Global Magnetic Localization System Market Highlights 2022 – 2030
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.
Major Macro-Economic Indicators Impacting the Market Growth
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.
Global Magnetic Localization System Market Regional Synopsis
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:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global magnetic localization system market includes the following segments:
By Product Type
- Rigid
- Flexible
By Application
- Orthopedic
- Neurosurgery
- Dental
- Endoscopy
- ENT
By End User
- Hospitals
- Ambulatory Surgical Centers
- Others
Growth Drivers
- Growing Demand for Minimally Invasive Surgeries by Patients
- Increasing Prevalence of Chronic Diseases Globally
Challenges
- Lack of Adoption of the System in Emerging Economies
Top Featured Companies Dominating the Market
- Medtronic plc
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Collin SAS
- Brainlab AG
- Fiagon AG Medical Technologies
- Sirius Medical BV
- Endomagnetics Ltd
- Stryker Corporation
- KARL STORZ
- Veran Medical Technologies
- Cianna Medical, Inc.
