Surgical Instrument Tracking Market Set to Surge at 17.6% CAGR to Reach USD 1.74 Billion by 2034

Rising Adoption of Surgical Instrument Tracking Systems for Ensuring Availability of Required Devices in Medical Procedures: Fact.MR Report

Fact.MR, a market research and competitive intelligence provider, through its recently updated market analysis, reveals that revenue from the global surgical instrument tracking market is projected to reach US$ 343.8 million in 2024 and subsequently expand at a double-digit CAGR of 17.6% through 2034.

The surgical instrument tracking market is growing due to the rising number of medical procedures brought on by accidents, sports injuries, and heart surgeries as a result of the rising incidence of chronic illnesses like cardiovascular disease that require immediate treatment. The increasing demand for automatic medical essential equipment, such as surgical instruments, is due to their adherence to the FDA's Unique Device Identification (UDI) program, thereby ensuring the availability of appropriate instruments on time for surgical procedures and enhancing patient outcomes.

Time constraints, hospital infections, and the availability of more feature-rich, technologically advanced products are driving growth in the surgical instrument tracking device market. All surgical instrument tracking devices, such as barcode and radio frequency identification (RFID) devices are built with features such as resistance to harsh chemicals, liquids, extreme temperatures, and heavy metals. Although end users benefit from the real-time location tracking and a wealth of additional data, RFIDs, and barcodes.

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Key Takeaways from the Market Study

• The global market for surgical instrument tracking is analyzed to reach a value of US$ 1.74 billionby 2034.
• The United States is evaluated to reach a market valuation of US$ 50.5 million in 2024.
• China is projected to contribute a market share of 48.9% in East Asia in 2024.
• Revenue generated from the demand for surgical instrument tracking systems in Japan is estimated to reach US$ 23.3 million in 2024.
• The market in North America is projected to advance at a 17.1% CAGR through 2034.
• Worldwide demand for RFID technology-based surgical instrument tracking systems is approximated to increase at a CAGR of 16.8% through 2034.

“The market for surgical instrument tracking is expanding as a result of an increase in heart surgeries and surgeries related to sports injuries,”says a Fact.MR analyst.

Leading Players Driving Innovation in the Surgical Instrument Tracking Market

Key Surgical; Getinge AB; TGX Medical Systems; GS1 UK; Intelligent InSites, Inc.; Olympus Corporation; LM-Instruments Oy; Censis Technologies Inc.; Haldor Advanced Technologies Ltd.; Steris Plc.; STANLEY Healthcare; Mobile Aspects Inc.; Besco Bvba; Braun Melsungen (Aesculap); Keir Surgical; Becton Dickinson and Company; Infor; Cantel Medical Corporation (MEDIVATORS Inc.).

Manufacturers Coming Out with New and User-Friendly Software Featuring Better Data Security

Software functions as a conduit between users and the database and is an essential part of surgical instrument tracking systems. The constant need for software updates and the introduction of new software programs are what drive this market segment's expansion. Vendors in this industry continuously release innovative, user-friendly products with improved data security to capture a larger market share.

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Surgical Instrument Tracking Industry News:

1. The RadiantTM balloon-expandable covered stent is currently being produced under a strategic collaboration between Medtronic and Getinge Group, Sweden, announced in September 2022. The collaboration will provide doctors globally with a comprehensive solution for repairing complex aortas.
2. The surgical distribution business of I-Med Pharma Inc. was bought out in January 2021 by Keir Surgical Ltd., a Canadian company owned privately. The acquisition aims to enhance and expand Keir's global ophthalmology surgery business.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the surgical instrument tracking marketmachine marketfor 2019 to 2023 and forecast statistics for 2024 to 2034.

The study divulges the surgical instrument tracking marketbased on product (console, software, surgical endoscope tracking and management systems, services), technology (barcode scanning, RFID), end user (hospital sterile processing departments [SPD], hospital operation theatres, ambulatory surgical centers, office-based specialized clinics), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).

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