Published: May 2022 | Report Code: 12349 | Available Format: PDF
The global surgical instrument tracking system market size was $209.1 million in 2021, which is expected to reach $627.4 million by 2030, advancing at a CAGR of 13.0% during 2021–2030. The industry growth can be ascribed to the technological advancements in healthcare, the increasing need to implement unique device identification (UDI) standards and inventory management practices, and the rising number of surgeries across the globe.
The implementation of UDI standards by the Food and Drug Administration (FDA) is a major reason driving the growth of the market. Most gadgets now have a unique device identifier in both human- and machine-readable forms, as a result of the adoption of this regulation. The instrument labeler is required to provide some information about each device to the FDA's global unique device identification database (GUDID). This database is easily accessible, searchable, and downloadable by the general public.
The hardware category generated the highest revenue, over $100 million, in 2021 in the market. This is due to the developments in technologies, such as RFID chips and barcode tags, which are a major factor propelling the use of these solutions for surgical instrument inventory management. Moreover, the rise in the demand for hardware is attributed to the repurchasing of non-durable RFID chips/barcode tags, as these are detached during washing or suffer damage during sterilizing cycles.
The software category is expected to witness the fastest surgical instrument tracking system market growth, more than 13% CAGR, during the forecast period. This can be ascribed to the surging need for advanced real-time surgical instrument tracking software.
Market Size in 2021
Revenue Forecast in 2030
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
By Component; By Technology; By End User; By Region
Explore more about this report - Request free sample
Hospitals are the largest end users of surgical instrument tracking systems. The category is also expected to maintain its industry dominance throughout the forecast period. This can be accredited to the large patient base and rise in the number of surgeries performed in hospitals.
The demand for surgical instrument tracking systems in ambulatory surgery centers (ASCs) is projected to grow at the highest CAGR in the coming years. This will be due to the increasing government focus on reducing healthcare costs and offer enhanced patient outcomes, which is driving the establishment of these facilities. Additionally, they are more convenient and accessible than hospitals and 40–60% less costly.
North America generated the highest market revenue, around $100 million, in 2021. One of the key factors credited for the dominance of the regional market on the globe is the implementation of UDI regulations by the USFDA for the effective identification of healthcare devices and instruments. Furthermore, the presence of well-developed medical infrastructure and the quick uptake of modern technologies and products are projected to enhance the market expansion potential.
Europe is the second-largest market for surgical instrument tracking systems, after North America. The growth of the European market is mainly attributed to the increasing aging population, rising number of surgical procedures performed, and growing prevalence of chronic diseases in the region.
The APAC surgical instrument tracking system market forecast is for the highest CAGR in the world, of around 14%, during the forecast period. This can be ascribed to the improving healthcare facilities and increasing disposable income. Furthermore, the massive rise in the adoption of technically advanced software and hardware solutions will boost the regional market growth. In addition, developing countries, such as India and China, are expected to present significant growth opportunities to market players.
The barcodes category is the major revenue generator, with more than half of the share in the market, and it is also expected to maintain its position in the future. Barcodes are used in hospitals, clinics, and other surgical specialty centers for inventory monitoring. With the technological advancement and increase in the number of experiments, inventory management has become easier and more convenient for surgeons. The demand for monitoring surgical instruments generated across all hospital departments, ranging from sterilization units to operating rooms, is rising, as a large number of surgeries take place globally. Further, the barcode is a user-friendly technology that provides real-time location.
Moreover, due to their cost-effectiveness, barcodes have become more popular in the field of instrument tracking. Even their successor, named QR code, is now integrated into surgical instruments.
The RFID category is expected to grow at the higher CAGR in the market in the coming years. This can be because these systems are more accurate and efficient and able to read multiple codes at a time.
The COVID-19 epidemic had a substantial impact on the surgical instrument tracking system market outlook in 2020. Owing to the high risk of infection at medical centers, several elective procedures were postponed. However, after the reopening of medical spaces for non-elective procedures, the demand for robust surgical instrument tracking systems is expected to increase.
The report offers comprehensive market segmentation analysis along with the revenue estimation for the period 2017–2030.
Based on Component
Based on End User
Based on Technology
The 2021 size of the surgical instrument tracking system market was $209.1 million.
During 2021–2030, the growth rate of the surgical instrument tracking system market will be 13%.
Hospitals are the largest end users of surgical instrument tracking systems.
The major drivers of the surgical instrument tracking system market include the technological advancements in healthcare, increasing need to implement unique device identification and inventory management standards, and rising number of surgeries across the globe.
Get a bespoke market intelligence solution
Our dedication to providing the most-accurate market information has earned us verification by Dun & Bradstreet (D&B). We strive for quality checking of the highest level to enable data-driven decision making for you
Our insights into the minutest levels of the markets, including the latest trends and competitive landscape, give you all the answers you need to take your business to new heights
With 24/7 research support, we ensure that the wheels of your business never stop turning. Don’t let time stand in your way. Get all your queries answered with a simple phone call or email, as and when required
We take a cautious approach to protecting your personal and confidential information. Trust is the strongest bond that connects us and our clients, and trust we build by complying with all international and domestic data protection and privacy laws