According to a recently updated Fact.MR study, the global surgical instrument tracking system industry will grow at an 18% CAGR, reaching US$ 1,294.89 Mn by the end of the 2022-2032 assessment period. The increased level of automation in the healthcare industry continues to drive the market.
During the 2017-2021 historical period, the market grew at an impressive 15.1 % CAGR, reaching a value of US$ 215.01 Mn. During the COVID-19 pandemic, the ever-increasing hospitalisation rates necessitated the use of surgical instrument tracking systems, as surgical equipment requirements grew exponentially to treat infected patients.
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As the number of items subject to UDI increases, so will the demand for solutions that enable compliance, such as surgical instrument tracking systems. Increasing government spending to improve overall healthcare efficiency is another factor that is likely to stimulate demand for high-quality surgical instrument tracking systems.
Key Takeaways from the Market Study
- By product, surgical instrument tracking software to constitute over 60% revenue through 2032
- RFID-based surgical instrument tracking to experience a staggering 18.4% CAGR
- Surgical instrument tracking for hospital operation theatres to accumulate 1/3rd revenue share
- Adoption by office-based specialized clinics likely to surge over 5x through 2032
- North America to generate 38.5% of global surgical instrument tracking revenue
- Asia Pacific to be the fastest growing market, clocking a 19% CAGR
- Global market for surgical instrument tracking to be valued at US$ 247.41 Mn in 2022
“With the expansion of the healthcare industry worldwide, hospitals and other providers are looking to streamline workflows by automating monitoring and stockpiling of surgical instruments, providing impetus to surgical instrument tracking systems,” comments a Fact.MR analyst
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.
- In October 2020, Steris- a seller of infection prevention, surgical equipment and other hospital products has acquired Key Surgical in a US$850 million deal that adds complementary product lines and expands its geographic reach.
- Getinge AB and Intelligent InSites, Inc. have developed T-DOC 2000 surgical instrument traceability system. The solution supports the sterile supply workflow of instruments, consumables, and implants, from reprocessing, inventory and logistics to use.
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Key Segments Covered in the Surgical Instrument Tracking Industry Report
- Surgical Instrument Tracking Console
- Surgical Instrument Tracking Software
- Surgical Endoscope Tracking and Management System
- Surgical Instrument Tracking Services
- Barcode Scanning Based Surgical Instrument Tracking Systems
- RFID Based Surgical Instrument Tracking Systems
- End User
- Surgical Instrument Tracking for Hospital Sterile Processing Department (SPD)
- Surgical Instrument Tracking for Hospital Operation Theatres
- Surgical Instrument Tracking for Ambulatory Surgical Centers
- Surgical Instrument Tracking for Office-based Specialized Clinics
Why does North America continue to lead the Surgical Instrument Tracking Market?
In 2022, the North American market is expected to account for nearly 38.5 percent of surgical instrument tracking systems. North America remains at the forefront of the surgical instrument tracking market, aided by increased government funding for the installation of sophisticated equipment and increased end-user awareness of medical device technologies. The United States is a purchasing power parity hotspot and thus a critical consumer for sterile processing tracking systems.
The introduction of the UDI system by the United States Food and Drug Administration (FDA) for the active identification of medical devices and gadgets is one of the major factors attributed to this region’s dominance.
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Key Content Moderation Solutions Providers
- Becton Dickinson and Company
- Cantel Medical Corporation (MEDIVATORS Inc.)
- Steris Plc.
- Key Surgical
- Getinge AB
- GS1 UK
- Intelligent InSites, Inc.
- Olympus Corporation
- LM-Instruments Oy
- TGX Medical Systems
- Censis Technologies Inc.
- Haldor Advanced Technologies Ltd.
- Braun Melsungen (Aesculap)
- Keir Surgical
- STANLEY Healthcare
- Mobile Aspects Inc.
- Besco Bvba
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