Magnetic Localization System Market: Current Analysis and Forecast (2021-2027)

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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.

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Report ID:

UMHE21279

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Report Description
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Research Methodology

Report Description

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.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive regional level analysis of the industry

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1.1.Market Definitions
1.2.Objective of the Study
1.3.Limitation
1.4.Stake Holders
1.5.Currency Used in Report
1.6.Scope of the Magnetic Localization System Market Study
2.1.Research Methodology for the Magnetic Localization System Market
 2.1.1.Main Objective of the Magnetic Localization System Market
3INDUSTRY PERFORMANCE
4EXECUTIVE SUMMARY
5COVID-19 IMPACT
6.1.Rigid Magnetic Localization System
6.2.Flexible Magnetic Localization System
7.1.Orthopedic
7.2.Endoscopy
7.3.Dental 
7.4.Neurosurgery
8.1.Hospitals 
8.2.Ambulatory Surgical Centers
8.3.Others 
9.1.NORTH AMERICA MAGNETIC LOCALIZATION SYSTEM MARKET
 9.1.1.United States
 9.1.2.Canada
 9.1.3.Rest of North America
9.2EUROPE MAGNETIC LOCALIZATION SYSTEM MARKET
 9.2.1.United Kingdom
 9.2.2.Germany
 9.2.3.France
 9.2.4.Spain 
 9.2.5.Italy
 9.2.6.Rest of Europe
9.3.ASIA-PACIFIC MAGNETIC LOCALIZATION SYSTEM MARKET
 9.3.1.China
 9.3.2.Japan
 9.3.3.India
 9.3.4.Australia
 9.3.5.Rest of Asia-Pacific
9.4.REST OF THE WORLD MAGNETIC LOCALIZATION SYSTEM MARKET
10LEGAL AND REGULATORY FRAMEWORK
11.1.Demand Side Analysis
11.2.Supply Side Analysis
 11.2.1.Top Product Launches
 11.2.2.Top Business Partnerships
 11.2.3.Top Business Expansions, Investments and Divestitures
 11.2.4. Top Merger and Acquisitions
12VALUE CHAIN ANALYSIS
13MAGNETIC LOCALIZATION SYSTEM MARKET TRENDS & INSIGHTS
14.1.Drivers 
14.2.Challenges
14.3.Impact Analysis
14.4.Opportunity
15.1.Magnetic Localization System Market Share, by Company 2020
16.1.Medtronic
16.2.Brainlab 
16.3.Fiagon AG Medical Technologies
16.4.Collin SAS
16.5.Endomagnetics Ltd
16.6.KARL STORZ
16.7.Stryker 
16.8.Veran Medical Technologies
16.9.Sirius Medical bv
16.10.Cianna Medical
17DISCLAIMER

Research Methodology

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:

  • The industry’s market size, in terms of value (US$) and the adoption rate of Magnetic Localization System across the major markets domestically
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the Magnetic Localization System Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

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:

  • Analyze the current and forecast market size of the Magnetic Localization System in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include areas of type and their subtypes
  • Define and analysis of the regulatory framework for the Magnetic Localization System industry
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
  • Analyze the current and forecast market size of the Magnetic Localization System Market for the major region
  • Major regions studied in the report include North America (U.S, Canada, and Rest of North America), Europe (Germany, United Kingdom, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and the Rest of the World
  • Company profiles of the Magnetic Localization System Market and the growth strategies adopted by the market players to sustain in the fast-growing market
  • Deep dive regional level analysis of the industry