Surgical Instrument Tracking Market

Surgical Instrument Tracking Market Outlook (2024 to 2034)

Revenue from the global surgical instrument tracking market is projected to reach a value of US$ 343.8 million in 2024. The market has been forecasted to reach a size of US$ 1.74 billion by 2034-end, advancing at a high-value CAGR of 17.6% over the next ten years (2024 to 2034).

The combination of software services for inventory management with scanning technology is leading to the development of surgical instrument tracking systems, such as RFID surgical instrument tracking, barcode scanning, and censitrac instrument tracking systems.

Key Market Growth Drivers

• Active RFID technology is gaining importance as it offers a larger memory and greater detection range (up to 300 ft.) than passive RFID technology (20-40 ft.). This technology is generally used for surgical tray-level tracking-since most surgical instruments are comparatively small in size, it is challenging to develop tags that can fit accurately on these instruments. Besides, tags need to be autoclavable, which are high-priced to develop, thus contributing to the surgical instrument tracking market growth.
• The inventor of business intelligence for fashion retailers, Detego, has unveiled 'Smart Shield,' a new feature for their RFID-based inventory management software. The ability to pinpoint the precise location of individual RFID tags using machine learning is a recent technological development that will significantly reduce expenses and streamline operations for retailers using RFID.
• There is an increased need to automatically track essential equipment, such as surgical instruments. These systems adhere to the FDA's Unique Device Identification (UDI) program ensuring the appropriate instruments are available on time for every surgical procedure, thereby enhancing patient outcomes.
• The surgical instrument tracking market size is expanding due to the rising number of surgical procedures brought on by accidents, sports injuries, and heart surgeries as a result of the rising incidence of chronic illnesses such as cardiovascular disease that require surgery.

Report Attribute	Detail
Surgical Instrument Tracking Market Size (2024E)	US$ 343.8 Million
Projected Market Value (2034F)	US$ 1.74 Billion
Global Market Growth Rate (2024 to 2034)	17.6% CAGR
East Asia Market Share (2024E)	23.5%
North America Market Share (2024E)	33%
Software Segment Value (2034F)	US$ 939.3 Million
RFID Segment Value (2024E)	US$ 206.3 Million
Key Companies Profiled	Key Surgical; Getinge AB; TGX Medical Systems; GS1 UK; Intelligent InSites, Inc.; Olympus Corporation; LM-Instruments Oy; Censis Technologies Inc.; Haldor Advanced Technologies Ltd.; Steris Plc.; STANLEY Healthcare; Mobile Aspects Inc.; Besco Bvba; Braun Melsungen (Aesculap); Keir Surgical; Becton Dickinson and Company; Infor; Cantel Medical Corporation (MEDIVATORS Inc.).

What Major Factors are Driving the Market for Surgical Instrument Tracking?

“Growing Cases of Surgical Instruments Becoming Lodged in and Being Lost After Procedures”

The market for surgical instrument tracking devices is growing as a result of factors such as time constraints and hospital infections, as well as the availability of technologically advanced products with more features. The basis for the rising demand for all surgical instrument tracking devices, including barcode and radio frequency identification (RFID) devices, include features such as resistance to extreme temperature, harsh chemicals, liquids, and heavy metals.

While real-time location and a plethora of other data are just two advantages that RFIDs and barcodes provide to end users, these technologies face several difficulties, particularly in the workplace where devices must withstand challenging environments.

What are the Challenges Faced by Manufacturers of Surgical Instrument Tracking Devices?

“Majority of Automated Systems for Tracking Surgical Instruments Have Long Investment Lifecycles”

The significant upfront costs associated with surgical instrument tracking systems include hardware, tags, middleware, and the cost of application software. Apart from this the cost of integrating the barcode and RFID framework with the legacy system; and the cost of maintenance services, consulting fees, and staff training are also included. Although tags and readers have become much less expensive, the implementation of automated tracking systems, such as RFID, which require additional servers, databases, and middleware, is becoming expensive.

When compared to several conventional systems such as barcode-based systems, the total cost of implementing automated surgical instrument tracking systems using RFID is very high. The majority of automated surgical instrument tracking systems have extremely lengthy investment lifecycles in addition to high implementation costs.

Country-wise Insights

North America is estimated to account for 33% of the global surgical instrument tracking market share in 2024. Meanwhile, East Asia is projected to hold a market share of 23.5% in 2024. Due to rising investments in healthcare infrastructure over the projection period, potentially high growth countries such as India, Indonesia, and others, along with countries from the Middle East, Southeast Asia, and Latin America, are also anticipated to present profitable growth opportunities for market players.

Countries in the Asia Pacific region such as Hong Kong, Japan, Singapore, South Korea, and Taiwan are funding pilots of RFID technology to create a role for their economies in the RFID industry. Several governments, as well as private industries in these countries, have been active in the progress of international RFID standards. Thereby, soaring the adoption of RFID technology.

How is the Market Faring for Surgical Instrument Tracking in the United States?

