Surgical Instrument Tracking MarketSize and Trends

The global surgical instrument tracking market was valued at US$ 301.5 Mn in 2022 and is forecast to reach a value of US$ 1,206.5 Mn by 2030 at a CAGR of 19.0% between 2023 and 2030. The global surgical instrument tracking market is experiencing strong growth due to the rise in burden of cardiovascular diseases and growing number of surgical procedures worldwide. Moreover, high demand for surgical instrument tracking devices/systems and lack of skilled or trained healthcare professionals is expected to boost the market growth. However, factors such as product recalls and data security and high cost of surgical instrument tracking system expected to hamper the growth of the global surgical instrument tracking market.

Figure 1. Global Surgical Instrument Tracking Market Share (%), by Region, 2023

Global Surgical Instrument Tracking Market Drivers:

Rise in burden of cardiovascular disorders to propel market growth

One of the key factors expected to augment the growth of the global surgical instrument tracking market over the forecast period is the increasing prevalence of cardiovascular diseases worldwide. Such a high burden of cardiovascular diseases leads to an increased number of surgical procedures and is expected to increase the use and demand for surgical instrument tracking devices. According to the National Institutes of Health (NIH), each year, more than 2 million people around the world have open-heart surgery to treat various heart problems. This in turn is expected to augment growth of the global surgical instrument tracking market.

Increasing number of surgical procedures to drive market growth

Another factor which is driving the growth of the global surgical instrument tracking market is the increasing number of surgical procedures around the world. For instance, according to the National Center for Biotechnology Information (NCBI), worldwide, around 310 million major surgeries are performed each year; around 40 to 50 million in the United States and over 20 million in Europe. The volume of surgical procedures across the globe is on the rise, which in turn increases the use or demand for surgical instrument tracking devices; thereby positively impacting the growth of the global surgical instrument tracking market.

Global Surgical Instrument Tracking Market Opportunities:

Increasing demand for surgical instrument tracking devices/systems is expected to offer significant growth opportunities for players in the global surgical instrument tracking market. For instance, in April 2023, GE HealthCare announced the launch of a next-gen intraoperative ultrasound imaging system, bkActiv, to provide guidance for urology, colorectal, and pelvic floor surgical procedures. bkActiv provides surgeons with advanced ultrasound guidance, ensuring better performance while offering them a user-friendly and intuitive experience. Furthermore, the system delivers improved image quality that enhances decision-making during surgical procedures.

Lack of skilled/trained healthcare professionals is expected to offer lucrative growth opportunities for players in the global surgical instrument tracking market. For instance, owing to lack of skilled or trained healthcare professionals, the use or demand for surgical instrument tracking devices has increased significantly. In 2021, Spa Track Medical announced the launch of their next generation RFID hospital scanner for surgical instrument tracking. A hi-tech tracking system offer a complete solution that has been designed in close consultation with surgeons, theatre nurses and sterilization experts in hospitals. This in turn is expected to drive market growth.

Global Surgical Instrument Tracking Market: Key Developments

In September 2022, Stryker announced the launch of its Q Guidance System for spine applications. The system combines optical tracking options provided by a redesigned, state-of-the-art camera with sophisticated algorithms of the newly launched Spine Guidance Software to deliver more surgical planning and navigation capability than ever before.

In September 2022, HID Global acquired Vizinex RFID. The acquisition increases HID Global’s presence and relevance in key verticals including healthcare/medical and adds a key technology to HID Global’s industry-leading RFID tag portfolio.

In April 2022, Surglogs announced the launch of a new module called Sterile Processing Records that tracks sterilization loads for healthcare facilities of all types.

Global Surgical Instrument Tracking Market: Key Companies Insights

The global surgical instrument tracking market is highly competitive. This is attributed to the high demand for surgical instrument tracking devices or systems, as a result, players in the market are focusing on launching novel products in the market.