Global consumption of MRI Pulse Oximeters stands at around US$ 31.6 Million in 2022. The MRI Pulse Oximeters Market is predicted to increase at a CAGR of 2.5% to reach a valuation of US$ 36.5 Million by 2028.
| Attribute | Details |
|---|---|
| MRI Pulse Oximeters Market Size (2022) | US$ 31.6 Million |
| Sales Forecast (2028) | US$ 36.5 Million |
| Global Market Growth Rate (2022 to 2028) | 2.5% CAGR |
| Share of Top 5 MRI Pulse Oximeter Manufacturers | 50% |
MRI pulse oximeter sales accounted for around 2.3% share of the global pulse oximeter market in 2021. Significant inventions in the healthcare sector across regions are driving sales of medical devices, and wireless MRI pulse oximeter suppliers are set to gain from this trend.
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| Particulars | Details |
|---|---|
| H1, 2021 | 2.35% |
| H1, 2022 Projected | 2.46% |
| H1, 2022 Outlook | 2.36% |
| BPS Change - H1, 2022 (O) – H1, 2022 (P) | (-) 10 ↓ |
| BPS Change – H1, 2022 (O) – H1, 2021 | (+) 01 ↑ |
The comparative analysis and market growth rate of the global MRI pulse oximeters market as studied by Future Market Insights’ will show a negative BPS growth in the H1-2022 outlook as compared to the H1-2022 projected period by 10 BPS.
The market is subject to changes as per macro and industry standards. Factors that affect the market dynamics are MRI pulse oximeters facing strict regulations and accuracy concerns. Moreover, the presence of FDA-approved generic pulse oximeters which are widely accepted due to their cost-effectiveness and low maintenance is further responsible for the observed reduction in the BPS values.
However, a positive BPS growth is expected in H1-2022 over H1- 2021 duration with 01 Basis Point Share (BPS). The reasons for the surge in the market is due to prevalence of chronic diseases, a shift in focus towards advanced radiology research, and constant modification with technological innovations. Additionally, top players are constantly enhancing their product portfolios and collaborating to produce high-end products.
Increasing Prevalence of Chronic Diseases Driving Demand for Medical Monitoring Devices
From 2014 to 2021, the global MRI pulse oximeters market witnessed a CAGR of 1.8%.
With the growing population, the prevalence of chronic disease is increasing among all age groups, and people suffering from chronic diseases such as cancer and HIV are more susceptible to infectious diseases. The rate of prevalence of infectious diseases is directly proportional to the demand for high-end medical monitoring devices such as MRI and CT scans.
At present, cancer treatment and cardiac disease treatment are among the prominent segments of the MRI pulse oximeters market. Around 10 million deaths occur across the world each year that can be attributed to cancer. Most medical monitoring device manufacturing companies have 7T capacity MRI machines in their pipelines. Such advancements in the medical diagnostic equipment field are expected to be a key factor that will drive the demand growth for MRI pulse oximeters.
Technological advancements in MRI pulse oximetry, partnerships between leading companies, which are boosting research activities in the radiology field, growing demand for advanced SpO2 measuring techniques, and technological advancements in MRI machines are some of the major factors fueling the growth of the global MRI pulse oximeters market.
Overall, the global market for MRI pulse oximeters is predicted to expand at a CAGR of 2.5% from 2022 to 2028.
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Continuous Research and development activities Will Create Sales Opportunities for Pulse Oximeter Manufacturers
With a massive shift taking place in the global healthcare sector, Research and Development spending continues to represent a high percentage of market stakeholders’ expenditures. While existing pulse oximeters work efficiently with 5T MRI scanners, developing and introducing products that are compatible with both, 5T and 7T Magnetic Resonance Imaging machines, should be an important strategy for manufacturers.
MRI-compatible pulse oximeters that are designed using non-magnetic components to facilitate the safe and accurate monitoring of patient’s vital signs during MRI scans have garnered considerable traction in the in-depth analysis of illnesses. Apart from using them in connection with congenital heart defects (CHD), MRI pulse oximeters are increasingly being used as a standard diagnostic measure in the fields of anesthetics, intensive care, and emergency care.
Innovations in the manufacturing process of MRI pulse reading devices are resulting in higher demand for multifunctional MRI pulse oximeters. Several companies that have a product portfolio of MRI technology are developing high-quality medical diagnostic equipment. These companies are also trying to meet customer demand and GMP compliance for faster regulatory approval.
Strict Regulations and Accuracy Concerns Regarding Vital Sign Monitors Hurting Market Growth
MRI diagnosis continues to be associated with high costs, thereby adding to the reluctance of MRI pulse oximetry testing during MRI scans. In addition, MRI pulse oximeters are sensitive and have relatively high maintenance costs as compared to generic pulse oximeters. Strict regulations and accuracy concerns of vital sign monitors are key challenging factors for manufacturers.
