Global Magnetic Localization System Market

Global Magnetic Localization System Market Size, Trends & Analysis - Forecast to 2026 By Device Type (Rigid Magnetic Localization System, Flexible Magnetic Localization System), By Application (Orthopedic, ENT, Dental, Neurosurgery), By End User (Hospitals, Ambulatory Surgical Centres, Others), By Region (North America, Asia Pacific, Europe, Latin America, Middle East & Africa); End-User Landscape, Company Market Share Analysis, and Competitor Analysis

Category Healthcare
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This report was recently updated on April 10 2024 with the latest and most recent market numbers

Magnetic Localization System Market Insights

Magnetic localization systems are devices that aid in the monitoring and control of surgical equipment used during minimally invasive procedures in real-time. A device that provides image guidance is normally connected to a magnetic localization system. The devices work by creating an electric field that aids in the proper navigation of internal organs.

A significant benefit of utilizing magnetic fields for localization is their capacity to work in unfavorable conditions. Magnetic fields are invariant to temperature, pressing factor, radiation, and other ecological variables. Contrasted with other non-contact detecting systems like optical and vision sensors, attractive sensors don't need 'a view', allowing detecting across numerous non-ferromagnetic mediums. Despite significant achievement in scaling down and attractive magnetic sensors where current sensors have little actual impressions and high affectability and data transfer capacity, the arrangement of attractive sensors for positional detecting is underexploited.

The accuracy of numerous freehand operations can be improved with help from ongoing limitations. Magnetic localization systems dependent on extracting positively charged magnets are of extraordinary interest to follow objects inside the body since they don't need a controlled source and give non-contact detecting without the requirement for view. While the impact of sensors on the localization accuracy in such systems has been accounted for, the spatial plan of the detecting get-together is an open issue.

The exceptional success in the field of medical science and biotechnology has proved to be one of the strong drivers for the growth of this market. The requirement of precision in the surgical field leading to innovations in medical-surgical equipment as well as medical devices has encouraged the market players to innovate or produce better devices. Moreover, due to various increased government assistance and payment programs for biopsy and diagnosis, the magnetic localization machine market is booming.Furthermore, technologically improved products are expected to have a more convenient and less invasive alternative.

The growing concerns of medical facilities of various governments leading them to make provisions wherein medical services of utmost efficiency should be provided to all the citizens at nominal cost have encouraged the market players to think out of the box and produce products that can be made available to all the people of a region at the most reasonable cost. Various mergers among market players have proved to be highly productive for the growth of this business as when two players merge they have different employees with a diverse skill set indirectly having a positive impact on the service and products of the company which also leads to the growth of this market.

global magnetic localization system market

Magnetic Localization System Market: By Device Type

Based onthe device type, the magnetic localization system market can be segregated into rigid magnetic localization systems and flexible magnetic localization systems.Flexible Magnetic Localization Systemhas an edge over the other systems owing to its much better utility and cost-effective properties.

Magnetic Localization System: By Application

Based on end-use, the magnetic localization system can be segregated into orthopedic, ENT, dental, and neurosurgery. The neurosurgery segment has a bigger market share owing to the higher level of precision required in neurosurgerywhich is then followed by orthopedic. The demand is increasing due to the rising prevalence of neurological disorders, attempts to expand the application base for neuromodulation, and the advantages of neuroendoscopic procedures over traditional brain surgeries.

Magnetic Localization System: By End User

Based on the end-user, the market can be segregated into hospitals, ambulatory surgical centers, and others. Hospitals have been the highest market grosser as per end-user segment as demand from hospitals has been more for localization system.Due to improved healthcare services, hospitals have been at the top in terms of the end-user market. In addition to pain relief and orthopedic treatments, hospitals provide a wide range of healthcare options.

asia pacific magnetic localization system market

Magnetic Localization System Market: By Region

As per the geographical analysis, the market of Magnetic Localization System can be classified into North America (the US, Canada, and Mexico), Asia Pacific (India, China, Japan, Malaysia, Singapore, and Rest of Asia Pacific), Europe (Germany, United Kingdom, Italy, France, Spain, Netherlands, and Rest of Europe), Middle East & Africa and Central South America. North America is the market dominator in this business owing to its medical services. The United States of America has been at the forefront in the quality of medical services provided. Europe is also making a steep growth owing to the medical facilities and increasing research in this field.

Asia Pacific market is projected to be the fastest-growing market. Developing markets, an aging population, and expanded healthcare awareness are all adding to the fastest-growing regional sector. Since the geriatric population is more vulnerable to orthopedic diseases, the area has a large target population, with Japan, China, and India responsible for the bulk of the population.

Magnetic Localization System Market Share and Competitor Analysis

Medtronic, Brainlab, Karl Storz, Collin Medical, Fiagon, Veran Medical, Scopis, Endomagnetics Ltd., Stryker, Sirius Medical BV, and Cianna Medical, among others are the top players in the Magnetic Localization System Market.

Please note: This is not an exhaustive list of companies profiled in the report.

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The Global Magnetic Localization System Market has been studied from the year 2019 till 2026. However, the CAGR provided in the report is from the year 2021 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.

The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply-side analysis for the Magnetic Localization System Market.

The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.

Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.

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