instruments are missing on a surgical tray, and, if any instrument is missing, identifying the missing instrument(s). In one aspect, a server can receive, from a camera device, a matrix code and a bitmap of an image of a tray having a first plurality of instruments. The server can detect the tray based on the matrix code. The server can receive, from a database, a list of a second plurality of instruments configured to be stored in the detected tray. The server can detect the first plurality of instruments stored in the tray by using the bitmap. The server can compare the preset list of the second plurality of instruments with the detected first plurality of instruments to generate an output characterizing whether any instruments is missing from the tray and an identification of the missing instrument(s).

Application filed Date: 2017-03-02

Application granted Date: 2019-07-23

Current Assignee: Aga Khan University

Global Surgical Instruments Tracking Systems Market Segmentation:

The market for surgical instruments tracking systems in North America is expected to be significantly lucrative in terms of demand and sales. This projected growth is due to favorable Food and Drug Administration regulations for Unique Device Identification. Revenue from the market in Asia Pacific is also projected to expand at a relatively high compounded annual growth rate over the forecast period owing to expanding urbanization, transition to digitization, and need to provide safety and secure healthcare services to patients.

Segmentation by Product Type:

  
Hardware
  
Software
  
Services

Segmentation by Technology:

  
Barcodes
  
RFID

By End-use:

  
Hospitals
  
Others


Key Market Players included in the report:


  
Aesculap Inc.
  
Applied Logic Inc.
  
Asanus Medizintechnik GmbH Inc.
  
B. Braun Melsungen AG
  
Becton, Dickinson and Company
  
Case Medical
  
Censis Technologies
  
FingerPrint Medical
  
Fortive Corporation
  
Getinge Group
  
GS1 UK
  
Haldor Advanced Technologies
  
Intechnology Distribution PTY ltd.
  
Keir Surgical
  
Key Surgical
  
Materials Management Microsystems
  
McKesson Corporation
  
Microsystems
  
Nutrace
  
Scanlan International Inc.
  
SpaTrack Medical Limited
  
STANLEY healthcare
  
STERIS Plc.
  
Synergy Health Ltd.
  
TGX Medical Systems
  
Xerafy


Below are the key development related to Surgical Instruments Tracking Systems Market in 2020 and 2021.


April 2021: Medtronic partners with Surgical Theater to bring augmented reality to neurosurgery. Medtronic (NYSE:MDT) announced  that it partnered with Surgical Theater to offer an augmented reality platform for cranial procedures. Fridley, Minn.-based Medtronic will interface its StealthStation S8 surgical navigation system with Surgical Theater’s SyncAR technology to enable neurosurgeons to use AR in real-time to enhance their visualization during complex cranial procedures, according to a news release. SyncAR is designed to allow surgeons to visualize brain structures, test virtual surgical tools and plan surgeries before entering the operating room through fighter-jet simulation technology. StealthStation S8 is designed to track surgical instruments and guide the user during procedures through hardware and clinical software with tracking and image dataset merging algorithms. Source

October 2020: ReadySet Surgical Launches RS Analyze to Help Hospitals Grade Vendor Performance and Proactively Identify Off-Contract Implant Purchases. New enterprise-level dashboards and customized reports address non-compliant purchasing, as well as vendor and surgeon performance tracking. ReadySet Surgical announced the launch of RS Analyze, the most recent application from a company dedicated to creating solutions to help hospitals increase efficiencies and lower costs of vendor managed inventory. RS Analyze provides hospital Supply Chain, Operating Room and Sterile Processing Department leaders with unmatched real-time data that will allow them to proactively take corrective actions. These actions lead to improved vendor performance, from on-time delivery to price accuracy and contract compliance. Source

September 2020: Intersect ENT Announces Agreement to Acquire Fiagon AG Medical Technologies for €60 million Paid Over Three Years. Novel navigation technology and recently FDA-cleared sinuplasty balloon expand Intersect ENT’s commercial product portfolio. Extends Intersect ENT’s footprint in U.S. and European ENT physicians’ offices. Intersect ENT, Inc. (Nasdaq: XENT), a company transforming care for patients with ear, nose and throat (“ENT”) conditions, announced it has entered into an agreement to acquire Fiagon AG Medical Technologies, a leader in electromagnetic surgical navigation solutions, for €60 million in cash. Under the terms of the transaction, Intersect ENT will make an initial €15 million payment at the time of the closing and €15 million annual payments for the subsequent three years. Source

December 2019: caresyntax to Acquire Operating Room Analytics Provider, Syus. Expands caresyntax’s Surgical Analytics Platform Capabilities, Geographic Footprint and Data Assets. -caresyntax, a pioneer in surgical automation, quality analytics and AI, announced that it has acquired Syus, a leader in operating room (OR) operations and cost analytics. This acquisition extends caresyntax’s global footprint to more than 7,000 operating rooms, including over 1,100 in the United States, and further enhances the company’s capabilities in AI and the use of real-world evidence with the addition of data from over 9 million surgical cases. Syus delivers easy-to-use, actionable insights for health systems, medical device vendors and anesthesia groups, as they look for ways to better leverage their OR data and improve overall decision making, efficiency and performance. By combining data from disparate sources, such as electronic health records (EHR), supply chain, HR and other IT systems, in a single and powerful online analytics tool, Syus’ Periop Insight enables clinicians, OR managers, and administrators to access important data, view key performance metrics, and support operational decisions from anywhere, anytime and on any device. Currently present in over 100 hospitals and health systems across the U.S., Syus has helped its partners improve communication, documentation and data transparency; reduce supply costs, delays, idle time and late cases; better manage staffing levels and contract labor; optimize block schedules; and otherwise improve overall operating room efficiency and utilization. Syus’ health system and hospital partners include Catholic Health Initiatives, Universal Health Services, Inova, Saint Thomas Health, Health First, Methodist Le Bonheur Healthcare, OU Medical Center, Gillette Children’s, and select HCA and LifePoint hospitals, along with many others. caresyntax is working to make mission-critical health care settings such as surgery, interventional radiology and obstetrics smarter and safer. The company’s proprietary solutions leverage IoT, analytics and AI technologies to automate clinical and operational decision support for surgical teams, and support all outcome contributors in the delivery and management of risk-bearing contracts. By integrating data from medical devices, electronic health records, and other sources inside the OR into a unified data platform, caresyntax helps caregivers better identify and manage risk, increase workflow efficiency, reduce surgical variability and improve operational or clinical outcomes at the point of care. By acquiring Syus, caresyntax will substantially expand its product offering for health systems, medical device vendors and insurers, as well as extend its geographic footprint. In addition, Syus will enhance caresyntax’s research and development in AI and Machine Learning for advanced algorithm creation. The benefits of caresyntax’s platform extend well beyond the operating room. For medical device and robotics vendors, the real-world data captured by caresyntax applications can be fed back to a provider’s learning systems to inform device improvements and design, and enable better tracking and reporting on device performance. For insurers, caresyntax solutions support data-driven underwriting decisions and risk-adjusted premium pricing, mitigate risk during the perioperative workflow, enable better and more cost-effective claim investigation and facilitate the use of value-based contracts through trusted, neutral data systems and effective KPI measurements. Source