This trend continued throughout the fall and winter, when COVID-19’s patient load peaked. Following the reopening to 2019 levels, the rate of surgical operations rose. Although recovery rates varied widely between subspecialties and case classes, the overall number of surgical procedures did not reach pre-COVID-19 levels until far into 2021. Due to the decline in operations during the pandemic, this has caused a decline in the usage of surgical devices. The COVID-19 pandemic significantly reduced the number of surgical operations performed globally and prompted various surgical procedure recommendations from the relevant governments, which had an impact on the market under study. The surgical tool tracking systems market has recently offered solutions with some of the most notable advantages. Manufacturing locally to cut operating costs is one of the main business tactics used by manufacturers in the surgical instrument tracking systems industry to benefit customers and develop the market sector. In order to grow and thrive in a market that is becoming more competitive and growing, competitors in the surgical tool tracking systems business must offer products that are affordable. With significant industry changes including new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking a variety of strategic activities to expand their global presence. The major market players are investing a lot of money in R&D to expand their product portfolios, which would spur further market growth for surgical tool monitoring systems. Surgical Instrument Tracking Systems Market Competitive Outlook: Rising need to meet FDA Unique Device Identification mandatesĭevelopment of active RFID technology for instruments North America, Europe, Asia-Pacific, and Rest of the World (RoW) Revenue Forecast, Competitive Landscape, Growth Factors, and Trends The market expansion, however, may be hampered by the high cost of surgical equipment tracking system adoption.
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Healthcare providers’ efforts to comply with UDI standards, as well as the potential advantages of better inventory management and patient safety, are projected to be the main drivers of the market CAGR. The need for surgical tool tracking systems is anticipated to increase as a result of the FDA’s UDI rule, which is increasing the need for more effective tracking systems.
Surgical instrument monitoring systems are made to keep track of the whereabouts and usage of surgical instruments in real-time, allowing for better inventory management and insight into the inventory of medical equipment.īy ensuring that the appropriate tools are utilized for the appropriate operations, these systems can also assist in lowering the risk of medical mistakes. The primary market factors accelerating market expansion include the increasing need to comply with FDA unique device identification standards, the demand for better inventory and asset management methods, and the expanding markets for medical devices and surgical instruments. Rising need to meet FDA unique device identification mandates, requirement for better inventory and asset management practices, and growing medical device and surgical instruments markets are the key market drivers enhancing the market growth. Surgical Instrument Tracking Systems Market Trends: According to a Comprehensive Research Report by Market Research Future (MRFR), “ Surgical Instrument Tracking Systems Market Information By Components, By System Type, By End User, And By Region– Forecast Till 2030”, the market size was valued at USD 0.25 billion in 2022 and is projected to grow from USD 0.278 Billion in 2023 to USD 0.53 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 11.50% during the forecast period (2023 – 2030).
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