July 21, 2024
Surgical Instrument Tracking Market

Surgical Instrument Tracking Market led by Need to Reduce Medical Errors

Surgical instrument tracking systems offer real-time visibility into surgical instruments throughout their lifespan from point of receiving to disposal. These systems help in automated tracking and identification of surgical instruments, thereby minimizing human errors and improving efficiencies. Surgical instruments are crucial for performing surgeries and come in various forms such as scalpels, clamps, forceps etc. However, challenges related to misplacement and inaccuracies during manual counting have been major concerns. Surgical instrument tracking systems help in digitalizing the workflow and providing scan-based tracking which allows for 100% accuracy in instrument counts. The global adoption of such systems is growing in order to reduce medical errors and associated risks.

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 Key Trends:

Radio Frequency Identification (RFID) has emerged as a key technology trend enabling surgical instrument tracking. RFID involves use of small semiconductor chips attached to instruments that can be digitally identified and tracked using fixed or handheld RFID readers. This allows for real-time visibility and automated scanning without line of sight requirements. Moreover, integration of RFID with beacon technologies is further enhancing capabilities. Beacons use Bluetooth low energy signals for proximity-based detections, complementing RFID technology. Together, RFID and beacon powered real-time locating systems (RTLS) are enabling advanced functionalities like geo-fencing of instruments and automated triggering of processes. Their adoption is expected to accelerate over the forecast period.

Porter’s Analysis

Threat of new entrants: Low barriers such as less capital requirements has led to high threat of new entrants in the surgical instrument tracking market.

Bargaining power of buyers: Large number of buyers in the market has given them higher bargaining power.

Bargaining power of suppliers: Established suppliers and differentiated products have provided them moderate bargaining power.

Threat of new substitutes: Limited threat of substitution as tracking solutions offer better accuracy and visibility.

Competitive rivalry: Intense competition exists among existing players to gain higher market share.

Key Takeaways

The Global Surgical Instrument Tracking Market Size is expected to witness high growth. The market size is projected to reach US$ 764.6 Mn by 2030 from US$ 357.2 Mn in 2023, growing at a CAGR of 5.9% during the forecast period.

Regional analysis: North America is currently the dominant regional market for surgical instrument tracking. The region accounts for more than 40% of the global market share due to strict regulations and growing technological adoption. Asia Pacific is expected to witness the fastest growth during the forecast period supported by increasing healthcare spending and developing healthcare infrastructure in countries like China and India.

Key players: Key players operating in the surgical instrument tracking market include 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. These players are focusing on new product launches and mergers & acquisitions to strengthen their market presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it