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I AgreeAnalysis of Surgical Instrument Tracking market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
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.
Market Analysis |
Values |
Anticipated Market Size (2022) |
US$ 247.41 Mn |
Expected Market Value in 2032 |
US$ 1,294.89 Mn |
Value CAGR (2022-2032) |
18% |
Market Share of North America |
38.5% |
Key Companies Analysis |
|
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.
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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).
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.
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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.
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.
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.
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.
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.
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By 2022, the market for surgical instrument tracking is slated to reach US$ 247.41 Mn
As per Fact.MR, from 2017 to 2021, demand for surgical instrument tracking systems expanded at a 15.1% CAGR
As of 2021, the surgical instrument tracking market was valued at US$ 215.01 Mn
From 2022-2032, the market for surgical instrument tracking is likely to expand at a CAGR of 18%
By 2032, the market for surgical instrument tracking will likely reach US$ 1,294.89 Mn
According to Fact.MR, North America is likely to accumulate 38.5% of the global surgical instrument tracking revenue
Asia-Pacific is likely to register a CAGR of 19% with regard to surgical instrument tracking uptake
By technology, RFID-based surgical instrument tracking will be most preferred, clocking an 18.4% CAGR from 2022-2032