Market Challenges And Opportunities

Global Surgical Instrument Tracking Market Drivers:

Rise in burden of cardiovascular disorders to propel market growth

One of the key factors expected to augment the growth of the global surgical instrument tracking market over the forecast period is the increasing prevalence of cardiovascular diseases worldwide. Such a high burden of cardiovascular diseases leads to an increased number of surgical procedures and is expected to increase the use and demand for surgical instrument tracking devices. According to the National Institutes of Health (NIH), each year, more than 2 million people around the world have open-heart surgery to treat various heart problems. This in turn is expected to augment growth of the global surgical instrument tracking market.

Increasing number of surgical procedures to drive market growth

Another factor which is driving the growth of the global surgical instrument tracking market is the increasing number of surgical procedures around the world. For instance, according to the National Center for Biotechnology Information (NCBI), worldwide, around 310 million major surgeries are performed each year; around 40 to 50 million in the United States and over 20 million in Europe. The volume of surgical procedures across the globe is on the rise, which in turn increases the use or demand for surgical instrument tracking devices; thereby positively impacting the growth of the global surgical instrument tracking market.

Global Surgical Instrument Tracking Market Opportunities:

Increasing demand for surgical instrument tracking devices/systems is expected to offer significant growth opportunities for players in the global surgical instrument tracking market. For instance, in April 2023, GE HealthCare announced the launch of a next-gen intraoperative ultrasound imaging system, bkActiv, to provide guidance for urology, colorectal, and pelvic floor surgical procedures. bkActiv provides surgeons with advanced ultrasound guidance, ensuring better performance while offering them a user-friendly and intuitive experience. Furthermore, the system delivers improved image quality that enhances decision-making during surgical procedures.

Lack of skilled/trained healthcare professionals is expected to offer lucrative growth opportunities for players in the global surgical instrument tracking market. For instance, owing to lack of skilled or trained healthcare professionals, the use or demand for surgical instrument tracking devices has increased significantly. In 2021, Spa Track Medical announced the launch of their next generation RFID hospital scanner for surgical instrument tracking. A hi-tech tracking system offer a complete solution that has been designed in close consultation with surgeons, theatre nurses and sterilization experts in hospitals. This in turn is expected to drive market growth.

Global Surgical Instrument Tracking Market Restraints:

Product recall and data security to hamper market growth

One of the key factors expected to hamper growth of the global surgical instrument tracking market is the product recall & data security. Surgical instruments tracking system poses another challenge of malfunctioning, product failure at an operational level due to incorrect handling and due to the product fault. Thus, in recent years, many instances of product recall are observed worldwide. Data management and security also pose another barrier to effective use of the system, as unskilled staff or professionals unable to operate these systems effectively, posing a threat to data security.

High cost of the system to hinder growth of the market

Another factor which is hampering the growth of the global surgical instrument tracking market is the high cost of surgical instrument tracking system. The surgical tracking systems implementation requires the heavy upfront investments that encompass the costs of application software, hardware, tags, middleware, and the cost of integrating RFID tags along with the legacy system, maintenance services, consultancy fees, and staff training. Moreover, the cost of implementation of automated systems using RFID is very high as compared to traditional systems of recording.

Rising adoption of HIT solutions is a recent trend

With the increase in healthcare digitalization, the adoption or use of Healthcare IT solutions is also increasing with a rapid pace. Healthcare IT solutions or services improves the quality of healthcare delivery, increases patient safety, reduces medical errors, and strengthens the interaction between the healthcare providers and patients. In February 2022, MyHealthcare launched its MyHealthcare Enterprise Application (MHEA) for hospitals and healthcare institutions towards digitalization of healthcare in India. This trend is expected to continue over the forecast period.

Increasing number of healthcare centers is another trend

With the increasing healthcare expenditure, along with investment in new hospitals and increasing number of healthcare centers, the use or adoption of surgical instrument tracking devices/systems is also increasing. According to the American Hospital Association (AHA), the number of active hospitals in the U.S. increased from 5,534 in 2016 to 6,093 in 2020 and total hospital admissions stood at about 33.4 million with a total hospital expense of around US$ 1.2 trillion. This trend is also expected to continue during the forecast period.