The latest report by IMARC Group, titled “Surgical Instrument Tracking Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global surgical instrument tracking systems market size reached US$ 183.4 Million in 2021. Surgical instrument tracking systems assist healthcare professionals in gaining access to surgical equipment and instruments. These systems also enhance resources and tool governance, aid in performing reliable and time-saving procedures, and decrease the need for instant steam sterilization. Surgical instrument tracking systems create a detailed load of records for defective devices and provide comprehensive insights into usage patterns. Consequently, they find utilization across hospitals, healthcare clinics, private health centers, and ambulatory surgery centers (ASCs).
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Surgical Instrument Tracking Systems Market Trends:
The market is primarily driven by the increasing number of individuals undergoing surgical procedures across the globe. The rising instances of sports injuries, accidents and cardiac arrests due to the growing prevalence of cardiovascular diseases and other chronic conditions are also fueling the market growth. Besides this, the growing need to cut costs and improve efficiency in healthcare organizations is increasing the popularity of tracking systems among healthcare providers. In addition, surgical instrument tracking systems ensure governmental compliance while automating medical equipment identification. Moreover, the growing geriatric population suffering from chronic ailments like arthritis, cancer, and obesity is also propelling the market growth. Furthermore, research and development (R&D) activities, such as the introduction of automatic identification and data capture technologies, including two-dimensional (2D) barcodes and radio frequency identification (RFID) tags, are also creating a positive outlook for the market. Looking forward, the market value is expected to reach US$ 426.4 Million by 2027, exhibiting a CAGR of 14.30% during the forecast period (2022-2027).
- Based on the component, the market has been segmented into hardware, software, and services.
- On the basis of technology, the market has been classified into barcode tracking and radio frequency identification (RFID).
- The market has been categorized based on the end user into hospitals, ambulatory surgical centers, research centers, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Becton Dickinson and Company, Censis Technologies Inc. (Fortive), Fingerprint Medical Limited, Getinge AB (Carl Bennet AB), Haldor Advanced Technologies Limited, Scanlan International, Spatrack Medical Limited, Steelco S.p.A. (Miele), Steris Corporation, Ternio Group LLC, TGX Medical Systems, and Xerafy Singapore Private Limited.
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