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The emergence of Fiber Optic Pulse Oximeters Keeps the Market Competitive in North America
Heavy investments in Research and Development activities on medical devices and technologies along with favorable reimbursement scenarios in North America are likely to offer lucrative opportunities for MRI pulse reading system market players.
Manufacturers are viewing North America from a target market perspective, considering increasing healthcare expenditure and growing adoption of fiber optic pulse oximeters in the region.
Stakeholders in the market are leveraging new sensor technologies such as fiber optic pulse oximeters to avoid conductive pathways and improve device safety.
Technological Advancements Elevating Sales of MRI-Compatible Pulse Oximeters
Leading manufacturers of MRI-compatible pulse oximeters are presently prioritizing Research and Development and new product launches to resonate with the booming adoption of MRI pulse oximeters in the USA
The market in the USA continues to offer greater opportunities due to the strong presence of key stakeholders and the growing adoption of cost-effective alternatives, including MRI-compatible pulse oximeters and wrist-worn pulse oximeters.
Increasing Government Spending on Healthcare Driving Demand for Multifunctional MRI Pulse Oximeters
Market growth in China is backed by favorable government initiatives for the expansion of the healthcare sector. With high commercial possibilities in China, enterprises are concentrating on expanding their product portfolios, diversifying their business operations, lowering costs, increasing user satisfaction, and improving the dependability of multifunctional MRI pulse oximeters.
The increasing popularity of medical tourism and favorable health insurance policies in China are likely to attract patients towards expensive, yet efficient MRI scan therapy, and subsequently drive the sales of multifunctional MRI pulse oximeters.
Wireless MRI Pulse Oximeters Extending Traditional Functionality Aspects
Wireless MRI pulse oximeters are expected to account for around 63.7% of the global market share in 2022.
Aligning with the rapid development of state-of-the-art medical devices and technologies, market players continue to increase the production of wireless MRI pulse oximeters that need not be connected to MRI machines. Operated through infrared (IR) or Bluetooth technology, wireless MRI pulse oximeters have also witnessed higher innovations and investments as compared to wired variants.
Wireless MRI pulse oximeters provide precise SpO2 measurements and are not restricted to MRI environments; hence, manufacturers are specifically focused on this category.
Growing Demand for Patient Monitoring in Hospitals Fueling Market Expansion
Increasing adoption of MRI pulse oximeters in hospitals and growing patient visits for a complete diagnosis of diseases are driving demand for MRI pulse oximeters in hospitals. The increasing senior population as well as the rising frequency of numerous chronic respiratory disorders are driving the use of monitoring devices such as MRI pulse oximeters in hospitals during the diagnostic and therapy stages.
As current MRI pulse oximeters are organ-specific, requiring different sensors for different organs, manufacturers investing in the development of products that are not organ-specific and provide accurate SpO2 readings equally in all sensor locations are likely to be rewarded in the long run.
MRI pulse oximeter manufacturers remain focused on meeting the needs for pulse oximetry on infants, pediatrics, and adults in fixed-site as well as mobile MRI units.
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2028 |
| Historical Data Available for | 2014 to 2021 |
| Market Analysis | Value in US$ Million, Units for Volume |
| Key Regions Covered |
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| Key Countries Covered |
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| Key Market Segments Covered |
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| Key Companies Profiled |
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| Pricing | Available upon Request |
The global MRI pulse oximeters market is predicted to reach US$ 36.5 Million by 2028.
Wireless MRI pulse oximeters account for 63.7% share of the global market.
Rising cases of chronic diseases and increasing demand for advanced SpO2 measuring techniques are factors driving MRI pulse oximeter sales growth.
Koninklijke Philips N.V., Nonin, IRadimed Corporation, EMCO Meditek Pvt. Ltd., and MIPM are prominent manufacturers of MRI pulse oximeters.
Global sales of MRI pulse oximeters are projected to register a CAGR of 2.5% from 2022 to 2028.
