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Surgical Instruments Tracking System Market Size

Report ID: GMI6026
Published Date: Jun 2023
Report Format: PDF

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Surgical Instruments Tracking Market Size

Surgical Instruments Tracking System Market size was valued at over USD 221.7 million in 2022 and it is anticipated to reach around USD 819.7 million by 2032 due to increasing adoption of electronic health records (EHRs), need for operational efficiency, technological advancements in tracking technologies, and rising surgical procedures among others.

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The integration of surgical instruments tracking systems with electronic health records (EHRs) and hospital information systems provides a comprehensive view of patient care. It enables seamless data exchange, alerts, and notifications, improving communication and coordination among surgical teams and supporting efficient instrument management.

Surgical Instruments Tracking System Market Report Attributes
Report Attribute	Details
Base Year:	2022
Surgical Instruments Tracking System Market Size in 2022:	USD 221.7 Million
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	13.7%
2032 Value Projection:	USD 819.7 Million
Historical Data for:	2018 to 2022
No. of Pages:	190
Tables, Charts & Figures:	345
Segments covered:	Component, Technology, End-use and Region
Growth Drivers:	Rise in number of surgeries Technological advancements in surgical instrument tracking systems Need for better inventory and asset management practices Mandatory regulatory guidelines by FDA for unique device identification Lack of skilled professionals
Pitfalls & Challenges:	High cost associated with the implementation of surgical instrument tracking system

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Additionally, healthcare regulatory bodies are placing greater emphasis on traceability and accountability in surgical instrument management. Surgical instruments tracking systems assist healthcare facilities in meeting regulatory requirements by providing documentation and audit trails of instrument usage, sterilization, and maintenance.

A surgical instruments tracking system is a software-based solution designed to manage and track the usage, location, and maintenance of surgical instruments in a healthcare facility, such as a hospital or surgical centers. The system utilizes technologies such as barcoding or RFID (Radio Frequency Identification) to accurately monitor and trace the movement of surgical instruments throughout their lifecycle.

Cost and budget constraints, training and adoption, data security and privacy concerns are among the key pointers expected to hamper the market expansion by 2032. Implementing a surgical instruments tracking system involves upfront costs for software, hardware, and training. Some healthcare facilities may have budget limitations or prioritize other areas of investment, making it challenging to allocate funds for implementing a tracking system.

Authors: Mariam Faizullabhoy

Frequently Asked Questions (FAQ) :

The global market for surgical instruments tracking system was valued at over USD 221million in 2022 and will cross USD 819 million by 2032, backed by the increasing adoption of electronic health records (EHRs), need for operational efficiency, technological advancements in tracking technologies, and rising surgical procedures.

The software segment accounted for over USD 90 million in 2022, owing to the increasing adoption of digital solutions, improved data management & analytics, integration with existing systems, and scalability & flexibility of these software.

The U.S. surgical instrument tracking system market will witness healthy growth rate of 12.7% 2023 and 2032. The growth is primarily attributed to high volume of surgical procedures performed each year in the country.

Becton, Dickinson and Company, Haldor Advanced Technologies, Fortive Corporation, STERIS, Getinge AB, B. Braun Melsungen AG, and SpaTrack Medical Limited among others.