- Press Release -

The global surgical instrument tracking system industry is forecast to surge at a CAGR of 18%, reaching US$ 1,294.89 Mn by the end of the 2022-2032 assessment period, according to a recently revamped study published by Fact.MR. The market remains driven by the increased level of automation in the healthcare industry.

During the 2017-2021 historical period, the market witnessed an impressive 15.1% CAGR, reaching US$ 215.01 Mn in value. During the COVID-19 pandemic, the ever increasing hospitalization rates rendered surgical instrument tracking systems all the more necessary, as surgical equipment requirements increased exponentially to treat infected patients.

As the number of equipment falling under UDI will keep escalating, it is likely to stimulate the demand for solutions that enable compliance such as surgical instrument tracking systems. Increasing government expenditures to improve overall efficiency of healthcare services is yet another factor likely to stimulate demand for high-grade 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

Competitive Landscape

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.

More Insights Available

Fact.MR, in its new offering, presents an unbiased analysis of the Technology market, presenting historical demand data (2017-2021) and forecast statistics from 2022 to 2032.

The study divulges essential insights on the market based on product (instrument tracking console, software, endoscope tracking and management system and services), technology (barcode scanning based systems and RFID based systems) and end user (hospital sterile processing department (SPD), hospital operation theatres, ambulatory surgical centers and office-based specialized clinics) across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA).

About the Technology at Fact.MR

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Technology team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed the Technology market across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

For more information, refer to our market research report or contact the PR author.

Santosh Kumar

Fact.MR

Sr. Consultant – ICT

E-mail: santosh@factmr.com