Surgical Instrument Tracking Systems Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 4.70 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Surgical Instrument Tracking Systems Market Analysis
The Global Surgical Instrument Tracking Market is expected to register a CAGR of 4.70% during the forecast period.
Several factors are driving the market for surgical instruments, including growing surgical procedures, an aging population requiring more surgical interventions, increased prevalence of chronic diseases, growing demand for minimally invasive surgeries, and rising healthcare expenditure globally. For instance, according to an article published in the Journal of Orthopaedic Science, in June 2022, about 4,052 knee arthroplasties are expected to be performed on men between the ages of 40 and 64 years, 6,942 on men between the ages of 65 and 74 years, 14,986 on men over 75 years in Japan by 2030.0. Such a high number of surgeons in European countries will also do good for the surgical instrument tracking market.
Furthermore, according to an International Society of Aesthetic Plastic Surgery report published in January 2022, the volume of top five surgical procedures performed worldwide in aesthetics in 2020 included Breast Augmentation (1,624,281), Liposuction (1,525,197), Eyelid Surgery (1,225,540), Rhinoplasty (852,554), and Abdominoplasty (765,248). Such a high volume of surgical procedures in aesthetics is anticipated to propel the adoption of surgical instruments, driving market growth.
Strategic activities by the market players such as product launches, mergers and acqusition is expected to contribute in growth of the market over the forecast period. For instance, in September 2022, HID Global acquired Vizinex RFID. The acquisition increased HID Global's presence and relevance in key vertical markets, including healthcare/medical, and added key technology to HID Global's industry-leading RFID tag portfolio.
Similarly, in April 2023, Surglogs launched a new module called Sterile Processing Records that tracks sterilization loads for healthcare facilities of all types. Thus, such development is expected to contribute in market growh over the forecast period.
Thus, rising number of surgical procedures and strategic activities taken by the market players is expected to contribute in the market growth over the forecast period. However, the high cost associated with the implementation of the surgical instrument tracking systems may hamper the growth of the market.
Surgical Instrument Tracking Systems Market Trends
The Hospital Segment Expected to Witness Growth over the Forecast Period
Hospitals are sites providing medical and surgical treatment for patients, and hence there is a higher need for surgical instrument tracking. The increasing healthcare expenditure, along with investment in new hospitals with the expansion of existing ones, are expected to boost growth in the studied segment over the forecast period.
The growing number of hospitals across the world is expected to increase demand for the hospital tracking instrument, thereby boosting segment growth. The American Hospital Association (AHA) statistics for 2024 show that the number of active hospitals in the United States increased from 6,200 in 2024 to 6,129 in 2023. Further, as per the same source, the total hospital admissions in the hospitals of the United States stood at about 33.4 million with a total hospital expense of about USD 1.2 trillion. Thus, the increase in the number of hospitals is expected to boost growth in the studied segment.
Research studies providing insight into the utilization of RFID in hospitals are another factor in market growth. According to a research report released in January 2022, surgical instrument excess is to blame for operating room costs, confusion, and workload. Many health systems have acknowledged the need for supply improvement because it is estimated that 78% to 87% of instruments go underutilized. Previous quality improvement projects have produced an average 52% reduction in supply by manually tracking instrument use and giving surgeons the responsibility of reviewing instrument trays. Previous approaches for identifying necessary instruments are qualitative, expensive, lack scalability and sustainability, and are subject to human error while illustrating the extent of instrument excess. A fresh data stream produced by RFID technology enables precise instrument supply optimization. Thus, such research studies are expected to increase the market growth.
Therefore, owing to the above-mentioned factors such as the increasing number of hospitals and spending hospital expenses and increasing the demand for surgical tracking instruments, thereby boosting the segment growth.
North America is Expected to Hold a Significant Market Share Over the Forecast Period
North America is expected to dominate the market owing to factors such as the rising burden of chronic diseases and the Canadian government investing heavily to improve the healthcare infrastructure.
The growing number of surgeries performed in healthcare facilities requiring the surgical instrument is expected to increase demand for the tracking instrument, thereby boosting the market growth over the forecast period. For instance, according to the data published by the Canadian Institute for Health Information, in December 2022, about 700 outpatient hip and knee replacements were performed during 2021-2022 in Canada. In addition, about 5.6% of hip and knee replacements done to treat osteoarthritis were performed as day surgeries, compared with 8.2% in the previous period. Hence, an increase in surgical procedures leads to a rise in the adoption of surgical instrument tracking systems, thereby driving market growth.
Furthermore, the data updated by Cedars-Sinai in January 2022 showed that coronary artery bypass graft surgery (CABG), also known as coronary artery bypass, or bypass surgery, was the most common heart surgery, and more than 300,000 people had successful bypass surgery in the United States each year. This elevates the need for surgical instruments and is likely to boost the market for surgical tracking instruments over the forecast period.
Thus, the increasing number of chronic diseases and a growing number of surgeries are expected to contribute in market growth over the forecast period.
Surgical Instrument Tracking Systems Industry Overview
The surgical instrument tracking market is semi-consolidated, with most of the players competing to increase their market shares. Strong competition and rapid technological advancements are key factors that confront the market. Key players in the market are Becton, Dickinson and Company, BESCO, Censis Technologies Inc., Syrma Technology, Case Medical, and Steris PLC, among others.
Surgical Instrument Tracking Systems Market Leaders
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Censis Technologies Inc.
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Syrma Technology
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Steris PLC
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Keir Surgical Ltd
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Case Medical
*Disclaimer: Major Players sorted in no particular order
Surgical Instrument Tracking Systems Market News
- May 2024 : Crothall Healthcare (Crothall) and Ascendco Health (Ascendco) have partnered to usher in a new era in instrument tracking and enhance sterile processing quality in healthcare facilities nationwide.
- April 2023 : NDI (Northern Digital Inc.) unveiled its latest innovation, the Polaris Lyra, a compact optical tracker designed for precision instrument tracking in clinical and surgical settings. Serving as the successor to the Polaris Vicra, the Polaris Lyra upholds the legacy of superior performance, reliability, and seamless integration.
Surgical Instrument Tracking Systems Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Increasing Number of Surgeries
- 4.2.2 Growing Incidence of Retained Surgical Instrument Cases
- 4.2.3 Mandatory Regulation by FDA for Unique Device Identification
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4.3 Market Restraints
- 4.3.1 High Cost Associated with Implementation of Surgical Instrument Tracking System
- 4.3.2 Lack of Skilled Professionals and Technological Advancements
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Buyers/Consumers
- 4.4.2 Bargaining Power of Suppliers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
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5.1 By Technology
- 5.1.1 Barcodes
- 5.1.2 RFID (Radio Frequency Identification)
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5.2 By Component
- 5.2.1 Software
- 5.2.2 Hardware
- 5.2.3 Services
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5.3 By End-User
- 5.3.1 Hospitals
- 5.3.2 Other End-Users
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5.4 Geography
- 5.4.1 North America
- 5.4.1.1 United States
- 5.4.1.2 Canada
- 5.4.1.3 Mexico
- 5.4.2 Europe
- 5.4.2.1 Germany
- 5.4.2.2 United Kingdom
- 5.4.2.3 France
- 5.4.2.4 Italy
- 5.4.2.5 Spain
- 5.4.2.6 Rest of Europe
- 5.4.3 Asia-Pacific
- 5.4.3.1 China
- 5.4.3.2 Japan
- 5.4.3.3 India
- 5.4.3.4 Australia
- 5.4.3.5 South Korea
- 5.4.3.6 Rest of Asia-Pacific
- 5.4.4 Middle East and Africa
- 5.4.4.1 GCC
- 5.4.4.2 South Africa
- 5.4.4.3 Rest of Middle East and Africa
- 5.4.5 South America
- 5.4.5.1 Brazil
- 5.4.5.2 Argentina
- 5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Becton, Dickinson and Company
- 6.1.2 BESCO
- 6.1.3 Case Medical
- 6.1.4 Censis Technologies Inc.
- 6.1.5 Healthtech Pivot LLP
- 6.1.6 Keir Surgical Ltd.
- 6.1.7 NuTrace
- 6.1.8 ScanCARE Pty Ltd.
- 6.1.9 Spa Track Medical Limited
- 6.1.10 Steris PLC
- 6.1.11 Syrma Technology
- 6.1.12 Ternio Group LLC
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablitySurgical Instrument Tracking Systems Industry Segmentation
As per the scope, surgical instrument tracking is a system that assists healthcare professionals in gaining access to surgical equipment and instruments and leads to reliable and time-saving procedures. This system helps to enhance resource and tool governance in order to decrease the need for instant steam sterilization.
The surgical instrument tracking market is segmented by technology, component, end user and geography. By technology, the market is segmented into barcodes and RFID (radio frequency identification).By component, the market is segmented into software, hardware, and services. By end user, the market is segmented into hospitals and other end users. By Geography, the market is segmented into North America, Europe, Asia-Pacific, Middle-East and Africa, and South America. The market report also covers the estimated market sizes and trends for 17 different countries across the major regions globally. The report offers the values (USD) for the above segments.
| By Technology | Barcodes | |
| RFID (Radio Frequency Identification) | ||
| By Component | Software | |
| Hardware | ||
| Services | ||
| By End-User | Hospitals | |
| Other End-Users | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | Middle East and Africa | GCC |
| South Africa | ||
| Rest of Middle East and Africa | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America |
Surgical Instrument Tracking Systems Market Research FAQs
What is the current Global Surgical Instrument Tracking Market size?
The Global Surgical Instrument Tracking Market is projected to register a CAGR of 4.70% during the forecast period (2024-2029)
Who are the key players in Global Surgical Instrument Tracking Market?
Censis Technologies Inc., Syrma Technology, Steris PLC, Keir Surgical Ltd and Case Medical are the major companies operating in the Global Surgical Instrument Tracking Market.
Which is the fastest growing region in Global Surgical Instrument Tracking Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Surgical Instrument Tracking Market?
In 2024, the North America accounts for the largest market share in Global Surgical Instrument Tracking Market.
What years does this Global Surgical Instrument Tracking Market cover?
The report covers the Global Surgical Instrument Tracking Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Surgical Instrument Tracking Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Surgical Instrument Tracking Systems Industry Report
Statistics for the 2023 Surgical Instrument Tracking Systems market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Surgical Instrument Tracking Systems analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
