Global Surgical Instrument Tracking System Market Will Touch $627.4 Million by 2030 | CAGR 13%

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.

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.

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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.

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.

With a revenue of almost $100 million, North America leads the surgical instrument tracking system market. The USFDA's implementation of UDI standards for the accurate identification of medical devices and instruments is one of the primary causes associated with the region's market dominance worldwide. Additionally, it is expected that the presence of a well-developed healthcare system and the rapid adoption of contemporary goods and technology would increase the market's potential for growth.

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The Asia-Pacific surgical instrument tracking system market is expected to grow at the highest CAGR in the world-roughly 14%-in the coming years. This is attributed to increasing disposable income and better healthcare services.

Additionally, the rapid use of technologically sophisticated software and hardware solutions will promote regional market expansion. Additionally, growing nations like China and India are expected to offer significant potential for market players to grow.

With a market share of more than 50%, the barcodes category leads in terms of revenue, and it is expected that this trend will continue. Clinics, hospitals, and other surgical specialty facilities utilize barcodes to monitor inventories. Inventory management has been simpler and more practical for surgeons because of technology innovation and growth in experimentation.

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This release was published on openPR.