Magnetic Localization System Market size is poised to grow at substantial growth rate during the forecast period i.e., between 2024-2036.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 magnetic localization system market growth in the forthcoming years.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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Regional Scope |
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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.
Our in-depth analysis of the global market includes the following segments:
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By Product Type |
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By Application |
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By End User |
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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 industry is likely to hold largest revenue share by 2036, attributed to 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 magnetic localization system market players in the region.
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.
Author Credits: Radhika Pawar
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