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 proposed UDI (Unique Device Identification) requirements of the US FDA (Food and Drug Administration) are expected to stimulate growth in the surgical instrument tracking systems market. Labellers (manufacturers, processors, specification formulators, re-packagers, and re-labelers) of surgical instruments are expected to apply immediate marking at the individual instrument level, according to the UDI rules.
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High system costs, long investment cycles, affordable restraints, and technological boundaries are expected to limit market growth. In addition, the COVID-19 pandemic caused a slight drop in growth in the first quarter of 2021.
With elective and non-elective surgeries being postponed, delayed, or abandoned around the world, there has been a noticeable drop in the use of surgical instrument tracking systems and consumables.
Surgical instrument tracking systems also result in increased monitoring by responsible parties, as well as a reduction in medical errors, resulting in increased demand. Other major market drivers include the usability of such solutions in inventory management and during the work cycle, which includes surgeries, storage, sterilisation protocols, and post-surgery care. As a result, total market sales will reach $900 million by the end of 2032.
Emerging economies such as India and China, as well as countries in the Middle East, Latin America, and Southeast Asia, are expected to provide significant growth opportunities for manufacturers of surgical instrument tracking systems.
Rising healthcare costs and improved healthcare infrastructure will almost certainly provide opportunities for market players in all of these economies. As a result, the surgical instrument tracking systems market will grow significantly.
Key Takeaways
- The North American surgical instruments tracking systems market is expected to account for approximately 38.5% of the total market in 2022.
- Because of the region’s untapped potential, the surgical instruments tracking systems market in Asia Pacific is expected to grow at a CAGR of 19% over the forecast period.
- According to the surgical instruments tracking system market forecast, RFID surgical instrument tracking is expected to gain a lot of traction, with a CAGR of 18.4% by 2032.
- The hospital sector dominates the surgical instrument tracking systems market, accounting for more than 33% of revenue by 2026.
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Diversification of Portfolio to Be the Key to Market Dominance
Some of the major participants in the surgical tool tracking systems market include Fortive Corporation (US), Material Management Microsystems (US), Becton, Dickinson and Company (BD) (US), Haldor Advanced Technologies (US), Getinge AB (Sweden), and STERIS (US), STANLEY Healthcare (US), Surgical Safety Scanner (US) and many others.
To get a stronger foothold in the surgical instruments tracking system market, leading companies are focusing on surgical instrument management, and employing innovative marketing strategies, technological advancements, mergers, and acquisitions.
- Steris, a seller of infection control, surgical equipment, and other hospital supplies, purchased Key Surgical for US$ 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.
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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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