Surgical Instrument Tracking Systems Market Size, Share, Opportunities, And Trends By Product (Hardware, Software, Services), By Technology (Barcodes, RFID), By End-Use (Hospitals, Others), And By Geography - Forecasts From 2023 To 2028

It is anticipated that the surgical instrument tracking systems market would expand steadily.  Surgical equipment tracking systems have long been available to medical establishments. Systems are increasingly required for tracking surgical tools. Over the past years, as new products and mobile devices like smartphones and tablets have been included in the healthcare business, tracking systems have seen a great change. It was previously solely utilised to maintain the instrument count sheet and offer some little instrument traceability but as technology has advanced, the usage of tracking systems has increased. 

Key growth drivers

The requirement to automatically track vital equipment, like surgical instruments, comply with the FDA's Unique Device Identification (UDI) programme, guarantee the proper instruments are on hand in time for each surgical procedure, and enhanced patient outcomes are the driving forces behind the surgical instrument tracking systems market growth. The surgical instrument tracking systems market is expanding as a result of a rise in surgical operations brought on by sports injuries, accidents, and cardiac surgeries as a result of the rising prevalence of chronic diseases including cardiovascular ailments. Furthermore, developing nations like Brazil, China, and India provide tremendous opportunities for makers of surgical equipment monitoring systems.

Growth in healthcare investment

Rising healthcare investments and the rapidly expanding healthcare infrastructure in developed nations are expected to provide surgical instrument tracking systems industry participants with lucrative development prospects. Instruments can more easily adhere to the new UDI tracking requirements established by the U.S. FDA due to surgical instrument monitoring systems. As the number of devices subject to UDI keeps increasing, it is projected that the demand for compliance-enabling technology, such as surgical tool monitoring systems, would expand. In addition to the US FDA, several other governmental organisations have established regulatory standards for traceability from manufacturer to patient. 

Rising utilization of barcode technology

Barcode technology is the most widely utilised form of tracking technology, and the growth of the medical devices market is what primarily drives its high revenue share. 2D barcodes, like data matrices and QR Codes, are being utilised more and more often these days because of their advantages, which include low cost, a robust design, and 360° readability. The low installation costs of these devices have also increased their use in healthcare facilities including hospitals and ambulatory surgical centres (ASCs).

The RFID market is anticipated to grow due to its durability, which enables it to withstand even the most stringent sterilisation procedures, RFID tags can offer vital asset monitoring benefits to the healthcare industry which is further upsurging the surgical instrument tracking systems market growth.

An increase in the number of patients undergoing surgery

Surgery can take longer, cost more money, and increase the risk of surgical infections, and RSI episodes when surgical equipment is handled incorrectly. This, along with the rising number of people having surgeries, are two of the primary reasons hospitals require surgical tool monitoring systems to improve the safety of surgical treatment.

Additionally, the surgical instrument tracking systems market will be significantly impacted by the expanding older population and the increasing prevalence of chronic disorders including obesity, arthritis, cancer, and cardiovascular diseases. Two further important market variables that will boost the surgical instrument tracking systems industry even more, are expanding urbanisation and levels of disposable income. 

Rising need for robotic surgeries

The major reason driving the surgical instrument tracking systems market growth revenue is the growing need for robotic surgical instruments. According to the National Centre for Biotechnology Information Surgical robots have reportedly been utilised in a variety of surgeries for close to 35 years. There are more surgical operations performed each year because 3 million people get cataract surgery. The demand for robotic procedures is also rising as a result of federal government authorization for robotic surgical tools. 

Increasing adoption by hospitals

The high patient volume and wide range of medical devices and equipment used in greater quantities in hospitals are likely contributing factors to the rising demand for tracking solutions. This demand has also increased as a result of the end user doing more surgical operations than other end users. Additionally, the number of operational hospitals in the United States increased between 2016 (5,534) and 2023 (6,129), according to data from the American Hospital Association (AHA) for 2023. The AHA figures also showed that around 34.01 million admissions were made to U.S. hospitals in 2023. 

In North America, substantial growth is anticipated in the market for surgical instrument tracking systems.

The majority of global surgical instrument tracking systems market share and revenue is anticipated to be produced by North America.  One of the main causes for this region's domination is the U.S. Food and Drug Administration's (FDA) implementation of the UDI system for the efficient identification of medical devices and equipment. A highly developed healthcare infrastructure and a swift absorption of cutting-edge products are also anticipated to promote regional market progress. 

Asia Pacific is predicted to expand at a significant rate over the forecast period due to unfulfilled potential. Additionally, it is anticipated that an increase in surgical operations would fuel regional market expansion, along with a rapidly evolving healthcare infrastructure in Asian nations like China, Indonesia, and India.

Key players' market strategies

Businesses involved in the surgical instrument tracking systems industry are becoming increasingly engaged with launching strategies like targeted marketing, CSR programmes, etc. as a way to increase their global significance. By cutting trade taxes and levies, governments in developing nations like India, China, Taiwan, and Indonesia, among others, are introducing measures to entice international investors to the corresponding industrial sectors and create more employment.

Market Key Developments

• In January 2023, BD introduced a new robotic track system. Processing specimens is automated, which cuts down on manual labour and turnaround time.
• In September 2022, Vizinex RFID was bought by HID Global. The purchase expanded HID Global's reach and importance in important vertical areas, such as healthcare and medicine, and also contributed important technology to the company's already-outstanding portfolio of RFID tags.
• In April 2022, Surglogs introduced a new feature called Sterile Processing Records that keeps track of sterilisation loads.

Segmentation:

• By Product
  • Hardware
  • Software
  • Services
• By Technology
  • Barcodes
  • RFID
• By End-Use
  • Hospitals
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Others