Surgical Instrument Tracking System Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region:

Description

The global Surgical Instrument Tracking System market, valued at US$ 275 million in 2024, is on a remarkable growth trajectory. According to a newly-released analysis report by Fairfield Market Research, the market is projected to reach a valuation of US$ 811 million by 2031. Surgical instrument tracking Hardware is poised to be a significant revenue-generating segment during forecast period.

Factors Driving Surgical Instrument Tracking System Demand

Several factors are propelling the demand for surgical instrument tracking systems:

Technological Advancements: The introduction of new technologies, such as barcodes and RFID tracking systems, has increased patient safety, streamlined instrument identification, and enhanced overall surgical efficiency.
FDA's Unique Device Identification (UDI): The need to automatically track critical equipment to comply with the FDA's UDI program, ensure the availability of proper tools for surgical procedures, and improve patient outcomes is fueling market expansion.
Preventing Surgical Tool Retention: The growing number of cases involving surgical tools left in the human body post-surgery or misplaced has led to increased demand for innovative tracking methods like 2D barcodes and RFID.

Innovation Propels Demand

Innovations in surgical instrument tracking systems are poised to drive market growth further. Manufacturers are expected to benefit from emerging markets in India, China, Latin America, Southeast Asia, and the Middle East. Technological advancements in surgical instrument tracking tools for inventory management and surgical instrument monitoring are projected to significantly impact the market.

Region with the Largest Opportunity

Currently, North America holds a substantial share of the global surgical instrument tracking system market. Factors contributing to the region's dominance include the FDA's implementation of the UDI system, a robust healthcare infrastructure, and a growing acceptance of novel materials and services. Partnerships like the one between Reed Technology and Information Services Inc. and Schlafender Hase are also expected to drive further growth.

Category-wise Insights

Significant Growth in Surgical Instrument Hardware: The demand for surgical instrument Hardware is expected to witness substantial growth, driven by innovations like RFID chips and barcode tags. Pfizer's adoption of RFID for all its bottles has contributed to the growth of this segment.

Technology by End Use: Barcodes are expected to generate significant revenue and a high CAGR, making them the most widely used tracking technology in the market. The utilization of 2D barcodes, data matrix, and QR codes is on the rise due to their low cost and durability.

Competitive Landscape

The surgical tool tracking systems market is characterized by fragmentation, with leading companies employing various strategies for expansion, including new product launches, expansions, agreements, joint ventures, partnerships, and acquisitions.

Key Companies Profiled

Haldor Advanced Technologies
STANLEY Healthcare
STERIS
Integra Life Sciences Holdings Corporation
Censis Technologies
Fingerprint Medical Limited
B. Braun Melsungen AG
Microsystems, INC
Ternio Group LLC

Market Segments Covered In Surgical Instrument Tracking System Market Analysis

By Service

Hardware
Software
Services

By Technology

Barcodes
RFID

By End Use

Hospital
Other End Uses

By Region

North America
Latin America
Europe
APAC
MEA

1. Executive Summary

1.1. Global Surgical Instrument Tracking System Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value, 2023
1.5. Analyst Recommendations

2. Market Overview

2.1. Market Definitions and Segmentations
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. COVID-19 Impact Analysis
- 2.5.1. Supply
- 2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
- 2.7.1. World Economic Projections
2.8. PESTLE Analysis

3. Global Surgical Instrument Tracking System Market Outlook, 2018 - 2031

3.1. Global Surgical Instrument Tracking System Market Outlook, by Service, Value (US$ Mn), 2018 - 2031
- 3.1.1. Key Highlights
  - 3.1.1.1. Hardware
  - 3.1.1.2. Software
  - 3.1.1.3. Services
3.2. Global Surgical Instrument Tracking System Market Outlook, by Technology, Value (US$ Mn), 2018 - 2031
- 3.2.1. Key Highlights
  - 3.2.1.1. Barcodes
  - 3.2.1.2. RFID
3.3. Global Surgical Instrument Tracking System Market Outlook, by End User, Value (US$ Mn), 2018 - 2031
- 3.3.1. Key Highlights
  - 3.3.1.1. Hospitals
  - 3.3.1.2. Other End-uses
3.4. Global Surgical Instrument Tracking System Market Outlook, by Region, Value (US$ Mn), 2018 - 2031
- 3.4.1. Key Highlights
  - 3.4.1.1. North America
  - 3.4.1.2. Europe
  - 3.4.1.3. Asia Pacific
  - 3.4.1.4. Latin America
  - 3.4.1.5. Middle East & Africa

