Surgical Instrument Tracking System Market: Global Industry Analysis and Forecast (2024-2030)

Surgical Instrument Tracking System Market size was valued at USD 308.79 Mn. in 2023 and the total Surgical Instrument Tracking System revenue is expected to grow by 15 % from 2024 to 2030, reaching nearly USD 821.40 Mn.

Surgical Instrument Tracking System Market Overview:

Surgical instrument tracking systems integrate scanning technology with application software. They enable healthcare practitioners to have access to time-saving technologies, resulting in more efficient and time-saving operations. Surgical tracking systems are extremely beneficial for organizing surgical sets, tracking usage cycles and documentation of instruments used understanding instrument replacement and other applications. Surgical Instruments Tracking Systems MarketTo know about the Research Methodology :- Request Free Sample Report The high rate of adoption of surgical instrument tracking systems by hospitals, the need to meet unique device identification mandates, the convenience provided by surgical instrument tracking systems in inventory management, and the increasing number of surgical instruments used in various surgeries are factors driving the Surgical Instrument Tracking System Market growth. However, the expensive expense of deploying automated tracking systems, along with a decrease in the number of procedures owing to a pandemic, is hampering market development. Previously, it was solely utilized for instrument count sheet maintenance and a few basic functions like instrument traceability. The use of 2D barcodes has improved sterile handling and instrument identification, as well as recording the history of each instrument's use. Major healthcare organizations are entering into long-term contracts with surgical equipment monitoring system suppliers to improve the quality of inventory management systems. For example, Universal Health Services, Inc., a hospital management company with a wide network of hospitals in the United States, recently inked a multi-year deal with Censis Technologies, Inc. for their surgical equipment monitoring system Censitrac. Research Methodology: The research is carried out by an in-depth examination of market insights, facts, historical data, and market statistics certified by the industry. The estimations are founded on a sound set of assumptions and methodology. MMR collected data and analyzed the market using a bottom-up technique to determine market size by volume and value with the specified categories. Secondary research is used to identify major key players in the Surgical Instrument Tracking System market, and market revenues are calculated by studying the top manufacturers' annual and financial reports, interviewing company key personnel, and industry professionals such as experienced front-line staff, CEOs, and marketing executives. The researcher has divided the market based on Product, Technology, End-use, and Region after evaluating the breadth of the market. Growth in these sectors will aid in industry analysis and give users a comprehensive market analysis and market insights to make strategic decisions for finding core market applications.

Surgical Instrument Tracking System Market Dynamics:

Market Drivers: Increase in the number of people receiving surgical procedures Surgical tool processing mistakes increase operation time and costs, as well as the risk of surgical infections, perioperative morbidity, and RSI episodes. This, along with the growing number of individuals undergoing surgical operations, is one of the primary reasons for the need for surgical tool monitoring systems in hospitals to improve surgical care safety. Additionally, the growing incidence of chronic diseases such as cardiovascular disorders, cancer, arthritis, and obesity, as well as the growing elderly population, would have a significant impact on the growth of the surgical tool tracking systems market. Along with this, growing urbanization and disposable income are the primary market factors that propel the surgical tool tracking systems market forward. Moreover, the market's growth rate is being fueled by an increased emphasis on better patient care and inventory management. Increased surgeries, for example, are expected to drive market growth. According to the Organization for Economic Cooperation and Development, the number of operations conducted in various European nations such as Portugal, Denmark, Ireland, and Norway in 2021 was 94.89, 49.36, 32.86, and 21.7. A large number of operations in developed European nations result in increased use of surgical equipment during procedures, propelling the market growth. According to the same source, the number of surgical group experts (surgeons) in Austria, Ireland, Norway, and Switzerland in 2021 will be 10,177, 2,950, 3,307, and 7,520, respectively. With such a large number of surgeons in European nations, the number of operations in the European area has risen, resulting in an increase in the use of surgical equipment during surgeries, pushing the market growth. Additionally, according to a report published in January 2022 by the International Society of Aesthetic Plastic Surgery, the top five surgical procedures performed worldwide in aesthetics in 2021 were Breast Augmentation (1,624,281), Liposuction (1,525,197), Eyelid Surgery (1,225,540), Rhinoplasty (852,554), and Abdominoplasty (765,248). With such a high volume of cosmetic surgical treatments, the use of surgical tools is expected to rise, boosting market expansion. Need to comply with FDA standards for Unique Device Identification Manufacturers of Surgical Instrument Tracking System are obligated to trace surgical tools from production through distribution. The goal of device tracking is to guarantee that instrument makers build tracking systems that allow them to quickly find devices in commercial distribution. The US FDA's (Food and Drug Administration) planned UDI (Unique Device Identification) requirements are expected to boost growth in the surgical tool monitoring systems market. Labellers (manufacturers, reprocessors, specification authors, re-packagers, and relabeled) of surgical instruments are required by UDI guidelines to implement direct labeling at the individual instrument level. Surgical tools classified as Class I devices have until September 24, 2021, to completely comply with these FDA regulations. The date was later changed to September 24, 2022. Labelers must also provide information about each device to the FDA's GUDID system (Global Unique Device Identification Database). This database serves as a device reference catalog. These regulations are likely to be the primary reason driving end-user adoption of surgical equipment monitoring systems.Surgical Instrument Tracking System Market

