(EMAILWIRE.COM, November 06, 2018 ) 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.

Based on technology, the market is segmented into radiofrequency identification (RFID) and barcodes. Of the two technologies, the barcodes segment dominated the market in 2015; however, the RFID segment is expected to grow at the highest CAGR during the forecast period. The large share of the barcodes segment can primarily be attributed to factors such as low installation costs and ease of operation.

Based on components, the market is segmented into hardware, software, and services. The hardware segment is expected to witness the highest growth during the forecast period. Amongst the various end users, hospitals held the highest share in the global surgical instrument tracking systems market in 2015 and are also expected to experience the highest growth during the same period. Repeat purchases of tags are a major factor influencing the growth of the hardware segment.

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Based on geography, North America commanded the largest share in the global market, followed by Europe, Asia-Pacific, and the Rest of the World (RoW). The UDI regulations by FDA are a major factor influencing the adoption of tracking systems in North America.

The major players operating in this market are Censis Technologies, Inc. (U.S.), Becton, Dickinson and Company (U.S.), Materials Management Microsystems, Inc. (U.S.), Getinge Group (Sweden), Applied Logic, Inc. (U.S.), B. Braun Melsungen AG (Germany), Haldor Advanced Technologies. Ltd. (U.S.), Infor (U.S.), Intelligent InSites, Inc. (U.S.), Key Surgical, Inc. (U.S.), Mobile Aspects, Inc. (U.S.), TGX Medical Systems (U.S.), Vizbee RFID Solutions (France), and Xerafy (Hong Kong).