Surgical Instrument Tracking System Market Analysis North America, Asia, Europe, Rest of World (ROW) - US, China, Germany, Japan, UK - Size and Forecast 2024-2028

Surgical Instrument Tracking System Market Size 2024-2028

The surgical instrument tracking system market size is forecast to increase by USD 185 million at a CAGR of 10.01% between 2023 and 2028.

• The market is experiencing significant growth due to the increasing volume of ries and the rising prevalence of chronic diseases among the aging population. According to industry estimates, the number of surgical procedures performed globally is projected to increase at a steady pace, fueled by an aging population and advancements in medical technology. Additionally, the adoption of automation in the healthcare sector is driving the demand for surgical instrument tracking systems, as these systems help streamline workflows, reduce errors, and improve patient safety. However, the high cost of implementing these systems remains a significant challenge for market growth.
• Despite this, companies seeking to capitalize on market opportunities can focus on offering cost-effective solutions, collaborating with healthcare providers to demonstrate the long-term cost savings, and leveraging advanced technologies such as RFID and IoT to enhance the functionality and value proposition of their offerings. By addressing these challenges and seizing the opportunities presented by the growing demand for surgical instrument tracking systems, market participants can position themselves for long-term success in this dynamic and evolving market.

What will be the Size of the Surgical Instrument Tracking System Market during the forecast period?

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• The market in the US is experiencing significant growth due to the increasing demand for efficient inventory management in healthcare facilities. The market is driven by the rising prevalence of cardiovascular illnesses, chronic disorders, and injuries, which necessitate a high volume of surgical procedures. RFID tags and near-field communication technology are increasingly being adopted for asset management and sterile processing records, ensuring the availability of sterile instruments for ries. The geriatric population's growth and the expanding medical device market are also contributing factors. The use of unique device identification and 2D barcodes facilitates automated identification and tracking of surgical instruments, reducing the risk of retained surgical items and improving surgical efficiency.
• The market is also witnessing the deployment of RFID technology in ambulatory ry centers and hospitals for asset tracking, enhancing patient safety and reducing costs. Surgical treatments for sports injuries, arthritis, cardiac ries, and road accidents further fuel the market's growth. The adoption of robotic track systems and the integration of surgical efficiency technologies are expected to continue shaping the market's direction. The use of RFID chips in hospital beds and other medical equipment is also gaining traction, expanding the market's scope beyond surgical instruments.

How is this Surgical Instrument Tracking System Industry segmented?

The surgical instrument tracking system industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Technology
  • Barcodes
  • RFID
• Component
  • Hardware
  • Software
  • Services
• Geography
  • North America
    • US
  • Asia
    • China
    • Japan
  • Europe
    • Germany
    • UK
  • Rest of World (ROW)

By Technology Insights

The barcodes segment is estimated to witness significant growth during the forecast period.

In the healthcare industry, patient safety is paramount, and effective inventory management is crucial to ensure the availability of surgical instruments for various procedures. Medical device manufacturers are integrating advanced technologies like RFID chips and barcode systems to enhance asset tracking and management. RFID tags, a type of automatic identification technology, enable real-time location tracking of surgical instruments, reducing the risk of retained surgical items during complex procedures such as cardiac ries, arthritis treatments, and cancer ries. The geriatric population's increasing need for surgical treatments due to chronic disorders further s the importance of efficient inventory management.

Healthcare regulatory bodies mandate the use of technologies like RFID, Unique Device Identification, and 2D barcodes to maintain accurate Sterile Processing Records and prevent infections. The deployment of these technologies is expected to increase in ambulatory ry centers and hospitals, driving the growth of the market. The integration of software and hardware solutions, including Near-Field Communication and NFC, streamlines inventory management, enhancing surgical efficiency and reducing healthcare expenditure. The medical device market's time pressure and the growing number of elective ries necessitate the use of ry assistive technologies, such as robotic track systems and barcode tracking systems.

