Surgical Instrument Tracking Market Set to Cross US$ 1,294.89 Million at 18% CAGR by 2032

The market for tracking surgical instruments is poised for impressive growth, with an estimated robust Compound Annual Growth Rate (CAGR) of 18%, propelling it to a valuation of around US$ 1,294.89 million by the year 2032. In terms of revenue share, North America continues to exert its dominance over the market, contributing nearly 38% in 2022.

The surgical instrument tracking systems market is expected to receive a substantial boost from the UDI (Unique Device Identification) requirement mandated by the US FDA (Food and Drug Administration). To comply with UDI regulations, manufacturers, reprocessors, specification developers, repackagers, and labellers of surgical instruments are projected to implement direct marking at the individual instrument level.

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Key Takeaways:

-Based on technology, the RFID-based system segment is set to grow at a CAGR of 18.4% through 2032 backed by the high demand for wireless scanning solutions in hospitals.

-By end user, the hospital operation theaters segment is likely to hold about 33% of revenue share in 2022 with the rising automation in the healthcare industry.

-In terms of product, the services segment is anticipated to dominate owing to the rising number of surgical procedures in various countries across the globe.

-The U.S. is projected to lead the market on the back of the growing government initiatives to encourage the installation of cutting-edge surgical instrument tracking equipment.

-Japan surgical instrument tracking market is likely to showcase lucrative growth because of the development of RFID technology to enhance multiple processes in the healthcare sector.

-North America is expected to account for approximately 38.5% of the share in 2022.

-Asia Pacific is set to hold around 19% of the share in the evaluation period.

Growth Drivers:

Implementation of stringent regulations by governments compelling manufacturers execute direct marking at an individual instrument level is set to fuel the market.
Misplacement of surgical instruments is expected to drive the demand for progressive solutions such as RFID and 2D barcodes for monitoring purposes.

The need to ensure that right tools are available in time for every surgical procedure to enhance patient outcomes in hospitals is estimated to accelerate growth.

Restraints:

Requirement of high upfront investments that encompass the costs of application middleware, tags, hardware, and software may hinder the growth.

Lack of assessment of Returns on Investment (ROI) and insufficient awareness about the cost-benefit analysis of tracking systems can hamper the market.

Competitive Landscape:

Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions to expand their market ground

In October 2020, Steris- a seller of infection prevention, surgical equipment and other hospital products has acquired Key Surgical in a US$850 million deal that adds complementary product lines and expands its geographic reach.

Getinge AB and Intelligent InSites, Inc. have developed T-DOC 2000 surgical instrument traceability system. The solution supports the sterile supply workflow of instruments, consumables, and implants, from reprocessing, inventory and logistics to use.

Key Segments Covered in the Surgical Instrument Tracking Industry Report:

Product:
-Console
-Software
-Surgical Endoscope Tracking and Management System
-Services

Technology:
-Barcode Scanning Based Systems
-RFID Based Systems

End User:
-Hospital Sterile Processing Department (SPD)
-Hospital Operation Theatres
-Ambulatory Surgical Centers
-Office-based Specialized Clinics

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Questionnaire answered in the Market outlook Report of Surgical Instrument Tracking include:

1,What is the key strategy deployed by large players to maximize Surgical Instrument Tracking Market growth?

2.What are the main challenges faced by players in the Surgical Instrument Tracking market Demand?

3.With the advent of technological advancement, how will the Surgical Instrument Tracking market landscape change over the forecast period?

4.What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Surgical Instrument Tracking market size?

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This release was published on openPR.