Surgical Instrument Tracking System Market Growth, Development and Demand Forecast to 2030

NEW YORK - Sept. 25, 2023 - PRLog -- In 2021, the global surgical instrument tracking system market was worth around USD 209.1 million, and it is projected to advance at a 13.0% CAGR from 2021 to 2030, hitting USD 627.4 million by 2030, according to P&S Intelligence.

This development can be credited to the technological improvements in health care, the growing requirement in order to implement unique device identification inventory and standards organization practices, and the increasing count of surgeries throughout the world.

In 2021, the hardware category held the largest revenue share, of more than USD 100 million in the surgical instrument tracking system market. This is because of the growth in technologies, including barcode tags and RFID chips, which is the key factor boosting the utilization of such solutions for medical instrument inventory management.

In 2021, North America held the largest revenue share, of more than USD 100 million in the industry. One of the main reasons credited for the supremacy of the regional industry in the world is the execution of UDI rules by the USFDA for the better identification of healthcare devices and tools. Additionally, the existence of mature medical infrastructure and the rapid acceptance of up-to-date technologies and items are estimated to advance the industry's expansion potential.

Browse detailed report on Surgical Instrument Tracking System Market Growth and Demand Forecast to 2030 (https://www.psmarketresearch.com/market-analysis/surgical...)

The need for monitoring medical instruments generated through all hospital divisions, reaching from sterilization units to operational rooms, is growing, as a huge count of operations takes place worldwide. Additionally, the barcode is an easy technique that offers real-time location.

Furthermore, because of their cost-efficiency, barcodes are gaining more and more traction in the arena of instrument tracking. Even their beneficiary, named QR code, is now unified into surgical instruments.

Hence, the technological improvements in health care, the growing requirement in order to implement unique device identification inventory and standards organization practices, and the increasing count of surgeries throughout the world, are the major factors driving the surgical instrument tracking system industry.