The surgical instrument storage and transport market is expected to follow related markets with continued growth over 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 projected to drive 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, according to Grand View Research’s report. Patient awareness about the cost benefits of early surgical intervention is increasing with efficient patient counseling during physician visits.
Grand View Research, in a separate report, also predicts growth in another related market.
“The global medical carts market was valued at $1.28 billion in 2016 and is expected to witness a CAGR of 15.2% during the forecast period. Rising incidence of musculoskeletal injury and growing adoption of electronic medical records in hospitals are key contributors to market growth,” the Grand View Research report states. “Increasing adoption of mobile carts can be attributed to the availability of technologically advanced products that offer better configuration, construction, options and features to meet requirements of consumers.”
Grand View Research adds, “Growing need to help medical and surgical staff is expected to propel market growth over the forecast period. On the surgical floor, a secure medication cart coupled with a tablet PC is more convenient than using a separate medication and computer cart. This saves space as well as cost. Critical care units have limited floor space and can benefit from such solutions. As a result, demand for medical carts in these units is expected to increase over the forecast period.”
“The emergence of telemedicine/telehealth and availability of technologically advanced medical carts are among factors contributing to market growth. These products improve nursing efficiency, and this helps in better caregiving to patients. Rise in demand for point-of-care diagnostic technology is also a key growth driver,” the report states.
Surgical procedures and an uptick in the number of surgeries performed is also expected to fuel market growth.
“The procedure segment is expected to gain popularity in the coming years due to consistent usage of these carts in several hospital settings. These products are very helpful in operating procedures, such as cardiology and endoscopy, and provide access to essential therapeutics. These benefits are anticipated to propel the growth of the segment in the future,” Grand View Research states.
A MarketsandMarkets report states, “The surgical instrument tracking systems market is projected to reach $338 million by 2025 from $180 million in 2020, at a CAGR of 13.4% during the forecast period. The growth of this market is majorly driven by the need to meet FDA Unique Device Identification mandates, the requirement for better inventory and asset management practices, and the growth of the surgical instruments market. However, high system costs, long investment cycles, and a lack of realization of ROI are expected to restrain the growth of this market during the forecast period.”