In 2021, the surgical instrument tracking system market was valued at $209.1 million, advancing with a rate of 13.0% from 2021 to 2030, and by 2030, it is set to hit $627.4 million. The technological advancement in the healthcare sector drives the market growth, attributed to growing requirement for implementation of UDI standards by the FDA. The worldwide rise in surgical procedures performed in hospitals is the primary driver of the market.
The hardware category made the most-significant contribution of $100 million to the surgical instruments tracking system market revenue, attributed to technological developments leading to market proliferation. The increased trend of barcode tags repurchasing leads to growing demand of hardware, facilitating the detachment feature. The fastest growing category in the technology segment is software in the market, attributed to growing requirement for advanced tracking software solutions.
Hospitals are the leading category of end-users in surgical instrument tracking system market. It is expected to follow the same trend in the near future, attributed to the rise in number of patients in hospitals requiring surgical treatments. The ambulatory surgery centres are expected to witness the surge in surgical instrument tracking systems demand in near future, attributed to the increasing government’s focus to minimize the healthcare costs with offering improved patient outcomes.
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The largest contributor of surgical instrument tracking system market was North America, amounting to approx. $100 million revenue generation last year. It is ascribed to application of UDI guidelines by the USFDA. The developed healthcare infrastructure in the region, including advanced products and technologies will propel the market. The. U.S. contributed 90% revenue in the North American market in 2021. After North America, Europe is the second big contributor in the market, attributed to increasing elderly population in the region resulting into rise in number of surgeries performed.
The APAC surgical instrument tracking system market is expected to witness the fastest growth in the near future. It is attributed to increased adoption of advanced technologies in the healthcare sector and increase in disposable income. The advanced hardware and software solutions are expected to expand the market. The key market players are expected to witness the highest growth in developing nations like China and India. The investments made in the healthcare sector in China for implementation of the advanced technological solutions propels the market.
Moreover, the rise in surgical procedures carried out in India has led the boom in the surgical instrument tracking system market. It is due to increased need for skilled surgeons as well as increased medical tourism in the India. The low-cost treatments have made India among the preferred medical tourism destinations. More than 5 million overseas patients travel to India every year for treatments, according to FICCI.
In technology segment, barcode dominates the surgical instrument tracking system market. The healthcare facilities such as clinics, hospitals, and surgical speciality centres highly use barcodes. It facilitates the convenience to surgeons with effective inventory management along with advancing technology and rise in experiments. A surge in requirement for monitoring surgical instruments has witnessed across the hospital departments from sterilization units to operation theatres, ascribed to increased count of surgeries worldwide.
Therefore, the increase in count of surgical procedures carried out in hospitals along with rising technological advancements drive the market.