Surgical instrument Tracking System Market To Reach $627.4 Million by 2030

According to the market research report published by P&S Intelligence, the revenue of the surgical instrument tracking system market was $209.1 million in 2021, and it will reach $627.4 million by 2030, at a 13% CAGR.

The growth of the industry can be credited to the technical developments in healthcare, snowballing necessity to implement UDI standards and practices for managing inventory, and increasing volume of surgeries around the world.

Hardware generated over $100 million revenue, which was the highest in the surgical instrument tracking system market in 2021. The rising usage of technologies, for example, RFID chips and barcode tags, is the key factor pushing the usage of tracking systems for the inventory management of surgical instruments. Furthermore, the increase in hardware demand has a lot to do with the frequent purchasing of non-durable barcode tags/RFID chips, as they are separated during washing or damaged during sterilization.

North America generated the highest revenue, of approximately $100 million, in 2021. The mandates for adhering to UDI guidelines of the USFDA are among the key factors for the region's dominance on the surgica