4. North America Surgical Instrument Tracking System Market Outlook, 2018 - 2031

4.1. North America Surgical Instrument Tracking System Market Outlook, by Service, Value (US$ Mn), 2018 - 2031
- 4.1.1. Key Highlights
  - 4.1.1.1. Hardware
  - 4.1.1.2. Software
  - 4.1.1.3. Services
4.2. North America Surgical Instrument Tracking System Market Outlook, by Technology, Value (US$ Mn), 2018 - 2031
- 4.2.1. Key Highlights
  - 4.2.1.1. Barcodes
  - 4.2.1.2. RFID
4.3. North America Surgical Instrument Tracking System Market Outlook, by End User, Value (US$ Mn), 2018 - 2031
- 4.3.1. Key Highlights
  - 4.3.1.1. Hospitals
  - 4.3.1.2. Other End-uses
- 4.3.2. BPS Analysis/Market Attractiveness Analysis
4.4. North America Surgical Instrument Tracking System Market Outlook, by Country, Value (US$ Mn), 2018 - 2031
- 4.4.1. Key Highlights
  - 4.4.1.1. U.S. Surgical Instrument Tracking System Market by Service, Value (US$ Mn), 2018 - 2031
  - 4.4.1.2. U.S. Surgical Instrument Tracking System Market by Technology, Value (US$ Mn), 2018 - 2031
  - 4.4.1.3. U.S. Surgical Instrument Tracking System Market by End User, Value (US$ Mn), 2018 - 2031
  - 4.4.1.4. Canada Surgical Instrument Tracking System Market by Service, Value (US$ Mn), 2018 - 2031
  - 4.4.1.5. Canada Surgical Instrument Tracking System Market by Technology, Value (US$ Mn), 2018 - 2031
  - 4.4.1.6. Canada Surgical Instrument Tracking System Market by End User, Value (US$ Mn), 2018 - 2031
- 4.4.2. BPS Analysis/Market Attractiveness Analysis

5. Europe Surgical Instrument Tracking System Market Outlook, 2018 - 2031

5.1. Europe Surgical Instrument Tracking System Market Outlook, by Service, Value (US$ Mn), 2018 - 2031
- 5.1.1. Key Highlights
  - 5.1.1.1. Hardware
  - 5.1.1.2. Software
  - 5.1.1.3. Services
5.2. Europe Surgical Instrument Tracking System Market Outlook, by Technology, Value (US$ Mn), 2018 - 2031
- 5.2.1. Key Highlights
  - 5.2.1.1. Barcodes
  - 5.2.1.2. RFID
5.3. Europe Surgical Instrument Tracking System Market Outlook, by End User, Value (US$ Mn), 2018 - 2031
- 5.3.1. Key Highlights
  - 5.3.1.1. Hospitals
  - 5.3.1.2. Other End-uses
- 5.3.2. BPS Analysis/Market Attractiveness Analysis
5.4. Europe Surgical Instrument Tracking System Market Outlook, by Country, Value (US$ Mn), 2018 - 2031
- 5.4.1. Key Highlights
  - 5.4.1.1. Germany Surgical Instrument Tracking System Market by Service, Value (US$ Mn), 2018 - 2031
  - 5.4.1.2. Germany Surgical Instrument Tracking System Market by Technology, Value (US$ Mn), 2018 - 2031
  - 5.4.1.3. Germany Surgical Instrument Tracking System Market by End User, Value (US$ Mn), 2018 - 2031
  - 5.4.1.4. U.K. Surgical Instrument Tracking System Market by Service, Value (US$ Mn), 2018 - 2031
  - 5.4.1.5. U.K. Surgical Instrument Tracking System Market by Technology, Value (US$ Mn), 2018 - 2031
  - 5.4.1.6. U.K. Surgical Instrument Tracking System Market by End User, Value (US$ Mn), 2018 - 2031
  - 5.4.1.7. France Surgical Instrument Tracking System Market by Service, Value (US$ Mn), 2018 - 2031
  - 5.4.1.8. France Surgical Instrument Tracking System Market by Technology, Value (US$ Mn), 2018 - 2031
  - 5.4.1.9. France Surgical Instrument Tracking System Market by End User, Value (US$ Mn), 2018 - 2031
  - 5.4.1.10. Italy Surgical Instrument Tracking System Market by Service, Value (US$ Mn), 2018 - 2031
  - 5.4.1.11. Italy Surgical Instrument Tracking System Market by Technology, Value (US$ Mn), 2018 - 2031
  - 5.4.1.12. Italy Surgical Instrument Tracking System Market by End User, Value (US$ Mn), 2018 - 2031
  - 5.4.1.13. Turkey Surgical Instrument Tracking System Market by Service, Value (US$ Mn), 2018 - 2031
  - 5.4.1.14. Turkey Surgical Instrument Tracking System Market by Technology, Value (US$ Mn), 2018 - 2031
  - 5.4.1.15. Turkey Surgical Instrument Tracking System Market by End User, Value (US$ Mn), 2018 - 2031
  - 5.4.1.16. Russia Surgical Instrument Tracking System Market by Service, Value (US$ Mn), 2018 - 2031
  - 5.4.1.17. Russia Surgical Instrument Tracking System Market by Technology, Value (US$ Mn), 2018 - 2031
  - 5.4.1.18. Russia Surgical Instrument Tracking System Market by End User, Value (US$ Mn), 2018 - 2031
  - 5.4.1.19. Rest of Europe Surgical Instrument Tracking System Market by Service, Value (US$ Mn), 2018 - 2031
  - 5.4.1.20. Rest of Europe Surgical Instrument Tracking System Market by Technology, Value (US$ Mn), 2018 - 2031
  - 5.4.1.21. Rest of Europe Surgical Instrument Tracking System Market by End User, Value (US$ Mn), 2018 - 2031
- 5.4.2. BPS Analysis/Market Attractiveness Analysis

