The global MRI-compatible IV infusion pump systems market is expected to enjoy a valuation of USD 234.8 Million by the end of 2022, and further expand at a CAGR of 9.5% from 2022 and 2032 to reach a valuation of USD 580.3 Million by 2032.
The rising need for providing safe and accurate delivery of intravenous fluids and other drugs during and after MRI scans is pushing the demand for MRI-compatible IV infusion pump systems in the market.
Based on product, device systems dominated the global MRI-compatible IV infusion pump systems market in 2021 with a share of about 90.1% 2021, and the trend is likely to continue during the forecast period.
| Attribute | Key Statistics |
|---|---|
| MRI-Compatible IV Infusion Pump Systems Market Base Value (2021) | USD 211.6 Million |
| Estimated Market Size (2022) | USD 234.8 Million |
| Projected Market Size (2032) | USD 580.3 Million |
| Value-based CAGR (2022 to 2032) | 9.5% |
| Market Share of Top 5 Countries | 56.9% |
Internally powered infusion pumps which can be implanted, are surgically inserted under the skin in the abdominal wall. They consist of a small-gauge plastic catheter attached to a titanium-encased pump assembly with a medication reservoir and refilling port.
It is possible to insert the catheter tip subcutaneously, intravenously, intrathecally, epidurally, intraarterially, and intraperitoneally. The most common medications given using implantable infusion pumps are opioids for pain management, cancer chemotherapy medicines, and baclofen for spasticity.
MRI-compatible IV infusion pump systems have become ideal drug delivery solutions to provide a high level of safety, accuracy, reliability, and ease of use during magnetic resonance imaging procedures due to their non-magnetic construction.
They help end users meet the clinical needs of today’s patients by allowing continuous delivery of fluids and medication throughout the MRI care cycle.
The rising prevalence of life-threatening diseases, increasing demand for MRI diagnostics, and surge in the hospitalization of patients are expected to fuel the growth of the MRI-compatible IV infusion pump systems market during the forecast period.
Similarly, an increase in the number of surgical procedures and advancements in MRI-compatible IV infusion pump systems will further boost market growth during the forecast period.
The market value for MRI-compatible IV infusion pump systems was approximately 2.2% of the USD 9.6 Billion global infusion pump market in 2021.
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The global sales of MRI-compatible IV infusion pump systems are anticipated to rise at 9.5% CAGR between 2022 and 2032, in comparison to the 11.6% CAGR registered from 2012 to 2021.
The rising prevalence of chronic and infectious diseases worldwide, the surge in minimally invasive procedures, the growing need for safe and continuous drug delivery during and after MRI scans, and advancement in medical technology are some of the key factors expected to drive growth in the global MRI-compatible IV infusion pump systems market.
In biomedical imaging labs, syringe pumps are frequently employed to provide contrast chemicals and inject or infuse a specific volume of liquids. Each year, improper medicinal delivery leads to millions of unfavorable side effects globally.
MRI IV infusion systems enable a continuous supply of fluids and drugs throughout the MRI treatment cycle, meeting the demanding clinical needs of today's patients.
The non-magnetic designs of many systems enable the infusion pump to function safely in extremely strong magnetic fields without resorting to the workarounds typical of conventional infusion pumps.
It can take several days to diagnose a critically ill patient with an MRI after waiting for them to be stable enough to stop receiving all continuous IV infusions. This MRI diagnosis hold-up not only increases costs significantly but also delays a patient's diagnosis, associated care, and discharge.
Critical patient transportation for MRIs is proven to have a favorable risk/benefit ratio. In the vast majority of situations involving critically ill patients, the results from diagnostic evaluations have directly resulted in a shift in patient therapy and management.
The patient's time away from their care unit is shortened by connecting them to an MRI infusion pump in the department from which they originated, such as an intensive care unit.
Thus, with a high prevalence of chronic diseases, lifestyle changes, improper diet, and age-related ailments; there is a large growth in the volume of in-patient admissions globally.
Enhancing positive patient outcomes in any healthcare setting is at a forefront of comprehensive care, and keeping the above-mentioned points in consideration, the market for MRI-compatible IV infusion pump systems is expected to witness an impressive growth rate during the forecast period.
Growing Usage of MRI-Compatible IV Infusion Pump Systems Over Conventional Ones Bolstering Growth
With rising awareness about the potential benefits of MRI-compatible IV infusion pump systems, end users are rapidly shifting their preference from conventional infusion pumps towards these drug delivery systems. This is expected to bolster market growth during the forecast period.
Device engineering and updates include several clinical and device-based limitations, which need to be addressed for overall patient safety and device incorporation. One such factor includes the prevalence of infusion-based medication errors.
The prevention of drug errors is greatly aided by advanced infusion pumps. They include a large, high-contrast color touch screen, which provides the clinical staff of a hospital with several essential technical resource capabilities in terms of patient safety.
The drug is given to the patient at any one time and its concentration, the amount given, and the rate of infusion are all displayed on the screen.
Drug libraries, which set limits on the medication delivered, are also integrated with these infusion pumps. Innovative solutions encourage both objective and subjective patient safety, thereby enhancing the total quality of healthcare.
Keeping the above factors in consideration, the market for MRI-compatible IV infusion pump systems market is expected to register lucrative growth over the projected years.
Principal Consultant
Largely, infusion pump malfunctioning has been reported to be a leading cause of MRI-related deaths, followed by burns, projectiles, and pacemaker failures. Such occurrences were widely reported in the USA alone, and the FDA (Food and Drug Administration) responded to this problem in 2017 by issuing a specific safety communication.
On IV infusion pumps, with the use of contrast agents, the magnetic field can have life-threatening effects such as increased drug delivery rates, including the discharge of the entire pump's contents in a single lethal dose.
These effects also result in decreased drug delivery rates, and permanent device failure because the pump magnet has become demagnetized. Gadolinium, a rare earth metal included in MRI contrast agents, interacts with the magnetic field produced by MRI equipment.
MRI images created using gadolinium-based contrast agents (GBCAs) are as precise as they can be. However, they do have some risks and are not necessary for all MRIs. Similarly, MRI-compatible IV infusion pump systems are more expensive than conventional ones.
All these limitations of these devices are expected to negatively influence the global MRI-compatible IV infusion pump systems market over the forecast years.
Continuous New Product Launches and Approvals Driving Market in the USA
The USA dominates the North American MRI-compatible IV infusion pump systems market with a total market share of about 70.1% in 2021 and it is further expected to expand at a prolific CAGR of 13.6% during the forecast period.
Growth in the US. MRI-compatible IV pump systems market is driven by increasing incidence of chronic disease, availability of advanced FDA-approved medical devices, rise in the number of hospital admissions, and presence of favorable reimbursement policies.
The country has a stronghold of several established manufacturers within the MRI-compatible IV infusion pump systems market space. These manufacturers are continuously focusing on launching new products and getting approvals from regulatory bodies.
For instance, in 2017 Iradimed Corp. announced that its MRidium 3860+ IV infusion pump system, which incorporates its Dose Error Reduction System (DERS) software function, received the US FDA 510(k) clearance.
Flourishing Medical Tourism Augmenting Sales of MRI-Compatible IV Infusion Pump System Sales in Germany
Germany held a market share of about 7.0% in the global MRI-compatible IV infusion pump systems market in 2021 and it is likely to grow at a robust CAGR during the next ten years.
Rising medical tourism, increasing Research and Development efforts, a fast-growing insurance industry, and a rise in demand for smart infusion pumps are some of the factors driving the market's expansion within the nation.
Similarly, the surge in various chronic and infectious diseases across the country and increasing hospitalizations are expected to propel the demand for advanced drug delivery systems like MRI-compatible IV infusion systems during the forecast period.
Rapid Expansion of Healthcare Sector Propelling Demand in China
China held approximately 6.4% share of the global market in 2021 and it is expected to remain one of the most lucrative markets for MRI-compatible IV infusion pumps systems across East Asia during the forecast period.
Growth in China’s MRI-compatible IV infusion pump systems market is driven by the rapidly growing geriatric population, the surge in chronic disease burden, a rise in the number of patients undergoing treatments at hospitals, and the robust expansion of the healthcare industry.
Besides this, the easy availability of various drug delivery systems at much lower prices will further expand the MRI-compatible IV infusion pump systems market size over the next ten years.
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Demand to Remain High for MRI-Compatible IV Infusion Pump Devices in the Market
As per FMI, the device system segment held the highest share of around 90.1% in the global MRI-compatible IV infusion pump systems market in 2021 and it is likely to retain its dominance during the forthcoming period.
This can be attributed to the rising usage of MRI-compatible IV infusion pump device systems across healthcare facilities.
Many device systems have introduced the concept of portability, which has expanded the approach of MRI diagnosis in critically ill patients and reduced the time and length of hospital stay for the patients. This has significantly affected the reduction in costs for hospitalization, and unwanted expenditures by the institutional settings.
Hospitals to be the Leading End User for MRI Compatible IV Infusion Pump Systems Market
The hospital's segment held a revenue share of about 63.7% of the global MRI-compatible IV infusion pump systems market in 2021 and this number is expected to reach around 74.4% by 2032. This can be attributed to the increasing hospitalizations, rise in the volume of surgical procedures performed in hospitals, availability of trained staff, and a vigilant treatment flow.
Leading players in MRI-compatible IV infusion pump systems market are adopting strategies such as new product launches and approvals, device patenting and licensing, as well as regulatory approvals for marketing.
Key instances of development within the market include:
| Attribute | Details |
|---|---|
| Estimated Market Size (2022) | USD 234.8 Million |
| Projected Market Size (2032) | USD 580.3 Million |
| Anticipated Growth Rate (2022 to 2032) | 9.5% |
| Forecast Period | 2012 to 2021 |
| Historical Data Available for | 2022 to 2032 |
| Market Analysis | USD Million for Value |
| Key Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; and Middle East & Africa (MEA) |
| Key Countries Covered | The USA, Canada, Brazil, Mexico, Argentina, The UK, Germany, Italy, Russia, Spain, France, BENELUX, India, Thailand, Indonesia, Malaysia, Japan, China, South Korea, Australia, New Zealand, Turkey, GCC Countries, North Africa, and South Africa |
| Key Market Segments Covered | Product, End User, and Region |
| Key Companies Profiled | iRadimed Corporation; B.Braun Melsungen AG; Fresenius Kabi AG; Smiths Medical (Smiths Group plc.); Arcomed AG; Becton, Dickinson Company (Carefusion); Baxter International Inc. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The global MRI-compatible IV infusion pump systems market size reached USD 211.6 Million in 2021 and is likely to touch a valuation of USD 234.8 Million by 2032.
Sales of MRI-compatible IV infusion pump systems are set to witness a CAGR of 9.5% during the forecast period (2022 to 2032).
The global MRI-compatible IV infusion pump systems market is expected to reach a valuation of USD 580.3 Million by 2032.
Demand for MRI-compatible IV infusion pump systems market increased at 11.6% CAGR from 2012 to 2021.
The USA, Canada, China, Germany, and Japan are leading countries driving demand for MRI-compatible IV infusion pump systems, collectively holding around 56.9% market share.
The U.S. accounts for around 70.1% share of the North American MRI-compatible IV infusion pump systems market in 2021.
iRadimed Corporation, B. Braun Melsungen AG, and Fresenius Kabi AG are the top three manufacturers of MRI-compatible IV infusion pump systems.
China held a share of about 6.4% in the global MRI-compatible IV infusion pump systems market in 2021.
Japan held a share of about 5.6% within the global MRI-compatible IV infusion pump systems market in 2021.
The German MRI-compatible IV infusion pump systems market holds a share value of around 7.0% within the global MRI-compatible IV infusion pump systems market.
The key players within the MRI-compatible IV infusion pump systems market space include iRadimed Corporation, B.Braun Melsungen AG, Fresenius Kabi AG, Smiths Medical (Smiths Group plc.), Arcomed AG, Becton, Dickinson Company (Carefusion), and Baxter International Inc.
1. Executive Summary | MRI-Compatible IV Infusion Pump Systems Market 2. Market Overview 3. Key Market Trends 4. Key Success Factors 5. Market Background 6. Global Market - Pricing Analysis 7. Global Market Demand (in Value or Size in USD Million) Analysis 2012 to 2021 and Forecast, 2022 to 2032 8. Global Market Volume (Units) Analysis 2012 to 2021 and Forecast, 2022 to 2032 9. Global Market Analysis 2012 to 2021 and Forecast 2022 to 2032, By Product 9.1. Device System 9.1.1. Non-magnetic pump systems 9.1.2. Magnetic pump system with shielding 9.2. Tubing and disposables 10. Global Market Analysis 2012 to 2021 and Forecast 2022 to 2032, By End User 10.1. Hospitals 10.2. Ambulatory Surgical Centers 10.3. Diagnostics Imaging Centers 11. Global Market Analysis 2012 to 2021 and Forecast 2022 to 2032, By Region 11.1. North America 11.2. Latin America 11.3. Europe 11.4. East Asia 11.5. South Asia 11.6. Oceania 11.7. Middle East & Africa (MEA) 12. North America Market Analysis 2012 to 2021 and Forecast 2022 to 2032 13. Latin America Market Analysis 2012 to 2021 and Forecast 2022 to 2032 14. Europe Market Analysis 2012 to 2021 and Forecast 2022 to 2032 15. East Asia Market Analysis 2012 to 2021 and Forecast 2022 to 2032 16. South Asia Market Analysis 2012 to 2021 and Forecast 2022 to 2032 17. Oceania Market Analysis 2012 to 2021 and Forecast 2022 to 2032 18. Middle East and Africa (MEA) Market Analysis 2012 to 2021 and Forecast 2022 to 2032 19. Market Structure Analysis 20. Competition Analysis 20.1. iRadimed Corporation 20.2. B.Braun Melsungen AG 20.3. Fresenius Kabi AG 20.4. Smiths Medical (Smiths Group plc.) 20.5. Arcomed AG 20.6. Becton, Dickinson Company (Carefusion) 20.7. Baxter International Inc. 21. Assumptions and Acronyms Used 22. Research Methodology
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MRI-Compatible IV Infusion Pump Systems Market
