Surgical Instrument Tracking System Market To Generate Revenue Worth $627.4 Million by 2030

The global surgical instrument tracking system market is projected to generate $627.4 million revenue in 2030, advancing at a CAGR of 13.0% during 2021–2030. This can be attributed to the rise in the number of surgical procedures across the globe and technological advancements in healthcare. Moreover, the growing prevalence of chronic diseases and hospital-acquired infections, increasing demand for minimally invasive surgeries, and surging incidence of equipment misplacement are also propelling the market growth.

Hardware Generates the Largest Revenue in the Market

The hardware category accounted for the largest revenue, over $100 million, in 2021 in the market. The growth in demand for hardware components is attributed to the repurchasing of non-durable RFID chips/barcode tags, as these are being detached during washing or damaged during sterilizing cycles. Moreover, advancements in hardware, such as barcode tags and RFID chips, are the primary driving force behind the high use of these systems for inventory and surgical equipment management.

Barcodes are a larger contributor to the market, based on technology. The low installation cost of barcodes and their ease of adoption across industries are important factors for their market dominance. Moreover, their extensive use in hospitals, clinics, and specialty centers, makes them more popular in the market.

The North American surgical instrument tracking system market holds the largest share and is expected to maintain its dominance in the coming years as well. This is attributed to the quick uptake of modern technologies and products and the presence of well-developed medical infrastructure in the region.

However, the APAC market is expected to record the highest growth rate during the forecast period. This can be ascribed to the technical advancements in software and hardware solutions. Developing markets in the region, such as India and China, are projected to offer tremendous growth potential for modern systems. This is due to the huge population base, growth in economies, rise in healthcare expenses, and improvement in healthcare infrastructure.

Acquisitions and Partnerships Are Major Strategic Measures

Key players have been engaged in acquisitions and partnerships to gain a competitive edge in the market. For instance:

• In September 2021, Fortive Corporation announced the acquisition of ServiceChannel Holdings Inc., which aids in the development of the Saas platform of the company.
• In May 2020, Stanley Black & Decker Inc. (STANLEY Healthcare) and CISCO announced their partnership. The AeroScout Real-time Location System (RTLS) platform from STANLEY has been certified and fully integrated with CISCO DNA Spaces, the next-generation indoor location services platform, to provide status of assets and individuals and enterprise-wide visibility into the location in healthcare environments.

Some of the major players in the surgical instrument tracking system market are Becton, Dickinson and Company, B. Braun Melsungen AG, Fortive Corporation, SpaTrack Medical Limited, Promedical Inc DBA NuTrace, STERIS plc, Stanley Black & Decker Inc., Getinge AB, and Scanlan International Inc.