The global 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:
Surgical instrument tracking systems are used to track expensive surgical instruments and ensure their availability during procedures. They help in reducing instrument damages, loss of instruments, and promotes instrument inventory management.
Market key trends:
One of the key trends in the surgical instrument tracking market is the adoption of radio-frequency identification technology. RFID technology helps in tracking instruments throughout their lifecycle from sterilization to usage in the operating room. The technology provides real-time location of instruments which helps in improving workflow and inventory management. Other technologies gaining adoption include barcode tracking and sensors which can detect usage of instruments and sending alerts. Rising concerns over patient safety is also driving the need for accurate surgical instrument tracking.
SWOT Analysis
Strength: Ability to improve operational efficiency by preventing instrument damage/loss and ensuring availability. Can optimize inventory management and reduce costs.
Weakness: High upfront costs of implementation and maintenance of tracking systems. Issues with data security and privacy.
Opportunity: Growing demand for asset management solutions in emerging markets. Integration of tracking technologies like RFID/barcodes with cloud/AI/IoT expanding capabilities.
Threats: Risk of technologies becoming obsolete rapidly due to innovations. Competition from alternative product identification methods and manual tracking processes.
Key Takeaways
The Global Surgical Instrument Tracking Market Size was valued at US$ 357.2 Mn in 2023 and is expected to reach over US$ 812.5 Mn by 2030, expanding at a CAGR of 19.% from 2023 to 2030. Factors such as improving efficiency of surgical workflows and reducing staff workload are propelling the market growth.
The Asia Pacific region is estimated to witness the fastest growth during the forecast period owing to rising healthcare spending, increasing volume of surgeries, and growing focus of market players in this region.
Some of the 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
