Market Trends of Global Surgical Instrument Tracking Industry
The Hospital Segment Expected to Witness Growth over the Forecast Period
Hospitals are sites providing medical and surgical treatment for patients, and hence there is a higher need for surgical instrument tracking. 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.
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 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.
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 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 RFID technology enables precise instrument supply optimization. Thus, such research studies are expected to increase the market growth.
North America Expected to Dominate the Market
North America is expected to dominate the market owing to factors such as the rising burden of chronic diseases and the Canadian government investing heavily to improve the healthcare infrastructure.
For instance, as per a 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. The 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. This is expected to increase market growth.
Furthermore, the data updated by Cedars-Sinai in January 2022 showed that coronary artery bypass graft surgery (CABG), also known as coronary artery bypass, or bypass surgery, was the most common heart surgery, and more than 300,000 people had successful bypass surgery in the United States each year. This elevates the need for the surgical instrument market.