Surgical Instrument Tracking System Market Restraints:

System costs are high, investment cycles are lengthy, and ROIs are low Surgical tool monitoring systems necessitate significant honest expenditures in application software, hardware, tags, and middleware, as well as the expense of connecting the barcode/RFID framework with the legacy system, maintenance services, consultation fees, and staff training. Although the cost of tags and readers has decreased significantly, the cost of implementing automated tracking systems like RFID, which requires extra servers, databases, and middleware, has been continuously growing. When compared to older systems such as barcode-based systems, the overall cost of deploying automated surgical tool tracking systems employing RFID is relatively expensive. Aside from significant installation costs, the majority of automated surgical equipment monitoring systems have extremely extended investment lifecycles. Another issue that hospitals confront is a lack of understanding of cost-benefit analysis and calculating returns on investment (ROI) on tracking systems. This problem emerges as a result of a lack of understanding about the necessity of these technologies, as well as the high cost of procurement. Moreover, producers must follow the safety requirements established by the government and other regulatory authorities. Obtaining approval from these regulators is one of the key challenges that new players in this business confront, limiting the market's growth. Market Opportunities: Emerging Markets for Surgical Instrument Tracking System Emerging economies such as India and China, as well as nations in the Middle East, Latin America, and Southeast Asia, are likely to provide considerable growth potential for surgical tool tracking systems market. Growing healthcare spending and improved healthcare infrastructure in these economies are likely to provide possibilities for market participants. Various governments in the Middle East are taking steps to enhance healthcare services. For example, USD 39.7 billion (SR 149 billion) was committed in 2021 to enhance health services, with USD 8.9 billion (SR 35 billion) to be used as part of Saudi Vision 2030. The budget for health and social development is also in charge of finishing the building of hospitals and basic healthcare facilities throughout Saudi Arabia. In all parts of the Kingdom, 36 new hospitals with a total capacity of 8,950 beds are now being created and developed. In addition, two medical cities with a combined capacity of 2,350 beds are being built (Source: Trade Arabia - Business News Information). The National Health Service System Plan (2017-2021) in China focuses on growing the hospital industry throughout the country. China's hospital bed population reached 9.2 million in 2021, a growth of 339,000 beds per year from 2017, with a 5.5% CAGR. The growing volume of healthcare data in India, along with the increasing usage of HIT solutions, presents tremendous growth prospects. According to the India Brand Equity Foundation (India), the country's healthcare industry has experienced remarkable growth; it is expected to reach USD 334.02 billion by 2021 at a CAGR of 17.2%, with hospitals accounting for a considerable 72% of revenue. Other APAC growing economies provide significant investment prospects for surgical tool tracking system companies looking to outsource their company operations and production activities. As a result, numerous companies in the surgical equipment monitoring systems market have increased their operations in these economies in recent years. This opens up the attractive potential for the market for surgical equipment tracking systems. Growing healthcare expenditure to benefit Surgical Instrument Tracking System market Growing healthcare spending and infrastructure are expected to generate opportunities for market players in these economies. Moreover, the increased emphasis of manufacturers on the adoption of modern technologies, as well as the increase in the number of emerging markets, would give advantageous prospects for the surgical tool tracking systems market growth during the forecast period. Challenges before Surgical Instrument Tracking System Market: Technological limits Both RFID and barcode systems have severe limitations for instrument tracking. It is estimated that 20% of RFID tags do not operate correctly. Most RFID tags are sensitive to metals and liquids and cannot tolerate high temperatures, humidity, or chemical reactions. Furthermore, there is the possibility of interference from other radio signals or electric or magnetic forces in the usage area. Furthermore, a single reader cannot read tags from several frequencies, restricting its use. Barcode scanning is error-prone and labor-intensive since it entails manual operations in the case of barcodes. Repetitive autoclaving might potentially harm barcode labels, necessitating inspections after each sterilization cycle.

