by The surgical instrument tracking market comprises solutions such as hardware, software, and services that enable tracking and managing surgical instruments during surgical procedures. Tracking surgical instruments during surgery ensures patient safety by avoiding expensive post-surgical complications that can arise from retained items and improves operational efficiency by reducing staff hours spent tracking and managing instruments manually. The need for surgical instrument tracking has increased manifold due to the rising incidence of medical device theft and hospital inventory loss leading to increased asset management costs. According to estimates, about 7-8% of surgical instruments are either unaccounted for or lost annually, amounting to millions lost in revenues for hospitals.
The global Surgical Instrument Tracking Market is estimated to be valued at US$ 411.5 Mn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the surgical instrument tracking market size is the growing adoption of RFID-based tracking solutions. Compared to barcode labeling systems, RFID technology provides improved accuracy, reliability, and real-time location tracking capabilities which are crucial for safe patient care. RFID tags can be easily scanned to obtain instant instrument count during surgeries to prevent incidents of retained surgical items. Major players are focusing on developing advanced RFID-based tracking platforms integrated with IoT and cloud computing for portable, automated tracking of instruments through their complete lifecycle from sterilization to storage to usage in the operating room. For instance, providers like RFCode offer RFID-enabled surgical trays that use active RFID tags to track each instrument within a tray in real-time, reducing human errors.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the surgical instrument tracking market as it requires substantial initial investments and regulations from the FDA. However, ease of doing business and technological advancement have led to new startups entering the market over time.
Bargaining power of buyers: The bargaining power of buyers is high in the surgical instrument tracking market. The presence of various players provides options to buyers and price transparency has increased bargaining power.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitutes and dominance of few major players controlling a major portion of supply.
Threat of new substitutes: The threat of new substitutes is moderate. While advanced RFID technologies can prove substitutes, compliance with regulatory standards remains a barrier.
Competitive rivalry: The competitive rivalry is high attributed to the presence of global and regional players offering innovative instrument tracking solutions.
Key Takeaways
The global surgical instrument tracking market is expected to witness high growth. The global Surgical Instrument Tracking Market is estimated to be valued at US$ 411.5 Mn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024-2031.
North America dominated the market in 2020 owing to advanced healthcare facilities and presence of key players. Asia Pacific is expected to witness the fastest growth during the forecast period attributed to growing healthcare expenditure, increasing focus on hospital-associated infections management, and technological advancements in emerging economies.
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. The key players are focused on new product launches and collaborations to gain a competitive edge in the market. For instance, in October 2020, Aesynt launched the Aesynt Compliance Engine and eProcurement integrations to strengthen operating room workflows and efficiencies.
