July 24, 2024
Surgical Instrument Tracking Market

Projected Artificial Intelligence Expansion to Boost the Growth of Surgical Instrument Tracking Market

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 involves tracking the usage, location, and sterilization/cleaning cycles of surgical instruments and devices. Tracking provides visibility into instrument usage across the entire perioperative workflow. This ensures patient and staff safety by preventing unintended retention of instruments in surgical sites. It also helps optimize inventory and reduce costs by identifying missing or damaged instruments early.

Market key trends:

One of the key trends in the surgical instrument tracking market is the increasing integration of artificial intelligence and Internet of Things. AI helps automate instrument tracking processes and provides real-time alerts. For example, AI-powered computer vision can automatically scan and identify instruments during usage, transfer, and sterilization. IoT enables connecting instruments to the tracking system via RFID/barcode tags for real-time visibility. This advancement improves tracking accuracy and allows gathering of usage analytics to optimize inventory. Furthermore, AI is being used to predict instrument maintenance needs based on usage patterns, aiding better asset management.

Porter’s Analysis

Threat of new entrants: The surgical instrument tracking market requires high initial investments for setting up tracking systems which poses a barrier for new entrants. Additionally, established players have strong brand recognition which also poses a challenge for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate. However, the growing needs and stringent regulatory norms provide less scope for bargaining.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of numerous component manufacturers.
Threat of new substitutes: There are no cost-effective substitutes for surgical instrument tracking systems currently.
Competitive rivalry: The surgical instrument tracking market is competitive with the presence of numerous global and regional players. Players focus on product innovation and expansion strategies to gain a competitive edge.

Key Takeaways

The Global Surgical Instrument Tracking Market Size is expected to witness high growth, exhibiting CAGR of 19% over the forecast period, due to increasing patient safety concerns.

Regional analysis

North America is expected to dominate the global surgical instrument tracking market during the forecast period. This is attributable to the presence of advanced healthcare infrastructure and stringent regulations regarding staff and patient safety in the region. Asia Pacific is expected to exhibit the fastest growth due to growing medical tourism and increasing focus of key players on emerging Asian countries.

Key players

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