1. Executive Summary | MRI Pulse Oximeters Market
1.1. Global Market Outlook
1.2. Market Analysis
1.3. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Macro-Economic Factors
3.2. Forecast Factors - Relevance & Impact
3.3. Market Dynamics
3.3.1. Drivers
3.3.2. Restraints
3.4. Opportunity
4. Key Success Factors
4.1. Recent Product Launches
4.2. Parent Market Analysis
5. Global Market Volume (Units) Analysis 2014 to 2021 and Forecast, 2022 to 2028
5.1. Historical Market Volume (Units) Analysis, 2014 to 2021
5.2. Current and Future Market Volume (Units) Projections, 2022 to 2028
5.3. Y-o-Y Growth Trend Analysis
6. Global Market Pricing Analysis
6.1. Regional Pricing Analysis By Product Type
6.2. Pricing Break-up
6.2.1. Manufacturer-Level Pricing
6.2.2. Distributor Level Pricing
6.3. Global Average Pricing Analysis Benchmark
7. Global Market Value (US$ Million) Analysis 2014 to 2021 and Forecast, 2022 to 2028
7.1. Historical Market Value (US$ Million) Analysis, 2014 to 2021
7.2. Current and Future Market Value (US$ Million) Projections, 2022 to 2028
7.2.1. Y-o-Y Growth Trend Analysis
7.2.2. Absolute $ Opportunity Analysis
8. Global Market Analysis 2014 to 2021 and Forecast 2022 to 2028, by Product Type
8.1. Introduction / Key Findings
8.2. Historical Market Size (US$ Million) Analysis By Product Type, 2014 to 2021
8.3. Current and Future Market Size (US$ Million) Analysis and Forecast By Product Type, 2022 to 2028
8.3.1. Wired MRI Pulse Oximeter
8.3.2. Wireless MRI Pulse Oximeter
8.4. Market Attractiveness Analysis By Product Type
9. Global Market Analysis 2014 to 2021 and Forecast 2022 to 2028, by Modality
9.1. Introduction / Key Findings
9.2. Historical Market Size (US$ Million) Analysis By Modality, 2014 to 2021
9.3. Current and Future Market Size (US$ Million) Analysis and Forecast By Modality, 2022 to 2028
9.3.1. with Monitor
9.3.2. without Monitor
9.4. Market Attractiveness Analysis By Modality
10. Global Market Analysis 2014 to 2021 and Forecast 2022 to 2028, By End User
10.1. Introduction / Key Findings
10.2. Historical Market Size (US$ Million) Analysis By End User, 2014 to 2021
10.3. Current and Future Market Size (US$ Million) Analysis and Forecast By End User, 2022 to 2028
10.3.1. Hospitals
10.3.2. Diagnostic Laboratories
10.3.3. Ambulatory Surgical Centers
10.4. Market Attractiveness Analysis By End User
11. Global Market Analysis 2014 to 2021 and Forecast 2022 to 2028, by Region
11.1. Introduction
11.2. Historical Market Size (US$ Million) Analysis By Region, 2014 to 2021
11.3. Current Market Size (US$ Million) Analysis and Forecast By Region, 2022 to 2028
11.3.1. North America
11.3.2. Latin America
11.3.3. Europe
11.3.4. South Asia
11.3.5. East Asia
11.3.6. Oceania
11.3.7. Middle East and Africa (MEA)
11.4. Market Attractiveness Analysis By Region
12. North America Market Analysis 2014 to 2021 and Forecast 2022 to 2028
12.1. Introduction
12.2. Historical Market Size (US$ Million) Trend Analysis By Market Taxonomy, 2014 to 2021
12.3. Market Size (US$ Million) Forecast By Market Taxonomy, 2021 to 2028
12.3.1. By Country
12.3.1.1. USA
12.3.1.2. Canada
12.3.2. By Product Type
12.3.3. By Modality
12.3.4. By End User
12.4. Market Attractiveness Analysis
12.5. Key Market Participants - Intensity Mapping
12.6. Drivers and Restraints - Impact Analysis
13. Latin America Market Analysis 2014 to 2021 and Forecast 2022 to 2028
13.1. Introduction
13.2. Historical Market Size (US$ Million) Trend Analysis By Market Taxonomy, 2014 to 2021
13.3. Market Size (US$ Million) Forecast By Market Taxonomy, 2021 to 2028
13.3.1. By Country
13.3.1.1. Brazil
13.3.1.2. Mexico
13.3.1.3. Argentina
13.3.1.4. Rest of Latin America
13.3.2. By Product Type
13.3.3. By Modality
13.3.4. By End User
13.4. Market Attractiveness Analysis
13.5. Key Market Participants - Intensity Mapping
13.6. Drivers and Restraints - Impact Analysis
14. Europe Market Analysis 2014 to 2021 and Forecast 2022 to 2028
14.1. Introduction
14.2. Historical Market Size (US$ Million) Trend Analysis By Market Taxonomy, 2014 to 2021
14.3. Market Size (US$ Million) Forecast By Market Taxonomy, 2021 to 2028
14.3.1. By Country
