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Surgical Instruments Tracking Systems Global Market 2024 - Industry Analysis, Future Trends, Segmentation And Key Players
Surgical Instruments Tracking Systems Global Market
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According to The Business Research Company's, The surgical instruments tracking systems market size has grown rapidly in recent years. It will grow from $181.89 billion in 2023 to $201.01 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to emphasis on reducing surgical site infections (SSIs), increasing focus on inventory management, demand for real-time visibility, the emergence of value-based healthcare, enhancing surgical outcomes and patient satisfaction, and enabling remote access and monitoring of instruments.
The surgical instruments tracking systems market size is expected to see rapid growth in the next few years. It will grow to $301.24 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to integration with hospital information systems (HIS), rising adoption of cloud-based solutions, increased demand for surgeries and procedures, public health initiatives, and adapting to regulatory shifts and healthcare policy changes. Major trends in the forecast period include the adoption of radio frequency identification (RFID), barcode, and IoT technologies, advancements in software capabilities, development of advanced sensors, mobile health solutions, and analytics, and innovation and product development.
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Market Drivers and Trends:
The growing number of surgical procedures is expected to propel the growth of the surgical instruments tracking systems market going forward. Surgical procedures are medical operations involving the use of instruments to treat injuries, diseases, or deformities by manual or operative methods. The growth in surgical procedures is driven by advances in medical technology and an increasing aging population requiring more healthcare services. Surgical instrument tracking systems enhance efficiency and safety by ensuring real-time tracking and management of instruments during procedures, reducing the risk of retained surgical items. For instance, in September 2023, according to the International Society of Aesthetic Plastic Surgery (ISAPS), a US-based professional body for board-certified aesthetic plastic surgeons, there was an 11.2% overall increase in procedures performed by plastic surgeons in 2022, with more than 14.9 million surgical and 18.8 million non-surgical procedures performed worldwide. Therefore, the growing number of surgical procedures is driving the growth of the surgical instruments tracking systems market.
Major companies operating in the surgical instruments tracking systems market are focusing on developing advanced technologies, such as robotic technology, to gain a competitive edge in the market. Robotic technology refers to the use of sophisticated robotic systems equipped with advanced sensors, actuators, and artificial intelligence (AI) capabilities to perform complex tasks autonomously or semi-autonomously. For instance, in January 2023, Becton, Dickinson, and Company, a US-based medical device company, launched the BD Kiestra 3rd Generation Total Lab Automation System, a new robotic track system designed for microbiology laboratories to automate specimen processing. This system features a flexible, modular, and scalable configuration that connects multiple BD Kiestra modules, enabling labs to tailor the automation to their specific workflow and physical space requirements.
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Major Key Players of the Market:
3M Company, Becton Dickinson and Company, Stryker Corporation, B. Braun Melsungen AG, Fortive Corporation, Getinge AB, Belimed AG, STANLEY Healthcare, Capsa Healthcare, Key Surgical, Invengo Technology Pte. Ltd., Case Medical Inc., WaveMark Inc., Terso Solutions, SATO Vicinity, Xerafy, Mobile Aspects, Synergy Health plc, VueMed, Haldor Advanced Technologies Ltd.
Surgical Instruments Tracking Systems Market 2024 Key Insights:
• The surgical instruments tracking systems market size is expected to see rapid growth in the next few years. It will grow to $301.24 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%.
• Surgical Procedures Fueling The Growth Of Surgical Instrument Tracking Systems Market
• Advancements In Robotic Technology In Surgical Instruments Tracking Systems
• North America was the largest region in the surgical instruments tracking systems market in 2023
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