Surgical Instrument Tracking Systems Market Worth 204.8 Million USD by 2021

Jul 19, 2016, 12:00 ET from MarketsandMarkets

PUNE, India, July 19, 2016 /PRNewswire/ --

According to a new market research report "Surgical Instrument Tracking Systems Market by Technology (RFID and Barcodes), Components (Hardware, Software, Services), End-User (Hospitals), Geography (North America, Europe, Asia-Pacific and RoW) - Forecast to 2021", published by MarketsandMarkets, this report studies the global Surgical Instrument Tracking Systems Market during the forecast period of 2016 to 2020. This market is expected to grow at a CAGR of 17.3% between 2016 and 2021, to reach USD 204.8 Million by 2021.

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Browse 38 market data Tables and 9 Figures spread through 177 Pages and in-depth TOC on "Surgical Instrument Tracking Systems Market"

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This report provides a detailed overview of the major drivers, restraints, challenges, opportunities, current market trends, and strategies impacting the Surgical Instrument Tracking Systems Market along with the estimates and forecasts of the revenue and share analysis.

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 end users, the Surgical Instrument Tracking Systems Market is segmented into hospitals and others. The hospitals segment dominated the Surgical Instrument Tracking Systems Market in 2015. This segment is also expected to witness the highest growth in the end-user market. The need for inventory management to handle a large number of surgical instruments and to ensure better patient safety is majorly driving the adoption of surgical instrument tracking systems in the hospitals segment.

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. FDA's regulations for Unique Device Identification (UDI) are a major factor contributing to the large share of the North American region in the global Surgical Instrument Tracking Systems Market.

The key players operating in the Surgical Instrument Tracking Systems Market include Censis Technologies Inc., (U.S.), Materials Management Microsystems (U.S.), Applied Logic Inc. (U.S.), Getinge Group (Sweden), and Haldor Advanced Technologies (U.S.).

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