PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498800
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498800
Electromagnetic Tracking Systems Market size was valued at USD 954.9 Million in 2023, expanding at a CAGR of 11.50% from 2024 to 2032.
Aerospace and defense industries rely heavily on electromagnetic tracking systems for navigation, targeting, and guidance. This level of EMS supremacy in defense can only be achieved with educated EMBM and highly interoperable (cooperative and complementary) electromagnetic tracking systems. Thus, the increased use of electromagnetic tracking in aerospace and defense is likely to propel the global electromagnetic tracking systems market. The increased need to cut operational costs, increase profitability, and provide better patient care drove the introduction of modern technologies.
Electromagnetic Tracking Systems Market- Market Dynamics
Growing Popularity of Virtual and Augmented Reality Experiences
The rise of virtual and augmented reality is projected to drive future growth in the electromagnetic tracking systems industry. Virtual reality (VR) immerses users in a computer-generated environment, whereas augmented reality (AR) superimposes digital information onto the actual world, improving the user's perception and interaction with their surroundings. Virtual and augmented reality make use of electromagnetic tracking systems to precisely monitor the location and orientation of devices or sensors, allowing for seamless and accurate real-time interaction within digital worlds while also improving user experiences and spatial awareness. For example, according to XR Today, a UK-based technology podcast firm in the United States, around 57.4 million individuals had a VR headset in 2020, with an increase of 37.7 million projected in 2022. Furthermore, Stefanini IT Solutions, a Brazilian software business, predicts that there will be approximately 1.4 billion AR users worldwide in January 2023, with a projected increase to 1.73 billion by 2024.
Electromagnetic Tracking Systems Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 11.50% over the forecast period (2024-2032)
Based on Technology segmentation, Electromagnetic Navigation Systems were projected to achieve the greatest market share in the year 2023.
Based on Distribution Channel segmentation, Direct tender sales are the main sales segment in the electromagnetic tracking systems market.
Based on Application segmentation, Orthopedic Tracking System was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Electromagnetic Tracking Systems Market is segmented on the basis of Technology, Distribution Channel, Application, End-User, and Region.
The market is divided into five categories based on Technology: Optical Navigation Systems, Electromagnetic (Em) Navigation Systems, Fluoroscopy Navigation System Hybrid Navigation Systems, and Others. Electromagnetic Navigation Systems have the largest market share in the Electromagnetic Tracking Systems Market. With high accuracy, real-time tracking capabilities, and the ability to track medical devices in the human body, EM navigation systems are versatile. They can be equipped in a multitude of medical applications. These systems are particularly favored in conducting image-guided surgeries, interventional radiology, and orthopedic surgeries.
The market is divided into three categories based on Distribution channels: Direct Tender, Retail Sales and Online Sales. Direct Tender sales are the leading sales segment in the electromagnetic tracking systems market. Direct procurements by healthcare facilities provide manufacturers with final agreements to ensure a consistent supply of electromagnetic tracking systems for medical purposes. This sales segment is being driven more by the distinctive nature of the systems and the requirement for customized solutions in specific healthcare settings.
Electromagnetic Tracking Systems Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America leads the market in electromagnetic tracking systems because of the presence of big market players, technological advancements, good healthcare infrastructure, and extensive adoption of advanced medical technologies in this region. The North American electromagnetic tracking systems market is expected to grow at a significant rate because of more investments in R&D, higher demand for minimally invasive tracks, and the increasing use of advanced tracking technologies in healthcare setups.
Asia Pacific is one of the fastest-growing regions in the electromagnetic tracking systems market. Some of the factors contributing to this region's fast growth include increasing healthcare expenditures, growing demand for minimally invasive surgery, better healthcare infrastructure, and increasing focus on technological advancements in healthcare. As a result, the Asia Pacific market is likely to witness major market adoption in electromagnetic tracking systems across a large number of medical applications.
The electromagnetic tracking systems market competitive landscape gives information by competitors. Details include the company's financials, overview, revenue generated, R&D investment, market potential, new market initiatives, production sites, and facilities, company strengths and weaknesses, product approvals, product launch, application dominance, product width and breadth, and product type lifeline curve. The data above elements are only relevant to the company's concentration on the electromagnetic tracking systems sector.
In February 2022, TT Electronics announced that it has expanded its cooperation and invested in Radwave Technologies Inc. This contributes to the development of a precise, dependable, and adaptable electromagnetic (EM) tracking platform for surgical navigation. This expands the strategic alliance and provides Radwave with enhanced manufacturing capability for its next-generation products through an exclusive five-year contract.
GLOBAL ELECTROMAGNETIC TRACKING SYSTEMS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
TT Electronics
Northern Digital Inc
Amfitech ApS
Radwave Technologies Inc.
Ommo Technologies
Polhemus, Stryker
Medtronic
Heal Force
Augmedics
Orthalign
Koninklijke Philips N.V.
Others