Magnetic Localization System Market

Magnetic Localization System Market Segmentation by Product Type (Rigid, and Flexible); by Application (Orthopedic, Neurosurgery, Dental, Endoscopy, and ENT); and by End User (Hospitals, Ambulatory Surgical Centers, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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Report ID: 3751 | Published On: Apr 24, 2022

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Inflation and Looming Recession to Haunt Businesses:

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.


In The News

  • 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.


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.

Magnetic Localization System Market

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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

Healthcare Expenditure

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.

Magnetic Localization System Market

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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


Magnetic Localization System Market
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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


Healthcare Expenditure
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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.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the magnetic localization system market?

Ans: The major factors driving market growth are growing demand for minimally invasive surgeries by patients, and increasing prevalence of chronic diseases globally.

2) What would be the CAGR of magnetic localization system market over the forecast period?

Ans: The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2022 – 2030.

3) What are the challenges affecting the magnetic localization system market growth?

Ans: Low adoption of the equipment is emerging economies is estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of magnetic localization system market in future?

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.

5) Who are the major players dominating the magnetic localization system market?

Ans: The major players in the market are Medtronic plc, Collin SAS, Brainlab AG, Fiagon AG Medical Technologies, Sirius Medical BV, and others.

6) How are the company profiles selected?

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.

7) What are the segments in the magnetic localization system market?

Ans: The market is segmented by product type, application, end user, and by region.

8) Which segment captures the largest market size in the application segment in the magnetic localization system market?

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.

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