Surgical Instrument Tracking System Market Size is Projected to Grow at 15.07% CAGR by 2027

Surgical Instrument Tracking System Market Scope

Market Research Future (MRFR) expects the surgical instrument tracking system market to procure a strong CAGR of 15.07% between 2020 and 2027 (review period).

Alarming rise in cases of surgical instruments retained in the human body post-surgery as well as surge in instrument misplacements are the key growth boosters in the global market. The National Center for Biotechnology Information says that the fatality rate following retained surgical instruments is close to 2.0%. As a result, the demand for cutting-edge technologies like RFID and 2D barcodes for tracking these instruments is escalating, which will mean bright prospects for the global market in the following years.  

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Hospitals worldwide are increasingly adopting surgical instrument tracking systems, which acts in favor of the global industry. These tracking systems are used commonly during the surgery, storage, sterilization, and post-surgery procedures, which are the key problem areas for hospitals. Thus, the mounting number of hospitals across the globe and the rising adoption rate of surgical instrument tracking systems in these healthcare facilities are bound to create favorable avenues for the world market in the coming years.

Surgical Instrument Tracking System Market Segmentation:

Components, technology, and end-use are the major segments studied in the MRFR report, in order to provide an enhanced understanding of the global market for surgical instrument tracking system.

The worldwide market, with respect to component, caters to software, services, and hardware. The hardware segment took the lead in 2019 and procured the highest share of 51.6% owing to the rising number of technological innovations that elevate the demand for these devices. The types of hardware available in the global market include tags, readers, and more.

Different technologies available in the global industry are barcode tracking as well as radio frequency identification. Barcode tracking is the top segment in the market for surgical instrument tracking system, on account of low installation costs, which enhance their application in various healthcare facilities such as hospitals as well as ambulatory surgery centers.

The top end use-based segments in the global market are hospitals and more. Hospitals are the leading segment and seized the biggest share of 83.0% in the industry in 2019. This is because of the growing need to reduce the exorbitant healthcare spending and track the surgical instruments.

Surgical Instrument Tracking System Market Regional Status:

Surgical instrument tracking system industry can be regionally segregated into the Americas, APAC/Asia Pacific, MEA/Middle East & Africa and Europe.

In 2019, the largest share of 45.9% in the global market and ultimately the lead was taken by the Americas. The American market’s dominance is the result of the rampant use of advanced surgical instrument tracking systems in the region in view of high awareness level regarding inventory management and significant focus on providing better patient care. Mounting need to bring down the healthcare costs and the presence of a well-developed healthcare industry also add to the regional market’s value. The UDI (Unique Device Identification) regulations introduced by the FDA is also deemed to be favorable for the surgical instrument tracking systems market in the region.

The same year, Europe grabbed a considerable share in the global market, primarily on account of the heightened preference for surgical treatments, significant disposable income per person, and the rising healthcare expenditure. Additionally, the thriving healthcare infrastructure combined with the escalating adoption rate of modern technologies and systems will further enhance the market share in Europe over the following years.

Asia Pacific is touted to be the fastest advancing market in the ensuing years, thanks to the rapidly burgeoning geriatric populace, mounting cases of oncological issues, and the surge in per capita income. Surge in the availability of advanced products launched by established firms and the soaring number of surgical procedures in Indonesia, India and China also propel the market position in the region. The fast-emerging medical tourism sector in the region also fosters the demand for surgical instrument tracking systems, given the accelerated number of surgeries as patients count increases.

Surgical Instrument Tracking System Market Key Players

Most well-known surgical instrument tracking system developers are Stanley Black & Decker, Inc. (US), Fortive Corporation (US), Key Surgical (US), Haldor Advanced Technologies (US), Getinge AB (Sweden), Material Management Microsystems (US), Steris PLC (Ireland), B. Braun Melsungen AG (Germany), Becton, Dickinson and Company (US), TGX Medical Systems (US), to mention a few.

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