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Surgical Procedures Fueling The Growth Of Surgical Instrument Tracking Systems Market: Strengthening the Growth Trajectory of the Surgical Instruments Tracking Systems Market
Surgical Instruments Tracking Systems Market Size
What Is the Expected CAGR for the Surgical Instruments Tracking Systems Market Through 2025?
In recent years, there has been noteworthy expansion in the market size for surgical instruments tracking systems. The size is projected to increase from $201.01 billion in 2024 to $222.93 billion in 2025, with a compound annual growth rate (CAGR) of 10.9%. Factors such as the importance of decreasing surgical site infections (SSIs), the growing emphasis on inventory management, the need for real-time visibility, the advent of value-based healthcare, improvement in surgical results and patient gratification, as well as the ability for remote access and surveillance of instruments have all contributed to the growth experienced in the historic period.
What's the Projected Size of the Global Surgical Instruments Tracking Systems Market by 2029?
The market size of surgical instruments tracking systems is predicted to experience a swift expansion in the coming years, reaching a value of $332.87 billion in 2029 with a compound annual growth rate of 10.5%. The expected growth during the forecast period is due to multiple factors such as integration with hospital information systems, rising usage of cloud-based solutions, increasing need for surgeries and procedures, public health initiatives, and accommodating regulatory and healthcare policy transitions. Notable trends during the forecast period encompass the application of innovative technologies like RFID, barcode, and IoT, improvements in software competencies, creation of state-of-the-art sensors, proliferation of mobile health solutions and analytics, along with inventive product development and innovation.
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Top Growth Drivers in the Surgical Instruments Tracking Systems Industry: What's Accelerating the Market?
The escalation in surgical procedures is anticipated to fuel the progress of the market for surgical instruments tracking systems. Surgical procedures, which are medical manoeuvres that leverage tools to rectify injuries, diseases or malformations through hands-on or operative techniques, are witnessing growth due to advancements in medical technology and a rising elderly population necessitating more health services. Surgical instrument tracking systems bolster efficiency and security by ensuring the real-time monitoring and management of tools throughout procedures, reducing the probability of left behind surgical items. For example, the International Society of Aesthetic Plastic Surgery (ISAPS), a professional group for board-validated aesthetic plastic surgeons based in the U.S., reported in September 2023 that there was an overall increment of 11.2% in procedures carried out by plastic surgeons in 2022, with over 14.9 million surgical and 18.8 million non-surgical procedures being executed globally. Consequently, the rising number of surgical procedures is catalysing the expansion of the surgical instruments tracking systems market.
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What Trends Will Shape the Surgical Instruments Tracking Systems Market Through 2029 and Beyond?
Leading corporations in the surgical instruments tracking systems market are aiming to create innovative technologies such as robotic technology to bolster their market position. Robotic technology involves the integration of complex robotic systems that have advanced sensors, actuators, and artificial intelligence (AI) functionalities, enabling them to conduct complex operations independently or semi-independently. For instance, in January 2023, the American medical device enterprise, Becton, inson, and Company, unveiled the BD Kiestra 3rd Generation Total Lab Automation System. This innovative robotic system is specifically designed for microbiology labs to automatize specimen processing. The system prodigiously features a customizable, scalable, and modular layout that collaborates with numerous BD Kiestra modules, allowing laboratories to adapt the automation to their specific workflows and spatial needs.
What Are the Main Segments in the Surgical Instruments Tracking Systems Market?
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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Which Top Companies are Driving Growth in the Surgical Instruments Tracking Systems Market?
Major companies operating in the surgical instruments tracking systems market are 3M Company, Becton inson 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.
Which Regions Will Dominate the Surgical Instruments Tracking Systems Market Through 2029?
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.
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