Surgical Instruments Tracking Systems Market
Report ID: SQMIG35D2058
Surgical Instruments Tracking Systems Market Size, Share, Growth Analysis, By Product(Hardware, Software, Services), By Technology(Barcode, RFID), By End-Use(Hospitals, Ambulator Surgical Centres, Clinics, others), By Distribution Channel(Direct Tender, Third Party Distributor), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG35D2058 |
Region:
Global |
Published Date: October, 2024
Pages:
157
|Tables:
116
|Figures:
77
Surgical Instruments Tracking Systems Market Insights
Surgical Instruments Tracking Systems Market size was valued at USD 210.5 Billion in 2023 and is poised to grow from USD 235.97 Billion in 2024 to USD 522.6 Billion by 2032, growing at a CAGR of 12.1% during the forecast period (2025-2032).
Rising number of surgical treatments due to the increase in sports injuries, road accidents, and cardiac surgeries coupled with the increased frequency of cardiovascular illness and other types of chronic disorders are the major factors driving the growth of the global surgical instruments tracking system market. Moreover, the rise in the need for automatically track critical equipment like surgical equipment to ensure better patient outcomes and comply with the U.S. Food & Drug Administration, Unique Drive Identification Program, to ensure the right tools for each surgical procedure are available in time.
Furthermore, developing economies such as China, India, and Indonesia, as well as countries from the Middle-East, Southeast Asia, and Latin America are expected to provide lucrative growth opportunities for the global market owing to increasing expenditure on healthcare infrastructure in these economies over the forecast period. For instance, in China, the number of hospital beds available have reached a value of around 9.1 million, with an increase of 338,000 hospital bed per year since 2016, at a CAGR of 5.4%.
The high implementation of UDI standards by the U.S. Food & Drug Administration through rising geriatric population, increased number of chronic disorders, and rapid growth in the technological advancements are another factors expected to drive the global surgical instruments tracking system market over the forecast period. Most of the devices now have a unique identifier in both human and machine-readable form. Therefore, the adoption of surgical instruments have increased along with the number of surgeries. According to European Union Statistics, hip replacement surgery was performed around 304 times per 100.000 individuals in Germany.
US Surgical Instruments Tracking Systems Market is poised to grow at a sustainable CAGR for the next forecast year.
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Surgical Instruments Tracking Systems Market Segmental Analysis
Global surgical instruments tracking systems market is segmented on the basis of product, technology, end-use, distribution channel, and region. By product, the market is sub-segmented into hardware, software, and services. By technology, the market is bifurcated into barcodes and RFID. By end-use, the market is categorized into hospitals, ambulatory surgical centres, clinics, and others. By distribution channel, the Surgical Instruments Tracking Systems Market is segmented into direct tender and third party distributor. By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Surgical Instruments Tracking Systems Market Analysis by Product
By product, the hardware segment accounted for the largest market share of over 45.2% in 2021 and is set to continue this throughout the forecast period. High growth in the adoption of surgical instrument and rising technological advancements in hardware devices such as RFID chips and barcode tags are the major factors expected to drive the segment growth during the forecast period. For instance, Wyss Institute of Harvard University has developed new and advanced way to embed RFID chips onto surgical instruments with the help of vapor deposition process and biocompatible sealant.
Surgical Instruments Tracking Systems Market Analysis by Technology
By technology, the barcode segment dominated the market and accounted for a significant share of over 82.1% in 2021 and is projected to maintain its dominance throughout the forecast period. Since, barcode is the most common way used in the tracking technology and their increasing demand in the medical devices are the key factors driving the growth of the segment. In addition, low installation cost of barcodes has led to the increased demand in several sectors including healthcare facilities including hospitals, clinics, and ambulatory surgical centers.
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Surgical Instruments Tracking Systems Market Regional Insights
North America dominated the global surgical instruments tracking system market with a contribution of over 37% market share in 2021. Introduction to UDI system by the U.S. Food & Drug Administration for the easily identification of medical devices and instruments to ensure improve patient outcomes and availability of device in real time is the key factor driving the growth of the market in the region. Furthermore, the presence of highly advanced and international level healthcare infrastructure along with the rapid growth in the adoption of advanced technologies and products are further expected to drive the regional growth over the forecast period.