Surgical Instrument Tracking System Market Segment Analysis:

Based on Product, The global Surgical Instrument Tracking System market has been divided into three categories: hardware, software, and services. In 2023, the hardware product group had the highest revenue share of more than 45.00%. During the research period, the sector is expected to continue its dominance. Advances in hardware technology, like RFID chips and barcode tags, are boosting the use of these systems for inventory and surgical tool management. For example, Harvard University's Wyss Institute has devised a method for embedding RFID chips into metal surgical equipment utilizing a vapor deposition procedure and biocompatible sealant. The complete system, which includes the process, RFID chips, antenna, and visual display, is intended to be remotely monitored and tallied, as well as to endure repeated sterilizations. The hardware market is likewise expected to grow at the quickest rate during the next eight years. During the projected period, the services category is also predicted to increase rapidly. The United States, the United Kingdom, Germany, France, and Japan are expected to have the largest adoption of surgical instrument tracking systems. This rise is expected to be aided by well-developed healthcare infrastructure and an increase in the number of surgical operations. Based on the Technology, The global Surgical Instrument Tracking System market has been further segmented based on technology into barcodes and RFID. In 2023, the barcode technology category had the highest revenue share of more than 82.00%. The most widely used form of tracking technology is a barcode, and its rising use in the medical device sector is a significant factor leading to its high market revenue share. Due to its advantages, such as inexpensive prices, durable construction, and 360° readability, 2D barcodes, such as data matrices and QR codes, are becoming increasingly popular in the industry. Furthermore, the inexpensive installation cost of these items has led to their increasing use in healthcare institutions such as hospitals and ambulatory surgery centers (ASCs). Due to the ability of RFID tags to withstand the rigorous healthcare environment, such as harsh sterilization processes, in addition to storing additional information and documenting each instrument's vital statistics, such as repair history and location, the RFID segment is expected to register the fastest CAGR over the forecast period. RFIDs, unlike barcodes, do not require line-of-sight scanning, which promotes their use during the forecast period. Based on the End-use, the hospital segment is expected to have significant market growth. Increased healthcare spending, as well as investment in new hospitals and expansion of existing ones, are likely to drive growth in the studied industry throughout the projection period. For example, the Indian government is developing sixteen additional All India Institutes of Medical Sciences (AIIMS) across the country in various phases, and according to the Indian Ministry of Health and Family Welfare, under Phase-V, in September 2021, the cabinet approved INR 1,264 crore for the development of AIIMS, Darbhanga, which is located in the Indian state of Bihar. AIIMS in India is one of the country's top surgical institutes. Similarly, several hospital building projects are currently underway and are likely to drive growth in the studied industry. According to AHA figures for 2023, the number of active hospitals in the United States went from 5,534 in 2017 to 6,093 in 2021. According to the same source, total hospital admissions in the United States were around 33.4 million, with a total hospital expenditure of over USD 1.2 trillion. As a result, the increased number of hospitals is predicted to drive growth of Surgical Instrument Tracking System market. Furthermore, research provides insight into the use of RFID in hospitals are a driving element in market expansion. According to a study paper titled "Measuring intraoperative surgical instrument consumption using radio-frequency identification" published in January 2022, surgical instrument surplus is to blame for operating room expenditures, confusion, and workload. Many healthcare organizations have recognized the need for improved supply because it is estimated that 78% to 87% of equipment is underused. Previous quality improvement efforts reduced supplies by an average of 52% by physically tracking instrument use and delegating the job of assessing instrument trays to surgeons. Previous ways to identify essential instruments are qualitative, costly, lack scalability and sustainability, and are susceptible to human error while demonstrating the level of instrument excess. RFID technology generates a new data stream that allows for accurate instrument supply optimization. As a result, such research investigations are likely to boost the market growth.

