by Surgical instrument tracking involves the monitoring and management of surgical instruments throughout their lifecycle, from procurement to sterilization, and their usage in surgical procedures. It helps healthcare facilities to efficiently manage their surgical assets and prevent lost or misplaced instruments. Surgical instruments include forceps, retractors, scalpels, scissors, and saws that are used during surgical procedures. Tracking solutions deploy radio-frequency identification (RFID) and barcode technologies to track individual instruments from the time they enter a hospital or medical facility to the point of use in an operating room. This helps reduce costs associated with replacing lost or damaged instruments.
The global surgical instrument tracking market is estimated to be valued at US$ 357.2 million 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:
One of the key drivers for the growth of the surgical instrument tracking market is the rising demand for asset management across healthcare facilities. Healthcare providers are increasingly adopting asset management solutions to streamline operations, reduce costs, and comply with regulations. Surgical instrument tracking solutions help healthcare facilities effectively manage their surgical instrument inventory by automating the instrument cycle from sterilization to surgical procedures. This eliminates manual tracking errors and reduces labor costs associated with searching for misplaced instruments.
Another driver is the growing need to reduce operation delays and healthcare-associated infections. Untracked or misplaced surgical instruments can lead to operation delays and cancellations, impacting surgical schedules and patient care. Tracking solutions help identify missing instruments proactively and prevent such delays. They also enable tracking instruments subjected to high-heat sterilization, validating effective sterilization and reducing infections. This significantly improves patient safety and surgical outcomes.
Segment Analysis
The surgical instrument tracking market is segmented by technology, component, end user and geography. On the basis of technology, the market is segmented into barcode and RFID. Among these, the RFID segment dominates the market and is expected to continue its dominance during the forecast period. RFID provides advantages like real-time tracking and visibility of instruments throughout their lifecycle.
PEST Analysis
Political: Governments across various countries are focusing on patient safety and are introducing stringent regulations to ensure accurate tracking of surgical instruments. This is expected to drive the adoption of tracking solutions.
Economic: The overall growth of the healthcare industry is supporting market growth. Growing healthcare expenditure is increasing the budget for advanced technologies in hospitals and surgical centers. This is positively impacting the surgical instrument tracking market.
Social: Rising incidence of diseases is leading to growing number of surgical procedures. Accurate tracking assists in timely availability of instruments and avoidance of delays or cancellations of surgeries. This improves patient satisfaction and care.
Technological: Major players are investing in RFID and barcode technologies to offer enhanced tracking capabilities like real-time location, automatic scanning, and integration with digital systems. Advancements are enabling facilities to optimize staff workflow and asset utilization.
Key Takeaways
The Global Surgical Instrument Tracking Market Demand 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.
Regional analysis
North America dominated the global market in 2023 and is expected to continue its leadership during the forecast period. Stringent regulations regarding patient safety and focus on reducing infections acquired in healthcare settings are major factors propelling adoption in the region. The Asia Pacific market is expected to witness highest growth during the forecast period supported by rising medical tourism, healthcare infrastructure expansion, and growing private healthcare expenditure.
Key players
Key players operating in the surgical instrument tracking market are Brambles Limited, LOSCAM, Rehrig Pacific Company, CABKA Group, PECO Pallet Inc. These players are focusing on technological innovations and acquisitions to strengthen their market position. For instance, in 2023, Brambles acquired IFCO Systems, a leading provider of reusable plastic containers, to expand its supply chain solutions portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