On the other hand, Asia Pacific is anticipated to grow at the fastest CAGR during the forecast period owing to the increasing urbanization, rising investments by several international institutions, growing disposal income of population, and availability of untapped opportunities in the region. An extensively developing healthcare facilities and infrastructure in the emerging economies such as India, China, and Indonesia along with the favourable government initiatives to improve healthcare system in the region are also expected to contribute to the growth of the market in the coming years.
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Surgical Instruments Tracking Systems Market Dynamics
Surgical Instruments Tracking Systems Market Drivers
- Continuously rising prevalence of chronic diseases like cardiovascular disorders, obesity, cancer, and arthritis along with the growing number of geriatric population across the globe are the major key factors influencing the global surgical instruments tracking system market. According to our findings, on an average, in every 36 second someone dies with the cardiovascular diseases, and around 2380 deaths from cardiovascular diseases every day in the United States. Thus, the high number of deaths from these diseases resulted in high adoption of surgical instruments tracking system around the world.
Surgical Instruments Tracking Systems Market Restraint
- High cost associated with the surgical devices and instruments and long investment cycles are the major factors expected to hinder the global market growth during the forecast period. Surgical tool monitoring systems requires high upfront investments including expenses of connecting barcode with the legacy system, application software, tags, and maintenance services, which is anticipated to restrain the market growth in the near future.
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Surgical Instruments Tracking Systems Market Competitive Landscape
The global surgical instruments tracking systems market is highly competitive with the presence of many international players such as Censis Technologies Inc., Syrma Technology, and Steris PLC. The key players are mainly focusing on the technological advancements, innovations, partnerships, and increasing expenditure on the research & development.
Top Players in the Surgical Instruments Tracking Systems Market
- Haldor Advanced Technologies Ltd.
- B. Braun Melsungen AG
- Key Surgical
- STANLEY Healthcare
- Xerafy
- Getinge AB
- Infor
- Mobile Aspects
- TGX Medical Systems
- Intelligent InSites
- SpaTrack Medical Limited
- iRIS Health Solutions
- Becton, Dickinson and Company
- Fortive Corporation
- Biotage AB
- Microsystems Technology, Inc.
- The RAIN RFID Alliance
- WaveMark, Inc.
- Censis Technologies, Inc.
- Applied Logic, Inc.
Surgical Instruments Tracking Systems Market Recent Developments
- In September 2022, Gentinge Group, Sweden, announced its strategic partnership with Medtronic for the expansion of manufacturing of the Radiant™ balloon-expandable covered stent. This partnership will provide clinicians with a package solution for the complex aortic repair across the world.
- In January 2021, Keir Surgical Ltd., a privately-held Canadian surgical company has announced the acquisition of I-Med Pharma Inc. surgical distribution assets. The main aim of this acquisition is to expand and grow Keir’s Surgical ophthalmology business across the globe.
Surgical Instruments Tracking Systems Key Market Trends
- Rising demand for radio frequency distribution in managing hospital assets including surgical equipment, medical equipment, and data charts are expected to fuel the market demand in the next few years. In addition, major hospitals like Mayo’s Clinic Saint Mary’s Hospital of Minnesota and Rush University Medical Center in Chicago, have recently deployed RFID to track equipment, surgical instruments, and staff members also. Furthermore, RFID have been outfitted with latest technology, and is present in many forms, from the tracking of surgical tools to tracking patients, which is expected to create more demand for RFID during the forecast period.
Surgical Instruments Tracking Systems Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global surgical instruments tracking systems market is witnessing a significant growth owing to the increase in the demand for surgeries, improved technology, rising per capita income of people, and ability to reduce risk of cross-contamination. Furthermore, increasing investments in research & developments coupled with the innovations are the factors projected to contribute significant growth during the forecast period. However, lack of skilled professionals for the smooth operations of surgical instruments are likely to hamper the growth of the market over the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 187.67 billion |
| Market size value in 2031 | USD 466.19 billion |
| Growth Rate | 12.1% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Surgical Instruments Tracking Systems Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Surgical Instruments Tracking Systems Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Surgical Instruments Tracking Systems Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Surgical Instruments Tracking Systems Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Surgical Instruments Tracking Systems Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Surgical Instruments Tracking Systems Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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