PUBLISHER: The Business Research Company | PRODUCT CODE: 1546602
PUBLISHER: The Business Research Company | PRODUCT CODE: 1546602
Surgical instrument tracking systems are advanced technologies implemented to oversee and manage the whereabouts, usage, and sterilization status of surgical instruments within healthcare settings. These systems significantly enhance operational efficiency, reduce errors in instrument handling, and ensure adherence to sterilization protocols, thereby enhancing patient safety and optimizing surgical outcomes.
The primary components of surgical instrument tracking systems include hardware, software, and related services. Hardware encompasses physical components such as radio frequency identification (RFID) tags, barcode scanners, and IoT devices that facilitate the tracking and monitoring of surgical instruments across healthcare facilities. These technologies, utilizing barcodes and RFID, are employed by various end-users including hospitals and other healthcare providers.
The surgical instruments tracking systems market research report is one of a series of new reports from The Business Research Company that provides surgical instruments tracking systems market statistics, including surgical instruments tracking systems industry global market size, regional shares, competitors with a surgical instruments tracking systems market share, detailed surgical instruments tracking systems market segments, market trends and opportunities, and any further data you may need to thrive in the surgical instruments tracking systems industry. This surgical instruments tracking systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The surgical instruments tracking systems market size has grown rapidly in recent years. It will grow from $181.89 billion in 2023 to $201.01 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. During the historic period, growth was driven by several factors including a heightened emphasis on reducing surgical site infections (SSIs), greater attention to inventory management in healthcare settings, increasing demand for real-time visibility of surgical instruments, the adoption of value-based healthcare approaches, efforts to enhance surgical outcomes and improve patient satisfaction, as well as advancements enabling remote access and monitoring of surgical instruments.
The surgical instruments tracking systems market size is expected to see rapid growth in the next few years. It will grow to $301.24 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. In the forecast period, growth is expected to be driven by several factors including the integration of surgical instrument tracking systems with hospital information systems (HIS), the growing adoption of cloud-based solutions, increased demand for surgeries and procedures, public health initiatives promoting healthcare improvements, and adaptations to regulatory shifts and changes in healthcare policies. Key trends anticipated in this period include the adoption of radio frequency identification (RFID), barcode, and Internet of Things (IoT) technologies within tracking systems, advancements in software functionalities, development of sophisticated sensors, expansion of mobile health solutions and analytics capabilities, as well as ongoing innovation and product development in the field.
The surgical instruments tracking systems market is set to expand due to the increasing number of surgical procedures. These procedures involve the use of instruments to address injuries, diseases, or deformities through manual or operative methods. Growth in surgical procedures is spurred by advancements in medical technology and a rising elderly population requiring more healthcare interventions. Surgical instrument tracking systems enhance operational efficiency and safety by enabling real-time tracking and management of instruments during procedures, thereby reducing the risk of retained surgical items. For example, in 2022, plastic surgeons worldwide performed over 14.9 million surgical and 18.8 million non-surgical procedures, reflecting an 11.2% overall increase, as reported by the International Society of Aesthetic Plastic Surgery (ISAPS). This underscores the driving force behind the surgical instruments tracking systems market's growth.
Key players in the surgical instruments tracking systems market are concentrating on pioneering technologies, including robotic systems, to gain a competitive advantage. Robotic technology involves sophisticated systems equipped with advanced sensors, actuators, and artificial intelligence (AI) capabilities to autonomously or semi-autonomously execute complex tasks. For instance, Becton, Dickinson, and Company launched the BD Kiestra 3rd Generation Total Lab Automation System in 2023. This robotic track system is tailored for microbiology laboratories, automating specimen processing with a flexible, modular, and scalable design that accommodates specific workflow and spatial requirements.
In June 2021, STERIS plc acquired Cantel Medical Corporation to expand its product offerings, global presence, and customer base. Cantel Medical Corporation, based in the US, specializes in surgical instrument tracking systems, complementing STERIS's portfolio and reinforcing its market position.
Major companies operating in the surgical instruments tracking systems market are 3M Company, Becton Dickinson 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.
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.
The countries covered in the surgical instruments tracking systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The surgical instruments tracking systems market consists of revenues earned by entities by providing services such as system installation and integration, technical support and maintenance, and consulting and advisory services. The market value includes the value of related goods sold by the service provider or included within the service offering. The surgical instruments tracking systems market also includes sales of barcoding systems, software platforms, integration solutions, and mobile applications. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Surgical Instruments Tracking Systems Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on surgical instruments tracking systems market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for surgical instruments tracking systems ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The surgical instruments tracking systems market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.