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Global Surgical Instrument Tracking Market Growth Accelerated by Increased Surveillance in Healthcare Facilities

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Sneha
Global Surgical Instrument Tracking Market Growth Accelerated by Increased Surveillance in Healthcare Facilities

Surgical instruments are essential equipment used in various surgeries such as application of dressings, sutures, cuts, and incisions. Tracking surgical instruments helps prevent loss and maintains proper inventory levels. With rising surgical procedures globally, demand for surgical instrument tracking solutions is increasing.

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.

Market key trends:

Increased surveillance in healthcare facilities is one of the key trends driving growth of the surgical instrument tracking market. Healthcare facilities are implementing real-time tracking solutions to identify the exact location of surgical instruments. This helps reduce loss of instruments and improves operational efficiency. Tracking solutions enable facilities to track instruments from the time they enter sterilization to the end of a procedure and assist in maintaining instrument count. Real-time visibility into instrument movement and usage assists in better inventory and asset management. This trend is expected to continue during the forecast period thereby accelerating demand for surgical instrument tracking solutions.

Segment Analysis

The global Surgical Instrument Tracking Market is segmented based on Technology and End User. Based on Technology, the market is divided into barcode and RFID. The RFID segment is expected to dominate the market owing to its numerous advantages over barcodes such as no line of sight requirement, ability to store more data, and resistance to harsh environmental conditions suitable for equipment tracking. Based on End User, the market is categorized into hospitals and others. The hospitals segment holds the largest market share due to stringent regulations regarding inventory management and increasing emphasis on reprocessing of surgical instruments.

Key Takeaways

The Global Surgical Instrument Tracking Market Size is expected to witness high growth during 2023–2030. 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.

Regional analysis — The Asia Pacific region is expected to witness the fastest growth during the forecast period owing to increasing healthcare expenditure, rising number of hospitals, and growing efforts to reduce medical errors & infections.

Regional analysis — North America region currently dominates the market owing to stringent regulations imposed by agencies such as FDA regarding surgical equipment tracking and inventory management. 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.

Key players related content — Key players operating in the Surgical Instrument Tracking Market are focusing on new product launches and strategic collaborations to strengthen their market position. For instance, in 2021, Materialise partnered with Solvi to integrate Solvi’s software for equipment tracking into Materialise’s 3D printing solutions.

Explore more information on this topic, Please visit -

https://www.insightprobing.com/surgical-instrument-tracking-market-share-and-forecasts-analysis/

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