Surgical Instrument Tracking Systems Market to Reach a Valuation of US$400 Million by 2026 – Full IMF Research Report

Surgical Instrument Tracking System Market – Analysis, Outlook, Growth, Trends, Forecast

/EIN News/ — DUBAI, United Arab Emirates, February 04, 2022 (GLOBE NEWSWIRE) — Surgical Instrument Tracking System Market is expected to grow with a healthy growth rate of over 15% over the forecast period 2022-2032, according to Future Market Insights (IMF) in a recent market analysis. With the need to reduce costs and increase productivity, tracking systems are becoming increasingly popular among healthcare providers.

Attributes Details
CAGR of Surgical Instrument Tracking System Market (2022-2032) 15%
Surgical Instrument Tracking System Market Size (2026) US$400 million
Surgical Instrument Tracking System Market Attraction Market players will witness abundant opportunities in Asia Pacific

UDI (Unique Device Identification) requirements proposed by the United States Food and Drug Administration (FDA) are expected to drive the growth of the surgical instrument tracking systems market. According to UDI rules, labellers (manufacturers, processors, specifiers, repackagers, and relabellers) of surgical instruments are expected to administer immediate labeling to the individual instrument degree.

High system costs, long investment cycles, affordability constraints, and technological limitations are expected to restrain the market growth to some extent. Additionally, due to the COVID-19 pandemic, there was a slight decline in growth in the first quarter of 2021.

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With elective and non-elective surgeries being suspended, delayed, or discontinued globally, there has been a noticeable decline in the application of surgical instrument and consumable tracking systems.

Surgical instrument tracking systems further lead to greater oversight by responsible parties, while limiting medical errors, leading to increased demand. Other key drivers for market expansion include the ease of use of these solutions in inventory management and during the work cycle, which includes surgeries, storage, sterilization protocols, and post-operative . As a result, total market sales will reach US$900 million by the end of 2032.

Emerging economies like India and China, as well as countries in the Middle East, Latin America and Southeast Asia, are likely to offer major growth opportunities for manufacturers of tracking systems. surgical instruments.

Rising healthcare costs and improved healthcare infrastructure are likely to provide growth opportunities for market players in all these economies. The market for surgical instrument tracking systems is going to boom significantly due to this.

Key points to remember

  • In 2022, the surgical instrument tracking systems market in North America is expected to account for approximately 38.5% of the total market.
  • The Asia Pacific Surgical Instrument Tracking Systems market is expected to register a CAGR of 19% over the projected period, owing to the unexplored potential opportunities in the region.
  • RFID surgical instrument tracking is expected to gain a lot of ground, growing at a CAGR of 18.4% by 2032, according to the surgical instrument tracking system market forecast.
  • Hospital is the dominant sector of the surgical instrument tracking systems market, which is expected to account for more than 33% of revenue by 2026.

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Comparative view of Adjacent Surgical Instrument Tracking Systems Market

Attributes Surgical Instrument Tracking System Market Surgical Equipment Market Surgical Navigation Systems Market
CAGR

(2022-2032)

15% 6.3% 6.5%
Market value

(2027)

US$400 million $43 billion US$1.1 billion
Growth factor Easy reimbursement in developing countries to stimulate demand Favorable regulatory policies to propel growth. Adoption of surgical navigation systems will grow as patients opt for minimally invasive surgeries.
Opportunity Supply chain normality after COVID-19 to improve sales. The focus on electrosurgical devices will provide tremendous opportunities. Ambulatory surgery centers will remain a key contributor.
Key trends Market players resort to strategic expansion. Growing spending on robotic and assisted technologies. Acquisition and merger must be the way forward.

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Portfolio diversification will be the key to market dominance

Some of the key players in the Surgical Tool Tracking System market include Fortive Corporation (US), Material Management Microsystems (US), Becton, Dickinson and Company (BD) (US), Haldor Advanced Technologies (US USA), Getinge AB (Sweden), and STERIS (USA), STANLEY Healthcare (USA), Surgical Safety Scanner (USA) and many more.

To gain a stronger foothold in the surgical instrument tracking system market, major companies are focusing on surgical instrument management and employing innovative marketing strategies, technological advancements, and mergers and acquisitions.

  • Steris, a seller of infection control, surgical equipment and other hospital supplies, purchased Key Surgical for US$850 million in October 2020, expanding its geographic reach and adding complementary product lines.
  • The T-DOC 2000 Surgical Tool Traceability System was created by Getinge AB and Intelligent InSites, Inc. From reprocessing to inventory and logistics to usage, the solution supports the procurement workflow sterile instruments, consumables and implants.
  • The flexible 6012 and flexible 6027 RFID tags, which allow mounting flexibility, are durable and IP67 rated, were released in July 2020 by Vizinex RFID (USA), making them perfect for tracking a variety assets in domestic situations.
  • In May 2020, STANLEY Healthcare and CISCO partnered. STANLEY’s AeroScout real-time location system (RTLS) platform has been fully integrated and certified with CISCO DNA Spaces, the next-generation indoor positioning services platform, to give healthcare organizations a enterprise-wide transparency into the location and status of equipment and people.

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About Future Market Insights (IMF)

Future Market Insights (FMI) is a leading provider of market information and advisory services, serving clients in over 150 countries. MFI is headquartered in Dubai and has delivery centers in the UK, USA and India. Latest news from the IMF market research reports and industry analysis help businesses meet challenges and make critical decisions with confidence and clarity in the midst of fierce competition. Our custom and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of analysts led by FMI experts continuously monitor emerging trends and events across a wide range of industries to ensure our clients are prepared for the changing needs of their consumers.

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