Surgical Instruments Tracking System Market Size - By Component (Hardware, Software, Services), By Technology (Barcodes, RFID), By End-use (Hospitals, Ambulatory Surgical Centers), Global Forecast, 2023 – 2032

Surgical Instruments Tracking System Market Size - By Component (Hardware, Software, Services), By Technology (Barcodes, RFID), By End-use (Hospitals, Ambulatory Surgical Centers), Global Forecast, 2023 – 2032

Surgical Instruments Tracking Market Size

Surgical Instruments Tracking System Market size was valued at over USD 221.7 million in 2022 and it is anticipated to reach around USD 819.7 million by 2032 due to increasing adoption of electronic health records (EHRs), need for operational efficiency, technological advancements in tracking technologies, and rising surgical procedures among others.
 

The integration of surgical instruments tracking systems with electronic health records (EHRs) and hospital information systems provides a comprehensive view of patient care. It enables seamless data exchange, alerts, and notifications, improving communication and coordination among surgical teams and supporting efficient instrument management.
 

Additionally, healthcare regulatory bodies are placing greater emphasis on traceability and accountability in surgical instrument management. Surgical instruments tracking systems assist healthcare facilities in meeting regulatory requirements by providing documentation and audit trails of instrument usage, sterilization, and maintenance.
 

A surgical instruments tracking system is a software-based solution designed to manage and track the usage, location, and maintenance of surgical instruments in a healthcare facility, such as a hospital or surgical centers. The system utilizes technologies such as barcoding or RFID (Radio Frequency Identification) to accurately monitor and trace the movement of surgical instruments throughout their lifecycle.
 

Cost and budget constraints, training and adoption, data security and privacy concerns are among the key pointers expected to hamper the market expansion by 2032. Implementing a surgical instruments tracking system involves upfront costs for software, hardware, and training. Some healthcare facilities may have budget limitations or prioritize other areas of investment, making it challenging to allocate funds for implementing a tracking system.
 

COVID-19 Impact

The recent outbreak of COVID-19 had negatively influenced the surgical instruments tracking system market revenue surge in 2020. The pandemic has caused disruptions in healthcare operations, leading to the postponement or cancellation of non-essential surgeries. Restrictions on non-essential activities, and limited access to healthcare facilities during the pandemic have made it difficult to carry out on-site installations, training, and support for implementing surgical instruments tracking systems. The pandemic has underscored the importance of infection control, patient safety, and efficient inventory management, which align with the value propositions of surgical instruments tracking systems.
 

Surgical Instruments Tracking System Market Trends

Cloud-based solutions, real-time locating systems (RTLS), mobile applications and user interfaces, and use of artificial intelligence (AI) and machine learning (ML) technologies in surgical instrument tracking systems are among the key technological advancements. Mobile applications and user-friendly interfaces have simplified instrument tracking processes. Healthcare professionals can use smartphones or tablets to access instrument tracking data, perform inventory checks, and receive alerts or notifications.
 

Further, AI and ML technologies can analyse large volumes of tracking data, identify usage patterns, predict maintenance needs, and optimize inventory management. AI-powered algorithms can detect anomalies or errors in instrument usage, improving patient safety and reducing the risk of surgical errors. Moreover, integration of IoT allows the system to transmit data in real time, providing insights into usage patterns, instrument condition, and maintenance needs.
 

Surgical Instruments Tracking System Market Analysis

Based on component, the surgical instruments tracking system market is bifurcated into hardware, software, and services. The software segment held leading revenue share and was valued at over USD 90 million in 2022. Increasing adoption of digital solutions, improved data management and analytics, integration with existing systems and scalability and flexibility among others are key attributes propelling the segmental progression.
 

Software solutions enable comprehensive data management, storage, and analysis capabilities. They allow healthcare organizations to capture and analyse instrument tracking data, generate reports, and gain actionable insights. These features facilitate better decision-making, optimize inventory management, and improve operational efficiency. Software solutions can be customized and configured to meet specific requirements, making them suitable for diverse healthcare settings.
 

Based on technology, the surgical instruments tracking system market is segmented into barcodes and RFID. The barcode segment is projected to reach around USD 649.1 million by 2032. The barcodes accuracy and efficiency, standardization, scalability and durability of barcodes are among the important parameters. Barcodes can be integrated with other systems, such as inventory management or electronic health record (EHR) systems. This integration enables automated data exchange, streamlines workflow processes, and improves overall efficiency in instrument tracking and management.
 

Additionally, barcoding technology is relatively low-cost compared to other tracking technologies, such as RFID. Moreover, barcodes can be easily printed on labels or directly on instruments, making them a cost-effective option for implementing a tracking system.
 

Based on end-use, the surgical instruments tracking system market is categorized into hospitals, ambulatory surgical centers, and others. The hospitals segment is anticipated to reach around USD 557 million by 2032. Healthcare organizations are increasingly focused on meeting regulatory requirements and standards related to instrument tracking and patient safety. Implementing tracking systems in hospitals streamlines the instrument management process, thereby, reducing the time and effort required for manual tracking and inventory management. It improves workflow efficiency, instrument availability, and reduces the chances of instrument loss or misplacement.
 

Moreover, rise in number of surgeries propels the adoption of technologically advanced surgical methods including surgical robots and surgical microscopes among others which provides better data insights to users. Further, ability of these systems to help optimize instrument usage, minimize loss, and reduce the need for frequent instrument replacements are other attributes fuelling the segmental development.
 

The U.S. surgical instruments tracking system market is anticipated to witness healthy growth rate of 12.7% by 2032. The progression is primarily attributed to high volume of surgical procedures performed each year in the country. The demand for surgical instrument tracking systems is closely linked to the number of procedures being performed, as healthcare providers strive to enhance patient safety and operational efficiency. Surgical instruments tracking systems assist in complying with regulations and guidelines set by governing bodies in the country, such as the Joint Commission and the Centers for Medicare and Medicaid Services (CMS). Moreover, the U.S. has a well-developed healthcare infrastructure, including a large number of hospitals, surgical centers, and healthcare facilities. This extensive healthcare network provides a substantial market for surgical instrument tracking systems.
 

Surgical Instruments Tracking System Market Share

Some of the leading players operating in the surgical instruments tracking system market include

• Becton Dickinson and Company
• Haldor Advanced Technologies
• Fortive Corporation
• STERIS
• Getinge AB
• BBraun Melsungen AG
• SpaTrack Medical Limited
   

Surgical Instruments Tracking System Industry News

• In May 2022, HID Global, a leading company in identity solutions, announced that it has acquired Vizinex RFID. This development will allow HID Global to have a industry-leading RFID tag portfolio. This strategic development will allow the company to expand its product portfolio and increase revenue prospects.
   
• In December 2020, Censis Technologies, subsidiary of Fortive Corporation, announced a partnership with Cantel Medical Corp to combine Cantel’s infection prevention endoscope reprocessing workflow portfolio with Censis's surgical asset management and instrument tracking solutions. This strategic collaboration helped the company to enhance their product portfolio and increase their business revenue.
   

Surgical instruments tracking system market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments

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By Component, 2018 - 2032 (USD Million)

• Hardware
• Tags
• Readers
• Others

• Software
• Services

By Technology, 2018 - 2032 (USD Million)

• Barcodes
• RFID

By End-use, 2018 - 2032 (USD Million)

• Hospitals
• Ambulatory Surgical Centers
• Others

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Poland
  • Sweden
  • The Netherlands
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Indonesia
  • Philippines
  • Vietnam
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Columbia
  • Peru
  • Chile
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Turkey
  • Israel
  • Iran