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Key Influencer in the Surgical Instruments Tracking Systems Market 2025: Surgical Procedures Fueling The Growth Of Surgical Instrument Tracking Systems Market Driver
Surgical Instruments Tracking Systems Market Size
The market size for surgical instruments tracking systems has experienced swift expansion in the previous years. It's projected to escalate from $201.01 billion in 2024 to $222.93 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 10.9%. This growth during the historical period is linked to a concentrated effort to lower surgical site infections (SSIs), amplified attention to inventory management, the need for real-time visibility, the introduction of value-oriented healthcare, the improvement of surgical outcomes and patient satisfaction, and the facilitation of remote access and monitoring of instruments.
Expectations are high for the market size of surgical instruments tracking systems to experience a considerable expansion in the coming years. The projection is set at a growth to $332.87 billion by 2029, with a CAGR of 10.5%. This expected growth during the forecast period is due to the incorporation with hospital information systems, higher acceptance rates of cloud-based solutions, an upsurge in demand for surgical processes, public health campaigns, and adjustments to healthcare policy changes and regulatory transformations. The forecast period will see significant trends such as the adoption of RFID, barcode, and IoT technologies, enhancements in software abilities, proliferation of superior sensors, mobile healthcare solutions and analytics, as well as the proliferation of invention and product development.
What Factors Are Propelling the Expansion of the Surgical Instruments Tracking Systems Market?
The rise in surgical procedures is set to boost the expansion of the surgical instruments tracking systems market. Surgical procedures, which are medical procedures that involve the usage of instruments to treat diseases, injuries or abnormalities via manual or surgical methods, see their growth spurred by advancements in medical technology and a growing elderly population requiring more healthcare services. They enhance the effectiveness and safety of surgical instrument tracking systems by enabling real-time monitoring and management of instruments during procedures and minimizing the risk of lingering surgical items. For example, as per the International Society of Aesthetic Plastic Surgery (ISAPS), a U.S.-based professional organization for board-certified aesthetic plastic surgeons, in September 2023, there was an overall increase of 11.2% in operations undertaken by plastic surgeons in 2022, with over 14.9 million surgical and 18.8 million non-surgical procedures performed globally. Hence, the rising number of surgical procedures is fueling the expansion of the surgical instruments tracking systems market.
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Which Businesses Are at the Forefront of Surgical Instruments Tracking Systems Market Development?
Major companies operating in the surgical instruments tracking systems market are 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.
What Are the Latest Innovations in the Surgical Instruments Tracking Systems Market?
Leading firms in the surgical instruments tracking systems market are honing their focus on forging advanced technologies such as robotic technology to outperform their rivals. Robotic technology involves using intricate robotic systems, replete with state-of-the-art sensors, actuators, and artificial intelligence (AI) prowess, for executing complex tasks either entirely or partially autonomously. For example, the US medical device firm, Becton, Dickinson, and Company, presented its BD Kiestra 3rd Generation Total Lab Automation System in January 2023. This innovative robotic track system is specifically engineered for microbiology laboratories to automate the processing of specimens. It boasts a customizable, modular and scalable layout that links various BD Kiestra modules, thereby granting laboratories the convenience of modifying the automation to fit their unique workflow and spatial needs.
How Is the Surgical Instruments Tracking Systems Market Segmented?
The surgical instruments tracking systems market covered in this report is segmented -
1) By Product: Hardware, Software, Services
2) By Technology: Barcodes, Radio Frequency Identification (RFID)
3) By End-use: Hospitals, Other End Users
Subsegments:
1) By Hardware: RFID Tags, Barcode Labels And Scanners, Real-Time Location Systems (RTLS) Devices, Wireless Tracking Devices
2) By Software: Inventory Management Software, Asset Tracking Software, Data Analytics Software For Tracking, Integration Software With Hospital Management Systems
3) By Services: Installation And Integration Services, Maintenance And Support Services, Consulting Services, Training And Educational Services
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Where Is the Surgical Instruments Tracking Systems Market Growth Most Prominent?
North America was the largest region in the surgical instruments tracking systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the surgical instruments tracking systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Surgical Instruments Tracking Systems Global Market Report?
- Market Size Analysis: Analyze the Surgical Instruments Tracking Systems Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Surgical Instruments Tracking Systems Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Surgical Instruments Tracking Systems Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Surgical Instruments Tracking Systems Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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