Surgical Instrument Tracking Systems Market : Current Industry Trends And Future Opportunities

The global surgical instrument tracking systems market is expected to reach USD 204.8 Million by 2021 from USD 92.2 Million in 2016, at a CAGR of 17.3% during the forecast period 2016 to 2021.

Factors such as the impact of the UDI regulation, rising need for inventory management and better patient care, and the need to minimize the operational expenses of healthcare facilities are driving the global market. However, certain factors such as high system costs, long investment cycles, and budgetary constraints are restraining the growth of this market to a certain extent.

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Company Profiles
(Overview, Financials, Products Portfolio, Growth Strategy, and Developments)*
1 Censis Technologies, Inc.
2 Becton Dickinson
3 Material Management Microsystems
4 Getinge Group
5 Applied Logic, Inc.
6 B. Braun
7 Haldor Advanced Technologies Ltd.
8 Infor, Inc.
9 Key Surgical, Inc.

Based on technology, the global surgical instrument tracking systems market is segmented into barcodes and radiofrequency identification (RFID). Of these, barcodes dominated the market with the largest share in 2015. The low installation cost and user friendliness of barcode systems are major factors driving their adoption in the market.

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Based on components, the surgical instrument tracking systems market is segmented into software, hardware, and services. In this segment, the software segment held the largest share in 2015; however, the hardware segment is expected to grow at the highest CAGR between 2016 and 2021 mainly due to the constant need to replace tags or labels, which leads to repeat purchases.

Based on geography, the surgical instrument tracking systems market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America commanded the largest share of the global surgical instrument tracking systems market in 2015. However, the market in Asia-Pacific is expected to witness the highest growth during the forecast period.