Surgical Instrument Tracking Systems Market to Reach $627.4 Million by 2030, According to P&S Intelligence
NEW YORK, June 6, 2022 /PRNewswire/ — According to the market research report published by P&S Intelligence, the revenue of the Surgical Instrument Tracking Systems Market has been $209.1 million in 2021, and it will reach $627.4 million by 2030, at a CAGR of 13%. Industry growth can be attributed to technical developments in healthcare, the need to snowball to implement UDI standards and practices for inventory management, and increasing volume of surgeries in the world.
Material generated on $100 million revenue, which was the highest in the surgical instrument tracking systems market in 2021. The increasing use of technologies, for example, RFID chips and barcode tags, is the key factor driving the growth. use of tracking systems for inventory management of surgical instruments. Additionally, the increase in hardware demand has a lot to do with the frequent purchase of non-durable barcode/RFID chip tags as they get separated during washing or damaged during sterilization.
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The main end users of these tracking systems are hospitals, and they are also likely to maintain their supremacy in the near future. This can be attributed to a large number of patients visiting these health centers and an increase in the number of surgeries.
The requirement for these tracking systems in CHWs is likely to grow at the highest rate in the near future. This is a result of the government’s focus on reducing healthcare costs and improving patient outcomes, which is responsible for the growing popularity of these medical centers. In addition, they are much more suitable and accessible than hospitals and 40 to 60% more economical.
Regional Analysis Of Surgical Instrument Tracking System Market
- North America generated the highest turnover, of approximately $100 millionin 2021. The USFDA UDI guidelines adherence mandates are among the key factors driving the region’s dominance in the surgical instrument tracking systems market globally.
- The United States was the market leader in North America in the past, with a share of about 90% of revenue in 2021. The growing number of WHO initiatives to disseminate knowledge relating to surgical care and the growing number of hospitals and emergency centers contribute to the country’s market growth.
- Germany holds the largest market share of Europeand it is likely to have a share of over 20% by 2030.
- The UK market is expected to be driven by the growth of the elderly population, the snowball effect of long-lasting illnesses and the increase in the number of surgeries.
- The APAC surgical instrument tracking systems market is expected to witness the highest growth rate (14%) in the near future. It has a lot to do with improving health facilities and increasing disposable income.
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Barcodes generate more than 50% of revenue and are expected to maintain their dominance in the years to come. With technical developments and the proliferation of experiments, inventory management is simple and adapted to surgeons. The need for these markings in all departments of hospitals is increasing due to the booming volume of surgeries globally.
Surgical Instrument Tracking System Market Segmentation Analysis
Per end user
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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SOURCE P&S Intelligence