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Surgical Instrument Tracking System Market by Services (Hardware, Software, Services), surgical instrument Hardware market is projected to grow at a CAGR of 15.5% between 2023 and 2033.
Newly-released Surgical Instrument Tracking System Market analysis report by Persistence Market Research reveals that global sales of Surgical Instrument Tracking System in 2022 was held at US$ 208.6 Million. With a CAGR of 14.2% from 2023 to 2033, the market is projected to reach a valuation of US$ 875.7 Million by 2033. Surgical instrument tracking Hardware is expected to be the significant revenue-generating segment, projected to grow at a CAGR of over 15.5% from 2023 to 2033.
Global Surgical Instrument Tracking System Market (2023)
US$ 235.2 Million
Global Surgical Instrument Tracking System Market (2033)
US$ 875.7 Million
Global Surgical Instrument Tracking System Market CAGR (2023 to 2033)
U.S. Surgical Instrument Tracking System Market CAGR (2023 to 2033)
Key Companies Profiled
According to the Surgical Instrument Tracking System Market study conducted by Persistence Market Research, a market research and competitive intelligence firm, the market rose at a CAGR of 12.1% from 2018 to 2022.
Following the introduction of the Unique Device Identification, a worldwide recognized medical device detection method will emerge soon. Better, more functional, and error-free medical gadgets will soon be available on the market, ready for use by healthcare providers.
UDI eliminates uncertainty from the equation, making numerous lives in the healthcare industry much easier. Improved accurate reporting, quicker recall management, and fewer medical mistakes are just a few of the reasons the UDI system will impact lives in healthcare, prolonging many of them. This is a significant development for healthcare institutions as well as patients.
In the United States, over 1,60,000 adverse health occurrences are suspected each year associated with patient or test sample misidentification. Barcodes have been identified as a powerful intervention for reducing specimen labeling mistakes by assuring that the proper patient receives the correct analysis. The combination of scanning technologies and instrument tracking systems such as RFID surgical instrument tracking, or barcode scanning with software services for inventory management forms surgical instrument tracking systems has shown great development potential.
Market expansion has been spurred by the introduction of new technologies and the use of tracking systems in the form of barcodes. It increases patient safety and identifies instruments quickly and accurately, resulting in a more efficient operation.
The requirement to track key equipment, like surgical devices automatically comply with the FDA's Unique Device Identification (UDI) program, guarantee the proper tools are accessible on time for every surgical procedure, and enhance patient outcomes are driving market expansion. As a result, UDI is now found on practically all devices, in both human and machine-readable formats. Budget constraints, large cost systems, and long investment cycles, on the other hand, may stifle the market.
There are a growing number of cases of surgical tools left out in the human body after surgery and misplaced. As a result, demand for novel means of tracking retained equipment, such as 2D barcodes and RFID, is growing, boosting sales of surgical tool monitoring systems throughout the world.
Surgical tool monitoring system manufacturers are likely to gain from developing markets such as India and China, Latin America, and Southeast Asia, and also the Middle Eastern nations. Purdue Pharmaceuticals began adopting RFID in 2004 in response to Wal- Mart's request that all of its suppliers use RFID tags. Purdue manufactured the first batch of RFID-tagged Oxycontin the following year. Purdue Pharmaceuticals' key product was oxycontin. RFID's popularity has grown over time. Purdue reached the milestone of 2 million in RFID-tagged oxycontin in 2007.
Technological improvements in surgical instrument tracking tools for inventory and surgical instrument management are projected to have a substantial impact on the worldwide surgical instrument tracking systems market in the not-too-distant future.
TeDan Surgical Innovations (TSI), a pioneer in the development and marketing of surgical access systems, has released the Phantom ULTM Anterior towards the Psoas (ATP) Surgical Accessibility System to meet developing surgical access procedures to the spine.
North America currently possesses a significant proportion of the global market. The United States Food and Drug Administration's (FDA) introduction of the UDI method for efficient detection of health equipment is among the key factors leading to the significant share of the region. Additionally, the region's superior healthcare facility and rising acceptance of novel materials and services are projected to fuel the marketplace.
Reed Technology and Information Services Inc., a prominent supplier of data reporting and analytics solutions for the biomedical industry, has formed a partnership with Schlafender Hase, a leading provider of intelligent, automated proofreading applications and services for regulated markets.
Being part of a growing partnership ecosystem, current and future clients of both firms may take advantage of special incentives. Pharmaceutical labelers with US FDA regulatory deadlines could benefit from Reed Tech's expert conversion and submission systems, while Schlafender Hase's TVT, the Text Verification Tool, ensures lower risk and improved precision in the proofreading method for drug labels as well as related documentation. The growth of technically advanced software and hardware solutions is projected to increase the use of surgical tool monitoring systems in the not-too-distant ahead.