“Accelerating Demand for Surgical Instrument Tracking Due to FDA Regulations”

Attribute	United States
Market Value (2024E)	US$ 50.5 Million
Growth Rate (2024 to 2034)	17.3% CAGR
Projected Value (2034F)	US$ 249.8 Million

The United States is anticipated to account for 44.5% of the North American market share in 2024. The UDI (Unique Device Identification) regulations offered by the United States FDA (Food and Drug Administration) will thrust the surgical instrument tracking systems market. As per the UDI rules, labelers (manufacturers, re-processors, specification developers, and re-packagers) of surgical instruments are anticipated to execute direct marking at the individual instrument level.

It is also increasing incidences of retained surgical instruments in the human body and the misplacement of such devices after surgical operations. Therefore, the demand for progressive solutions such as 2D barcodes and RFID to monitor the retained equipment is escalating, furthering the sales of surgical instrument tracking systems in the country.

What is the Market Situation for Surgical Instrument Tracking in China?

“China Offering Lucrative Investment Opportunities for Market Players”

Attribute	China
Market Value (2024E)	US$ 39.5 Million
Growth Rate (2024 to 2034)	18.5% CAGR
Projected Value (2034F)	US$ 214.8 Million

China is analyzed to capture about half of the East Asian market share in 2024. A mounting number of surgical procedures tagged with promptly evolving healthcare infrastructure in China is anticipated to stimulate the demand in the country. The introduction of advanced technological software and hardware devices is leading to an upsurge in the usage of surgical instrument tracking devices in China.

The National Health Service System Plan (2015-2020) for China places a strong emphasis on the national hospital sector expansion. For surgical instrument tracking system providers looking to offshore their business operations and production activities, China is providing significant opportunities. Due to this, several companies in the market have grown their operations in China in recent years.

Category-wise Insights

The global market is categorized into two components software and solution, of which the software is estimated to account for 58% of the global market share in 2024. In terms of technology, the market is divided into barcode scanning and RFID divided in the ratio of 4:6 in 2024.

Which Component is Most Preferred for Surgical Instrument Tracking?

“Software Functions as Vital Component between End Users and Database”

Attribute	Software
Segment Value (2024E)	US$ 199.4 Million
Growth Rate (2024 to 2034)	16.8% CAGR
Projected Value (2034F)	US$ 939.3 Million

The software component is set to account for 58% of the global market share in 2024. Software is the non-tangible part of a system, which is used to run it or carry out main tasks, such as keeping track of equipment and handling administrative work in any hospital or healthcare facility. It serves as an interface between end users and the database and is a crucial component of the surgical instrument tracking system. The regular requirement for software upgrades and the release of new software applications are what propel growth in this market segment. To gain a larger market share in this industry, vendors consistently release cutting-edge, user-friendly products with enhanced data security.

Which Technology-based Surgical Instrument Tracking Systems Are Demanded More?

“Increasing Demand for Automated Systems in Healthcare Industry Leading to RFID-Based Systems Prominence”

Attribute	RFID
Segment Value (2024E)	US$ 206.3 Million
Growth Rate (2024 to 2034)	16.8% CAGR
Projected Value (2034F)	US$ 974 Million

Based on technology insights, the RFID-based system is set to expand at a rapid pace. Also with mounting demand for automated systems in the healthcare industry, there has been a significant rise in the use of surgical instrument tracking systems in recent years. Advances in the electronic and IT industry have resulted in increasing demand for wireless scanning solutions. Highly influenced by the ease of scanning and auto-record maintenance, RFID-based surgical instrument tracking systems are gaining significant attention globally.

Competitive Landscape

Key players in the surgical instrument tracking industry are embracing several innovative approaches such as technological advancements, groundbreaking marketing tactics, acquisitions, collaborations, and mergers to expand their reach.

• The RadiantTM balloon-expandable covered stent is being manufactured under a strategic partnership between Getinge Group, Sweden, and Medtronic, which was announced in September 2022. Through this collaboration, physicians around the world will have access to a comprehensive solution for complex aortic repairs.
• The surgical distribution assets of I-Med Pharma Inc. were acquired by privately held Canadian company Keir Surgical Ltd. in January 2021. The primary goal of this acquisition is to broaden and strengthen Keir's global surgical ophthalmology business.

Fact.MR provides detailed information about the price points of leading players in the surgical instrument tracking market positioned across the world, sales growth, production capacity, and technological advancements, in this updated market report.

Segmentation of Surgical Instrument Tracking Market Research

• By Product :

  • Console
  • Software
  • Surgical Endoscope Tracking and Management Systems
  • Services

• By Technology :

  • Barcode Scanning
  • RFID

• By End User :

  • Hospital Sterile Processing Departments [SPD]
  • Hospital Operation Theaters
  • Ambulatory Surgical Centers
  • Office-based Specialized Clinics

• By Region :

  • North America
  • Latin America
  • East Asia
  • South Asia & Pacific
  • Western Europe
  • Eastern Europe
  • Middle East & Africa