The barcode system's ability to digitize product information into barcodes and alphanumerical characters simplifies inventory management and speeds up the ordering process. Additionally, barcode technology can help prevent legal action by recording all medical treatments and equipment used during a patient's hospital stay. With the digital transformation in healthcare, the market for barcode and RFID technologies is poised for significant growth in the coming years. In summary, the integration of advanced technologies like RFID and barcode systems in the healthcare sector is essential for effective inventory management, ensuring patient safety, and reducing healthcare spending. The growing number of chronic diseases, elective ries, and the increasing geriatric population necessitate the adoption of these technologies, driving the growth of the market.

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The Barcodes segment was valued at USD 154.60 million in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 41% to the growth of the global market during the forecast period.Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market in North America is experiencing significant growth due to several factors. The increasing geriatric population and the prevalence of chronic diseases such as arthritis, cardiovascular illnesses, cancer, and obesity are driving the demand for surgical procedures. According to , the number of elective ries and cardiac ries is on the rise, increasing the need for efficient inventory management and patient safety. The implementation of healthcare regulatory bodies' guidelines, including the Unique Device Identification (UDI) system and RFID deployment, is also contributing to the market growth. RFID chips and tags are increasingly being used in surgical instrument tracking systems due to their ability to provide real-time location information and improve asset management.

The healthcare industry's digital transformation and the increasing adoption of ry assistive technologies such as robotic track systems and near-field communication are also boosting the market growth. The time pressure in healthcare facilities and the need to reduce healthcare expenditure have made surgical efficiency a priority, leading to the increased deployment of barcode technology and 2D barcodes for barcode tracking and sterile processing records. The market for surgical instrument tracking systems is expected to continue growing due to the increasing incidence of road accidents, sports injuries, and other surgical treatments. The market's growth is also being driven by the need to prevent retained surgical items, reduce infections, and maintain the highest standards of patient safety.

Market Dynamics

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise in the adoption of Surgical Instrument Tracking System Industry?

• Increase in volume of ries coupled with chronic diseases in older population is the key driver of the market.

• Surgical instrument tracking systems have become indispensable in modern healthcare, particularly in managing various chronic conditions such as orthopedics, ENT, thoracic, and others. The escalating volume of ries to address these health issues fuels the demand for precise and reliable surgical instruments. Moreover, the growing prevalence of chronic diseases and obesity, more common among the aging population, further boosts market growth. Complex procedures like spine, neuro, and cranial ries necessitate advanced and sophisticated surgical instruments for enhanced precision and dependability.
• Consequently, the in surgical procedures and the increasing incidence of chronic conditions positively impact The market.

What are the market trends shaping the Surgical Instrument Tracking System Industry?

• Adoption of automation in healthcare sector is the upcoming market trend.

• Surgical operations involve the use of approximately 250 distinct instruments by ons for tasks including cutting, grasping, cauterizing, suturing, suctioning, and controlling bleeding. The manual counting of these instruments before and after ries by hospital staff is a laborious and error-prone process. The National Center for Biotechnology Information (NCBI) reports that in the US, about 1,500 surgical procedures annually result in Retained Surgical Foreign Bodies (RSF), where surgical tools, sponges, towels, and other items are inadvertently left inside patients' bodies.
• This issue can lead to complications, re-admissions, and increased healthcare costs. The tedious and error-prone nature of manual instrument tracking necessitates the adoption of advanced solutions. These solutions, such as Automated Surgical Instrument Tracking Systems, aim to streamline the process, minimize errors, and improve patient safety.

What challenges does the Surgical Instrument Tracking System Industry face during its growth?

• High cost of implementation is a key challenge affecting the industry growth.

• Real-time location systems (RTLS) or surgical instrument tracking systems offer numerous benefits, including improved efficiency, reduced equipment loss, and enhanced patient safety. However, the high initial deployment cost is a significant challenge for manufacturers and hospitals. The expense includes planning and design, cabling, software licenses, and location hardware such as signposts and readers. RTLS utilizes RFID digital sensors, analytics, software, and system-wide wireless networking to track surgical equipment. Although some hospitals achieve a return on investment (ROI) within a year, the cost to set up and implement an RTLS system remains substantial.
• This high investment may encourage hospitals to consider alternative, lower-cost tracking solutions, such as barcode systems. Despite these challenges, the advantages of RTLS make it a valuable investment for healthcare facilities seeking to optimize their surgical workflows and enhance patient care.

