Surgical Instruments Tracking Systems Market: Hardware Segment is Also Projected To Register The Fastest CAGR Over The Eight Years

Surgical Instruments Tracking Systems Industry Overview

The global surgical instruments tracking systems market size was valued at USD 187.67 million in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 12.1% from 2022 to 2030. The market growth is driven by the need to automatically track critical equipment, such as surgical instruments, comply with the U.S. Food & Drug Administration (FDA)’s Unique Device Identification (UDI) program, ensure the right tools are available in time for each surgical procedure, and improve patient outcomes. The growing number of surgical procedures, owing to sports injuries, accidents, and cardiac surgeries, due to the increased frequency of cardiovascular illnesses and other chronic disorders, where surgery is mandatory, is driving the market.

Furthermore, emerging economies like India and China, as well as countries in the Middle East, Latin America, and Southeast Asia, are likely to provide major growth possibilities for surgical instrument tracking systems manufacturers. Growing healthcare spending and increasing healthcare infrastructure are likely to provide growth possibilities for market players in these economies. Surgical instrument tracking systems facilitate automatic identification of medical devices including instruments to adhere to the U.S. FDA’s new Unique Device Identification (UDI) tracking requirements. As the number of devices falling under UDI will keep expanding, it is expected to fuel the demand for solutions that enable compliance, such as surgical instrument tracking systems. Several other government bodies have also specified regulatory requirements related to traceability from manufacturer to patient.

Gather more insights about the market drivers, restrains and growth of the Global Surgical Instruments Tracking Systems market

These include the CFDA’s draft of UDI regulation in China, the EU’s In Vitro Diagnostic Medical Device Regulation 2017/746 and Medical Device Regulation 2017/745, and Australia and New Zealand’s AS/NZS 4187:2014. This is expected to propel the adoption of automatic identification and tracking technologies including surgical instrument tracking systems. For instance, Xerafy Singapore Pte. Ltd. offers RFID Systems for Healthcare that helps comply with such regulations. The COVID-19 pandemic significantly impacted the market. According to a 2020 report by Censis Technologies, Inc., many elective surgeries were postponed due to the pandemic. However, when they resumed, Operating Rooms (ORs) and technicians had to deal with a huge backlog, while continuing to work around COVID.

This unveiled the need for effective surgical instrument tracking systems as sterile supply processing and equipment shortages became an issue. Many large hospitals experience several incidences of surgical items left inside patients after surgery. These could vary from clamps and sponges to needles and other items. Responding to these mistakes can be very costly. Typically, after surgery, a team may conduct careful counts manually to ensure the post-op inventory of instruments and materials is the same as before the operation. In case the numbers don’t match, costly x-rays must be taken to look for stray instruments, which could add to complications. Such Significant incidences are other factors contributing to the market growth.

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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:

Surgical Instrument Tracking Systems Product Outlook (Revenue, USD Million, 2017 - 2030)

• Hardware
• Software
• Services

Surgical Instrument Tracking Systems Technology Outlook (Revenue, USD Million, 2017 - 2030)

• Barcodes
  • Hospitals
  • Others
• RFID
  • Hospitals
  • Others

Surgical Instrument Tracking Systems End-use Outlook (Revenue, USD Million, 2017 - 2030)

• Hospitals
• Others

Surgical Instrument Tracking Systems Regional Outlook (Revenue, USD Million, 2017 - 2030)

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

Market Share Insights

• October 2020: STERIS plc acquired Key Surgical, thus expanding its sterile processing, OR, and endoscopy offerings. This also added the latter’s KeyDot surgical instrument tracking solution to STERIS’ portfolio.

Key Companies profiled:

Some of the 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

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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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