Surgical instrument tracking solutions help hospitals and healthcare providers efficiently manage their surgical instrument inventory and reduce costs. Surgical instrument tracking systems use advanced RFID technology to accurately track individual surgical instruments and their status throughout the sterilization process from the point of use to storage. This helps reduce surgical instrument loss and improves efficiency. Adoption of surgical instrument tracking solutions is growing among hospitals as they help enhance patient safety by preventing unintended retention of surgical instruments and appliances inside the human body after surgeries.
The global surgical instrument tracking market is estimated to be valued at US$ 411.5 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increased Patient Safety Measures- Surgical Instrument Tracking Market size is expected to gain significant traction driven by stringent regulations and policies in developed economies mandating the use of surgical instrument tracking systems. For instance, the Joint Commission, an independent, not-for-profit organization in the U.S., accredits and certifies more than 22,000 health care organizations and programs. In 2010, it implemented standards requiring hospitals to track reusable surgical instruments and devices in the U.S. Adoption of such standards aimed at improving patient safety is expected to boost the demand for surgical instrument tracking solutions.
Technological Advancements- Major industry players are investing in R&D to develop advanced and innovative surgical instrument tracking systems in order to strengthen their market position. Key players are focused on integrating innovative technologies including barcodes, RFIDs, and sensors with surgical instruments to improve tracking capabilities. Innovation towards miniaturizing tracking components is also a key focus area. Ongoing technological advancements are expected to drive the surgical instrument tracking market growth over the forecast period.
Segment Analysis
The global surgical instrument tracking market is segmented on the basis of technology, component, end user and region. Based on technology, the market is segmented into barcodes and RFID. The RFID segment dominates the market and is expected to witness highest growth during the forecast period. RFID technology provides high accuracy and efficiency in tracking surgical instruments as compared to barcodes. Based on component, the market is divided into software, hardware and services. The software segment holds majority share in the market as it plays a vital role in managing and maintaining records of surgical instruments.
PEST Analysis
Political: Governments across regions have implemented stringent regulations regarding tracking and traceability of medical devices used in hospitals and healthcare facilities to prevent infections. This is positively impacting the surgical instrument tracking market.
Economic: Rising healthcare spending coupled with growing number of surgeries performed is boosting the market growth. However, high initial costs associated with implementation of tracking solutions can hamper the market to some extent.
Social: Increasing prevalence of hospital acquired infections due to improper sterilization and handling of surgical instruments is raising concerns regarding patient safety. This is propelling demand for effective tracking systems.
Technological: Key players are emphasizing on development of advanced RFID and software based tracking solutions with features such as real-time instrument visibility, automated instrument counts and enhanced sterilization monitoring. Integration of IoT and artificial intelligence capabilities in tracking systems is also gaining traction.
Key Takeaways
The global surgical instrument tracking market is expected to witness high growth at a CAGR of 6.1% during the forecast period of 2024 to 2031. The global surgical instrument tracking market is estimated to be valued at US$ 411.5 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031.
North America is expected to dominate the global market during the forecast period. High healthcare spending and presence of major players in the region is fueling market growth in North America. North America is expected to exhibit significant growth owing to rising adoption of advanced asset management solutions in hospitals, stringent regulations regarding patient safety and presence of leading market players such as 3M, B. Braun Melsungen AG and Censis Technologies Inc. in the region.
Key players
Key players operating in the surgical instrument tracking market are 3M, E. I. du Pont de Nemours and Company, Aculon Inc., BASF SE, P2i, ABRISA TECHNOLOGIES, NEI Corporation, DRYWIRED, ACCUCOAT INC., OerlikonMetco (US) Inc, and NANEX COMPANY. 3M is a leader in provision of RFID and barcode based tracking solutions with global presence and strong customer base in healthcare industry.
