Global Surgical Instruments Tracking Systems Market

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 2024-2031

Report ID: SQMIG35D2058 | Region: Global | Published Date: July, 2036
Pages: 157 | Tables: 116 | Figures: 77

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 size was valued at USD 187.67 billion in 2022 and is poised to grow from USD 210.5 billion in 2023 to USD 466.19 billion by 2031, growing at a CAGR of 12.1% in the forecast period (2024-2031).

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. '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.'

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.

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.

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.

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Global Surgical Instruments Tracking Systems Market

Report ID: SQMIG35D2058

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