Surgical Instruments Tracking Systems Market to Expand at 12.1% CAGR During the Forecast Period 2023-2030

Posted on 2023-04-27 by researchinsights in Healthcare // 0 Comments

San Francisco, California , USA, Apr 27, 2023 — /EPR Network/ —

Surgical Instruments Tracking Systems Industry Overview

The global Surgical Instruments Tracking Systems Market size is anticipated to reach USD 513.09 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 12.1% over the forecast period. The increasing need for inventory management and implementation of Unique Device Identification (UDI) regulations formed by the FDA are some of the major factors supporting the market growth. Furthermore, surgical tool manufacturers are expected to track their products from manufacturing to distribution. The goal of device tracking is to ensure that instrument manufacturers set up mechanisms that allow them to quickly locate devices in commercial distribution. The proposed UDI regulations by the U.S. Food & Drug Administration (FDA) are projected to propel market growth.

Labelers of surgical instruments, such as manufacturers, re-processors, specification developers, re-packagers, and re-labelers, are required by UDI guidelines to use direct marking at the individual instrument level. The U.S. regulations required surgical tools to be marked with a UDI (Unique Device Identifier) by 2021. Most surgical instruments are identified under class I devices by the U.S. FDA. As per the FDA’s June 2021 guidelines, the agency postponed the compliance date for UDI labeling, Direct Mark, GUDID Data Submission, and Standard Date Format to September 2022. Surgical instrument tracking systems also enable better monitoring by competent authorities while reducing medical errors, thus propelling the demand. The usability of such solutions in inventory management and during the work cycle including surgeries, storage, sterilization procedures, and post-surgery are other factors contributing to market growth.

A large number of operating rooms and other departments in hospitals collectively require more than 1,000 instruments each day. This has led to a huge need for surgical instrument inventory management, which facilitates assembling and checking the set of tools while saving manpower and time. This is expected to fuel the market growth. Although the number of elective surgeries plunged during the COVID-19 pandemic, the volume is expected to return to pre-COVID numbers, which, in turn, is estimated to drive the market. Also, the pandemic has a neutral effect on the underlying need for surgical instrument tracking systems and highlights the need for such solutions to track and control infections at hospitals and safeguard patient health.

Surgical Instruments Tracking Systems Market Segmentation

Grand View Research has segmented the global surgical instruments tracking systems market based on product, technology, end use, and region:

Based on the Product Insights, the market is segmented into Hardware, Software and Services.

The hardware product segment accounted for the largest revenue share of more than 45.00% in 2021. The segment is projected to maintain its dominance during the study period. Technological advancements in hardware, such as RFID chips and barcode tags, are a major factor driving the adoption of these systems for inventory as well as surgical instrument management.

Based on the Technology Insights, the market is segmented into Barcodes and RFID.

The barcode technology segment accounted for the largest revenue share of more than 82.00% in 2021. Barcode is the most commonly used type of tracking technology and its increased adoption in the medical devices industry is the key element contributing to its high revenue share in the market.
The RFID segment is anticipated to register the fastest CAGR over the forecast period due to the ability of RFID tags to withstand the rigorous healthcare environment, such as harsh sterilization processes, in addition to storing additional information and documenting each instrument’s vital statistics, such as repair history and location.

Based on the End-Use Insights, the market is segmented into Hospitals and Others.

The hospitals end-use segment led the market in 2021 and accounted for the maximum revenue share of more than 79.00%. The segment is estimated to retain its leading position throughout the forecast period.
Factors contributing to the share of this segment include the rising need to reduce the incidence of surgical instruments being left in the patient’s body during surgeries and effective inventory management.

Surgical Instruments Tracking Systems Regional Outlook

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies Profile

The leading companies are undertaking several strategic initiatives, such as product developments or launches, collaborations, and mergers & acquisitions along with regional expansions for gaining a higher market share.

Some prominent players in the global Surgical Instruments Tracking Systems market include

Censis Technologies, Inc. (Fortive)
SpaTrack Medical Ltd.
Xerafy Singapore Pte. Ltd.
Fingerprint Medical Ltd.
Getinge AB
Braun Melsungen AG
BD
Haldor Advanced Technologies
Microsystems, Inc.
Ternio Group LLC

Order a free sample PDF of the Surgical Instruments Tracking Systems Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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