Skip to main content

Surgical Instrument Tracking Market Is Estimated To Witness High Growth Owing To Increasing Demand for Efficient Inventory Management

 

Surgical Instrument Tracking Market

The global Surgical Instrument Tracking Market is estimated to be valued at US$ 301.5 Mn in 2023 and is expected to exhibit a CAGR of 19.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The Surgical Instrument Tracking Market involves the use of technology to track and manage surgical instruments throughout healthcare facilities. This technology enables real-time identification, location tracking, and inventory management of surgical instruments, leading to increased efficiency and improved patient safety. The need for surgical instrument tracking arises due to the large number of instruments used in surgical procedures and the potential risks associated with misplaced, lost, or contaminated instruments. Surgical instrument tracking systems offer advantages such as reduced costs associated with replacement of lost instruments, efficient inventory management, improved patient safety, and compliance with regulatory standards.

Market key trends:

One key trend driving the Surgical Instrument Tracking Market is the increasing demand for efficient inventory management in healthcare facilities. With the growing complexity of surgical procedures and the use of numerous instruments, it is crucial for healthcare facilities to accurately track and manage their instrument inventory. Surgical instrument tracking systems provide real-time visibility of instrument location, usage history, and availability, allowing healthcare facilities to optimize their inventory management processes. This helps in reducing costs associated with overstocking or understocking of instruments, minimizing instrument misplacement, and ensuring that sterile instruments are readily available when needed. The adoption of surgical instrument tracking systems is expected to increase significantly in the coming years, driven by the need for improved operational efficiency and patient safety in healthcare facilities.

PEST Analysis:

·         Political: The political factors affecting the surgical instrument tracking market include government regulations and policies related to healthcare and medical devices. These regulations can impact the adoption and implementation of surgical instrument tracking systems.

·         Economic: The economic factors influencing the market include healthcare expenditure, reimbursement policies, and overall economic growth. Increasing healthcare expenditure and favorable reimbursement policies can drive the growth of the surgical instrument tracking market.

·         Social: The social factors that can impact the market include increasing awareness about patient safety and the need for efficient surgical processes. Healthcare providers and patients are becoming more conscious about the importance of accurate tracking and management of surgical instruments.

·         Technological: Technological advancements in the field of surgical instrument tracking are driving market growth. Innovations such as RFID (Radio Frequency Identification) and barcode technology are improving the accuracy and efficiency of tracking systems.

Key Takeaways:

The Global Surgical Instrument Tracking Market Size  is expected to witness high growth, exhibiting a CAGR of 19.0% over the forecast period (2023-2030), due to increasing government regulations, rising healthcare expenditure, and growing awareness about patient safety.

In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the surgical instrument tracking market. The presence of advanced healthcare infrastructure, stringent regulations, and a high focus on patient safety are driving the demand for surgical instrument tracking systems in this region.

Key players operating in the surgical instrument tracking market include 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 Instrument Management Services, Material Management Microsystems, Asanus Medizintechnik GmbH Inc., and Stanley Healthcare (Division of Stanley Black & Decker). These companies are focusing on product innovations, collaborations, and strategic partnerships to gain a competitive edge in the market.

Overall, the surgical instrument tracking market is expected to witness significant growth, driven by factors such as government regulations, economic factors, societal awareness about patient safety, and technological advancements. North America is projected to be the leading region in terms of market growth, and key players are actively engaged in strategies to enhance their market presence.

 

 

 

 

Read More - https://www.newsstatix.com/surgical-instrument-tracking-market-forecasts-share-analysis-growth-size-and-trends/


Labels:

Comments

Post a Comment

Popular posts from this blog

Sustainable Aviation Fuel Market is Set to Witness Significant Growth Due to Stringent Emission Norms

Sustainable Aviation Fuel Market Sustainable aviation fuel, also known as biofuel, refers to jet fuel produced from sustainable feedstocks such as grease, vegetable oils and animal fats. It is mandated to reduce the environmental impact of aviation, with a life cycle carbon footprint up to 80% lower than conventional jet fuel. Governments across regions are adopting policies and targets to promote sustainable aviation fuel uptake among airlines. For instance, the EU aims to reach 2 million tons of sustainable fuel per year by 2030. The global sustainable aviation fuel market is estimated to be valued at US$ 2.37 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031. Key Takeaways Key players operating in the sustainable aviation fuel are Eisai Co., Ltd., Novartis AG, AbbVie Inc. (Allergan Plc.), Adamas Pharmaceuticals, Inc., H. Lundbeck A/S, Biogen, AC Immune, F. Hoffmann La Roche Ltd., Daiichi Sankyo Company, Limited, Johnson & Johnson Services,...
Post a Comment
Read more

Rails to Resilience: Strategies Driving Growth in the Railway Coatings Market

Railway Coatings Market Railway coatings play a critical role in protecting rail infrastructure against corrosion, abrasion, and weathering, thereby extending the lifespan of railway assets and enhancing operational efficiency. The Railway Coatings Market encompasses a diverse range of coatings specifically formulated to meet the unique requirements of rail applications, including coatings for rolling stock, track components, bridges, and stations. As the global rail industry continues to expand and modernize, the demand for high-performance coatings that offer durability, safety, and environmental sustainability is on the rise. The railway coatings market was valued at  US$ 2,334.2 Mn in 2024 , and is expected to exhibit a  CAGR of 5.2% , in terms of revenue, over the forecast period  2024-2031  to reach  US$ 3,497.6 Mn by 2031 . Key Takeaways: The Railway Coatings Market is witnessing steady growth, driven by various factors such as infrastructure development ...
Post a Comment
Read more

The Global Antifoaming Agent Market is poised to Exhibit Strong Growth

Antifoaming Agent Market The antifoaming agent market is fast gaining traction due to increasing industrial usage of chemicals, especially in numerous end-use sectors like pharmaceuticals, pulp & paper, paints & coatings, oil & gas, and food & beverages. Antifoaming agents are chemicals that reduce or suppress the formation of foam in industrial processes. They are widely used as additives to prevent foaming issues in various industrial applications. Commonly used antifoaming agents include silicone-based, oil-based, and water-based defoamers. These agents find usage in processes involving agitation to prevent excessive foaming that can negatively impact manufacturing operations and product quality. The Global Antifoaming Agent Market is estimated to be valued at US$ 6.08 Bn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031. Key Takeaways Key players operating in the Global Antifoaming Agent market are BASF, Evonik Industries, Air P...
Post a Comment
Read more