The global surgical instrument tracking devices market size was US$ 361.4 million in 2021. The global surgical instrument tracking devices market size is forecast to reach US$ 791.4 million by 2030, growing at a compound annual growth rate (CAGR) of 9.1% during the forecast period from 2022 to 2030.
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Surgical instrument tracking systems combine application software and scanning technology. They make it possible for medical professionals to use time-saving technology, leading to more effective and quick surgeries. Surgical tracking systems are very helpful for planning surgical sets, monitoring usage patterns, documenting the use of specific tools, understanding instrument replacement, and other uses. The tracking devices for surgical instruments are a collection of tracking technologies that have been specifically created to be used with surgical instruments. Technology-based kinds include barcodes and radio frequency identification (RFID) devices.
Factors Influencing Market Growth
Among the factors driving the global market include the growing adoption rate of surgical instrument tracking systems by healthcare facilities, the demand to follow specific device recognition needs, the flexibility offered by tracking systems in inventory management, and the increasing number of instruments used in different surgical procedures.
The advent of regulatory needs introduced by government bodies such as the FDA, rising focus on patient safety and patient care, and improvements in tracking system technology boost the global market growth.
The high cost of installing automated surgical instrument tracking systems may slow down the overall market growth.
Impact Analysis of COVID-19
The COVID-19 pandemic had a negative impact on the global market. Globally, COVID-19 has affected elective operations and procedures, which has affected the market for surgical instrument monitoring systems. The epidemic caused elective surgery backlogs, which decreased demand for surgical instrument tracking devices. Some parts have performed better than others as a result of the covid-19 epidemic. For instance, demand for medical care units like ICU, CCU, and Emergency Units is increasing while demand for dental surgery equipment, ophthalmic surgery instruments, and plastic surgery instruments has decreased.
Regional Analysis
The Asia Pacific region garnered a substantial market share in 2021 and is forecast to have a considerable growth rate during the forecast period. As a result of the rising number of surgical procedures and the expanding healthcare infrastructure in Asian countries. In addition, the advent of technologically advanced software and hardware products and increased medical tourism. Thus, these factors boost the market growth in the region.
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Leading Competitors
The leading prominent companies profiled in the global surgical instrument tracking devices market are:
Becton, Dickinson, and Company
B. Braun Melsungen AG
ASANUS Medizintechnik GmbH
FingerPrint Medical Limited
Steris plc.
Stanley Black & Decker
Fortive Corporation
Getinge AB
Murata Manufacturing Co., Ltd
Integra LifeSciences Holdings Corporation
Haldor Advanced Technologies
Other Prominent Players
Scope of the Report
The global surgical instrument tracking devices market segmentation focuses on Technology, Product, End-Users, and Region.
Segmentation based on Technology
RFID
Barcode
Segmentation based on Product
Hardware
Software
Services
Segmentation based on End-Users
Hospitals
Ambulatory Surgical Centers (ASCs)
Others
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Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Key questions answered in the global market report are:
— How does a global company acquire markets?
— What are its core strategies and policies?
— What factors will influence the market over the forecast period?
— What are the factors driving and restraining the market?
— What are the leading competitors in the global market?
— Which region is growing at a higher pace in the global market?
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