Surgical Instrument Tracking Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Surgical Instrument Tracking Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The surgical instrument tracking market is poised to grow at a CAGR of 15.2% during the forecast period.

The COVID-19 pandemic led to a significant decrease in surgical procedures around the world and numerous advisories from the respective government regarding surgical procedures, which affected the studied market. For instance, according to the study titled ‘Institutional Surgical Response and Associated Volume Trends Throughout the COVID-19 Pandemic and Postvaccination Recovery Period’ published in August 2022, the quaternary care facility successfully dealt with the COVID-19 pandemic's pressures by significantly reducing the number of surgical procedures performed during the peak of the pandemic. However, despite uneven recovery rates across subspecialties and case classes, total surgical procedure volumes did not fully return to pre-COVID-19 levels until well into 2021. This has led to a decrease in the adoption of surgical instruments due to the reduced number of surgeries during the pandemic. Furthermore, according to the study titled ‘Trends in US Surgical Procedures and Health Care System Response to Policies Curtailing Elective Surgical Operations During the COVID-19 Pandemic’ published in December 2021, the initial shutdown in March–April 2020 was linked to a drop in the number of surgical procedures. The rate of surgical procedures increased after the reopening to 2019 levels, and this pattern persisted during the peak patient burden of COVID-19 in the fall and winter. Therefore, the reduction in surgical volumes during the pandemic might have impacted the market growth due to the reduced adoption of surgical instruments in surgical rooms.

Factors such as increasing surgeries are expected to increase the market growth. According to the Organization for Economic Co-operation and Development updated in August 2022, the number of surgeries (in thousand) performed in some of the European countries such as Portugal, Denmark, Ireland, and Norway in 2021 include 94.87, 49.33, 32.84, 21.5. Such a huge number of surgeries in developed European countries will lead to increased adoption of surgical instruments during the surgeries, driving the market growth. In addition, according to the above source, the number of surgical group specialists (surgeons) in some of the European countries such as Austria, Ireland, Norway, and Switzerland in 2021 was 10,177, 2,950, 3,305, and 7,520. Such a high number of surgeons in European countries will therefore lead to rising in the number of surgeries in the European region, further leading to a rise in the adoption of surgical instruments during the surgeries, propelling the market growth. Furthermore, according to the International Society of Aesthetic Plastic Surgery report published in January 2022, the volume of top 5 surgical procedures performed worldwide in aesthetics in 2020 include Breast Augmentation (1,624,281), Liposuction (1,525,197), Eyelid Surgery (1,225,540), Rhinoplasty (852,554), and Abdominoplasty (765,248). Such a high volume of surgical procedures in aesthetics is anticipated to rise in the adoption of surgical instruments, driving market growth.

However, the high cost associated with the implementation of the surgical instrument tracking systems may hamper the growth of the surgical instrument tracking market.

Key Market TrendsHospital Segment is Expected to Hold a Significant Market Share Over the Forecast Period

The increasing healthcare expenditure along with investment in new hospitals with the expansion of existing ones are expected to boost growth in the studied segment over the forecast period. For example, the Indian government is developing sixteen additional All India Institute of Medical Sciences (AIIMS) across the country in different phases and as per the Indian Ministry of Health and Family Welfare, under Phase-V, in September 2020, INR 1,264 crore was approved by the cabinet for the development of AIIMS, Dharbhanga which is located in Bihar state of India. AIIMS in India is one of the major surgical centers in India. Similarly, there are multiple projects of hospital development that are ongoing and are expected to boost growth of the studied segment. The American Hospital Association (AHA) statistics for 2022 show that the number of active hospitals in the United States increased from 5,534 in 2016 to 6,093 in 2020. Further, as per the same source, the total hospital admissions in the hospitals of the United States stood at about 33.4 million and with a total hospital expense of about USD 1.2 trillion. Thus, the increase in the number of hospitals is expected to boost growth in the studied segment. Furthermore, research studies providing insight into the utilization of RFID in hospitals are another factor in market growth. According to a research report released in January 2022 and titled "Measuring intraoperative surgical instrument utilization with radio-frequency identification," surgical instrument excess is to blame for operating room costs, confusion, and workload. Many health systems have acknowledged the need for supply improvement because it is estimated that 78% to 87% of instruments go underutilized. Previous quality improvement projects have produced an average 52% reduction in supply by manually tracking instrument use and giving surgeons the responsibility of reviewing instrument trays. Previous approaches for identifying necessary instruments are qualitative, expensive, lack scalability and sustainability, and are subject to human error while illustrating the extent of instrument excess. A fresh data stream produced by the RFID technology enables precise instrument supply optimization. Thus, such research studies are expected to increase the market growth.

North America is Expected to Dominate the Market Over the Forecast Period

North America is expected to hold a significant share in the market. With the rising burden of chronic diseases, the Canadian government is investing heavily to improve the healthcare infrastructure. For instance, as per the press release published in July 2021 by the government of Canada, the governments of Canada and Quebec collaborated to invest in 209 infrastructure projects to modernize, redevelop, and upgrade the health and social services institutions in Quebec, including hospitals, and other care centers. Federal Minister of Infrastructure and Communities, and Minister of Health and Social Services, announced a total of USD 188.3 million in funding for these 209 infrastructure projects. These investments demand the availability of advanced medical devices in hospitals. Thus, this is expected to increase the market growth. Furthermore, the data updated by Cedars-Sinai in January 2022 shows that coronary artery bypass graft surgery (CABG), also known as coronary artery bypass, or bypass surgery, is the most common heart surgery and more than 300,000 people have successful bypass surgery in the United States each year. Moreover, the “Ministry of Communications and Transportation (Mexico)” data updated in September 2020 shows that a total of 8,500 people were injured in road traffic accidents. In addition to that, as per the International Transport Forum, “Road Safety Report 2021”, Mexico recorded 13,630 road fatalities at a rate of 10.5 per 100,000 inhabitants in 2020. Therefore, the burden and growing road accident cases within Mexico are estimated to boost the demand for surgeries which drives the growth of the studied market.

Competitive Landscape

The surgical instrument tracking market is moderately competitive, with most of the players competing to increase their market shares. Strong competition and rapid technological advancements are key factors that confront the market. Key players in the market are Becton, Dickinson and Company, BESCO, Censis Technologies Inc., Syrma Technology, Case Medical, and Steris PLC, among others.

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