Global Surgical Instrument Tracking Devices Market Grows Steadily at a CAGR of 9.1%

Surgical sets typically include up to 200 instruments and are constructed using instrument checklists. A technician is responsible for precisely assembling sets, ensuring no missing or mismatched pieces. Thus, it is a challenging job that requires experts to have extensive knowledge and experience. Using a tracking system that gives technicians pictorial guidelines for identifying instruments or, even better, automatically recognizing and matching instruments using radio frequency identification devices (RFID)/barcode reading might simplify this work. Surgical equipment has its shelf life, and manufacturers typically define the number of cycles they can be used for, such as bipolar vessel-sealing instruments. A surgical tool tracking system displays the number of processes an instrument performs for its users. Market Dynamics Increasing Need for Inventory Management and Implementation of Unique Device Identification (UDI) Regulations by the FDA Drives the Global Market As the FDA imposed the use of a unique device identification (UDI) system, demand for surgical instrument tracking devices increased substantially. The UDI mandates direct labeling at the individual instrument level for surgical instrument labelers (manufacturers, re-processors, specification developers, re-packagers, and re-labelers). Thus, most systems have a unique user identifier that is human and machine-readable. The product labeler must provide a specified level of device-specific information to the FDA's global unique device identification database (GUDID). The database is freely searchable, downloadable, and open to the public. From the tray phase, hospitals and ambulatory care facilities have begun mounting the UDI on their devices. The operating theatre typically uses trackers to track surgical tools and equipment. Tracing medical equipment and inventory control throughout the work cycle, including treatment, post-surgery, storage, and sterilizing procedures, are vital challenges hospitals face, necessitating inventory management. Thus, the requirement for inventory management in hospitals and ambulatory clinics is increasing the global need for surgical instrument-tracking technologies. Availability of Technological Advanced Products Creates Tremendous Opportunities  Creating surgical equipment tracking devices expedites surgical procedures and improves the accessibility and efficacy of inventory management in healthcare organizations. In addition, this system collects and monitors data in real-time regarding surgical instruments used at the healthcare facility. Industry participants have endeavored to develop new products and services to meet the needs of healthcare professionals. Due to the development of devices with quick detection times and high data recording rates, the global market for surgical instrument tracking devices may shift. In October 2018, Spa Track introduced new Auto-Scanner RFID surgical equipment. It screens a full instrument plate in around 12 seconds and is a spinning, hetero-directional processing device that can precisely track the registration numbers of every single item. Web applications, interfaces for operating room scheduling systems, and radio frequency recognition technologies have contributed to the development of instrument-tracking devices. The segment's rise is attributable to technological advancements such as high durability, increased data store capacity, reusability, and the absence of a line-of-sight requirement. The evolution of surgical tool tracking device technologies and their user-friendliness are projected to drive the market for surgical instrument tracking devices. Regional Insights North America is the most significant global surgical instrument tracking devices market shareholder and is anticipated to exhibit a CAGR of 8.5% during the forecast period. The U.S. is primarily responsible for the market's expansion. Rising patient acceptance of advanced technologies, which can provide more information and reduce examination time, is one of the most important factors driving market growth in the United States. It is anticipated that the adoption of surgical equipment monitoring devices by developing nations will increase dramatically. Europe is estimated to exhibit a CAGR of 10.1% during the forecast period. Some of the market's corporations have headquarters in this region and retain a significant domestic presence. The majority of early adopters of these technologies are located in Europe. Europe is anticipated to remain the second innovation hub for surgical instrument tracking devices over the forecast period. In addition, doctors' demand for sophisticated surgical instrument tracking devices is expected to play a significant role in driving the market for surgical instrument tracking devices. In 2019, ASANUS Medizintechnik GmbH developed a new method for micro-RFID chip implantation into surgical tools. Key Highlights The global surgical instrument tracking devices market was worth USD 385.52 million in 2022. It is anticipated to reach an expected value of USD 870.93 million by 2031 at a CAGR of 9.1% during the forecast period (2023-2031). Based on technology, the global surgical instrument devices market is segmented into barcodes, RFIDs, and IoT.The RFIDs segment accounted for the largest market share and is estimated to exhibit a CAGR of 9.6% during the forecast period. Based on product type, the global surgical instrument tracking devices market has been segmented into hardware, software, and services. The hardware segment owns the largest market share and is estimated to exhibit a CAGR of 8.4% during the forecast period. Based on end-users, the global surgical instrument tracking devices market has been segmented into hospitals, ambulatory surgical centers (ASCs), and others. The hospital segment accounted for the largest market share and is estimated to exhibit a CAGR of 9.3% during the forecast period. North America is the most significant global surgical instrument tracking devices market shareholder and is anticipated to exhibit a CAGR of 8.5% during the forecast period. Competitive Players The major global surgical instrument tracking devices market companies are Asanus Medizintechnik GmbH, B. Braun Melsungen AG, Becton, Dickinson and Company, Fortive Corporation, FingerPrint Medical Limited, Getinge AB, Haldor Advanced Technologies Integra Lifesciences Holding Corporation, Murata Manufacturing Co., Ltd, NuTrace, and Scanlan International.  Market News In February 2023, BD, a leading global medical technology company, announced the outcomes of a peer-reviewed study that showed BD technology could be used to significantly reduce hazardous drug surface contamination and provide pharmacies and healthcare facilities with real-time measures to more effectively monitor and improve the safety of health care workers and patients. In March 2023, WiMi Hologram Cloud Inc., a leading global Hologram Augmented Reality ("AR") Technology provider, announced that it is developing a collaborative eye-tracking data visualization system. Global Surgical Instrument Tracking Devices Market: Segmentation By Technology Barcode RFIDs IoT By Product Type Hardware Software Services By End-User Hospitals Ambulatory Surgical Centers (ASCs) Others By Regions North America Europe Asia-Pacific  Rest-of-the-World