Global Surgical Instrument Tracking Market Size (2024 - 2029)

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 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.