Electromagnetic Tracking Systems Market 2024 - By Growth Analysis, Opportunities, Business Insights, Key Trends And Forecast By 2033

The electromagnetic tracking systems market size has grown rapidly in recent years. It will grow from $0.92 billion in 2023 to $1.02 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to customer experience enhancement, digital transformation, demand for personalization, healthcare applications, media and entertainment industry.

The electromagnetic tracking systems market size is expected to see rapid growth in the next few years. It will grow to $1.54 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to increasing use of ai and machine learning, rising awareness of emotional intelligence, increasing use of digital channels for brand communication, growing iot devices, rising need for improved sales performance. Major trends in the forecast period include technological advancement, advancements in sensing devices, ai and machine learning advancements, product innovation, merger and acquisitions.

Market Overview -
Electromagnetic tracking systems refer to technology solutions designed to accurately monitor and determine the position, orientation, and movement of objects or devices in a three-dimensional space using electromagnetic fields. These systems rely on the principles of electromagnetic induction to track the location and orientation of sensors or objects equipped with electromagnetic sensors.

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Surging Demand For Electromagnetic Tracking Systems Fueled By The Soaring Popularity Of Virtual And Augmented Reality Experiences
The rise in virtual and augmented reality is expected to propel the growth of the electromagnetic tracking systems market going forward. Virtual reality (VR) immerses users in a computer-generated environment, while augmented reality (AR) overlays digital information in the real world, enhancing the user's perception and interaction with their surroundings. Virtual and augmented reality use electromagnetic tracking systems to precisely monitor the position and orientation of devices or sensors, enabling seamless and accurate real-time interaction within digital environments and enhancing user experiences and spatial awareness. For instance, in February 2023, according to XR Today, a UK-based technology podcast company in the United States, around 57.4 million people possessed a VR headset in 2020, and it is expected to increase by 37.7 million in 2022. Furthermore, in January 2023, according to Stefanini IT Solutions, a Brazil-based software company, globally, there are be around 1.4 billion AR users in 2023, and it is expected to reach 1.73 billion by 2024. Therefore, the rise in virtual and augmented reality is driving the growth of the electromagnetic tracking systems market.

Competitive Landscape -
Major companies operating in the electromagnetic tracking systems market report are Medtronic plc, Koninklijke Philips N.V., Stryker Corporation, B. Braun Melsungen AG, Zimmer Biomet Holdings Inc., Smith+Nephew, DePuy Synthes Companies, KARL STORZ SE & Co. KG, NuVasive Inc., Globus Medical Inc., TT Electronics plc, Heal Force Bio-Meditech Holdings Limited, Brainlab AG, Northern Digital Inc., Premo S.L., NeuroLogica Corporation, Augmedics Ltd., MediGuide Ltd., OrthAlign Inc., Skeletal Dynamics LLC, Polhemus Corporation, OrthoGrid Systems Inc., Radwave Technologies Inc., Ommo Technologies, Amfitech ApS

Electromagnetic Tracking System Market's Collaborative Approach For Surgical Navigation Advancements
Major companies operating in the electromagnetic tracking system market are adopting a strategic partnership approach to develop and manufacture an innovative electromagnetic tracking system for surgical navigation. A strategic partnership is a collaborative relationship between two or more entities to achieve mutually beneficial goals by leveraging their combined strengths and resources. For instance, in July 2021, TT Electronics Plc, a UK-based electronic connector manufacturing company, partnered with Radwave Technologies Inc., a US-based manufacturer of electromagnetic-based tracking systems. With this partnership, they aim to offer solutions for medical device innovators seeking to add new and improved electromagnetic tracking capabilities to their medical devices.

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Key Segments -
The electromagnetic tracking systems market covered in this report is segmented -
1) By Technology: Optical Navigation Systems, Electromagnetic (Em) Navigation Systems, Hybrid Navigation Systems, Fluroscopy-Based Navigation System, Other Technologies
2) By Distribution Channel: Direct Tender, Retail Sales, Online Sales
3) By Application: Orthopedic Tracking System, Ear, Nose, And Throat (ENT) Tracking System, Cardiac Tracking Systems, Electrophysiology Tracking Systems, Neuronavigation Tracking Systems, Dental Tracking Systems, Other Systems
4) By End User: Healthcare Facilities, Military And Defence, Industrial Automation

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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