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.
SWOT Analysis
Strength:
– Surgical instrument tracking systems help improve accountability, safety and performance of surgery by tracking individual tools using unique identification numbers. This reduces loss of tools inside patient body and improves efficiency.
– Real-time location tracking of instruments enable surgery teams to locate tools quickly when needed during operation reducing unnecessary delays.
– Data captured on instrument usage help identify overused or damaged tools early for timely replacement improving overall quality.
Weakness:
– Additional costs involved for hospitals to implement tracking systems and maintain the infrastructure.
– Tracking devices add to overall bulk and weight of instruments impacting ease of handling.
Opportunity:
– Growing regulatory compliance for asset tracking in healthcare globally is driving increased adoption.
– Increasing number of complex surgeries and concerns over patient safety are compelling hospitals to invest in tracking tools.
– Emerging technologies like RFID and barcode are making tracking solutions more affordable and usable.
Threats:
– Higher instrument and equipment costs put pressure on healthcare budgets limiting investments.
– Consolidation among vendors increases competitiveness and pricing pressures in the market.
Key Takeaways
The Global Surgical Instrument Tracking Market Growth is expected to witness high growth over the forecast period supported by growing safety concerns and regulatory mandates. The market size is projected to reach US$ 357.2 Mn by 2023 growing at a CAGR of 5.9% during the forecast period.
Regional analysis
North America currently dominates the market owing to stringent regulations and advanced healthcare infrastructure. Growing preference for minimally invasive surgeries is also boosting adoption. However, Asia Pacific is expected to witness fastest growth with increasing governmental focus on patient safety and expanding healthcare sector in large economies like China and India.
Key players
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.
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