Magnetic localization system are the instruments that help in the real time management and tracking of medical equipment used during minimal invasive procedures. Magnetic localization system is usually attached with a computer that provides image guidance. The devices use electromagnetic field that helps in proper navigation of internal body organs. Magnetic localization system has helped the technicians in placement of devices precisely and accurately. Magnetic localization systems reduce cost and increases the workflow of the technicians. Magnetic localization system helps to identify the pathological site inside the human body. The main focus of magnetic localization system is removal of tumor and to treat other neurological problems, propelling the growth of the magnetic localization system market. The incorporation of minimal invasive procedure using magnetic localization systems over the traditional open brain surgeries, is also propelling the demand of the magnetic localization system market. The magnetic localization system has the potential to treat the pathological body part by increasing the navigation without using line of sight.
The major driving factor for magnetic localization system market is rising prevalence of chronic diseases like brain cancer and osteoarthritis. The increase in number of minimal invasive surgeries have increased the focus of doctors more on localization devices which, is cost effective and provides real time navigation. Moreover, according to Central Brain Tumor Registry of the United States (CBTRUS), an estimated 700,000 people in the United States have a primary brain tumor. An estimated 87,240 people will possess a primary brain tumor diagnosis in 2020. Thus, increasing patient pool will increase the demand for brain tumor treatment, leading the growth of magnetic localization system market. The emerging demand for magnetic localization system in developed nations is largely arising due to the increased awareness among people towards minimal invasive procedure. The major factor driving the growth of magnetic localization system market is cost effectiveness by reducing hospital stays, Also, the procedure is more accurate and precise. Moreover, the rise in number of elderly populations, having high risk of main chronic diseases will also help magnetic localization system market to grow. However, lack of skilled surgeon can hamper the magnetic localization system market growth. Also, the magnetic localization system using electromagnetic waves can interfere with other electric devices like cell phones, and can produce heat which can be harmful for body organ specially while adjusting pacemaker. This can restrain the magnetic localization system market.
The global Magnetic localization system market is segmented on the basis of Device type, Application, and End User.
The global magnetic localization devices will be dominated by flexible magnetic localization system among the device type due to more adoption in developed nations. The global magnetic localization system is majorly dominated by neurosurgery among application segment. As the prevalence of the chronic neural diseases is increasing, the brain surgery has also escalated over the time. This will increase demand of minimal invasive procedure that leads to the growth of cost effective and time saving magnetic localization system market. Hospitals generate largest revenue share in magnetic localization system market as the hospitals use advanced technology medical devices for patient care that also reduces cost by reducing hospital visits. Also, magnetic localization system targets the desired location, making it a selective procedure for minimal invasive surgeries.
Geographically, the global magnetic localization system market is segmented into regions such as Latin America, Europe, North America, South Asia, East Asia Middle East & Africa and Oceania. North America is projected to emerge as prominent market in the global magnetic localization system market due to higher adoption of minimally invasive procedures and increasing. Also, higher adoption of advanced technology also drives the growth of magnetic localization market in developed nations. Magnetic localization system market in the south Asia and East Asia is expected to grow substantially due to the increasing technological advancements in healthcare. Europe is expected to hold prominent share in the global magnetic localization system market throughout the study period owning to higher inclination towards minimally invasive surgery. The growing number of orthopedic surgeries in developed nations will also lead the growth of magnetic localization system market.
Some of the major key players competing in the global magnetic localization system market are Medtronic, Brainlab, Karl Storz., Fiagon, Collin Medical, Scopis and Veran Medical . Key players focus on strategies such as collaborations, acquisitions and mergers to strengthen their position in magnetic localization system market. For example, in November 2019, Stryker made a collaborative agreement with Wright Medical, in order to enhance global market position in trauma and extremities, providing significant opportunities to improve outcomes, and increase patient reach.
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Regional analysis includes