Surgical Instrument Tracking System Market Sets Sights on a Remarkable Valuation of US$ 940 Billion by 2033-FMI Projection

0
Surgical Instrument Tracking System Market

The global Surgical Instrument Tracking System Market is expected to be worth US$ 255 billion by 2023. According to Future Market Insights (FMI), the surgical instrument tracking system market is expected to exceed US$ 940 billion over the next decade. The market is expected to grow at a 13.9% CAGR between 2023 and 2033.This market’s ascent is driven by the imperative need for enhancing efficiency and safety in surgical procedures. Surgical instrument tracking systems employ advanced technologies, such as RFID and barcoding, to monitor and manage the lifecycle of surgical instruments from sterilization to utilization, ensuring compliance with regulatory standards and minimizing the risk of errors. The increasing adoption of these systems in healthcare facilities is attributed to their ability to streamline inventory management, reduce costs associated with misplaced instruments, and ultimately enhance patient safety. As surgical practices evolve with technological integration, the Surgical Instrument Tracking System Market stands as a critical component in the pursuit of precision and effectiveness in modern healthcare settings.

Errors in the handling of surgical tools can lengthen procedures, increase costs, and raise the danger of surgical infections, perioperative morbidity, and RSI episodes. This is one of the main reasons hospitals require surgical instrument tracking systems to increase surgical care safety. Moreover, the growing amount of individuals having surgeries is another driving factor. To comply with the new Unique Device Identification (UDI) tracking regulations set out by the United States FDA, surgical instrument monitoring systems enable automated identification of medical equipment, including tools.

Get a Sample Copy of the Report:

The need for compliance-enabling technologies, including surgical tool monitoring systems, is anticipated to increase as the number of devices subject to UDI continues to rise. Numerous other governmental organizations have also set regulatory guidelines for traceability from manufacturer to patient. These include the proposed UDI legislation from the CFDA in China, the In Vitro Diagnostic Medical Device Regulation and Medical Device Regulation from the EU, as well as AS/NZS 4187:2014 from Australia and New Zealand.

The usage of automated identification and tracking technology, such as surgical tool tracking systems, is anticipated to increase as a result. For instance, RFID Systems for Healthcare are provided by a certain market player, which aids in compliance with such rules. The market was greatly affected by the pandemic. Over the projected period, it is anticipated that rising healthcare costs, investments in new hospitals, and hospital expansions would boost growth in the segment under study.

For instance, the Indian government is building sixteen more All India Institutes of Medical Sciences (AIIMS) throughout the country in various phases. Moreover, according to the Indian Ministry of Health and Family Welfare, under Phase-V, the cabinet approved INR 1,264 crore in September 2020 for the construction of AIIMS, Darbhanga, which is located in the Indian state of Bihar. One of the country’s main surgical facilities is AIIMS. Similarly, several hospital building projects are in progress and are anticipated to stimulate the study segment’s expansion. According to American Hospital Association (AHA) figures for 2022, there were 6,093 operating hospitals in the United States as opposed to 5,534 in 2020. Additionally, according to the same source, there were around 33.4 million inpatient admissions in American hospitals overall, costing an estimated US$ 1.2 trillion. Thus, it is anticipated that the expansion of the hospital segment would be aided by the increase in hospitals.

However, the cost of installing automated tracking systems like RFID, which calls for additional servers, databases, and middleware, has been steadily rising even while the cost of tags and readers has reduced dramatically. The total cost of adopting automated surgical tool tracking systems utilizing RFID is rather high when compared to more traditional systems like barcode-based systems.

Key Takeaways:

  • The global surgical instruments tracking system market is expected to be dominated by the United States during the estimated period. The Centers for Disease Control and Prevention (CDC) estimate that hospital-acquired illnesses claim the lives of roughly 90,000 Americans annually. The market for surgical instrument tracking systems is being driven by the desire to reduce infection brought on by contaminated tools as well as the requirement for better inventory management.
  • During the forecast period, China and Japan are anticipated to dominate the Asia Pacific surgical tools tracking system market. The production of technologically advanced software and hardware solutions is also anticipated to encourage the use of surgical tool tracking systems in these countries over the projected period. Moreover, leading companies in these countries provide complete, high-quality surgical instruments for all surgical specialties.
  • Owing to its affordable cost of installation and ease of adoption by the leading players in the market, the barcode technology is expected to hold the greatest revenue, through the forecast period.
  • As it utilizes technology more frequently than conventional clinics or other healthcare facilities, the hospital is the most lucrative segment for key companies, accounting for a sizable portion.

Unlock exclusive insights with our expert analysts:

Competitive Landscape:

The surgical instruments tracking systems market share is fragmented as a result of both domestic and international competitors. Several companies command substantial market dominance in their respective specialty areas. Large corporations often give natural events like product approvals, the possibility of accidents, and misplaced surgical equipment a high priority. These elements are anticipated to propel the surgical instruments tracking system market to expand rapidly.

Key Players:

  • SpaTrack Medical Limited
  • Keir Surgical Ltd.
  • NuTrace
  • Vizinex RFID
  • ScanCARE Pty Ltd.
  • RFID Discovery
  • Healthtech Pivot LLP
  • RMS Omega Healthcare
  • Avery Dennison Corporation
  • Becton, Dickinson and Company
  • STERIS
  • Integra LifeSciences Holdings Corporation
  • Xerafy
  • Braun Melsungen AG.

Key Segments Profiled in the Market Survey

By Component:

  • Software
  • Hardware
  • Services

By Technology:

  • Barcode
  • Radio Frequency Identification (RFID)

By End User:

  • Hospital
  • Public Hospital
  • Private Hospital
  • Others

Unlock Tailored Insights: Customize Your Report for Maximum Impact :

Author By:

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:        

Nandini Singh Sawlani   

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705

For Sales Enquiries: [email protected]
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube


link

Leave a Reply

Your email address will not be published. Required fields are marked *