Ensuring Precision and Compliance: A Detailed Industry Outlook on Surgical Instrument Tracking
The surgical instrument tracking market is estimated to record an impressive CAGR of 18% and reach a valuation of approximately US$ 1,294.89 Mn through 2032. In terms of revenue share, North America dominates the market with a contribution of nearly 38% in 2022.
The US FDA’s (Food and Drug Administration) UDI (Unique
Device Identification) requirement is expected to drive the demand for surgical
tool tracking systems. Manufacturers, reprocessors, specification developers,
repackagers, and labellers of surgical instruments are expected to carry out
direct marking at the individual instrument level in accordance with UDI
regulations.
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Surgical Instrument Tracking Market Growth Drivers:
- Need
for Efficient Inventory Management: Surgical facilities, including
hospitals and clinics, require efficient management of surgical
instruments to ensure availability and prevent delays during procedures.
Surgical instrument tracking systems help in accurately monitoring
inventory, ensuring that the right instruments are available when needed.
This need for efficient inventory management drives the adoption of
tracking solutions.
- Patient
Safety and Risk Mitigation: Surgical instrument tracking systems play a
crucial role in enhancing patient safety by reducing the risk of retained
surgical instruments (RSIs) or foreign objects left inside patients after
surgery. These systems help in tracking and identifying instruments
before, during, and after surgical procedures, minimizing the chances of
human error and improving patient outcomes.
- Regulatory
Compliance: Healthcare facilities are subject to regulatory requirements,
including tracking and documentation of surgical instruments. Compliance
with regulations such as the FDA’s Unique Device Identification (UDI)
system and Joint Commission standards encourages the adoption of surgical
instrument tracking systems. These systems help healthcare providers meet
regulatory requirements and maintain accurate records of instrument usage
and traceability.
- Cost
Reduction and Operational Efficiency: Surgical instrument tracking systems
streamline workflows and improve operational efficiency, leading to cost
savings for healthcare facilities. These systems help in reducing
instrument loss, improving instrument utilization, and optimizing
instrument sterilization processes. By minimizing manual efforts and
enhancing instrument management practices, surgical instrument tracking
systems contribute to cost reduction and operational efficiency.
- Technological
Advancements: The advancement of tracking technologies, such as radio
frequency identification (RFID), barcode scanning, and real-time location
systems (RTLS), has facilitated the implementation of surgical instrument
tracking solutions. These technologies offer accurate and real-time
tracking of instruments throughout their lifecycle, enabling efficient
instrument management and reducing the chances of errors or misplacement.
- Increasing
Number of Surgical Procedures: The growing number of surgical procedures,
driven by factors such as an aging population, increasing prevalence of
chronic diseases, and advancements in surgical techniques, fuels the
demand for surgical instrument tracking solutions. As surgical volumes
increase, the need for effective instrument tracking becomes more critical
to ensure the availability of instruments and enhance patient safety.
Competitive Landscape:
Prominent players are embracing innovative approaches such
as ground-breaking marketing tactics, technological advancements, mergers, and
acquisitions to expand their market ground
- In
October 2020, Steris- a seller of infection prevention, surgical equipment
and other hospital products has acquired Key Surgical in a US$850 million
deal that adds complementary product lines and expands its geographic
reach.
- Getinge
AB and Intelligent InSites, Inc. have developed T-DOC 2000 surgical
instrument traceability system. The solution supports the sterile supply
workflow of instruments, consumables, and implants, from reprocessing,
inventory and logistics to use.
Key Segments Covered in the Surgical Instrument Tracking
Industry Report:
·
Product:
- Console
- Software
- Surgical
Endoscope Tracking and Management System
- Services
·
Technology:
- Barcode
Scanning Based Systems
- RFID
Based Systems
· End
User:
- Hospital
Sterile Processing Department (SPD)
- Hospital
Operation Theatres
- Ambulatory
Surgical Centers
- Office-based
Specialized Clinics
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Questionnaire answered in the Market outlook Report of
Surgical Instrument Tracking include:
- What
is the key strategy deployed by large players to maximize Surgical
Instrument Tracking Market growth?
- What
are the main challenges faced by players in the Surgical Instrument
Tracking market Demand?
- With
the advent of technological advancement, how will the Surgical Instrument
Tracking market landscape change over the forecast period?
- What
does player bring to the table which is unique as a strategy, and is easy
to emulate for new investors in the Surgical Instrument Tracking market
size?
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