Newyork, Feb. 07, 2023 (GLOBE NEWSWIRE) -- According to a newly released Persistence Market Research study, the Surgical Instrument Tracking System Market sales were assessed at US$ 208.6 Million in 2022 and are expected to increase at a CAGR of 14.2% from 2023 to 2033. The market is projected to reach a value of US$ 875.7 Million by the end of 2033.
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.
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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.
Competitive Landscape
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.
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A few of the recent developments by key surgical instrument tracking system providers are as follows:
- In November 2020, STERIS acquired Key Surgical to broaden, augment, and expand the company's product line and global reach.
- In May 2020, CISCO and STANLEY Healthcare collaborated. The AeroScout Real-time Location System platform from STANLEY is fully integrated and certified with CISCO DNA Spaces. It is expected to provide healthcare organizations with an enterprise-wide view of asset and person location and status.
- In November 2019, Fortive Corporation announced the acquisition of Censis Technologies to expand its SaaS-based surgical equipment tracking and workflow solutions.
More Insights Available
Persistence Market Research, in its new offering, presents an unbiased analysis of the Surgical Instrument Tracking System Market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023 to 2033.
The study reveals extensive growth in Surgical Instrument Tracking System Market by Services (Hardware, Software, Services), by Technology (Barcodes, RFID), by End Use (Hospital, Other End-uses) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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