RFID Technology Is Fastest Growing Segment Fueling The Growth Of Surgical Instrument Tracking Market
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 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Surgical instrument tracking systems help track high-value surgical instruments throughout their lifecycle right from the point of procurement till the time of retirement. These systems help optimize inventory management, equipment workflow and assist in preventing loss or damage of expensive instruments.
Market key trends:
One of the key trends driving the growth of surgical instrument tracking market is growing adoption of RFID technology. RFID technology allows tracking instruments in both line-of-sight and non-line-of-sight environments using radio waves or electromagnetic fields. This makes RFID a more reliable and accurate method of tracking instruments within sterile processing department and operating rooms. RFID tags can help track individual instrument trays and their contents with greater accuracy compared to traditional barcode systems. This enhances workflow efficiency and also helps reduce loss of expensive surgical instruments.
Segment Analysis
The surgical instrument tracking market is segmented based on component, technology, end-use, and region. Based on component, the market is segmented into hardware (readers, tags), software, and services. The hardware segment is expected to dominate the market owing to recurring needs for tags and readers.
By technology, the market is divided into barcode, RFID (active RFID tags, passive RFID tags), Bluetooth. The RFID segment dominates due to its properties such as extended scanning range and large data storage capacity.
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 stringent regulations regarding inventory management and infection control. The market size for 2023 is US$ 357.2 Mn.
Regional analysis - North America currently dominates the market, accounting for more than 35% market share in 2023 due to strict regulatory mandates and increasing surgical procedures in the region. Asia Pacific is expected to be the fastest growing market over the forecast period owing to growing healthcare infrastructure and hospitals in emerging countries like China and India.
Key players analysis - 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, Dickinson and Company, 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. These players are focusing on developing advanced technologies and solutions to remain competitive in the market.
Comments
0 comment