6. Asia Pacific Surgical Instrument Tracking System Market Outlook, 2018 - 2031

6.1. Asia Pacific Surgical Instrument Tracking System Market Outlook, by Service, Value (US$ Mn), 2018 - 2031
- 6.1.1. Key Highlights
  - 6.1.1.1. Hardware
  - 6.1.1.2. Software
  - 6.1.1.3. Services
6.2. Asia Pacific Surgical Instrument Tracking System Market Outlook, by Technology, Value (US$ Mn), 2018 - 2031
- 6.2.1. Key Highlights
  - 6.2.1.1. Barcodes
  - 6.2.1.2. RFID
6.3. Asia Pacific Surgical Instrument Tracking System Market Outlook, by End User, Value (US$ Mn), 2018 - 2031
- 6.3.1. Key Highlights
  - 6.3.1.1. Hospitals
  - 6.3.1.2. Other End-uses
- 6.3.2. BPS Analysis/Market Attractiveness Analysis
6.4. Asia Pacific Surgical Instrument Tracking System Market Outlook, by Country, Value (US$ Mn), 2018 - 2031
- 6.4.1. Key Highlights
  - 6.4.1.1. China Surgical Instrument Tracking System Market by Service, Value (US$ Mn), 2018 - 2031
  - 6.4.1.2. China Surgical Instrument Tracking System Market by Technology, Value (US$ Mn), 2018 - 2031
  - 6.4.1.3. China Surgical Instrument Tracking System Market by End User, Value (US$ Mn), 2018 - 2031
  - 6.4.1.4. Japan Surgical Instrument Tracking System Market by Service, Value (US$ Mn), 2018 - 2031
  - 6.4.1.5. Japan Surgical Instrument Tracking System Market by Technology, Value (US$ Mn), 2018 - 2031
  - 6.4.1.6. Japan Surgical Instrument Tracking System Market by End User, Value (US$ Mn), 2018 - 2031
  - 6.4.1.7. South Korea Surgical Instrument Tracking System Market by Service, Value (US$ Mn), 2018 - 2031
  - 6.4.1.8. South Korea Surgical Instrument Tracking System Market by Technology, Value (US$ Mn), 2018 - 2031
  - 6.4.1.9. South Korea Surgical Instrument Tracking System Market by End User, Value (US$ Mn), 2018 - 2031
  - 6.4.1.10. India Surgical Instrument Tracking System Market by Service, Value (US$ Mn), 2018 - 2031
  - 6.4.1.11. India Surgical Instrument Tracking System Market by Technology, Value (US$ Mn), 2018 - 2031
  - 6.4.1.12. India Surgical Instrument Tracking System Market by End User, Value (US$ Mn), 2018 - 2031
  - 6.4.1.13. Southeast Asia Surgical Instrument Tracking System Market by Service, Value (US$ Mn), 2018 - 2031
  - 6.4.1.14. Southeast Asia Surgical Instrument Tracking System Market by Technology, Value (US$ Mn), 2018 - 2031
  - 6.4.1.15. Southeast Asia Surgical Instrument Tracking System Market by End User, Value (US$ Mn), 2018 - 2031
  - 6.4.1.16. Rest of Asia Pacific Surgical Instrument Tracking System Market by Service, Value (US$ Mn), 2018 - 2031
  - 6.4.1.17. Rest of Asia Pacific Surgical Instrument Tracking System Market by Technology, Value (US$ Mn), 2018 - 2031
  - 6.4.1.18. Rest of Asia Pacific Surgical Instrument Tracking System Market by End User, Value (US$ Mn), 2018 - 2031
- 6.4.2. BPS Analysis/Market Attractiveness Analysis

