Global Surgical Instruments Tracking Systems Market Trends, Applications, Analysis, Growth, and Forecast to 2028

The Surgical Instruments Tracking Systems Market report provides in-depth insights, revenue details, and other information regarding the target market.

It includes the various trends, drivers, restraints, opportunities, and threats in the respective sections. Profiles of the key players operating in the target market are presented along with the competitive landscape.

Respective revenues and financials, key developments, strategies, acquisitions & mergers, and market footprint are also included.

The Surgical Instruments Tracking Systems Market report has been segmented on the basis of product type, technology, end-use, and region.

Global Surgical Instruments Tracking Systems Market: Overview

“The Surgical Instruments Tracking Systems Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

Adoption of surgical instrument tracking systems and products in hospitals is significantly high and hence among some of the primary drivers of growth of the global surgical instruments tracking systems market currently.

Some major challenges hospitals face includes maintaining a track of every piece of medical components and devices and inventory management during work cycles.

A track needs to be maintained during surgery, post-surgery, during sterilization procedures, as well as while in storage. As a result, the adoption of these systems has been increasing significantly in the recent past.

Global Surgical Instruments Tracking Systems Market: Dynamics

Incidence of surgical implements being left accidentally or retained in the insides of patients by medical personnel had been increasingly commonplace over the recent past. Some of these incidences even had fatal results.

A surgical instrument inadvertently left behind in a patient's body can cause injury, require repeated surgery, incur additional costs, and can result in a hospital losing credibility.

According to the results of research studies, around 4,500 to 6,000 such incidences occur each year in the US alone. Some of the most commonly left or retained surgical instruments are sponges, scalpels, scissors, towels, drain tips, needles, guide wires, clamps, tweezers, forceps, and scopes.

According to the National Center for Biotechnology Information (SCBI), the fatality rate for retained surgical objects is approximately 2.0%. Among the retained objects listed, sponges and needles are the most commonly retained objects.

Sponges pose a major challenge as they soak up a patient’s blood during surgery and almost always are able to blend in with organs and tissue, and hence are difficult to track.

Objects are commonly left-back or retained during abdominal surgery and in the abdomen, vagina, and chest cavity. As a result of such incidences, the need for more advanced technologies and devices such as 2D bar code and RFID to maintain a track of all instruments and tools before, during, and after surgery.

Global Surgical Instruments Tracking Systems Market: Segment Analysis

By Product Type:

Among the product type segments, revenue from the hardware segment is projected to increase significantly more than that from the other product type segments over the forecast period.

This is attributable to the frequent need to change labels or tags, and this is driving demand and the need to replace these products continuously.

By Technology:

Among the technology segments in the global surgical instrument tracking market, the radio-frequency identification (RFID) and bar codes segments are expected to be rather close to each other in terms of demand and revenue share over the forecast period. However, revenue from the barcode segment is projected to be higher owing to the low cost of product implementation.

By End-use:

Among the end-user segments, revenue from the hospital segment is projected to remain significantly higher than other segments in the global surgical instrument tracking systems market.

Global Surgical Instruments Tracking Systems Market: Regional Analysis

The market in the Asia Pacific is expected to account for a significantly high revenue share and is projected to dominate among other regions in the global industrial wax market over the forecast period.

This projected dominance is attributable to rapid industrialization, coupled with increasing cosmetics & personal care product demand, and growing and expanding automotive, construction, and other industries in countries in this region.

Revenue from the Asia Pacific market is expected to register a significant growth rate, owing to increasing R&D activities and increasing investments by governments and manufacturers in various industries.

The North American industrial wax market is projected to register moderate revenue share in the global market, followed by Europe.

This can be attributed to the rising demand for industrial wax in various applications such as cosmetics, coatings & polishing, and others in countries in the region.

Global Surgical Instruments Tracking Systems Market Segmentation:

The market for surgical instrument tracking systems in North America is expected to be significantly lucrative in terms of demand and sales. This projected growth is due to favorable Food and Drug Administration regulations for Unique Device Identification.

Revenue from the market in the Asia Pacific is also projected to expand at a relatively high compounded annual growth rate over the forecast period owing to expanding urbanization, transition to digitization, and the need to provide safe and secure healthcare services to patients.

Global Surgical Instruments Tracking Systems Market Segmentation:

Segmentation by Product Type:

• Hardware
• Software
• Services

Segmentation by Technology:

• Barcodes
• RFID

By End-use:

• Hospitals
• Others

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa