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Electromagnetic Tracking Systems Global Market Report Competitive And Growth Analysis 2033
Electromagnetic Tracking Systems Global Market Report 2024
According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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 Systems Market 2024 Key Insights:
• The electromagnetic tracking systems market is expected to grow to $1.54 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%.
• Surging Demand For Electromagnetic Tracking Systems Fueled By The Soaring Popularity Of Virtual And Augmented Reality Experiences
• Electromagnetic Tracking System Market's Collaborative Approach For Surgical Navigation Advancements
• North America was the largest region in the electromagnetic tracking systems market in 2023
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