Future Outlook of the Surgical Instruments Tracking Systems Market: Growth, Trends, and Emerging Opportunities Explored
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What fueled the previous growth in the surgical instruments tracking systems market?
The market for surgical instruments tracking systems has seen significant expansion in the past few years. The market value, which is predicted to be $201.01 billion in 2024, is anticipated to escalate to $222.93 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 10.9%. Key contributing factors to this historical growth include the drive to minimize surgical site infections (SSIs), the prioritization of inventory management, a rising demand for real-time visibility, the advent of value-based healthcare, improvements in surgical results and patient contentment, as well as the provision of remote access to and monitoring of surgical instruments.
What will be the surgical instruments tracking systems market size in the future?
The surgical instruments tracking systems market size is expected to see rapid growth in the next few years. It will grow to $332.87 billion in 2029 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to integration with hospital information systems (HIS), rising adoption of cloud-based solutions, increased demand for surgeries and procedures, public health initiatives, and adapting to regulatory shifts and healthcare policy changes. Major trends in the forecast period include the adoption of radio frequency identification (RFID), barcode, and IoT technologies, advancements in software capabilities, development of advanced sensors, mobile health solutions, and analytics, and innovation and product development.
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What main drivers are fueling expansion in the surgical instruments tracking systems market?
The surgical instruments tracking systems market is set to thrive on the back of the escalating volume of surgical operations. These surgeries, which include manual or operational methods to mend injuries, ailments, or irregularities utilizing instruments, are proliferating due to improved medical technology and a rise in the aged populace which necessitates added healthcare services. Surgical instrument tracking systems amplify efficacy and safety by guaranteeing real-time monitoring and management of tools during operations, lessening the threat of retained surgical materials. For example, the International Society of Aesthetic Plastic Surgery (ISAPS), a US professional organization for certified aesthetic plastic surgeons, revealed in September 2023 that there was an overall escalation in procedures performed by plastic surgeons by 11.2% in the year 2022, tallying to more than 14.9 million surgical and 18.8 million non-surgical operations globally. Thus, the escalating volume of surgical operations is fostering the growth of the surgical instruments tracking systems market.
What key areas define the segmentation of the global surgical instruments tracking systems market?
The surgical instruments tracking systems market covered in this report is segmented –
1) By Product: Hardware, Software, Services
2) By Technology: Barcodes, Radio Frequency Identification (RFID)
3) By End-use: Hospitals, Other End Users
Subsegments:
1) By Hardware: RFID Tags, Barcode Labels And Scanners, Real-Time Location Systems (RTLS) Devices, Wireless Tracking Devices
2) By Software: Inventory Management Software, Asset Tracking Software, Data Analytics Software For Tracking, Integration Software With Hospital Management Systems
3) By Services: Installation And Integration Services, Maintenance And Support Services, Consulting Services, Training And Educational Services
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Who are the key players steering the development of the surgical instruments tracking systems market?
Major companies operating in the surgical instruments tracking systems market are 3M Company, Becton Dickinson and Company, Stryker Corporation, B. Braun Melsungen AG, Fortive Corporation, Getinge AB, Belimed AG, STANLEY Healthcare, Capsa Healthcare, Key Surgical, Invengo Technology Pte. Ltd., Case Medical Inc., WaveMark Inc., Terso Solutions, SATO Vicinity, Xerafy, Mobile Aspects, Synergy Health plc, VueMed, Haldor Advanced Technologies Ltd.
How are evolving market trends shaping surgical instruments tracking systems Strategies?
Key players in the surgical instruments tracking systems market are concentrating on advancing technologies, such as robotic technology, to secure a competitive advantage. Robotic technology involves the implementation of sophisticated robotic systems incorporated with high-tech sensors, actuators, and the capability of artificial intelligence (AI) to autonomously or semi-autonomously execute intricate tasks. For example, in January 2023, Becton, Dickinson, and Company, an American medical device firm, unveiled the BD Kiestra 3rd Generation Total Lab Automation System. It’s a newly designed robotic track system aimed at microbiology laboratories for streamlined specimen processing. The system comes with a versatile, modular, and scalable design that joins multiple BD Kiestra modules, thus allowing labs to customize the automation in accordance with their unique workflow and physical space necessities.
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What regions are contributing significantly to the growth of the surgical instruments tracking systems market?
North America was the largest region in the surgical instruments tracking systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the surgical instruments tracking systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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