In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
March 2021- Sirius Medical announced that the U.S. Food and Drug Administration gave it clearance for its Sirius Pintuition System for breast cancer surgery. The device is a non-radioactive approach to localize non-palpable breast tumors.
October 2020- Intersect ENT, Inc. declared the acquisition of Fiagon AG Medical Technologies in a deal worth USD 67.47 million in cash.
The global magnetic localization system market is estimated to garner a hefty amount of revenue by growing at a robust CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed primarily to the growing demand for minimally invasive surgeries by patients around the world, coupled with the escalating usage of magnetic localization systems by doctors for proper navigation of internal body organs. Along with these, increasing prevalence of chronic diseases such as osteoarthritis and brain cancer is also expected to drive market growth in the near future. According to Globocan, the total number of new cases of cancer of brain and central nervous system across the globe were calculated to be 308,102 in 2020. Out of these, 251,329 people succumbed to the disease. Furthermore, favorable reimbursement policies for diagnosis and biopsy in several developed and developing countries are projected to offer profitable opportunities for market growth in the forthcoming years.
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The market is segmented by application into orthopedic, neurosurgery, dental, endoscopy, and ENT, out of which, the endoscopy segment is anticipated to hold the largest share in the global magnetic localization system market. This can on accounted to the high number of endoscopic procedures performed globally. Apart from these, growing incorporation of magnetic localization in endoscopy for carrying out interactive GI tract examination is also predicted to boost market growth in the future. Additionally, on the basis of end user, the hospitals segment is assessed to acquire the largest share during the forecast period owing to the fact that treatments such as neurosurgeries, breast mastectomy and others are performed more efficiently in hospitals as the patients need to stay overnight.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global magnetic localization system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the large patient pool who need effective brain tumor treatment in the region. In addition, increasing geriatric population is also expected to drive market growth in the region as older people are more susceptible to chronic diseases. As per the World Health Organization, the proportion of people aged 60 or above was 9.8 percent in South East Asia in 2017. It is evaluated to increase up to 13.7 percent by the end of 2030. Moreover, the market in North America is projected to grab the largest share during the forecast period owing to the high healthcare spending, and strong presence of market players in the region.
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The global magnetic localization system market is further classified on the basis of region as follows:
Our in-depth analysis of the global magnetic localization system market includes the following segments:
Ans: The major factors driving market growth are growing demand for minimally invasive surgeries by patients, and increasing prevalence of chronic diseases globally.
Ans: The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2022 – 2030.
Ans: Low adoption of the equipment is emerging economies is estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities for market growth owing to the large patient pool who need effective brain tumor treatment in the region.
Ans: The major players in the market are Medtronic plc, Collin SAS, Brainlab AG, Fiagon AG Medical Technologies, Sirius Medical BV, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product type, application, end user, and by region.
Ans: The endoscopy segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.