Surgical Instrument Tracking Systems Market Growth & Trends
The global surgical instrument tracking systems market size is anticipated to reach USD 395.7 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.2% from 2021 to 2028. The increasing need for inventory management and implementation of Unique Device Identification (UDI) regulations formed by the FDA are some of the major factors supporting the market growth.
The U.S. regulations required surgical tools to be marked with a UDI by 2020. Most surgical instruments are identified under class I devices by the U.S. FDA. As per the FDA’s June 2020 guidelines, the agency postponed the compliance date for UDI labeling, Direct Mark, GUDID Data Submission, and Standard Date Format to September 2022.
Surgical instrument tracking systems also enable better monitoring by competent authorities while reducing medical errors, thus propelling the demand. The usability of such solutions in inventory management and during the work cycle including surgeries, storage, sterilization procedures, and post-surgery are other drivers contributing to market growth.
A large number of operating rooms and other departments in hospitals collectively require more than 1,000 instruments each day. This has led to a huge need for surgical instrument inventory management, which facilitates assembling and checking the set of tools while saving manpower and time. This is expected to fuel the market growth.
Although the number of elective surgeries plunged during the COVID-19 pandemic, the volume is expected to return to pre-COVID numbers which in turn is estimated to drive the market. Also, the pandemic has a neutral effect on the underlying need for surgical instrument tracking systems and in fact highlights the need for such solutions to track and control infections at hospitals and safeguard patient health.
Surgical Instrument Tracking Systems Market Report Highlights
- The barcode technology segment was the largest revenue-generating segment in 2020 owing to its several advantages such as ease of handling and low installation cost
- The RFID segment is projected to expand at the fastest CAGR during the forecast period due to the growing demand of end-users for technologically advanced instrument traceability and inventory solutions
- In 2020, the hardware segment grabbed the largest revenue share while the software segment followed close behind. The hardware segment is also expected to witness the highest CAGR over the forecast period
- The hospitals segment held the largest revenue share in 2020, owing to the increasing adoption of these devices for inventory management and their ability to facilitate better patient safety
- North America dominated the market in 2020 and is expected to continue its dominance during the forecast period. Highly developed healthcare infrastructure and availability of advanced products is projected to drive the market in the region
- In Asia Pacific, the market is anticipated to witness a significant CAGR over the next few years.