U.S. Surgical Instrument Tracking System Market Analysis
The United States is expected to account for a significant market with US$ 283.8 Million by the end of 2033. Becton Dickinson announced the release of its innovative, automated diagnostic platform in the U.S. Developed by BD COR MX, the solution received a 510(k) clearance from the FDA.
Based on a news release, BD CTGCTV2 molecular assay is the first one on the instrument option of the BD COR system (TV) that can be used with one test. It examines chlamydia trachomatis (CT), graphomonas gonorrhoeae (GC), and trichomonas vaginalis.
U.K. Surgical Instrument Tracking System Market Analysis
The market in the U.K. is expected to reach a valuation of US$ 45.8 Million by 2033. Growing with a CAGR of 15.5% in the forecast period, the market in the country is projected to garner an absolute dollar opportunity of around US$ 34.7 Million.
Japan Surgical Instrument Tracking System Market Analysis
In Japan, the market is expected to grow at a CAGR of 16.8% from 2023 to 2033, reaching around US$ 44.6 Million by 2033. The market in the country is expected to gross an absolute dollar opportunity of US$ 35 Million during the forecast period.
South Korea Surgical Instrument Tracking System Market Analysis
The market in South Korea is expected to reach a valuation of around US$ 25.6 Million by 2033, growing at a CAGR of 16.9% from 2023 to 2033. The market in the country is expected to witness an absolute dollar opportunity of around US$ 20.1 Million.
Why the Demand for Surgical Instrument Hardware is projected to Witness Significant Growth?
The demand for the surgical instrument Hardware market is projected to grow at a significant CAGR of more than 15.5% between 2023 and 2033. Hardware improvements such as RFID chips and barcode tags are speeding up the installation of these systems for the management of surgical instruments.
Pfizer urged for RFID to be used in all of its bottles, not just a handful in the United States. The development has been encouraging, despite the fact that just one distributor was ready to start labeling. Pfizer continues to profit from RFID technology. Because RFID has significantly reduced counterfeiting, this has led to systemization.
The great majority of Hardware surgeries are performed in hospitals, clinics, and cardiac centers. Surgical Instrument tracking systems can be found in intensive care units, critical care units, and emergency departments.
ICDs and external Surgical Instrument tracking systems are the most common forms of Surgical Instrument tracking systems used at institutions. Despite the fact that manual Surgical Instrument tracking systems are preferred and commonly used in hospitals, the use of automated external Surgical Instrument tracking systems (AEDs) in medical settings is expanding.
On the basis of its Orpheus technology, Intuitive Surgical's teams in Israel and the United States created Intuitive Hub. Using current processes and intuitive technology, the Intuitive Hub, a single hardware and software platform for the surgical procedure, allows teams to collect, modify, and share video footage from clinical operations and collaborate digitally.
Intuitive Surgical has recently released an updated interface for da Vinci systems that allow for automated video collection with integrated process annotation for important occurrences, allowing for simple video storage and viewing for event situations.
Which Technology of Surgical Instrument tracking system by End Use is expected to Score Significant Growth in the Forthcoming Years?
Barcodes are expected to generate significant revenue as well as a CAGR of over 14.3% during the forecast period. It is the most frequently utilized tracking technology, with a substantial portion of the company's income coming from the medical device industry. Due to their advantages, such as low cost, durable construction, and 360-degree readability, 2D barcodes, data matrix, and QR codes, are now becoming widely marketable.
The "5 rights" of medicine administration include the appropriate patient, the proper medication, the right dose, the right time, and the correct channel of distribution. Clinicians can employ barcode medication validation at the bedside to quickly administer medications by scanning barcodes.
According to an analysis, barcodes save around 90,000 prominent medical mistakes every year and lowered death rates by 20%. From pre-implementation to post-implementation, the usage of barcodes decreased medicine delivery mistakes by 82% across the five units tested.
The surgical tool tracking systems market is fragmented, and leading companies have employed a variety of techniques to expand their footprints, including new product launches, expansions, agreements, joint ventures, partnerships, and acquisitions.
A few of the recent developments by key surgical instrument tracking system providers are as follows:
By End Use
The market is worth more than US$ 208.6 Million at present.
The market is projected to increase at a CAGR of around 14.2% from 2023 to 2033.
The market increased at a CAGR of around 12.1% from 2018 to 2022.
One of the key reasons projected to fuel market expansion during the forecast period is the global increase in the incidence and prevalence of cardiovascular diseases.
The market of Surgical Instrument Tracking System Market in China is projected to expand at a CAGR of around 17.1% from 2023 to 2033.
While the market in South Korea is expected to grow at nearly 16.9%, the market in Japan is projected to register a CAGR of nearly 16.8% during 2023 - 2033.