by The Surgical Instrument Tracking Market is estimated to be valued at US$ 357.2 Mn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The surgical instrument tracking market involves products and services that uniquely identify and track surgical instruments and supplies. These include tags, scanners, management software, and services. Tracking systems provide real-time information on instrument availability, location, and usage which help reduce costs associated with misplaced or unavailable instruments during procedures. They also enable compliance with standards and regulations regarding instrument processing and sterility control.
Market Dynamics:
The growth of the surgical instrument tracking market is driven by the increasing adoption of asset management systems by healthcare facilities to improve sterilization workflow and reduce operating costs. Asset management systems provide visibility and accountability of high-value surgical tools throughout their lifecycle from procurement to storage to reprocessing. This helps minimize loss and improves efficiency. Another key driver is the implementation of stringent regulations regarding sterilization and disinfection of reusable surgical instruments. Regulatory bodies such as the FDA and WHO have issued standards to prevent infection during surgical procedures which is further propelling the demand for tracking solutions. However, high installation and maintenance costs of tracking systems especially for smaller hospitals and clinics remains a market restraint.
Segment Analysis
The surgical instrument tracking market can be segmented by component, technology, end user and region. By component, the market is divided into hardware, software and services. The hardware segment dominates the market owing to requirement of various hardware components such as RFID tags, RFID readers and associated accessories for effective surgical instrument tracking.
PEST Analysis
Political: Regulations regarding maintenance of surgical instrument inventory and traceability is driving the market. Various associations recommend implantation of surgical instrument tracking systems.
Economic: High initial installation and maintenance costs of tracking systems can hamper market growth. However, reducing instrument damages and losses offset costs over long term.
Social: Tracking systems ensure better inventory management and availability of instruments. This enhances workflow efficiency and patient care.
Technological: Advancements in RFID, barcode and GPS technologies enable efficient instrument tracking. Integrating these technologies with cloud-based platforms boosts data analytics capabilities.
Key Takeaways
The Global Surgical Instrument Tracking Market Size is expected to witness high growth, exhibiting 19% CAGR over the forecast period, due to increasing regulatory requirements and emphasis on inventory management. The market size for 2023 is estimated at US$ 357.2 Mn.
Regional analysis: North America dominates the market owing to stringent regulations and advanced healthcare infrastructure. Asia Pacific exhibits highest growth on back of growing medical tourism and healthcare spending.
Key players operating in the surgical instrument tracking market are Keir Surgical Ltd., Case Medical, Scanlan International, Inc., Koch Industries, Getinge Group, B. Braun (Aesculap, Inc.), Xerafy, Mobile Aspects, Key Surgical, Inc., Spatrack Medical Limited, Fortive Corporation Group, Haldor Advanced Technologies, Tgx Medical Systems, Becton, Dickinson and Company, Intechnology Distribution Pty Ltd., Nutrace, Steris Insturment Management Services, Material Management Microsystems, Asanus Medizintechnik GmbH Inc., and Stanley Healthcare (Division of Stanley Black & Decker), among others.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
