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

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).

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.