The global MRI compatible patient monitoring systems market holds a forecasted share of USD 3,851.4 million in 2022 and is likely to surpass USD 5,958.6 million by 2032, moving ahead with a CAGR of 4% during the forecast period.
Magnetic Resonance Imaging (MRI) is a valuable diagnostic tool for identifying diseases related to spine lesions, tumors, and strokes affecting the blood vessels and the brain. The prevalence of these diseases is driving the growth of the MRI compatible patient monitoring systems market.
Report Attribute | Details |
---|---|
MRI Compatible Patient Monitoring Systems Market Value (2022) | USD 3,851.4 million |
MRI Compatible Patient Monitoring Systems Market Anticipated Forecast Value (2032) | USD 5,958.6 million |
MRI Compatible Patient Monitoring Systems Market Projected Growth Rate (2022 to 2032) | 4% |
In 2020, the International Agency for Research on Cancer reported 19,292,789 new cancer cases worldwide. MRI machines are expected to be widely adopted due to the growing demand for quick and effective diagnostic procedures. Various countries are installing these MRI machines. According to the OECD, 34.54 MRI units were installed in the USA in 2020. Artificial intelligence may also have a positive impact on the market in the future.
MRI compatible patient monitoring systems are technologically modified and equipped with safety features, such as alarms or other operator alerts that are meant to trigger in the event of a problem, thus shaping key trends and opportunities in the market for MRI compatible patient monitoring systems.
There has been a tremendous amount of advancement in MRI technology over recent years, especially in the software field. It has also been driven by advancements in diagnostic techniques such as open MRI, visualization software, and superconducting magnets. Furthermore, the development of cardiac pacemaker-compatible MRI systems is expected to propel market growth in the cardiology segment.
Further, various paramagnetic contrast agents, such as gadolinium-DTPA, can be injected intravenously to provide sharp, precise, and accurate images within a short period. As a result of these technological advancements in MRI, market growth is expected to accelerate during the forecast period.
MRI manufacturers have continued to adopt newer technology and develop artificial intelligence (AI)-based solutions to increase the market growth. Radiologists used this to understand chronic diseases and residual symptoms more effectively and efficiently. MRI is expected to play a key role in patient monitoring as clinicians seek to find out what is causing long-term chronic disease symptoms
Several recent advancements, such as diffusion and diffusion tensor imaging with tractography, neuroimaging such as MR spectroscopy, perfusion imaging, and functional imaging utilizing the bold technique, are expected to boost market growth during the forecast period.
It is also expected that the market will grow as intraoperative MRI grows in popularity and is applied in several applications, including neurosurgery.
There are several advantages associated with MRI systems, but the costs associated with purchasing and installing such machines are quite high, which in turn affects the growth of the market, particularly in developing regions. Low- to medium-strength MRI machines cost more than one million dollars on average.
Furthermore, helium gas is depleting at an alarming rate, resulting in increased wait time and a reduction in productivity.
The growth of the market is also negatively impacted by the delayed approval of products and frequent recalls of products primarily because of stringent regulatory frameworks.
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
Drivers:
Restraints:
It is anticipated that mixed results with MRI screening may hinder the growth of the global MRI compatible patient monitoring systems market. For instance, in November 2019, researchers at Utrecht University Medical Center, The Netherlands, published a study finding that the rate of interval cancers was reduced by half in patients with dense breast tissue when mammography was complemented with magnetic resonance imaging (MRI). However, there was a significant rate of recall for additional imaging.
Some factors will limit the growth of the MRI compatible patient monitoring system market in the future. These factors include the risk associated with MRI scans, the strict regulatory requirements for approving devices, and the high cost of devices. An MRI examination takes a considerable amount of time, and critically ill patients and children are sometimes sedated during the procedure.
Medical conditions like respiratory depression and hypoxemia can sometimes result from these scans. According to the Safety Committee of the Society for Magnetic Resonance Imaging, MRI procedures should be physiologically monitored and performed only by a qualified professional.
Opportunities:
There may be ample growth opportunities for players in the MRI compatible patient monitoring system market in several unexplored markets in emerging economies. By monitoring the patient's vital signs, these systems help to avoid any emergencies during the scan. Among the vital signs that can be monitored with these systems are electrocardiography, pulse oximetry, and invasive blood pressure (IBP).
Further, these systems can be used to monitor pediatric patients, patients who are mentally ill, and critically ill patients, as well as patients with compromised physiologic functions. In this way, the players may be able to expand their product portfolios as the number of applications for these systems grows.
