Surgical Instrument Tracking System Industry Analysis, Development and Demand Forecast to 2030

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In 2021, the surgical instrument tracking system market was valued at $209.1 million, advancing with a rate of 13.0% from 2021 to 2030, and by 2030.

The size of the surgical instrument tracking system market size was over $209 million in 2021, which will reach over $627 million by 2030, advancing at a growth rate of 13% in the near future. The growth of the industry can be credited to the technical advancements in healthcare, the cumulative need to implement UDI standards and practices of inventory management, and the increasing count of surgeries.

Hardware generated the highest revenue, in excess of $100 million in the past. This has a lot to do with the developments in technologies like Barcode tags and RFID chips, which are key factors pushing the usage of these solutions for the process of surgical instrument inventory management.

Software will grow the fastest in the industry with over 13% CAGR in the future. This has a lot to do with the increasing need for the advanced software all over the world.

North America dominated the surgical instrument tracking system market, with a value of around $100 million in the past. The implementation of UDI regulations for the effective identification of healthcare instruments and devices was a key factor attributed to the growth in the demand for these systems.

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Additionally, the incidence of sophisticated medical infra and the quick acceptance of contemporary technologies and products will enhance the potential for market expansion.

Barcodes were the highest revenue generators, with over 50% of the share, and it will also uphold its position in the future. Barcodes are put to use in inclinics, hospitals, and other surgical specialty centers for monitoring the inventory. With the technical progression and surge in the count of experiments, it has become easier convenient to manage inventory for surgeons.

The requirement for monitoring surgical instruments created in all hospital departments, from sterilization units to operation theatres, is on the rise, as numerous surgeries take place all over the world. Additionally, the barcode is a accessible technology providing actual location.

The increasing number of surgeries is playing an important part in increasing the demand for the surgical instrument tracking systems at a global level.