What is the global market size of Surgical Instruments Tracking Systems Market?

Surgical Instruments Tracking Systems Market size was valued at USD 187.67 billion in 2022 and is poised to grow from USD 210.5 billion in 2023 to USD 466.19 billion by 2031, growing at a CAGR of 12.1% in the forecast period (2024-2031).

Who are the key vendors in the Global Surgical Instruments Tracking Systems Market?

The global surgical instruments tracking systems market is highly competitive with the presence of many international players such as Censis Technologies Inc., Syrma Technology, and Steris PLC. The key players are mainly focusing on the technological advancements, innovations, partnerships, and increasing expenditure on the research & development. 'Haldor Advanced Technologies Ltd.', 'B. Braun Melsungen AG', 'Key Surgical', 'STANLEY Healthcare', 'Xerafy', 'Getinge AB', 'Infor', 'Mobile Aspects', 'TGX Medical Systems', 'Intelligent InSites', 'SpaTrack Medical Limited', 'iRIS Health Solutions', 'Becton, Dickinson and Company', 'Fortive Corporation', 'Biotage AB', 'Microsystems Technology, Inc.', 'The RAIN RFID Alliance', 'WaveMark, Inc.', 'Censis Technologies, Inc.', 'Applied Logic, Inc.'

Surgical Instruments Tracking Systems Market Size

Surgical Instruments Tracking Systems Market Insights

Global Surgical Instruments Tracking Systems Market size was valued at USD 0.3 billion in 2023 and is poised to grow from USD 0.34 billion in 2024 to USD 0.87 billion by 2032, growing at a CAGR of 12.5% during the forecast period (2025-2032).

Rising number of surgical treatments due to the increase in sports injuries, road accidents, and cardiac surgeries coupled with the increased frequency of cardiovascular illness and other types of chronic disorders are the major factors driving the growth of the global surgical instruments tracking system market. Moreover, the rise in the need for automatically track critical equipment like surgical equipment to ensure better patient outcomes and comply with the U.S. Food & Drug Administration, Unique Drive Identification Program, to ensure the right tools for each surgical procedure are available in time.

Furthermore, developing economies such as China, India, and Indonesia, as well as countries from the Middle-East, Southeast Asia, and Latin America are expected to provide lucrative growth opportunities for the global market owing to increasing expenditure on healthcare infrastructure in these economies over the forecast period. For instance, in China, the number of hospital beds available have reached a value of around 9.1 million, with an increase of 338,000 hospital bed per year since 2016, at a CAGR of 5.4%.

The high implementation of UDI standards by the U.S. Food & Drug Administration through rising geriatric population, increased number of chronic disorders, and rapid growth in the technological advancements are another factors expected to drive the global surgical instruments tracking system market over the forecast period. Most of the devices now have a unique identifier in both human and machine-readable form. Therefore, the adoption of surgical instruments have increased along with the number of surgeries. According to European Union Statistics, hip replacement surgery was performed around 304 times per 100.000 individuals in Germany.

US Surgical Instruments Tracking Systems Market is poised to grow at a sustainable CAGR for the next forecast year.

FAQs

The global surgical instruments tracking systems market is highly competitive with the presence of many international players such as Censis Technologies Inc., Syrma Technology, and Steris PLC. The key players are mainly focusing on the technological advancements, innovations, partnerships, and increasing expenditure on the research & development. 'STERIS plc (Ireland) ', 'Getinge AB (Sweden) ', 'B. Braun Melsungen AG (Germany) ', 'STANLEY Healthcare (USA) ', 'Fortive Corporation (USA) ', 'Censis Technologies, Inc. (USA) ', 'Haldor Advanced Technologies Ltd. (Israel) ', 'Mobile Aspects, Inc. (USA) ', 'Key Surgical (USA) ', 'Case Medical, Inc. (USA) ', 'Xerafy (Singapore) ', 'Infor (USA) ', 'TGX Medical Systems (USA) ', 'Intelligent InSites (USA) ', 'SpaTrack Medical Limited (UK) ', 'iRIS Health Solutions (USA) ', 'Becton, Dickinson and Company (BD) (USA) (Censis) ', 'Avery Dennison Corporation (USA) ', 'Material Management Microsystems (USA) ', 'Ternio Group LLC (USA)'

Continuously rising prevalence of chronic diseases like cardiovascular disorders, obesity, cancer, and arthritis along with the growing number of geriatric population across the globe are the major key factors influencing the global surgical instruments tracking system market. According to our findings, on an average, in every 36 second someone dies with the cardiovascular diseases, and around 2380 deaths from cardiovascular diseases every day in the United States. Thus, the high number of deaths from these diseases resulted in high adoption of surgical instruments tracking system around the world.

Rising demand for radio frequency distribution in managing hospital assets including surgical equipment, medical equipment, and data charts are expected to fuel the market demand in the next few years. In addition, major hospitals like Mayo’s Clinic Saint Mary’s Hospital of Minnesota and Rush University Medical Center in Chicago, have recently deployed RFID to track equipment, surgical instruments, and staff members also. Furthermore, RFID have been outfitted with latest technology, and is present in many forms, from the tracking of surgical tools to tracking patients, which is expected to create more demand for RFID during the forecast period.

North America dominated the global surgical instruments tracking system market with a contribution of over 37% market share in 2021. Introduction to UDI system by the U.S. Food & Drug Administration for the easily identification of medical devices and instruments to ensure improve patient outcomes and availability of device in real time is the key factor driving the growth of the market in the region. Furthermore, the presence of highly advanced and international level healthcare infrastructure along with the rapid growth in the adoption of advanced technologies and products are further expected to drive the regional growth over the forecast period.