MRI Compatible Patient Monitoring Systems Market Outlook (2022 to 2032)

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.

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What are the Key MRI Compatible Patient Monitoring Systems Market Dynamics?

Drivers:

  • Increase in Prevalence of Chronic Disorders: As chronic diseases become more prevalent, the global market for MRI compatible patient monitoring systems is expected to grow. For instance, specifically, the American Cancer Society estimates that the USA will suffer from 1.9 million new cancer cases and 609,360 cancer deaths in 2022.
  • Launch of New Products: Over the forecast period, key market players are expected to launch more products to drive growth in the global MRI compatible patient monitoring systems market. For example, Cannon Medical, a medical equipment company, launched a new MRI system in July 2022 at the ECR (European Congress of Radiology) 2022 conference. MRI procedures are shortened with the new system because it incorporates innovative workflow solutions, image enhancement, and faster scan technologies.
  • Growing access to compatible medical services will likely fuel the demand for MRI compatible patient monitoring systems as large volumes of patients undergo MRI procedures.

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.

Regional Analysis

How is North America Dominating the MRI Compatible Patient Monitoring Systems Market?

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.

The European MRI Compatible Patient Monitoring Systems Market is a Promising One.

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.

Sabyasachi Ghosh
Sabyasachi Ghosh

Principal Consultant

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How is the Start-up Ecosystem in the MRI Compatible Patient Monitoring Systems Market?

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: Competitive Landscape

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.

  • In June 2021, Philips announced a strategic partnership with Akumin Inc., a leading outpatient diagnostic imaging provider in the United States, to utilize Philips' new Radiology Operations Command Center across Akumin's outpatient imaging centers and to establish clinical standards for Akumin's MR and CT imaging technologies.
  • As part of the ECR (European Congress of Radiology) 2021 meeting, Hitachi, Ltd., a Japanese multinational conglomerate corporation, announced the launch of two upgraded open MRIs, the APERTO Lucent Plus 0.4T permanent open MRI and the AIRIS Vento Plus 0.3T permanent open MRI. With Synergy Drive workflow solutions, the latest MRI systems optimize workflow and reduce scan times. From the beginning of the MRI scanning procedure to the post-processing and sharing of MRI images, the Synergy Drive workflow solution helps overcome barriers to MRI scanning.
  • Philips announced the launch of an AI-enabled MR imaging portfolio in November 2021, aimed at improving the efficiency and sustainability of radiology operations by speeding up MR exams, streamlining workflows, increasing diagnostic quality, and ensuring radiology operations are efficient and sustainable.
  • FUJIFILM Healthcare released its Velocity MRI System in December 2021, which features a high-field open gantry. This advanced and high-field MRI system streamlines operations and improves the patient experience.

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Who are the Key Players in the MRI Compatible Patient Monitoring Systems Market?

  • 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.

Report Scope

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

Key Segments Profiled in the MRI Compatible Patient Monitoring Systems Market Survey

By Product Type:

  • Magnetic Devices
  • Non-magnetic Devices

By Modality Type:

  • Portable
  • Non-portable

By Application:

  • Blood Glucose Monitoring
  • EEG and ECG Monitoring
  • Capnography Monitoring
  • Spirometer Monitoring
  • Sleep Apnea Monitoring
  • Pulse Oximeter Monitoring
  • Foetal Doppler Monitoring
  • Multi-parameter Monitoring
  • Weight Monitoring
  • Temperature Monitoring
  • Others

By End Use:

  • Hospitals
  • Ambulatory Surgical Centres
  • Diagnostics Centres
  • Emergency Medical Services
  • Others

By Region:

  • North America
  • Latin America
  • The Asia Pacific
  • Middle East and Africa(MEA)
  • Europe

Frequently Asked Questions

What is the Growth Potential of the MRI Compatible Patient Monitoring Systems Market?

The MRI compatible patient monitoring systems market's growth potential can be valued at USD 5958.6 Million by 2032.

What is the Market Size of the Global MRI Compatible Patient Monitoring Systems Market?

The market size of the global MRI Compatible Patient Monitoring Systems Market is projected to grow by USD 3851.4 Million in 2022.

How is the MRI Compatible Patient Monitoring Systems Market Growing?

The MRI compatible patient monitoring systems market is expected to grow at a CAGR of 4% from 2022 to 2032.

Which Region is Expected to Hold the Highest Share in the Global MRI Compatible Patient Monitoring Systems Market?

North America is expected to hold the highest share in the global MRI compatible patient monitoring systems market.

Table of Content
	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
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