The surgical instrument tracking system market is growing pervasively. Market growth attributes to the rising demand for better inventory and asset management practice. Besides, the growing need to meet the compliance of unique device identification rules defined by the Food and Drugs Administration (FDA) drive the market growth. Moreover, the high adoption rate of surgical instrument tracking systems by hospitals escalates the market growth to furthered height.
The surgical tool tracking systems market was valued at USD 0.25 billion in 2022 and is expected to increase at a compound annual growth rate (CAGR) of 11.5% between 2023 and 2032, from USD 0.278 billion in 2023 to USD 0.66 billion by 2032. Factors such as rising orthopedic, spinal, and dental procedures drive market growth. Also, increasing technological advances act as a significant driving force for the growth of the market. Besides, growing numbers of healthcare facilities accelerate market growth.
Digitalization in medical sectors is another significant growth driver for market growth. Also, the rapidly spreading awareness about the benefits of robotic procedures and rising healthcare expenses significantly boosts the size of the market. Additionally, the increasing number of ambulatory services and government initiatives funding fosters the sales of surgical instrument tracking systems market across the world.
Conversely, the high cost, lack of skilled professionals, and stringent regulatory policies are the major factors expected to obstruct the market growth. Nevertheless, the growing demand for capable and advanced devices and treatment procedures would support the growth of the market throughout the review period.
Global Surgical Instrument Tracking System Market - Segments
The report is segmented into four dynamics;
By System Type : Electronic Tracking, Barcode Tracking, Radio Frequency Identification (RFID), and others.
By Components : Software, Hardware (Readers, Tags, others), and Services.
By End User : Hospitals Clinics, Research Centers, and others.
By Regions : Americas, Europe, Asia Pacific, and Rest-of-the-World.
Surgical Instrument Tracking System Market - Geographical Analysis
North America dominates the global surgical instrument tracking system market share. The largest market share attributes to the rising demand for guided and robotic surgeries. Besides, the increasing surgical procedures and high RD investments foster the growth of the regional market. Also, increasing product launches and growing awareness boost market growth in the region. Moreover, technological upgrades and improved surgical approaches treatment procedures impact the regional market growth positively.
Europe stands second in the global surgical instrument tracking system market. The market is driven by the rising rates of spinal, orthopedic, and neurosurgeries. Additionally, colossal spending on the manufacturing of medical surgical devices influences market growth. Also, the increasing government support for RD required for the development of surgical instruments and equipment propels the regional market growth. Rapidly growing markets in Germany, the UK, and France account for substantial shares in the regional market.
The surgical instrument tracking system market is brisk in the Asia Pacific region. Factors such as the rising numbers of orthopedic surgeries, especially in the growing older population, bolster the market growth. Moreover, significant developments in advanced technology and increasing awareness influence the growth of the regional market.
Considerable progress in medical sectors in emerging economies such as Japan, China, and India, are major driving forces behind the regional market growth. Also, the increasing healthcare expenditures and numbers of medical device system manufacturing companies in the region drive the market growth.
Global Surgical Instrument Tracking System Market - Competitive Analysis
Fiercely competitive, the surgical instrument tracking system market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers acquisitions, collaboration, and innovations. They make substantial investments to drive RD required for the developments of a cost-competitive product portfolio and technology launch.
For business expansion, they acquire small yet promising companies in the emerging markets, focusing on optimized situational awareness for customers. Rising strategic transactions are changing the market structure by increasing the profit of the acquiring company and significantly reducing market competition.
Major Players:
Players leading the surgical instrument tracking system market insights include Keir Surgical (Canada), Censis Technologies, Inc. (US), Microsystems, Inc. (US), Haldor Advanced Technologies (US), Becton, Dickinson and Company (US), Intelligent InSites (US), Mobile Aspects (US), Key Surgical (US), TGX Medical Systems (US), STANLEY Healthcare (US), Xerafy Singapore Pte Ltd (Singapore), Getinge AB (Sweden), Scanlan International (US), SpaTrack Medical Limited (UK), and FingerPrint Medical Limited (UK), and others.
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