Surgical Instrument Tracking System Market to grow up to USD 764.1 million by 2031, at a CAGR of 14.6% during the forecast period

New York, The Global Surgical Instrument Tracking System Market was valued at USD 195.0 million in 2021 and it is anticipated to grow up to USD 764.1 million by 2031, at a CAGR of 14.6% during the forecast period.

Global Surgical Instrument Tracking System Market report from Global Insight Services is the single authoritative source of intelligence on Surgical Instrument Tracking System Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters' and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

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Surgical instrument tracking systems is a combination of latest scanning technology and application software for inventory management. It provides a solution which allows users to maintain Quality, Compliance and Traceability of Instruments in work place. Starting in 2014, different classes of medical devices are included in UDI program to provide more accurate tracking of medical devices. Moreover, EU acted to adopt UDI in 2017, under the EU MDR.

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Market Trends and Drivers
Need to meet FDA Unique Device Identification mandates will augment the overall market growth. Manufacturers are required to track surgical instruments-from manufacturing through the distribution chain. The purpose of device tracking is to ensure that manufacturers of instruments establish tracking systems that will enable them to promptly locate devices in commercial distribution. The UDI (Unique Device Identification) regulations proposed by the US FDA (Food and Drug Administration) are expected to drive growth in the surgical instrument tracking systems market. According to the UDI rules, labellers (manufacturers, reprocessors, specification developers, re-packagers, and relabelers) of surgical instruments are expected to implement direct marking at the individual instrument level. Until September 24, 2020, surgical instruments categorized as Class I devices had to comply fully with these FDA requirements.

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Global Surgical Instrument Tracking System Market Segmental Overview
The report analyses the global surgical instrument tracking system market based on product, technology, end use, and region.

Global Surgical Instrument Tracking System Market by Product

Based on product, it is segmented into hardware, software, and services. The hardware product segment accounted for the largest revenue share in 2021. The segment is projected to maintain its dominance during the forecast period. Technological advancements in hardware, such as RFID chips and barcode tags, are a major factor driving the adoption of these systems for inventory as well as surgical instrument management. For instance, Wyss Institute at Harvard University has developed a way to embed RFID chips onto metal surgical instruments using a vapor deposition process and biocompatible sealant. Such a development leads to the positive impact on the market growth.

Global Surgical Instrument Tracking System Market by Technology

Based on technology, it is segmented into barcodes and radiofrequency identification (RFID). The barcode technology segment accounted for the largest revenue share in 2021. Barcode is the most commonly used type of tracking technology and its increased adoption in the medical devices industry is the key element contributing to its high revenue share in the market. 2D barcodes, such as data matrices and QR codes, are more popular in the market due to their advantages, which include low costs, and robust build among others. Thus, propelling the segmental as well as industry growth.

Global Surgical Instrument Tracking System Market by End-use

Based on end-use, it is segmented into hospitals and research and academic institutes. The hospitals segment is likely to dominate the surgical instrument tracking system market during the forecast period is attributed to the rising adoption of surgical device tracking solutions by hospitals for inventory management and tracing of medical instruments during work cycles, such as sterilization procedures and surgery. For instance, St. Joseph's Hospital and Medical Clinic, in Arizona, uses the IMPRESS instrument management system that allowed it to save more than USD 1.0 million in repair, refurbishment, and instrument purchasing costs, annually. Such scenario boost the segmental growth.

Geographical Analysis of Global Surgical Instrument Tracking System Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America is the largest regional market for surgical instrument tracking systems. The Unique Device Identification (UDI) regulations by the FDA and the need to reduce healthcare expenditures drive the surgical instrument tracking systems market in North America. In addition, the presence of a highly developed healthcare infrastructure and rapid adoption of advanced technologies and products are anticipated to drive the regional market growth.

Major Players in the Global Surgical Instrument Tracking System Market
The key players in the surgical instrument tracking system market are Fortive Corporation (US) , Becton, Dickinson and Company (BD) (US), Haldor Advanced Technologies (US), Getinge AB (Sweden), STERIS (US), STANLEY Healthcare (US), Mobile Aspects (US), Integra LifeSciences Holdings Corporation (US), and B. Braun Melsungen AG (Germany) among others

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