Electromagnetic Tracking Systems Market to Reach $1.2 Billion by 2030, Says MarkWide Research Report
According to a new report published by MarkWide Research, titled, “Electromagnetic Tracking Systems Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030”, the global electromagnetic tracking systems market is projected to reach a value of $1.2 billion by the year 2030. The market is anticipated to expand at a steady compound annual growth rate (CAGR) of 8.5% during the forecast period from 2023 to 2030.
Electromagnetic tracking systems have emerged as a critical technology for various applications across industries such as healthcare, aerospace, defense, and industrial automation. These systems utilize electromagnetic fields to precisely track the position and orientation of objects or devices in real-time, making them indispensable for a wide range of applications.
The healthcare sector is expected to be a significant driver for the growth of the electromagnetic tracking systems market. The increasing adoption of minimally invasive surgeries and the demand for accurate and real-time navigation systems in surgical procedures are propelling the market forward. Electromagnetic tracking systems offer the advantage of high accuracy and reliability, enabling surgeons to perform intricate procedures with enhanced precision.
Furthermore, the expanding application of electromagnetic tracking systems in virtual reality (VR) and augmented reality (AR) technologies is anticipated to fuel market growth. These systems play a vital role in delivering an immersive experience by accurately tracking the user’s movements and interactions, enhancing the overall user experience in gaming, training simulations, and various other applications.
The aerospace and defense sectors are also poised to contribute to the market’s growth. Electromagnetic tracking systems are being employed for pilot training, aircraft simulations, and equipment maintenance. The ability of these systems to provide real-time data and simulate complex scenarios adds significant value to the training and operational processes in these industries.
The report highlights that North America holds a dominant share in the electromagnetic tracking systems market. The region’s well-established healthcare infrastructure, continuous technological advancements, and robust research and development activities contribute to its leadership position. Moreover, increasing investments in defense and aerospace technologies further support the demand for electromagnetic tracking systems in the region.
The Asia Pacific region is expected to witness substantial growth during the forecast period. The rising adoption of advanced medical technologies in countries like China, Japan, and India, coupled with the expanding industrial automation sector, is anticipated to create significant opportunities for market players in this region.
The “Electromagnetic Tracking Systems Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030” report profiles key players in the market, providing a comprehensive understanding of their strategies, product offerings, and recent developments. The competitive landscape section includes a detailed analysis of major players such as Medtronic plc, Northern Digital Inc., Ascension Technology Corporation, and Polhemus, Inc., among others.
In conclusion, the electromagnetic tracking systems market is on a growth trajectory, driven by its widespread applications across diverse industries. The healthcare sector’s demand for precision in surgical procedures and the adoption of electromagnetic tracking systems in emerging technologies like VR and AR are significant growth factors. With North America leading the market share and the Asia Pacific region displaying promising potential, the market is poised to reach a value of $1.2 billion by 2030, expanding at a CAGR of 8.5% from 2023 to 2030.