Emphasis on Device Type (Rigid Magnetic Localization System, Flexible Magnetic Localization System); Application (Orthopedic, Endoscopy, Dental, Neurosurgery); End-User (Hospitals, Ambulatory Surgical Centers, Others) and Region & Country.
Magnetic Localization System Market is expected to exceed the market valuation of more than US$ XX million in 2027 and is expected to grow at a significant CAGR of XX% during the forecast period (2021-2027). Magnetic fields are excellent localization tools because of their ability to work in harsh conditions. Magnetic fields can work in extreme temperatures, radiation, pressure, and other environmental conditions. Magnetic localization devices also do not require a line of sight, enabling them to work across multiple non-ferromagnetic mediums. Magnetic localization systems can be categorized into two types, involving the harnessing of active and passive fields, respectively. Artificially generated electromagnetic fields can produce either pulsed or static which possess superior measurement ranges and better immunity to background geomagnetic noise. Active magnetic fields require power, which can either be provided internally using a battery or externally with the help of constricting tethering wires which are less desirable for applications such as medical devices that require compact and lightweight footprints. According to the World Health Organization, the number of cancer cases is expected to grow in the coming years. This could be a key reason for the growth of magnetic localization systems, as also the Endomag breast cancer localization technology got a CE mark in 2017. Additionally, the increasing geriatric population is increasing the number of neurological diseases which further is influencing the market growth. In 2019, 54 million individuals in the United States were 65 years or older which was only 40.3 million individuals in 2010, according to the United States Census Bureau.
The primary use of magnetic localization devices is in breast cancer mastectomy, and the number of breast cancer cases is constantly increasing. 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. Furthermore, various devices for breast node magnetic localization have recently been approved like the Endomag breast cancer localization technology in 2018. Their approval is likely to increase the adoption of these technologies by the physicians and influence the growth in the magnetic localization system market.
Magnetic Localization System vs. Traditional Method Lymph Node Detection Rate (Number), 2018
Medtronic, Brainlab, Fiagon AG Medical Technologies, Collin SAS, Endomagnetics Ltd, KARL STORZ, Stryker, Veran Medical Technologies, Sirius Medical bv, and Cianna Medical are some of the prominent players operating in the Magnetic localization system market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Device Type, Rigid magnetic localization system segment holds the major share”
Based on device type, the magnetic localization system market is segmented into a rigid magnetic localization system and a flexible magnetic localization system. Using a small permanent magnet requires no power source or wire connection to the body, therefore rigid structures are preferred to restrict the movement of sensors. These sensors can give precise positional information of the homogeneous magnetic sensors and play a traditional role in inverse optimization algorithms. The devices can be used in non-invasive node localization during breast cancer mastectomy. Approx. 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.
“Amongst Application, Endoscopy segment holds the major share”
Based on application, the magnetic localization system market is segmented into orthopedic, endoscopy, dental, and neurosurgery. Endoscopy using magnetic localization systems is a non-invasive procedure, which requires ingestion of a wireless robotic capsule that can be controlled with external guidance for interactive GI tract examination. The small permanent magnet placed in the capsule helps calculate the 3D location and 2D orientation of the capsule. A 2019 report states that 75 million endoscopic procedures are performed every year in the United States. The adoption of magnetic localization systems for this procedure can influence its market growth tremendously.
“Amongst End-User, Hospitals segment holds the major share”
Based on end-user, the market is divided into hospitals, ambulatory surgical centers, and others. 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. The increasing cases of breast cancer and the increasing geriatric population due to which neurological disease rates are increasing are the main factors in the growth of the magnetic localization system market. The most burdensome neurological diseases in the United States in 2017 were stroke, Alzheimer’s, and Migraine with 3.58 million, 2.55 million, and 2.4 million people affected, respectively.
“North America represents one of the largest markets of Magnetic localization system market”
For a better understanding of the market dynamics of the Magnetic localization system market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC) and Rest of the World. North America dominated the market and grabbed around XX% market share owing to an increase in the geriatric population and advanced healthcare infrastructure in the region.
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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
Analyzing the historical market, estimation of the current market, and forecasting the future market of the Magnetic Localization System market were the three major steps undertaken to create and analyze the adoption of the Magnetic Localization System in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Magnetic localization system market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Magnetic localization system through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Magnetic localization system market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as device type, application, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of the Magnetic Localization System in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Magnetic Localization System. Further, we conducted factor analysis using dependent and independent variables such as increasing brain tumor, growing aid from government organizations, reimbursement policies for biopsy and diagnosis, and development of new treatments. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Magnetic Localization System sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Magnetic Localization System Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Magnetic Localization System Market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and their type of the Magnetic localization system market.
The main objective of the Magnetic Localization System Market Study
The current & future market trends of the Magnetic Localization System were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
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October 8, 2024
