Surgical Instruments Tracking System Market is projected to grow at a rate of 15% CAGR during the forecast period 2022-2032
The Surgical Instrument Tracking System Market is expected to grow with a wholesome growth rate of more than 15% over the forecast period 2022-2032, finds Future Market Insights (FMI) in a recent market analysis. With the need to reduce costs and increase productivity, tracking systems are becoming more popular among healthcare providers.
The US FDA’s (Food and Drug Administration) proposed UDI (Unique Device Identification) requirements are expected to promote growth in the surgical instrument tracking systems market. According to the UDI rules, labellers (manufacturers, processors, specification formulators, re-packagers, and re-labelers) of surgical instruments are anticipated to administer immediate marking at the individual instrument degree.
The high system costs, long investment cycles, affordable restraints, and technological boundaries are expected to inhibit market growth to some extent. Also, due to the COVID-19 pandemic, there was seen a little drop in growth in the first quarter of 2021.
With elective and non-elective surgeries held up, delayed, or abandoned worldwide, there was a noticeable drop in the application of surgical instrument tracking systems and consumables.
Surgical instrument tracking systems additionally lead to greater monitoring by responsible parties, while limiting medical errors, resulting in increased demand. Other major drivers for market expansion include usability of such solutions in inventory management and during the work cycle, which includes surgeries, storage, sterilization protocols, and post-surgery. As a result of this, total market sales will reach US$ 900 Mn by the ending of 2032.
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.
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Rising healthcare costs and improving healthcare infrastructure are likely to provide growth opportunities for market players in all of these economies. The surgical instrument tracking systems market will prosper significantly as a result of this.
- In 2022, the North America surgical instruments tracking systems market is expected to account for about 38.5% of the total market.
- The surgical instruments tracking systems market in Asia Pacific is expected to register a CAGR of 19% over the projected period, owing to the region’s unexplored potential opportunities.
- The RFID surgical instruments tracking is expected to gain a lot of traction, with a CAGR of 18.4% by 2032, according to surgical instruments tracking system market forecast.
- Hospital is the dominant sector of surgical instrument tracking systems market, which is estimated to account for more than 33% of revenue by 2026.
Diversification of Portfolio to Be the Key to Market Dominance
Some of the major participants in the surgical tool tracking systems market include Fortive Corporation (US), Material Management Microsystems (US), Becton, Dickinson and Company (BD) (US), Haldor Advanced Technologies (US), Getinge AB (Sweden), and STERIS (US), STANLEY Healthcare (US), Surgical Safety Scanner (US) and many others.
To get a stronger foothold in the surgical instruments tracking system market, leading companies are focusing on surgical instrument management, and employing innovative marketing strategies, technological advancements, mergers, and acquisitions.
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- Steris, a seller of infection control, surgical equipment, and other hospital supplies, purchased Key Surgical for US$ 850 Mn in October 2020, expanding its geographic reach and adding complementing product lines.
- T-DOC 2000 surgical tool traceability system was created by Getinge AB and Intelligent InSites, Inc. from reprocessing to inventory and logistics to use, the solution supports the sterile supply workflow of instruments, consumables, and implants.
- Flexible 6012 and Flexible 6027 RFID tags, which enable mounting flexibility, are durable, and are IP67-rated, were released in July 2020 by Vizinex RFID(US), making them perfect for tracking a variety of assets in indoor situations.
- In May 2020, STANLEY Healthcare and CISCO linked up. STANLEY’s AeroScout Real-time Location System (RTLS) platform has been completely integrated and certified with CISCO DNA Spaces, the next-generation indoor position services platform, to give healthcare organizations enterprise-wide transparency into the location and condition of equipment and individuals.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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