Surgical Instrument Tracking System Market Will Touch $627.4 Million by 2030?

In 2021, the surgical instrument tracking system market accounted for $209.1 million, and it is predicted to hit $627.4 million by 2030, growing at a 13.0% compound annual growth rate from 2021 to 2030. The technology improvements in healthcare, growing demand for inventory management procedures and UDI standards, and increase in surgical procedures worldwide are all factors contributing to the market growth.

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One of the main factors fueling the expansion of the surgical instrument tracking system market is the FDA's adoption of UDI standards. As a result of the implementation of this legislation, the majority of devices now have a UDI that can be read by both humans and machines. The FDA's GUDID needs to receive some information from the instrument labeler concerning each device. The general public may readily download, search, and access this database.

Hardware produces the highest revenue, about $100 million, in the surgical instrument tracking system market. This is a result of technological developments including barcode tags and RFID chips, which are a big reason why these solutions are used for surgical equipment inventory control.

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Additionally, the increasing need for hardware is owing to the repurchasing of barcode tags and RFID chips that are not long-lasting since they come off during washing or sustain damage throughout sterilizing cycles.

Surgical equipment tracking systems are most commonly used by hospitals. In this decade, the category is predicted to continue to dominate the market. This might be credited to the high patient population and increase in surgical procedures carried out in hospitals.

In the upcoming years, ambulatory surgery centers are expected to have the fastest rate of growth in demand for surgical instrument tracking systems. This is because the construction of these institutions is being driven by the government's increased focus on lowering healthcare costs and providing patients with better outcomes.

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