Staff report
Based on market predictions for related categories, the surgical instrument storage and transport market should increase in coming years.
The surgical instrument tracking system market is expected to grow with a wholesome growth rate of more than 15% over the forecast period 2022-2032, finds Future Market Insights (FMI) in a recent market analysis. With the need to reduce costs and increase productivity, tracking systems are becoming more popular among health care providers.
The FDA’s proposed Unique Device Identification (UDI) requirements are expected to promote growth in the surgical instrument tracking systems market. According to the UDI rules, labelers (manufacturers, processors, specification formulators, re-packagers, and re-labelers) of surgical instruments are anticipated to administer immediate marking at the individual instrument degree.
The high system costs, long investment cycles, affordable restraints, and technological boundaries are expected to inhibit market growth to some extent. Also, due to the COVID-19 pandemic, there was seen a little drop in growth in the first quarter of 2021.
With elective and non-elective surgeries held up, delayed, or abandoned worldwide, there was a noticeable drop in the application of surgical instrument tracking systems and consumables.
In 2022, the North America surgical instruments tracking systems market is expected to account for about 38.5% of the total market.
The global surgical equipment market valued at $31.7 billion in 2019 and is estimated to reach $44.4 billion by 2027, according to Allied Market Research.
Grand View Research is another firm that expects the global surgical market to continue to see growth in the coming years.
“The global surgical equipment market size was valued at $9.32 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.8% from 2021 to 2028,” according to Grand View Research. “Large unmet surgical needs, growing health care costs, rising geriatric population and increasing surgical volume are the key factor projected to drive the market growth during the forecast period. The long-term cost comparison study of medicine therapy with surgery revealed that early surgery is considered more cost-effective as compared to continuous medication. Patient awareness about the cost benefits of early surgical intervention is increasing with efficient patient counseling during physician visits.”
In addition, with the growing burden of health care expenditure in many countries, the product demand is expected to increase over the forecast period, according to Grand View Research. The growing geriatric population across the globe is one of the key factors expected to propel market growth. According to the CDC statistics, around 60% of all surgical procedures were performed on people aged 45 years and above.
“As per the United Nations 2019 report, around 16% of the total world population will be aged 65 years and above by 2050. Poor health care coverage over surgeries, shortage of surgical workforce, and low accessibility to surgical need in the low-middle income countries are anticipated to restrain the market growth to some extent. It is estimated that 9 out of 10 people living in low-middle income countries do not have access to affordable and safe surgical care when needed,” Grand View Research adds.
ResearchAndMarkets.com agrees.
At an estimated value of over $31.65 billion in 2019, the global surgical equipment market is predicted to thrive at a CAGR of 5.8% and valued at over $58.85 billion from 2020 to 2030, according to a report from ResearchAndMarkets.com.