7. Latin America Surgical Instrument Tracking System Market Outlook, 2018 - 2031

7.1. Latin America Surgical Instrument Tracking System Market Outlook, by Service, Value (US$ Mn), 2018 - 2031
- 7.1.1. Key Highlights
  - 7.1.1.1. Hardware
  - 7.1.1.2. Software
  - 7.1.1.3. Services
7.2. Latin America Surgical Instrument Tracking System Market Outlook, by Technology, Value (US$ Mn), 2018 - 2031
7.3. Latin America Surgical Instrument Tracking System Market Outlook, by End User, Value (US$ Mn), 2018 - 2031
- 7.3.1. Key Highlights
  - 7.3.1.1. Hospitals
  - 7.3.1.2. Other End-uses
- 7.3.2. BPS Analysis/Market Attractiveness Analysis
7.4. Latin America Surgical Instrument Tracking System Market Outlook, by Country, Value (US$ Mn), 2018 - 2031
- 7.4.1. Key Highlights
  - 7.4.1.1. Brazil Surgical Instrument Tracking System Market by Service, Value (US$ Mn), 2018 - 2031
  - 7.4.1.2. Brazil Surgical Instrument Tracking System Market by Technology, Value (US$ Mn), 2018 - 2031
  - 7.4.1.3. Brazil Surgical Instrument Tracking System Market by End User, Value (US$ Mn), 2018 - 2031
  - 7.4.1.4. Mexico Surgical Instrument Tracking System Market by Service, Value (US$ Mn), 2018 - 2031
  - 7.4.1.5. Mexico Surgical Instrument Tracking System Market by Technology, Value (US$ Mn), 2018 - 2031
  - 7.4.1.6. Mexico Surgical Instrument Tracking System Market by End User, Value (US$ Mn), 2018 - 2031
  - 7.4.1.7. Argentina Surgical Instrument Tracking System Market by Service, Value (US$ Mn), 2018 - 2031
  - 7.4.1.8. Argentina Surgical Instrument Tracking System Market by Technology, Value (US$ Mn), 2018 - 2031
  - 7.4.1.9. Argentina Surgical Instrument Tracking System Market by End User, Value (US$ Mn), 2018 - 2031
  - 7.4.1.10. Rest of Latin America Surgical Instrument Tracking System Market by Service, Value (US$ Mn), 2018 - 2031
  - 7.4.1.11. Rest of Latin America Surgical Instrument Tracking System Market by Technology, Value (US$ Mn), 2018 - 2031
  - 7.4.1.12. Rest of Latin America Surgical Instrument Tracking System Market by End User, Value (US$ Mn), 2018 - 2031
- 7.4.2. BPS Analysis/Market Attractiveness Analysis

