Global Surgical Instrument Tracking Market Size

Surgical Instrument Tracking Systems Market Analysis

The surgical instrument tracking market is poised to register 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 spurred numerous advisories from the respective government regarding surgical procedures, which affected the studied market. For instance, according to a 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.

Now, 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 European countries such as Portugal, Denmark, Ireland, and Norway in 2021 include 94.87, 49.33, 32.84, and 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 a few 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 also do good for the surgical instrument tracking market.

Furthermore, according to a International Society of Aesthetic Plastic Surgery report published in January 2022, the volume of top five surgical procedures performed worldwide in aesthetics in 2020 included 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 propel 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 market.