Global Surgical Instrument Tracking Devices Market to Reach $868.2 M by 2031

Wednesday 9 June 2021, Amsterdam

Global Surgical Instrument Tracking Devices Market to Reach $868.2 M by 2031
The global surgical instrument tracking devices market is projected to reach $868.2 million by 2031, reveals the premium market intelligence study. The study also highlights that the market is set to witness a CAGR of 9.16% during the forecast period 2021-2031.

This report indicates that the global surgical instrument tracking devices market has grown significantly in recent years, owing to increased acceptance in the healthcare sector after several cases of retained "foreign bodies" within the patient’s body following an operative procedure. Surgical instrument tracking devices have gained popularity among end users as concerns about patient safety and the need for better surgical asset management have grown. In addition, advances in barcodes and radio frequency identification devices (RFID) have stimulated the growth of the surgical instrument tracking devices market. The Internet of Things (IoT) has added a new dimension by allowing surgeons to “visualize” surgical procedures, improving patient safety, and maximizing the correct use of surgical instruments. These prominent advancements in technology are expected to drive the surgical instrument tracking devices market during the forecast period 2021-2031.

To emphasize the impact of COVID-19 on the global surgical instrument tracking devices market, Aditya Singh, Senior Analyst - BIS Research, states, "The COVID-19 pandemic has impacted the elective procedures across countries due to which the market has been impacted negatively. Due to increased concerns about patient’s safety during a surgical procedure, both emerging and developed countries have witnessed accelerated growth in the adoption of surgical instrument tracking devices. The rise in surgical and operative procedures globally and the growing cases of retained surgical instruments are expected to leave a long-term impact on the global surgical instrument tracking devices market. The surgical instrument tracking devices market has been witnessing increasing activity and innovation from new market entrants. Most of the new features in connected devices are providing real-time location of the surgical instruments, information about the sterilization cycles, operating room scheduling activities, and large memory capacity. Advancements in technologies, rising need for tracking devices in hospitals and ambulatory centers for device tracking and inventory management and increase concerns about patient’s safety is expected to pave the way for further innovation for the surgical instrument tracking devices.”

Leading companies, market participants, and vendors operating in the market include Steris plc., Stanley Black & Decker, Becton, Dickinson and Company, B. Braun Melsungen AG, Fortive Corporation, Getinge AB, Murata Manufacturing Co., Ltd, Integra LifeSciences Holdings Corporation, ASANUS Medizintechnik GmbH, FingerPrint Medical Limited, among others.

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