Several reports call for continued growth in the surgical instruments tracking systems market. At least one research firm calls for the market to exceed $536 million in the near future.
Reportlinker.com recently announced the release of its report on the surgical instruments tracking systems market.
“The global surgical instrument tracking systems market size is expected to reach a value of $536.0 million by 2026,” according to Reportlinker.com. “It is anticipated to expand at a compound annual growth rate (CAGR) of 19.9% during the forecast period.”
The report adds that the rising incidence of retained surgical foreign bodies in the body during surgery is expected to boost the growth. In the U.S., around 4,500 to 6,000 items of surgical equipment are left in surgical sites, annually, leading to the requirement for an additional surgery to remove that equipment from the body, the report states. Thus, there is an increasing demand for operating instrument tracking products.
Reportlinker.com also states that an increasing need for inventory management and implementation of Unique Device Identification (UDI) regulations by the Food and Drug Administration (FDA) are some of the major factors supporting market growth.
The U.S. FDA has proposed a rule requiring UDI for medical devices to encounter the requirements of the FDA Amendments Act, to improve medical devices safety and reporting of device-related adverse events. According to UDI regulations, surgical instruments would essentially have to be UDI marked on the device to modernize post-market surveillance and the patient safety of various surgical instruments. Thus, favorable government regulations for implementation of tracking solutions is projected to boost the market growth.
According to a new research report published by MarketsandMarkets, the surgical instrument tracking systems market is projected to grow at a CAGR of 14.1% during the forecast period to reach $312 million by 2024 from $161 million in 2019.
The MarketsandMarkets report states that factors such as the need to meet FDA UDI mandates, the requirement for better inventory and asset management practices, along with the growth of the surgical instruments market are all expected to drive market growth.
The hospitals market segment accounted for the largest share of the surgical instrument tracking systems market, according to MarketsandMarkets.
“Based on end user, the market is segmented into hospitals and other end users. The hospitals segment accounted for the larger share of the surgical instrument tracking systems market in 2018. The growth of the hospitals segment is attributed to high patient inflow as compared to other end users in the market. Hospitals also use more equipment and instruments on an average than other health care providers and carry out a greater number of surgical procedures. This has ensured a sustained demand for tracking solutions in hospitals,” the report states.
Grand View Research also issued a report that predicts continued market growth.
The global surgical instruments tracking systems market size was valued at $128.3 million in 2018 and is projected to expand at a CAGR of 19.9% over the forecast period (2019-2026), according to the report.
Grand View Research agrees that the increasing incidence of retained surgical instruments in the human body after surgery and instrument misplacement are major factors contributing to market growth.
“According to the National Center for Biotechnology Information (NCBI), the fatality rate of retained surgical objects is around 2.0%. Thus, the need for advanced technologies such as 2D barcodes and RFID to track the retained instruments while the patient is still in the operation theater, is rising. This factor is projected to propel the market,” the report states.
High adoption of instrument tracking products by hospitals is another major factor driving the market growth.
“Tracing medical devices and inventory management during work cycle including surgery, post-surgery, storage and sterilization procedures are some of the major problems faced by hospitals. Thus, they are adopting innovative technologies to track these equipment and systems, which in turn is expected to propel the market,” Grand View Research adds.