The global surgical instrument tracking systems market is expected to grow at a CAGR of (12.6 %) during the forecast period, owing to the need to reduce costs and improve efficiency of healthcare providers, the market is predicted expand rapidly. The forecast is supported by improved inventory and asset management techniques. Additionally, by automating the identification of medical devices, including tools, surgical instrument monitoring systems in compliance with the FDA’s new UDI (Unique Device Identification) regulation the number of devices covered by UDI continues to grow, thus the demand for solutions that facilitate compliance such as surgical instrument tracking systems is predicted to be boosted.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global surgical instrument tracking systems market was worth USD 188.3 million in the year 2021. The global surgical instrument tracking systems market is projected to grow at a CAGR of 12.6% from 2022-2028 (forecast period), earning revenues of around USD 429.4 million by the end of 2028. The global surgical instrument tracking systems market is booming owing to the fulfillment of FDA’S UDI (unique device identification) mandates which are forecasted to create demand in the surgical instruments market. Additionally, increasing demand and need for surgical interventions along with the emerging economies post pandemic will be the key drivers boosting the growth of the global surgical instruments tracking systems market.
Emerging markets such as India, China, Middle East, Latin America, and Southeast Asian countries are expected to offer significant growth opportunities for the players in the surgical instrument tracking system market. Increasing healthcare spending and improving healthcare infrastructure in these economies are expected to provide growth opportunities for market participants. Furthermore, various governments in Middle Eastern countries are taking initiatives to improve health facilities. The department of health and social development budget is also responsible for completing the construction of hospitals and primary care centers in all regions of Saudi Arabia. Around 36 new hospitals with a capacity of 8,950 beds are currently being built and developed in all regions of the kingdom, as cited by trade Arabia-business news information.
In China, the National Health Service System Plan (2015-2020) focuses on expanding the hospital sector nationwide. China’s number of hospital beds will reach 9.1 million in 2020, up from 338,000 annually since 2016,
at a CAGR of 5.3%. The rising volume of healthcare data and increasing adoption of HIT (Healthcare information technology solutions) in India offer great growth opportunities. According to India Brand Equity Foundation (India), the country’s healthcare sector is experiencing rapid growth. By 2020, he is estimated to reach $280 billion at a CAGR of 17%, accounting for a whopping 71% of hospital revenue. Additionally, several players operating in the surgical instrument tracking system market have expanded their operations in these economies in recent years. This creates a lucrative opportunity for the surgical instrument tracking system market.
RFID and barcode methods for tracking instruments both have significant limitations. It is estimated that 20% of RFID tags do not function effectively. Most RFID tags are sensitive to metals and liquids and cannot tolerate high temperatures, humidity, or chemical reactions. Furthermore, there is the possibility of interference from other radio signals or electric or magnetic forces in the usage environment. Furthermore, a single reader cannot read tags from several frequencies, restricting its application. Barcode scanning is error-prone and labor-intensive since it involves manual procedures in the case of barcodes. Repetitive autoclaving could also harm barcode labels, necessitating checks after each sterilization cycle.
Global Surgical Instrument Tracking Systems Market – By Technology
The global market has been further split into barcodes and RFID based on technologies. The category with the highest revenue share in 2021, with more than 80 %, was the barcode technology segment. The most popular tracking technology is a barcode, and the growth of this technology in the medical device sector is a major factor in the market’s high revenue share for this technology due to its benefits, which include inexpensive costs, a durable design, and readability. 2D barcodes—such as data matrices and QR codes—are increasingly widely used today.
Additionally, these devices’ inexpensive installation costs have led to an increase in their use in healthcare facilities, such as hospitals and ambulatory surgery centers. Due to the ability of RFID tags to withstand the demanding healthcare environment, such as harsh sterilization processes, as well as the ability to store additional information and document each instrument’s vital statistics, such as repair history and location, they are anticipated to register the fastest CAGR over the forecast period. RFID use is anticipated to increase over the forecast period because, unlike barcodes, they do not need line-of-sight scanning.
The market is geographically segmented into North America, Europe, Asia Pacific, Latin America, the Middle East and Africa. Over 40% of his global sales in 2021 occurred in North America, thus dominating the overall market. One of the main reasons for this region’s dominance is that the US FDA established its UDI system for the efficient identification of medical devices and instruments. Moreover, the presence of highly established medical infrastructure and the rapid diffusion of cutting-edge products and technologies are projected to drive growth in the market in the region. On the other hand, Asia-Pacific is expected to grow at the fastest CAGR during the forecast period. The untapped potential of this region is responsible for this growth. Moreover, during the forecast period, the number of surgical procedures is anticipated to increase as medical infrastructure rapidly develops in Asian countries such as China, Indonesia, and India. The use of surgical instrument tracking systems is also forecasted to increase in the coming years due to the development of technologically enhanced hardware and software solutions.
Impact of COVID-19 on Global Surgical Instrument Tracking Systems Market
Almost every business has been hit by the unprecedented global public health emergency known as COVID-19, and the long-term effects are projected to have an impact on industry growth during the forecast period. To ensure the incorporation of underlying COVID-19 concerns and prospective future orientations, it is necessary to recognize that the pandemic’s worldwide restrictions have badly impacted the surgical tool monitoring systems business. With the limits lifted in the majority of countries and a larger portion of the population being vaccinated, the sector is likely to attain the predicted Compound Annual Growth Rate (CAGR) during the foreseeable period.
The shift in demand for medical devices has prompted the market’s leading players to plan their manufacturing capabilities, focus on new product development, and provide the optimum COVID-19 supply chain strategies. Throughout this time, it is expected that the use of surgical tool monitoring systems will expand, as will technology development, manufacture, and packaging. On the other hand, while COVID-19 has less of an impact on the surgical tool monitoring system market than it does on other medical equipment, it is still critical for company operations to establish and implement backup plans as soon as feasible.
The leading companies in the market include Fortive (Formerly Censis Technologiees, Inc.), FingerPrint Medical Limited, B. Braun Melsungen AG, SpaTrack Medical Limited, Getinge AB, Haldor Advanced Technologies, Ternio Group LLC., Healthtech Pivot LLP, Integra LifeSciences, Xerafy Singapore Pte Ltd among other prominent players. Major market competitors use a variety of techniques, including mergers and acquisitions, innovative therapies, and others, to stay competitive and gain an advantage over rivals. The global surgical instrument tracking systems market is consolidated with the presence of several manufacturing companies globally. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are utilized to expand while maintaining profitability rapidly.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global surgical instrument tracking systems market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global surgical instrument tracking systems market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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