Surgical Instrument Tracking System Market Regional Insights:

North America dominated the global Surgical Instrument Tracking System market, accounting for more than 40.00% of worldwide sales. With the increased prevalence of chronic illnesses, the Canadian government is making significant investments in healthcare infrastructure. For example, according to a press release issued by the government of Canada in July 2021, the governments of Canada and Quebec collaborated to invest in 209 infrastructure projects to modernize, redevelop, and upgrade Quebec's health and social services institutions, including hospitals and other care centers. The Federal Ministers of Infrastructure and Communities and Health and Social Services announced a total investment of USD 188.3 million for these 209 infrastructure projects. These expenditures need the presence of modern medical devices in hospitals. As a result, market growth is likely to accelerate. Moreover, according to Cedars-Sinai data updated in January 2022, coronary artery bypass graft surgery (CABG), often known as coronary artery bypass or bypass surgery, is the most frequent heart operation, with over 300,000 patients undergoing successful bypass surgery in the United States each year. Additionally, according to data from the "Ministry of Communications and Transportation (Mexico)" published in September 2021, a total of 8,500 individuals were injured in road traffic incidents. Furthermore, according to the International Transport Forum's "Road Safety Report 2021," Mexico had 13,630 road deaths in 2021, at a rate of 10.5 per 100,000 inhabitants. Thus, the increased number of traffic accidents in Mexico is expected to increase the demand for surgeries, driving the expansion of the analyzed market. During the forecast period, Asia Pacific is expected to increase at the fastest CAGR. This growth can be ascribed to the region's untapped potential. Additionally, the growing number of surgical operations, along with rapidly improving healthcare infrastructure in Asian nations such as China, Indonesia, and India, is expected to drive regional market growth throughout the forecast period. In addition, the advent of technologically enhanced software and hardware solutions is expected to increase the use of surgical instrument tracking systems in the forecast years.

Surgical Instruments Tracking Systems Market Scope: Inquiry Before Buying

Surgical Instrument Tracking System Market
Report Coverage Details
Base Year: 2023 Forecast Period: 2024-2030
Historical Data: 2018 to 2023 Market Size in 2023: US$ 308.79 Mn.
Forecast Period 2024 to 2030 CAGR: 15% Market Size in 2030: US$ 821.40 Mn.
Segments Covered: by Product Hardware Software Services
by Technology Barcodes Hospitals Others RFID Others Hospitals
by End-use Hospitals Others

Surgical Instrument Tracking System Market by Region

North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina Rest of South America)

Surgical Instrument Tracking System Market Key Players are:

1. Fortive Corporation 2. Material Management Microsystems 3. Haldor Advanced Technologies 4. BD 5. Getinge AB 6. STERIS 7. STANLEY Healthcare 8. MOBILE ASPECTS 9. Integra LifeSciences 10.Xerafy Singapore Pte Ltd. 11.B. Braun Melsungen AG 12.SpaTrack Medical Limited 13.Scanlan International 14.CASE MEDICAL 15.ASANUS Medizintechnik GmbH 16.Infor 17.Vizinex RFID 18.ScanCARE Pty Ltd. 19.TGX Medical Systems 20.Censis Technologies, Inc. 21.Microsystems Frequently Asked Questions: 1] What segments are covered in the Global Surgical Instrument Tracking System Market report? Ans. The segments covered in the Surgical Instrument Tracking System Market report are based on Product, Technology, End-use, and Region. 2] Which region is expected to hold the highest share in the Global Surgical Instrument Tracking System Market? Ans. The North America region is expected to hold the highest share in the Surgical Instrument Tracking System Market. 3] What is the market size of the Global Surgical Instrument Tracking System Market by 2030? Ans. The market size of the Surgical Instrument Tracking System Market by 2030 is expected to reach US$ 821.40 Mn. 4] What is the forecast period for the Global Surgical Instrument Tracking System Market? Ans. The forecast period for the Surgical Instrument Tracking System Market is 2024-2030. 5] What was the market size of the Global Surgical Instrument Tracking System Market in 2023? Ans. The market size of the Surgical Instrument Tracking System Market in 2023 was valued at US$ 308.79 Mn.
1. Global Surgical Instrument Tracking System Market Size: Research Methodology 2. Global Surgical Instrument Tracking System Market Size: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Surgical Instrument Tracking System Market Size 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Surgical Instrument Tracking System Market Size: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • Middle East and Africa • South America 3.12. COVID-19 Impact 4. Global Surgical Instrument Tracking System Market Size Segmentation 4.1. Global Surgical Instrument Tracking System Market Size, by Product (2023-2030) • Hardware • Software • Services 4.2. Global Surgical Instrument Tracking System Market Size, by Technology (2023-2030) • Barcodes o Hospitals o Others • RFID o Others o Hospitals 4.3. Global Surgical Instrument Tracking System Market Size, by End User (2023-2030) • Hospitals • Others 5. North America Surgical Instrument Tracking System Market (2023-2030) 5.1. North America Surgical Instrument Tracking System Market Size, by Product (2023-2030) • Hardware • Software • Services 5.2. North America Surgical Instrument Tracking System Market Size, by Technology (2023-2030) • Barcodes o Hospitals o Others • RFID o Others o Hospitals 5.3. North America Surgical Instrument Tracking System Market Size, by End User (2023-2030) • Hospitals • Others 5.4. North America Semiconductor Memory Market, by Country (2023-2030) • United States • Canada • Mexico 6. European Surgical Instrument Tracking System Market (2023-2030) 6.1. European Surgical Instrument Tracking System Market, by Product (2023-2030) 6.2. European Surgical Instrument Tracking System Market, by Technology (2023-2030) 6.3. European Surgical Instrument Tracking System Market, by End User (2023-2030) 6.4. European Surgical Instrument Tracking System Market, by Country (2023-2030) • UKA • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Surgical Instrument Tracking System Market (2023-2030) 7.1. Asia Pacific Surgical Instrument Tracking System Market, by Product (2023-2030) 7.2. Asia Pacific Surgical Instrument Tracking System Market, by Technology (2023-2030) 7.3. Asia Pacific Surgical Instrument Tracking System Market, by End User (2023-2030) 7.4. Asia Pacific Surgical Instrument Tracking System Market, by Country (2023-2030) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Surgical Instrument Tracking System Market (2023-2030) 8.1. Middle East and Africa Surgical Instrument Tracking System Market, by Product (2023-2030) 8.2. Middle East and Africa Surgical Instrument Tracking System Market, by Technology (2023-2030) 8.3. Middle East and Africa Surgical Instrument Tracking System Market, by End User (2023-2030) 8.4. Middle East and Africa Surgical Instrument Tracking System Market, by Country (2023-2030) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Surgical Instrument Tracking System Market (2023-2030) 9.1. South America Surgical Instrument Tracking System Market, by Product (2023-2030) 9.2. South America Surgical Instrument Tracking System Market, by Technology (2023-2030) 9.3. South America Surgical Instrument Tracking System Market, by End User (2023-2030) 9.4. South America Surgical Instrument Tracking System Market, by Country (2023-2030) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1. Fortive Corporation 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Material Management Microsystems 10.3. Haldor Advanced Technologies 10.4. BD 10.5. Getinge AB 10.6. STERIS 10.7. STANLEY Healthcare 10.8. MOBILE ASPECTS 10.9. Integra LifeSciences 10.10. Xerafy Singapore Pte Ltd. 10.11. B. Braun Melsungen AG 10.12. SpaTrack Medical Limited 10.13. Scanlan International 10.14. CASE MEDICAL 10.15. ASANUS Medizintechnik GmbH 10.16. Infor 10.17. Vizinex RFID 10.18. ScanCARE Pty Ltd. 10.19. TGX Medical Systems 10.20. Censis Technologies, Inc. 10.21. Microsystems

About This Report

Report ID 84029
Category Healthcare
Published Date February 2024
Updated Date
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