The global market for surgical instruments tracking systems is poised for substantial growth, with a projected CAGR of 13.9% during the forecast period. As of 2023, the market stands at USD 255 million and is anticipated to soar to USD 940 million by 2033, driven by increasing surgical procedures and regulatory compliance requirements.
Errors in surgical tool handling can lead to prolonged procedures, elevated costs, and heightened risks of infections and perioperative complications. Recognizing these challenges, hospitals are increasingly adopting surgical instruments tracking systems to bolster patient safety and operational efficiency. These systems automate the identification of medical equipment, ensuring compliance with the stringent Unique Device Identification (UDI) tracking regulations mandated by the United States FDA.
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“The demand for surgical instrument tracking systems is propelled by the imperative to enhance surgical care safety amidst rising surgical volumes,” remarked FMI. “These systems not only mitigate risks associated with manual tracking but also streamline inventory management and optimize resource allocation.”
Key drivers behind the market growth include the burgeoning number of surgical procedures worldwide and the pressing need for efficient inventory control systems in healthcare settings. By integrating advanced technologies like RFID and barcode scanning, surgical instrument tracking systems enable real-time monitoring, reducing instances of equipment loss and ensuring sterile instrument availability when needed most.
Key Takeaways:
- The global surgical instruments tracking system market is expected to be dominated by the United States during the estimated period. The Centers for Disease Control and Prevention (CDC) estimate that hospital-acquired illnesses claim the lives of roughly 90,000 Americans annually. The market for surgical instrument tracking systems is being driven by the desire to reduce infection brought on by contaminated tools as well as the requirement for better inventory management.
- During the forecast period, China and Japan are anticipated to dominate the Asia Pacific surgical tools tracking system market. The production of technologically advanced software and hardware solutions is also anticipated to encourage the use of surgical tool tracking systems in these countries over the projected period. Moreover, leading companies in these countries provide complete, high-quality surgical instruments for all surgical specialties.
- Owing to its affordable cost of installation and ease of adoption by the leading players in the market, the barcode technology is expected to hold the greatest revenue, through the forecast period.
- As it utilizes technology more frequently than conventional clinics or other healthcare facilities, the hospital is the most lucrative segment for key companies, accounting for a sizable portion.
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Competitive Landscape:
The surgical instruments tracking systems market share is fragmented as a result of both domestic and international competitors. Several companies command substantial market dominance in their respective specialty areas. Large corporations often give natural events like product approvals, the possibility of accidents, and misplaced surgical equipment a high priority. These elements are anticipated to propel the surgical instruments tracking system market to expand rapidly.
Key Players:
- SpaTrack Medical Limited
- Keir Surgical Ltd.
- NuTrace
- Vizinex RFID
- ScanCARE Pty Ltd.
- RFID Discovery
- Healthtech Pivot LLP
- RMS Omega Healthcare
- Avery Dennison Corporation
- Becton, Dickinson and Company
- STERIS
- Integra LifeSciences Holdings Corporation
- Xerafy
- B. Braun Melsungen AG.
Key Segments Profiled in the Market Survey:
By Component:
- Software
- Hardware
- Services
By Technology:
- Barcode
- Radio Frequency Identification (RFID)
By End User:
- Hospital
- Public Hospital
- Private Hospital
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- The Middle East &Africa
- Europe
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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