Surgical Instrument Tracking Market
Surgical Instrument Tracking Market Analysis Report By Product (Surgical Instrument Tracking Console, Surgical Instrument Tracking Software, Services), By Technology (Barcode Scanning Based, RFID Based), By End User, By Region - Global Insights 2022-2032
Global Surgical Instrument Tracking Industry Outlook (2022-2032)
The surgical instrument tracking market is estimated to record an impressive CAGR of 18% and reach a valuation of approximately US$ 1,294.89 Mn through 2032. In terms of revenue share, North America dominates the market with a contribution of nearly 38% in 2022.
Anticipated Market Size (2022)
US$ 247.41 Mn
Expected Market Value in 2032
US$ 1,294.89 Mn
Value CAGR (2022-2032)
Market Share of North America
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The market reached a valuation of US$ 215.01 Mn in 2021, experiencing a Y-o-Y expansion rate of 15% from 2020. Integration of scanning technologies such as RFID or barcode scanning along with software services for inventory management are providing significant traction to the widespread deployment of surgical instrument tracking systems.
Revenue from Surgical Instrument Tracking Industry from 2017 to 2021 Compared to Demand Outlook for 2022 to 2032
During the historic period (2017-2021), the global surgical instrument tracking market expanded at a significant rate, registering a CAGR worth 15.1%, as a result of the augmented level of automation in the healthcare industry along with technological advancements in the IT & telecom industry.
Owing to the integration of scanning technology & instrument tracking systems like RFID surgical instrument tracking, censitrac instrument tracking system or barcode scanning along with software services for inventory management forms Surgical Instrument Tracking system, the market witnessed immense growth potential.
Driven by the aforementioned factors, the market for surgical instrument tracking systems surpassed nearly US$ 1,294.89 Mn by 2032 end and is poised to grow at a CAGR of 18% over the forecast period (2022-2032).
What are the Factors Driving the Demand for the Surgical Instrument Tracking Market?
The UDI (Unique Device Identification) regulation offered by the US FDA (Food and Drug Administration) is projected to thrust the surgical instrument tracking systems market. As per the UDI rules, labellers (manufacturers, re-processors, specification developers, re-packagers, and labellers) of surgical instruments are anticipated to execute direct marking at the individual instrument level.
Additionally, increasing incidences of retained surgical instruments in the human body and the misplacement of such devices after surgical operations. Therefore, the demand for progressive solutions like 2D barcodes and RFID to monitor the retained equipment is escalating, furthering the sales of surgical instrument tracking systems globally.
What are the Key Market Trends & Growth Opportunities in Surgical Instrument Tracking Market?
Active RFID technology is gaining importance as it offers a larger memory and greater detection range (up to 300 ft.) than passive RFID technology (20–40 ft.). This technology is generally used for surgical tray-level tracking—since most surgical instruments are comparatively small in size, it is challenging to develop tags that can fit accurately on these instruments. Besides, tags need to be autoclavable, which are high-priced to develop.
Detego, the business intelligence solutions provider for fashion retailers, has released the latest development for its RFID-based inventory management software with a feature the company calls ‘Smart Shield’. This new technological advancement utilises machine learning to determine the relative location of individual RFID tags, a feature that will drastically improve costs and process efficiencies for retailers implementing RFID.
RFID is currently a normalised technology; its inherent benefits, which are unitary, identification, wireless communication, and low cost of tags, provide it with decisive practical benefits that drive new developments in terms of concepts and applications.
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Why North America Remains at the Forefront of Surgical Instrument Tracking Market?
Amplification of Government Spending on Modernizing Healthcare Workflows
The North American market is likely to account for nearly 38.5% share of surgical instrument tracking systems in 2022. North America remains at the forefront of the surgical instrument tracking market supported by amplifying government funding in the installation of sophisticated equipment and mounting awareness of medical devices technologies among end-users. The U.S is a hotspot when it comes to purchasing power parity and thus remains a critical consumer for sterile processing tracking systems.
The advent of the UDI system by the U.S. Food and Drug Administration (FDA) for the active identification of medical devices and gadgets is one of the prominent factors attributed to the dominance of this region. Additionally, the presence of highly developed healthcare infrastructure and rapid adoption of advanced technology and products is anticipated to drive the market in the region.
How is Asia Pacific Generation Growth Prospects for Surgical Instrument Tracking?
In the Asia Pacific, the market for surgical instrument tracking systems is likely to expand at a CAGR of 19% throughout the forecast period attributed to untapped growth opportunities in this region. Asian firms are proficient in manufacturing economical RFID tags based on standards set by Engineering, Procurement, and Construction Global (EPC Global).
Several countries especially Hong Kong, Japan, Singapore, South Korea, and Taiwan are funding pilots of RFID technology to create a role for their economies in the RFID industry. Governments, as well as private industries in these countries, have been active in the progress of international RFID standards. Thereby, soaring the adoption of RFID technology in the province.
Furthermore, a mounting number of surgical procedures tagged with promptly evolving healthcare infrastructure in emerging economies such as China, Indonesia, and India, is anticipated to stimulate the demand in the regional market in the years ahead. The introduction of advanced technological software and hardware devices is anticipated to upsurge the usage of surgical instrument tracking devices.
Which Technology is Likely to Remain Most Lucrative in Surgical Instrument Tracking Industry?
High Growth Potential Anticipated for RFID-based Tracking Systems
Based on technology insights, the RFID-based system is likely to gain huge traction, surging at a CAGR of 18.4% through 2032. With mounting demand for automated systems in the healthcare industry, there had been a significant rise in demand for surgical instrument tracking systems in recent years.
Advances in electronic and IT industry have resulted in increasing demand for wireless scanning solution. Highly influenced by the ease of scanning and auto record maintenance, RFID-based surgical instrument tracking is expected to gain significant attention over the forecast period.
How is Hospital Operation Theatre Segment Maintaining its Dominance Application-wise?
Enhancement of Inventory Management to Spur Uptake
The hospital operation theatre sector controlled the market for surgical instrument tracking systems and is expected to report a revenue share of over 33% in 2022.
The requirement of surgical instrument tracking in hospital operation theatres has grown significantly with increased automation in the healthcare industry and demand for advanced application software for inventory management.
An Adaptive Approach to Modern-day Research Needs
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions to expand their market ground
- 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.
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
- 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
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