With a market share of 35.2% in 2022, North America is expected to dominate the MRI compatible patient monitoring systems market. As a result of an increasing geriatric population, lifestyle-associated diseases, and the adoption of technologically advanced devices, North America may dominate the global MRI compatible patient monitoring system market in the years to come.
As medical infrastructure and reimbursement facilities develop along with technological advancements, the North American MRI compatible patient monitoring systems market is expected to register significant growth over the forecast period.
The North American MRI compatible patient monitoring system market size is expected to grow due to high healthcare spending and rising chronic disease prevalence.
Europe is expected to contribute modestly to the market, as well as a healthy growth rate, with MRI compatible patient monitoring systems occupying 31.9% of the market in 2022.
With an increase in elderly people and growing awareness about MRI compatible patient monitoring systems, the European MRI compatible patient monitoring systems market is expected to grow. In fact, 47% of the four million deaths there each year are caused by cardiovascular diseases, according to the European Society of Cardiology, a non-profit medical organization.
In developing economies, favorable government policies for start-up companies like medical device manufacturers and new manufacturing facilities support capacity expansion by leading manufacturers.
The Butterfly iQ, created by Butterfly Network, is a portable, handheld ultrasound imaging device with a built-in battery and wireless charging that can perform scans for more than two hours. Butterfly Network was founded in 2011.
Additionally, it enables the organization, searching, and access of cloud-based studies via mobile or web. Several prominent investors have contributed to the raising of USD 350 million raised by this start-up, triggering new trends in the market for MRI-compatible patient monitoring systems.
MRI Compatible Patient Monitoring Systems Market: Key Contracts/ Agreements/ Acquisitions/ Recent Developments
To increase the adoption and usage of MRI machines in the field of medical imaging, key players are developing machines with high field strength. Aside from expansions of their regional and service portfolios, these players are also undertaking mergers and acquisitions.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
Report Attribute | Details |
---|---|
Growth Rate | CAGR of 4% from 2022 to 2032 |
Base Year for Estimation | 2022 |
Historical Data | 2016 to 2021 |
Forecast Period | 2022 to 2032 |
Quantitative Units | Revenue in USD Million and CAGR from 2022 to 2032 |
Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
Segments Covered |
Product Type, Modality Type, Application, End Use, Region |
Regions Covered |
North America; Latin America; The Asia Pacific; Middle East and Africa(MEA); Europe |
Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, United Kingdom, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, GCC Countries, South Africa |
Key Companies Profiled |
Arcomed AG; PULSION Medical Systems SE; LiDCO Group PLC; CAS Medical Systems; Deltex Medical Group PLC; Philips Medical Systems; GE Healthcare; Draeger Medical, Inc.; Schwarzer Cardiotek GmbH; Tensys Medical, Inc. |
Customization | Available Upon Request |
The MRI compatible patient monitoring systems market's growth potential can be valued at USD 5958.6 Million by 2032.
The market size of the global MRI Compatible Patient Monitoring Systems Market is projected to grow by USD 3851.4 Million in 2022.
The MRI compatible patient monitoring systems market is expected to grow at a CAGR of 4% from 2022 to 2032.
North America is expected to hold the highest share in the global MRI compatible patient monitoring systems market.
1. Executive Summary | MRI Compatible Patient Monitoring Systems Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Product Type 5.1. Magnetic Devices 5.2. Non-magnetic Devices 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Modality Type 6.1. Portable 6.2. Non-portable 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application 7.1. Blood Glucose Monitoring 7.2. EEG and ECG Monitoring 7.3. Capnography Monitoring 7.4. Spirometer Monitoring 7.5. Sleep Apnea Monitoring 7.6. Pulse Oximeter Monitoring 7.7. Fetal Doppler Monitoring 7.8. Multi-parameter Monitoring 7.9. Weight Monitoring 7.10. Temperature Monitoring 7.11. Other Applications 8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End User 8.1. Hospitals 8.2. Ambulatory Surgical Centers 8.3. Diagnostics Centers 8.4. Emergency Medical Services 8.5. Others 9. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Pacific 9.5. Middle East and Africa (MEA) 10. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 14. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. iRadimed Corporation 17.2. Fresenius Kabi AG 17.3. B. Braun Melsungen AG 17.4. Becton, Dickinson Company 17.5. Smiths Medical 17.6. Baxter International Inc. 17.7. Arcomed AG 17.8. Deltex Medical Group Plc. 17.9. Philips Medical Systems 17.10. GE Healthcare 17.11. Draeger Medical, Inc. 17.12. Schwarzer Cardiotek GmbH 17.13. Tensys Medical, Inc. 18. Assumptions & Acronyms Used 19. Research Methodology
Explore Healthcare Insights
View Reports