Surgical instrument Tracking System Market To Reach $627.4 Million by 2030, says P&S Intelligence

NEW YORK, June 6, 2022 /PRNewswire/ -- According to the market research report published by P&S Intelligence, the revenue of the surgical instrument tracking system market was $209.1 million in 2021, and it will reach $627.4 million by 2030, at a 13% CAGR. The growth of the industry can be credited to the technical developments in healthcare, snowballing necessity to implement UDI standards and practices for managing inventory, and increasing volume of surgeries around the world.

Hardware generated over $100 million revenue, which was the highest in the surgical instrument tracking system market in 2021. The rising usage of technologies, for example, RFID chips and barcode tags, is the key factor pushing the usage of tracking systems for the inventory management of surgical instruments. Furthermore, the increase in hardware demand has a lot to do with the frequent purchasing of non-durable barcode tags/RFID chips, as they are separated during washing or damaged during sterilization.

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The major end users of these tracking systems are hospitals, and they are also likely to sustain their supremacy in the near future. This can be credited to a large number of patients who visit these healthcare centers and a rise in the number of surgeries.

The requirement for these tracking systems in ASCs is likely to progress at the highest rate in the near future. This is a result of the snowballing government emphasis on reducing the costs of healthcare and delivering improved patient results, which is responsible for these medical centers' growing popularity. Moreover, they are far more suitable and reachable as compared to hospitals and 40–60% more economical.

Regional Analysis of Surgical Instrument Tracking System Market

• North America generated the highest revenue, of approximately $100 million, in 2021. The mandates for adhering to UDI guidelines of the USFDA are among the key factors for the region's dominance on the surgical instrument tracking system market around the world.
• The U.S. was the leader of the market of North America in the past, with an about 90% share of the revenue in 2021. The rising number of WHO initiatives for spreading cognizance pertaining to surgical care and the increasing number of hospitals and emergency centers are contributing to the country's market growth.
• Germany has the largest share in the market of Europe, and it is likely to have an over 20% share by 2030.
• The U.K. market is predicted to be pushed by the growing elderly population, snowballing occurrence of lasting diseases, and rising volume of surgical procedures.
• The surgical instrument tracking system market of the APAC is predicted to have the highest (14%) growth rate in the near future. This has a lot to do with the improving healthcare facilities and growing disposable income.

Browse detailed report on Global Surgical Instrument Tracking System Market Size, Growth Drivers and Demand Forecast Report 2030

Barcodes generate more than 50% of the revenue, and they are predicted to maintain their dominance in the coming years. With technical developments and a surge in the number of experiments, inventory management is easy and suitable for surgeons. The need for these markings across all departments of the hospitals is rising because of the booming volume of surgeries at the global level.

Surgical Instrument Tracking System Market Segmentation Analysis

By Component

• Software
• Hardware
• Tags
• Readers
• Services

By End User

• Hospitals
• ASCs

By Technology

• RFID
• Hospitals
• ASCs
• Barcodes
• Hospitals
• ASCs

Regional Outlook

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• Asia-Pacific
• China
• Japan
• Australia
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• Saudi Arabia
• South Africa

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SOURCE P&S Intelligence