by Surgical instruments refer to medical devices or tools used in surgical procedures by surgeons and other medical professionals to perform repairs, examinations, biopsies, surgeries and other medical procedures. Common surgical instruments include scalpels, clamps, scissors, forceps, retractors and other medical devices used across surgical specialties. Surgical instrument tracking solutions help healthcare facilities to efficiently track and manage these high-value surgical instruments throughout their lifecycle. Tracking surgical instruments helps reduce costs associated with lost or misplaced instruments during surgical procedures and asset management.
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 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing Demand for Asset Management in Healthcare Facilities: As highlighted in the heading, there is increasing demand for improved asset management solutions across healthcare facilities to track high-value surgical instruments and reduce costs associated with lost or misplaced instruments during surgical procedures. Growing number of surgical procedures performed worldwide every year drives the need for efficient asset management solutions in operating rooms and other clinical departments. This growing demand for asset management is expected to propel the growth of the surgical instrument tracking market over the forecast period.
Surgical Instrument Tracking Solutions Help Reduce Costs: Surgical instrument tracking solutions aim to reduce costs associated with lost or misplaced surgical instruments during medical procedures. Misplaced surgical instruments can significantly increase costs for healthcare facilities due to additional surgical procedure time, replacement costs and adverse patient outcomes. Tracking solutions help minimize such costs by enabling real-time instrument visibility and providing alerts for missing instruments. This ability to reduce operating costs through effective asset management is a key driver boosting adoption of surgical instrument tracking solutions globally.
Segment Analysis
The surgical instrument tracking market is segmented based on product type and end user. Among product types, software segment dominates the market owing to benefits such as ease of use and handling, real-time data analysis, storage and retrieval of instrument data. The software segment is expected to witness fastest growth during the forecast period.
PEST Analysis
Political: Stringent laws related to sterilization and tracking of surgical instruments by various regulatory bodies like FDA boost the market.
Economic: Rising healthcare expenditure fosters market growth. High installment and maintenance cost of tracking systems in developing nations hampers the market.
Social: Increasing number of surgical procedures and focus on patient safety drives the demand.
Technological: Advancements in barcode and RFID technologies used for tracking instruments support market growth. Integrations of tracking systems with digital platforms enable effective monitoring.
Key Takeaways
The Global Surgical Instrument Tracking Market Demand is expected to witness high growth. 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 5.9% over the forecast period 2023 to 2030.
North America dominates the market currently owing to strict regulatory policies and advanced healthcare infrastructure. Growing geriatric population undergoing various surgeries in the region also contributes to market growth. The Asia Pacific region is witnessing fastest growth in the surgical instrument tracking market led by countries such as India, China and Japan. Rising healthcare expenditure, improving healthcare infrastructure and increasing surgical procedures in the region support market expansion.
Key players operating in the surgical instrument tracking market are Brambles Limited, LOSCAM, Rehrig Pacific Company, CABKA Group, PECO Pallet Inc, The Corrugated Pallet Company, Falkenhahn AG, Millwood Incorporation, Litco International Inc, and Schoeller Allibert.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
