Surgical Instrument Tracking Systems Market Size Worth USD 0.53 Billion by 2030 at 11.50% CAGR – Report by Market Research Future (MRFR)
Surgical Instrument Tracking Systems Market Trends and Insights By Components (Hardware, Software, Services), By System Type (Barcode Tracking, Radio Frequency Identification), By End User (Hospitals, Others), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World), Competitive Market Growth, Size, Share and Forecast to 2030
New York, USA, May 23, 2023 (GLOBE NEWSWIRE) — Surgical Instrument Tracking Systems Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Surgical Instrument Tracking Systems Market Information By Components, By System Type, By End User, And By Region– Forecast Till 2030”, the market size was valued at USD 0.25 billion in 2022 and is projected to grow from USD 0.278 Billion in 2023 to USD 0.53 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 11.50% during the forecast period (2023 – 2030).
Surgical Instrument Tracking Systems Market Trends:
Market Drivers
Rising need to meet FDA unique device identification mandates, requirement for better inventory and asset management practices, and growing medical device and surgical instruments markets are the key market drivers enhancing the market growth. The primary market factors accelerating market expansion include the increasing need to comply with FDA unique device identification standards, the demand for better inventory and asset management methods, and the expanding markets for medical devices and surgical instruments. Surgical instrument monitoring systems are made to keep track of the whereabouts and usage of surgical instruments in real-time, allowing for better inventory management and insight into the inventory of medical equipment.
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By ensuring that the appropriate tools are utilized for the appropriate operations, these systems can also assist in lowering the risk of medical mistakes. The need for surgical tool tracking systems is anticipated to increase as a result of the FDA’s UDI rule, which is increasing the need for more effective tracking systems. Healthcare providers’ efforts to comply with UDI standards, as well as the potential advantages of better inventory management and patient safety, are projected to be the main drivers of the market CAGR.
Market Limitations
The market expansion, however, may be hampered by the high cost of surgical equipment tracking system adoption.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 0.53 Billion |
| CAGR | 11.50% |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Components, System Type and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising need to meet FDA Unique Device Identification mandates |
| Development of active RFID technology for instruments |
Surgical Instrument Tracking Systems Market Competitive Outlook:
The major market players are investing a lot of money in R&D to expand their product portfolios, which would spur further market growth for surgical tool monitoring systems. With significant industry changes including new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking a variety of strategic activities to expand their global presence. In order to grow and thrive in a market that is becoming more competitive and growing, competitors in the surgical tool tracking systems business must offer products that are affordable.
Manufacturing locally to cut operating costs is one of the main business tactics used by manufacturers in the surgical instrument tracking systems industry to benefit customers and develop the market sector. The surgical tool tracking systems market has recently offered solutions with some of the most notable advantages.
Key Companies in the market includes
- Getinge AB (Sweden)
- Becton Dickinson and Company (US)
- Fortive Corporation (US)
- Braun Melsungen AG (Germany)
- Steris PLC (Ireland)
- Stanley Black & Decker Inc. (US)
- Material Management Microsystems (US)
COVID-19 Analysis:
The COVID-19 pandemic significantly reduced the number of surgical operations performed globally and prompted various surgical procedure recommendations from the relevant governments, which had an impact on the market under study. Although recovery rates varied widely between subspecialties and case classes, the overall number of surgical procedures did not reach pre-COVID-19 levels until far into 2021. Due to the decline in operations during the pandemic, this has caused a decline in the usage of surgical devices. Following the reopening to 2019 levels, the rate of surgical operations rose. This trend continued throughout the fall and winter, when COVID-19’s patient load peaked. Due to the decreased use of surgical tools in operating rooms, the decrease in surgical volumes during the pandemic may have had an influence on market growth.
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Surgical Instrument Tracking Systems Market Segmentation:
Components Insights
In terms of market revenue for surgical tool tracking systems in 2022, the hardware sector had the lion’s share of the pie. The utilization of these systems for inventory management and surgical equipment management has been significantly impacted by hardware technological breakthroughs like RFID chips and barcode tags. For instance, utilizing a vapor deposition process and biocompatible sealant, the Wyss Institute at Harvard University has devised a method to insert RFID chips into metal surgical equipment.
System Type Information
In 2022, the barcode tracking segment led the market. From 2022 to 2030, radio frequency identification is anticipated to develop more quickly. The rise of barcode technology in the medical device industry is a significant component in the market’s high revenue share for this technology, which is the most widely used tracking technology. The use of 2D barcodes, such as data matrices and QR codes, is rising as a result of their advantages, which include low costs, a robust design, and 360° readabilities.
End User Insights
Hospitals and other end users have divided the market statistics for surgical equipment tracking systems. The hospitals category led the market in 2022 and is anticipated to expand at the fastest rate from 2022 to 2030. This is due to hospitals using surgical device monitoring solutions more frequently for medical equipment inventory control and tracking during work cycles like surgery and sterilizing.
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Surgical Instrument Tracking Systems Market Regional Analysis:
The surgical instrument tracking systems market in North America, which had sales of USD 0.11 billion in 2022, is anticipated to develop at a substantial CAGR during the research period. The U.S. FDA’s implementation of the UDI system for the effective identification of medical devices and instruments is one of the primary reasons for this region’s supremacy. Furthermore, it is anticipated that the market for the area would expand as a result of the presence of a well-established healthcare infrastructure and the rapid adoption of cutting-edge goods and technologies.
Due to increased investment in the healthcare sector, expanding investment in surgical tool goods, and growing technical innovation and development, the Europe surgical instrument tracking systems market has the second-largest market share. Additionally, the UK surgical instrument tracking systems market grew at the highest rate in the European area, while the Germany surgical instrument tracking systems market had the greatest market share.
From 2022 to 2030, the surgical instrument tracking systems market in Asia-Pacific is anticipated to expand at the quickest rate. This is because this area has unrealized potential. The number of surgical operations is also predicted to increase over the course of the projection year as a result of the rapidly developing healthcare infrastructure in Asian countries like China, Indonesia, and India. Additionally, it is anticipated that in the upcoming years, the utilization of surgical instrument tracking devices will rise as increasingly advanced hardware and software solutions are developed. Additionally, the India surgical instrument tracking systems market had the quickest rate of growth in the Asia-Pacific region, while China’s surgical instrument tracking systems market had the biggest market share.
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