Surgical Instrument Tracking Systems Market Application Outlook (Revenue, USD Million; 2014 - 2024).

North America held the largest market share. The U.S. Food and Drug Administration launched an innovative device, which can detect and identify medical devices. This factor contributed to this largest revenue growth. In addition, availability of highly developed medical infrastructure, huge penetration of advanced technology and rising healthcare expenditure further accelerates the growth of this regional segment. According to CMS, total healthcare spending in the U.S. was USD 3.2 trillion in 2015, which depicted high healthcare expenditure in this country.

Asia pacific is projected to witness attractive growth over the forecast period owing to the untapped market of this region. Moreover, rapid investments in healthcare infrastructure along with increasing geriatric population also contributed to the high growth of this segment.

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Competitive Insights

The RFID segment is expected to witness lucrative CAGR over the forecast period owing to the rapid technological advancements in the field of RFID, such as huge data storage capacity, high durability, no requirement of line-of-sight and reusability. Some of the major companies of this market are Xerafy; Haldor Advanced Technologies Ltd.; Materials Management Microsystems, Inc; Censis Technologies Inc.; Becton, Dickinson and Company and B. Braun Melsungen AG.

In order to fulfil the unmet needs of the target population, the major companies are undertaking regional expansion, development of new products and mergers & acquisitions. For instance, in October 2015, Xerafy launched world’s smallest RFID tag named XXS Tags.

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