According to the Market Statsville Group (MSG), the global surgical instrument tracking devices market size is expected to grow from USD 361.4 million in 2021 to USD 768.4 million by 2030, at a CAGR of 9.1% from 2022 to 2030. The global surgical instrument tracking devices market faces significant changes in its market dynamics as new and advanced technologies are being introduced. This sector is going through a period of amendments, driven by increasing combined demand for emerging technologies and their adoption in the healthcare sector. Several factors, such as their demand, technologies, and advantages, are driving the global surgical instrument tracking devices market.
Moreover, as instrument tracking technology and its implementation in the healthcare sector is advancing, the global surgical instrument tracking devices market is offering tremendous opportunities for surgical instrument tracking device manufacturers. Thus, a proper evidence-based approach, quantitative evaluation, and high-value technology are expected to shift the business dynamics by incorporating new technologies into the current offerings.
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Global Surgical Instrument Tracking Devices Market Definition
Surgical instrument tracking devices are systems that can combine scanning technology and application software. They help healthcare professionals to access time-saving tools, leading them to perform efficient and time-saving procedures. The surgical tracking devices are very useful in organizing surgical sets, usage cycle tracking, and documentation of instruments used, understanding the replacement of instruments, and other applications.
Surgical instrument tracking devices advances reduce the time taken to complete the procedure and improve the accessibility and quality of inventory management in medical facilities. This system also collects and monitors real-time data on surgical instruments used in the healthcare facility. Market participants have been working on developing new products and services that meet the needs of healthcare professionals. The introduction of devices with minimal detection time and maximum data recording can potentially change the face of the global surgical instrument tracking devices market.
While the surgical instrument market is on the rise, there are few disadvantages that might slow it down. Metal tags, RFIDs, and barcodes, for example, may not be able to withstand harsh environments such as autoclave temperatures, excessive sterilization with industrial chemicals, and interference from metals and liquids. Furthermore, other radio transmissions/electric/magnetic fields present in the use environment can cause interference. As a result of these factors, hospital management must replace these trackers regularly. There are currently only a few manufacturers on the market whose products provide details of the whole process, such as the number of cycles the product has been used for in surgical operations, the chemicals used to sterilize it, and the tissues involved. The low data storage capacity of the tracking devices results in hampering the easy flow of inventory management and maintaining the data at the hospitals and ambulatory centers. This is expected to negatively affect the investments and purchase of the widely used barcodes.
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The study categorizes the surgical instrument tracking devices market based on technology type, product type, and end-users at the regional and global levels.
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By product type, the global surgical instrument devices market is segmented into barcode and RFIDs. In 2021, RFID had the largest market share of 71.5% in the global surgical instrument tracking devices market. Hospitals must keep track of the ever-changing and increasing availability of surgical instruments in order to keep enough on hand for the procedures. Manual counts and barcodes are common inventory tracking solutions (as they are in many industries), which take time for employees to complete. Radio frequency identification device (RFID) will cut down on counting time, allowing pharmaceuticals to be counted more often and ensuring reliable data and the correct types and quantities of drugs on hand. RFID tags can be read with handheld readers or fixed readers and shelf antennas during inventory checks.
During a surgical procedure, surgeons can use up to 250 different instruments to perform tasks including cutting, grasping, cauterizing, suturing, suctioning, and preventing bleeding. Before and after surgery, hospital workers must manually count each instrument to ensure that none has gone missing, which is a time-consuming and tedious operation. This accounting process is sluggish, prone to errors, and there have been cases of metal instruments, sponges, towels, safety pins, and other items being left inside patients' bodies. While RFID chips can be used to track surgical tools, designing one for reusable metal devices that need to be sanitized between surgeries is a challenge. Furthermore, surgeons insist that any technology applied to their instruments should not alter the form factor, as this could make it difficult for surgeons to use them during procedures.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global surgical instrument tracking devices market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR in the global surgical instrument tracking devices market during the forecast period. Asia-Pacific region is an emerging market for surgical instrument tracking devices due to rising per capita income and rapid advancement in surgical procedures. Also, the Asia-Pacific region consists of China and India, which is 36.0% of the total world population or 67.0% of the Asia-Pacific population. Thus, making an effective emerging market. The Asia-Pacific market is the largest surgical instrument tracking devices market and is expected to maintain the lead until the end of the forecast period.
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Most companies in the market are focused on expanding operations across regions, augmenting their capabilities, and building strong partner relations. Major players in the surgical instrument tracking devices market are: