Magnetic Localization System Market Research Report 2021: Industry Size, Current Trend, Competitive Landscape, Regional and Global Forecast To 2027
The demand for magnetic localization systems is witnessing an uptick on account of the rising geriatric population. Magnetic localization devices are used to track internal systems of the body through minimally invasive procedures. One can track the body functions in real-time as the device is usually connected to a computer to provide images. Lymph node biopsies during breast cancer mastectomies is the main application of magnetic localization devices. Other applications include their use in open brain surgeries. An estimated 700,000 people in the United States have brain tumor according to Central Brain Tumor Registry of the United States (CBTRUS). Additionally, about 84,000 people will be diagnosed with brain tumor in 2021. However, the main hindrance of the market growth is the lack of adoption of magnetic localization systems due to lack of awareness around the technology.
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Covid-19 has changed the face of world economy. The magnetic localization system market was also badly hit by the pandemic. However, magnetic localization system market did find a way to come around the economic crisis. Magnetic localization system was tested to be used as a social distancing measure, which proved to be useful in reducing the spread of Covid-19 cases. All non essential treatments have been closed down at hospitals, this has decreased the number of patient inflow (apart from covid patients). A device using magnetic sensors was made which could count the number of breadths an individual take per minute. This has a good chance of being used for in covid-19 and other respiratory conditions. Launch of this device during these times is most likely to bosst the market growth.
According to UnivDatos Market Insights (UMI)’ research report “Magnetic localization System Market Analysis, 2020”, the magnetic localization system market is projected to grow at a CAGR of X% during 2021-27. A rise geriartric population is one of the prominent reason which is driving the market of the magnetic localization system. For Instance: According to global data in 2019, 141 cities in the United States and Canada are projected to have an old age dependency ratio of more than 30% by 2025. Also, breast cancer is most common in females over the age of 50 years.
Based on the Device Type, the rigid magnetic localization segment acquired the major market share and grabbed US$ X Mn revenue in 2020. Rigid structures are preferred to restrict the movement of sensors. The devices can be used in non-invasive node localization during breast cancer mastectomy. 2 million new cases of breast cancers worldwide were reported in 2018. The increasing incidence of cancers can influence the increasing use of magnetic localization devices.
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Hospitals Segment to Witness Robust growth
Based on the application type, hospital segment grabbed X% revenue share in 2020. The high revenue of hospitals lies in the fact that there are more caregivers present in the hospital. Additionally, treatments like endoscopy, breast mastectomy, neurosurgeries are best performed in the hospitals as patients need to stay overnight to recover. Most burdensome neurological diseases in the United States in 2018 were stroke, Alzheimer’s and Migraine with 3.58 million, 2.55 million and 2.4 million people effected, respectively.
North America to Grab Lion’s Share, and witnessed Explicit Growth
Based on the Region, North America dominated the magnetic localization system market in 2020. The region is projected to maintain its dominance during the forecasted period 2021-27 owing to the rising geriatric population and technological advancements in the healthcare sector. In 2021, an estimated 281,550 women will be diagnosed with invasive breast cancer and 49,290 women will be diagnosed with non-invasive breast cancer in the United States. North America is expected to skyrocket with a CAGR of X% in the forecast period owing, as stated in UnivDatos Market Insights (UMI)’ research report “Magnetic localization system Market Analysis, 2020”.
According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Magnetic localization system Market are Medtronic, Brainlab, Fiagon AG Medical Technologies, Collin SAS, Endomagnetics Ltd, KARL STORZ, Stryker, Veran Medical Technologies, Sirius Medical bv, and Cianna Medical among others. The players are focused on launching new products for gaining customers' traction and expanding their geographical reach to get a competitive edge in the industry. Some of the instances are:
- In November, 2018 Stryker entered into strategic partnerships with Synaptive Medical and Ziehm Imaging, strengthening Stryker's position in the surgical guidance market.
- In July, 2018, FDA gave approval to Endomagnetics’ Magtrace and Sentimag Magnetic Localization System (Sentimag System), a magnetic device system that guides sentinel lymph node biopsies for certain breast cancers.
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“Magnetic localization system Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for magnetic localization system providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Market Segmentation:
- By Device Type (Rigid magnetic localization system, Flexible magnetic localization system)
- By Application (Orthopedic, Endoscopy, Dental, Neurosurgery)
- By Region (North America, Europe, Asia-Pacific, Rest of the World)
- By Company (Medtronic, Brainlab, Fiagon AG Medical Technologies, Collin SAS, Endomagnetics Ltd, KARL STORZ, Stryker, Veran Medical Technologies, Sirius Medical bv, Cianna Medical, etc.)
Key questions answered in the study:
- What are the current and future trends of the magnetic localization system industry?
- How the industry has been evolving in terms of end-user demand and application areas?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the magnetic localization system industry?
- What are the customer orientation, purchase behavior, and expectations from the magnetic localization system firms across various regions?
Table of content –
1 Market Introduction
2 Research Methodology Or Assumption
3 Market Synopsis
4 Executive Summary
5 COVID-19 Impact
6 Market Insights By Device Type
7 Market Insights By Application
8 Market Insights By End-User
9 Market Insights By Region
10 Legal And Regulatory Framework
11 Demand And Supply Side Analysis
12 Value Chain Analysis
13 Magnetic Localization System Market Trends & Insights
14 Magnetic Localization System Market Dynamics
15 Competitive Scenario
16 Company Profiled
17 Disclaimer
About Us:
UnivDatos Market Insights (UMI), is a passionate market research firm and a subsidiary of Universal Data Solutions. Rigorous secondary and primary research on the market is our USP, hence information presented in our reports is based on facts and realistic assumptions. We have worked with 200+ global clients, including some of the fortune 500 companies. Our clientele praises us for quality of insights, In-depth analysis, custom research abilities and detailed market segmentation.
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