(PharmaNewsWire.Com, July 15, 2020 ) The surgical instrument tracking systems market is projected to reach USD 312 million by 2024 from USD 161 million in 2019, at a CAGR of 14.1% between 2019 and 2024. The growth of this market is driven majorly by the need to meet FDA Unique Device Identification mandates, the requirement for better inventory & asset management practices, and growth of the surgical instruments market. However, high system costs, long investment cycles, and lack of realization of ROI are the major factors restraining the growth of this market.
Censis Technologies (US), Material Management Microsystems (US), and Becton, Dickinson and Company (US), are the key players operating in this market. Other prominent players in the market include Haldor Advanced Technologies (Israel), Intelligent InSites, Inc. (US), Key Surgical, Inc. (US), Mobile Aspects (US), TGX Medical Systems (US), Xerafy (China), STANLEY Healthcare (US), B. Braun Melsungen AG (Germany), Getinge AB (Sweden), Infor Inc. (US), SpaTrack Medical Limited (UK), and Scanlan International, Inc. (US).
Censis Technologies held the leading position in the surgical instrument tracking systems market. The leading position of the company can be attributed to its strong brand recognition and extensive service portfolio in the surgical instrument tracking systems market. Censis Technologies provides separate tracking solutions for trays, individual instruments, and scopes along with a wide range of related products under the umbrella of CensiTrac. The company offers integrated solutions through partnerships. Censis Technology serves hospitals, acute care facilities, and many government facilities in the US.
Material Management Microsystems was the second-largest player in the surgical instrument tracking systems market. The company’s leading position can be attributed to its robust product portfolio. Material Management Microsystems focuses on adopting organic and inorganic growth strategies to expand its presence in the surgical instrument tracking systems market. For instance, in 2018, the company entered into an agreement with ReadySet Surgical to provide its capabilities in an integrated environment in order to provide a transparent surgical supply chain. This acquisition strengthened the company’s presence in the surgical instrument tracking systems market.
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