8. Middle East & Africa Surgical Instrument Tracking System Market Outlook, 2018 - 2031

8.1. Middle East & Africa Surgical Instrument Tracking System Market Outlook, by Service, Value (US$ Mn), 2018 - 2031
- 8.1.1. Key Highlights
  - 8.1.1.1. Hardware
  - 8.1.1.2. Software
  - 8.1.1.3. Services
8.2. Middle East & Africa Surgical Instrument Tracking System Market Outlook, by Technology, Value (US$ Mn), 2018 - 2031
- 8.2.1. Key Highlights
  - 8.2.1.1. Barcodes
  - 8.2.1.2. RFID
8.3. Middle East & Africa Surgical Instrument Tracking System Market Outlook, by End User, Value (US$ Mn), 2018 - 2031
- 8.3.1. Key Highlights
  - 8.3.1.1. Hospitals
  - 8.3.1.2. Other End-uses
- 8.3.2. BPS Analysis/Market Attractiveness Analysis
8.4. Middle East & Africa Surgical Instrument Tracking System Market Outlook, by Country, Value (US$ Mn), 2018 - 2031
- 8.4.1. Key Highlights
  - 8.4.1.1. GCC Surgical Instrument Tracking System Market by Service, Value (US$ Mn), 2018 - 2031
  - 8.4.1.2. GCC Surgical Instrument Tracking System Market by Technology, Value (US$ Mn), 2018 - 2031
  - 8.4.1.3. GCC Surgical Instrument Tracking System Market by End User, Value (US$ Mn), 2018 - 2031
  - 8.4.1.4. South Africa Surgical Instrument Tracking System Market by Service, Value (US$ Mn), 2018 - 2031
  - 8.4.1.5. South Africa Surgical Instrument Tracking System Market by Technology, Value (US$ Mn), 2018 - 2031
  - 8.4.1.6. South Africa Surgical Instrument Tracking System Market by End User, Value (US$ Mn), 2018 - 2031
  - 8.4.1.7. Egypt Surgical Instrument Tracking System Market by Service, Value (US$ Mn), 2018 - 2031
  - 8.4.1.8. Egypt Surgical Instrument Tracking System Market by Technology, Value (US$ Mn), 2018 - 2031
  - 8.4.1.9. Egypt Surgical Instrument Tracking System Market by End User, Value (US$ Mn), 2018 - 2031
  - 8.4.1.10. Nigeria Surgical Instrument Tracking System Market by Service, Value (US$ Mn), 2018 - 2031
  - 8.4.1.11. Nigeria Surgical Instrument Tracking System Market by Technology, Value (US$ Mn), 2018 - 2031
  - 8.4.1.12. Nigeria Surgical Instrument Tracking System Market by End User, Value (US$ Mn), 2018 - 2031
  - 8.4.1.13. Rest of Middle East & Africa Surgical Instrument Tracking System Market by Service, Value (US$ Mn), 2018 - 2031
  - 8.4.1.14. Rest of Middle East & Africa Surgical Instrument Tracking System Market by Technology, Value (US$ Mn), 2018 - 2031
  - 8.4.1.15. Rest of Middle East & Africa Surgical Instrument Tracking System Market by End User, Value (US$ Mn), 2018 - 2031
- 8.4.2. BPS Analysis/Market Attractiveness Analysis

9. Competitive Landscape

9.1. By End User vs by Technology Heat map
9.2. Manufacturer vs by Technology Heatmap
9.3. Company Market Share Analysis, 2023
9.4. Competitive Dashboard
9.5. Company Profiles
- 9.5.1. Censis Technologies Inc
  - 9.5.1.1. Company Overview
  - 9.5.1.2. Product Portfolio
  - 9.5.1.3. Financial Overview
  - 9.5.1.4. Business Strategies and Development
- 9.5.2. Xerafy
  - 9.5.2.1. Company Overview
  - 9.5.2.2. Product Portfolio
  - 9.5.2.3. Financial Overview
  - 9.5.2.4. Business Strategies and Development
- 9.5.3. Getinge AB
  - 9.5.3.1. Company Overview
  - 9.5.3.2. Product Portfolio
  - 9.5.3.3. Financial Overview
  - 9.5.3.4. Business Strategies and Development
- 9.5.4. Haldor Advanced Technologies
  - 9.5.4.1. Company Overview
  - 9.5.4.2. Product Portfolio
  - 9.5.4.3. Financial Overview
  - 9.5.4.4. Business Strategies and Development