Exclusive Customer Landscape

The surgical instrument tracking system market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the surgical instrument tracking system market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, surgical instrument tracking system market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.

ASANUS Medizintechnik GmbH - The company provides advanced surgical instrument tracking solutions, including splintTag, ensuring optimal asset management and inventory control within healthcare facilities. This system enhances operational efficiency, reduces costs associated with lost or misplaced instruments, and maintains the highest standards of patient safety. By leveraging cutting-edge technology, the company empowers healthcare organizations to streamline their processes and focus on delivering exceptional care.

The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• ASANUS Medizintechnik GmbH
• B.Braun SE
• Becton Dickinson and Co.
• Case Medical
• Fortive Corp.
• Getinge AB
• Grenadier Holdings
• Healthtech Pivot LLP
• Integra Lifesciences Corp.
• Koch Industries Inc.
• Mobile Aspects
• Promedical Inc.
• RapID Surgical
• RMS Omega Technologies
• Scancare Pty Ltd.
• Scanlan International
• Securitas AB
• SpaTrack Medical Ltd.
• STERIS plc
• Xerafy Singapore Pte Ltd.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

The market is witnessing significant growth due to the increasing focus on patient safety and inventory management in healthcare facilities. With the rise in the number of ries performed each year, the need for efficient and accurate tracking of surgical instruments has become paramount. Medical device manufacturers are increasingly investing in advanced technologies, such as Radio Frequency Identification (RFID) and barcode technology, to develop surgical instrument tracking systems. These technologies enable real-time tracking and monitoring of surgical instruments, reducing the risk of retained surgical items during procedures. The geriatric population and those suffering from chronic diseases, such as arthritis, cancer, and cardiovascular illness, undergo numerous surgical procedures every year.

The use of surgical instrument tracking systems in hospitals and ambulatory ry centers is essential to ensure the availability of sterile instruments for these procedures. Healthcare regulatory bodies are also emphasizing the importance of proper inventory management and asset tracking to prevent infections and ensure patient safety. Retained surgical items can lead to serious complications, including infections and surgical site infections. The deployment of RFID and barcode technology in surgical instrument tracking systems is enabling healthcare facilities to streamline their inventory management processes. These technologies provide accurate and real-time information on the location and availability of surgical instruments, reducing time pressure and increasing surgical efficiency.

The healthcare expenditure on medical device market is expected to grow significantly in the coming years, with a focus on ry assistive technologies. Surgical procedures, including cardiac ries, elective ries, and ries for sports injuries, require a large number of surgical instruments. Efficient inventory management and tracking of these instruments are crucial to minimize wastage and ensure their optimal utilization. The use of RFID chips and tags in surgical instrument tracking systems is gaining popularity due to their ability to provide real-time location tracking and automatic identification. These technologies enable hospitals and healthcare facilities to maintain accurate sterile processing records and minimize the risk of infections.

The digital transformation in healthcare is driving the adoption of advanced technologies, including RFID and barcode tracking systems, for asset management. These technologies enable healthcare facilities to optimize their inventory management processes, reduce costs, and improve patient safety. In , the market is witnessing significant growth due to the increasing focus on patient safety, inventory management, and regulatory compliance in healthcare facilities. The use of advanced technologies, such as RFID and barcode tracking systems, is enabling healthcare facilities to streamline their inventory management processes, reduce costs, and improve surgical efficiency. The market is expected to continue growing in the coming years, driven by the increasing number of ries performed and the growing focus on digital transformation in healthcare.

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What are the Key Data Covered in this Surgical Instrument Tracking System Market Research and Growth Report?

• CAGR of the Surgical Instrument Tracking System industry during the forecast period
• Detailed information on factors that will drive the growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
• Accurate predictions about upcoming growth and trends and changes in consumer behaviour
• Growth of the market across North America, Asia, Europe, and Rest of World (ROW)
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the surgical instrument tracking system market growth of industry companies

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