Northbrook, IL 60062 -- (SBWIRE) -- 03/02/2023 -- The surgical instrument tracking system industry is expected to grow significantly in the near future due to increased demand from hospitals, clinics, and other healthcare providers. The demand for surgical instrument tracking systems is driven by the need for greater patient safety, improved efficiency, and cost savings. Additionally, the growth of this industry is further propelled by the introduction of new technologies such as RFID (radio-frequency identification) and barcode scanners, which enable hospitals to track surgical instruments quickly and accurately.

Surgical Instrument Tracking System market in terms of revenue was estimated to be worth $203 million in 2022 and is poised to reach $406 million by 2026, growing at a CAGR of 14.9% from 2022 to 2026 according to a latest report published by MarketsandMarkets™. Tracking systems are gaining importance among healthcare providers due to the drive to reduce costs and increase efficiency. Ensuring better inventory and asset management practices is key to this drive. End users are focused on minimizing the loss of valuable assets and ensuring smooth workflows.

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Prominent Players of Surgical Instrument Tracking System Market:
The key players operating in this market include Fortive (US), Material Management Microsystems (US), Becton, Dickinson and Company (US), Haldor Advanced Technologies (Israel), Intelligent InSites, Inc. (US), Key Surgical, Inc. (US), Mobile Aspects (US), TGX Medical Systems (US), Xerafy (Singapore), STANLEY Healthcare (US), B. Braun Melsungen AG (Germany), Getinge AB (Sweden), Infor Inc. (US), SpaTrack Medical Limited (UK), and Scanlan International, Inc. (US). and Among Others

Notable Surgical Instrument Tracking System mergers and acquisitions for 2021 – 2022 include:
- Brainlab AG Acquires SurgiReal-Medical Simulation and Training Solutions
- Varian Medical Systems Acquires Surgical Information Systems
- Zebra Technologies Acquires Hartmann-US, Inc.
- Cerner Corporation Acquires Surgical Information Systems
- McKesson Corporation Acquires Surgimap Technologies
- Johnson & Johnson Acquires Blue Belt Technologies
- Stryker Corporation Acquires SurgiReal
- Philips Acquires Surgical Information Systems
- GE Healthcare Acquires Surgimap Technologies
- Intuitive Surgical Acquires Surgical Information Systems

Growth Drivers of Surgical Instrument Tracking System Market from Macro to Micro:
- Rising Prevalence of Hospital-Acquired Infections: The rising prevalence of hospital-acquired infections is a major factor driving the growth of the global surgical instrument tracking system market. The increasing instances of hospital-acquired infections and the associated risks of improper sterilization and maintenance of medical equipment are leading to the increasing adoption of surgical instrument tracking systems across healthcare facilities.
- Growing Adoption of Automation in Healthcare Facilities: The growing adoption of automation in healthcare facilities is also driving the growth of the global surgical instrument tracking system market. Automation helps healthcare facilities in streamlining the workflow and improving efficiency, and also provides better visibility of the instruments and equipment.
- Government Regulations: Government regulations and initiatives supporting the implementation of surgical instrument tracking systems in healthcare facilities is another factor driving the growth of the global surgical instrument tracking system market. Governments are encouraging healthcare facilities to adopt surgical instrument tracking systems in order to reduce the incidence of hospital-acquired infections.
- Technological Advancements: Technological advancements in the field of surgical instrument tracking systems is another factor driving the growth of the global market. The development of advanced technologies such as RFID and barcode technologies is enabling healthcare facilities to track and monitor their instruments and equipment efficiently. This is leading to the increased adoption of surgical instrument tracking systems across healthcare facilities.

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Hypothetic Challenges of Surgical Instrument Tracking System Market in Near Future:
- Increasing complexity of surgical instruments: The complexity of surgical instruments is increasing due to the introduction of newer and more sophisticated technology. This makes it difficult for surgical instrument tracking systems to reliably identify and track the instruments.
- Data security concerns: As the volume of data being tracked by surgical instrument tracking systems increases, so does the risk of data breaches and data loss. This can lead to serious safety and security concerns for medical institutions.
- Cost of implementation: Implementing a surgical instrument tracking system can be costly. This is especially true for hospitals and other medical institutions that need to purchase the necessary hardware and software to run the system.
- Interoperability issues: Different surgical instrument tracking systems may not be compatible with each other, which can lead to problems with data sharing and synchronization.
- Lack of standardization: There is a lack of standardization when it comes to the technology used in surgical instrument tracking systems. This can lead to compatibility issues and confusion when trying to determine which systems are compatible.

Top 3 Use Cases of Surgical Instrument Tracking System Market:
- Patient Safety & Error Reduction: Surgical instrument tracking systems can be used to help reduce medical errors and improve patient safety by providing real-time inventory tracking of surgical instruments, tracking instrument use during procedures, and keeping inventory records up to date.
- Cost Savings: By helping to reduce the need to purchase new instruments, surgical instrument tracking systems can help to reduce surgical instrument costs. Additionally, the tracking system can help to reduce the cost of lost or misplaced instruments.
- Efficiency Improvement: Surgical instrument tracking systems provide valuable information to healthcare professionals regarding inventory levels, use of instruments, and sterilization status. This information can be used to help streamline procedures, improve efficiency, and reduce waste.

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