The Surgical Instrument Tracking Market is estimated to be valued at US$ 357.2 Mn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The surgical instrument tracking market includes products like software solutions, hardware solutions, and services used by healthcare providers to track and manage surgical instruments and tools. These products provide traceability, sterility assurance, and prevent miscounts. This enhances patient safety, reduces instrument loss, and saves costs for hospitals and surgical centers.
Market key trends:
One of the key trends driving growth in the surgical instrument tracking market is traceability and sterility assurance. Surgical instrument tracking solutions allow healthcare providers to uniquely identify each instrument throughout its life cycle from sterilization to surgery. This ensures instruments are properly sterilized and maintained between procedures. Tracking solutions also help facilities quickly locate missing or misplaced instruments, improving efficiency. Adoption is growing to comply with stringent regulations and protocols regarding medical device reprocessing and prevent lost or misplaced items in surgical procedures.
Porter's Analysis
Threat of new entrants: Low capital requirements and established brand loyalty pose low threat of new entrants. However, high R&D costs act as a barrier.
Bargaining power of buyers: Large healthcare facilities have higher bargaining power due to their bulk buying ability. However, need for specialized surgical instruments limits their power.
Bargaining power of suppliers: Major suppliers have established their brands reducing buyer options and increasing supplier power. However, none have complete control increasing buyer power stability.
Threat of new substitutes: No close substitutes exist for specialized instruments reducing threat from new substitutes.
Competitive rivalry: Intense competition exists between established brands increasing pressure to innovate and maintain quality.
SWOT Analysis
Strengths: Established brand loyalty, specialized product portfolios, global distribution networks.
Weaknesses: High R&D costs, regulatory compliance burdens, premium pricing resistance in cost-sensitive areas.
Opportunities: Emerging markets growth, product expansion into disposables, robotics integration.
Threats: Supply chain disruptions, price control policies, economic slowdowns affecting capital expenditure.
Key Takeaways
The Global Surgical Instrument Tracking Market Size is expected to witness high growth, exhibiting CAGR of 19% over the forecast period, due to increasing need for asset management and compliance with regulations. The market size for 2023 is US$ 357.2 Mn.
Regionally, North America dominates the market currently due to stringent regulations and advanced healthcare infrastructure. Asia Pacific is expected to grow at the fastest pace due to rising medical tourism and healthcare spending.
Key players operating in the surgical instrument tracking market are Keir Surgical Ltd., Case Medical, Scanlan International, Inc., Koch Industries, Getinge Group, B. Braun (Aesculap, Inc.), Xerafy, Mobile Aspects, Key Surgical, Inc., Spatrack Medical Limited, Fortive Corporation Group, Haldor Advanced Technologies, Tgx Medical Systems, Becton, Intechnology Distribution Pty Ltd., Nutrace, Steris Insturment Management Services, Material Management Microsystems, Asanus Medizintechnik GmbH Inc., and Stanley Healthcare (Division of Stanley Black & Decker), among others.
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