14.3.1.1. Germany
14.3.1.2. Italy
14.3.1.3. France
14.3.1.4. United Kingdom
14.3.1.5. Spain
14.3.1.6. BENELUX
14.3.1.7. Russia
14.3.1.8. Poland
14.3.1.9. Rest of Europe
14.3.2. By Product Type
14.3.3. By Modality
14.3.4. By End User
14.4. Market Attractiveness Analysis
14.5. Key Market Participants - Intensity Mapping
14.6. Drivers and Restraints - Impact Analysis
15. South Asia Market Analysis 2014 to 2021 and Forecast 2022 to 2028
15.1. Introduction
15.2. Historical Market Size (US$ Million) Trend Analysis By Market Taxonomy, 2014 to 2021
15.3. Market Size (US$ Million) Forecast By Market Taxonomy, 2021 - 2028
15.3.1. By Country
15.3.1.1. India
15.3.1.2. Thailand
15.3.1.3. Singapore
15.3.1.4. Indonesia
15.3.1.5. Malaysia
15.3.1.6. Rest of South Asia
15.3.2. By Product Type
15.3.3. By Modality
15.3.4. By End User
15.4. Market Attractiveness Analysis
15.5. Key Market Participants - Intensity Mapping
15.6. Drivers and Restraints - Impact Analysis
16. East Asia Market Analysis 2014 to 2021 and Forecast 2022 to 2028
16.1. Introduction
16.2. Historical Market Size (US$ Million) Trend Analysis By Market Taxonomy, 2014 to 2021
16.3. Market Size (US$ Million) Forecast By Market Taxonomy, 2021 to 2028
16.3.1. By Country
16.3.1.1. China
16.3.1.2. Japan
16.3.1.3. South Korea
16.3.2. By Product Type
16.3.3. By Modality
16.3.4. By End User
16.4. Market Attractiveness Analysis
16.5. Key Market Participants - Intensity Mapping
16.6. Drivers and Restraints - Impact Analysis
17. Oceania Market Analysis 2014 to 2021 and Forecast 2022 to 2028
17.1. Introduction
17.2. Historical Market Size (US$ Million) Trend Analysis By Market Taxonomy, 2014 to 2021
17.3. Market Size (US$ Million) Forecast By Market Taxonomy, 2021 to 2028
17.3.1. By Country
17.3.1.1. Australia
17.3.1.2. New Zealand
17.3.2. By Product Type
17.3.3. By Modality
17.3.4. By Application
17.3.5. By End User
17.4. Market Attractiveness Analysis
17.5. Key Market Participants - Intensity Mapping
17.6. Drivers and Restraints - Impact Analysis
18. Middle East and Africa Market Analysis 2014 to 2021 and Forecast 2022 to 2028
18.1. Introduction
18.2. Historical Market Size (US$ Million) Trend Analysis By Market Taxonomy, 2014 to 2021
18.3. Market Size (US$ Million) Forecast By Market Taxonomy, 2021 to 2028
18.3.1. By Country
18.3.1.1. GCC Countries
18.3.1.2. South Africa
18.3.1.3. Rest of Middle East and Africa
18.3.2. By Product Type
18.3.3. By Modality
18.3.4. By Application
18.3.5. By End User
18.4. Market Attractiveness Analysis
18.5. Key Market Participants - Intensity Mapping
18.6. Drivers and Restraints - Impact Analysis
19. Emerging Countries Market Analysis 2014 to 2021 and Forecast 2022 to 2028
19.1. Introduction
19.1.1. Market Value Proportion Analysis, By Key Countries
19.1.2. Global Vs. Country Growth Comparison
19.2. China Market Analysis
19.2.1. Introduction
19.2.2. Pricing Analysis
19.2.3. PEST Analysis
19.2.4. Market Value Proportion Analysis by Market Taxonomy
19.2.5. Market Value (US$ Million) Analysis and Forecast by Market Taxonomy
19.2.5.1. By Product Type
19.2.5.2. By Modality
19.2.5.3. By Application
19.2.5.4. By End User
19.2.6. China Market - Competition Landscape
19.3. India Market Analysis
19.3.1. Introduction
19.3.2. Pricing Analysis
19.3.3. PEST Analysis
19.3.4. Market Value Proportion Analysis by Market Taxonomy
19.3.5. Market and Value (US$ Million) Analysis and Forecast by Market Taxonomy
19.3.5.1. By Product Type
19.3.5.2. By Modality
19.3.5.3. By Application
19.3.5.4. By End User
19.3.6. India Market - Competition Landscape
19.4. Brazil Market Analysis
19.4.1. Introduction
19.4.2. Pricing Analysis
19.4.3. PEST Analysis
19.4.4. Market Value Proportion Analysis by Market Taxonomy
19.4.5. Market Value (US$ Million) Analysis and Forecast by Market Taxonomy
19.4.5.1. By Product Type
19.4.5.2. By Modality
19.4.5.3. By Application
19.4.5.4. By End User
19.4.6. Brazil Market - Competition Landscape
20. Market Structure Analysis
20.1. Market Analysis by Tier of Companies
20.2. Market Share Analysis of Top Players
21. Competition Analysis
21.1. Competition Dashboard
21.2. Competition Benchmarking
21.3. Competition Deep Dive
21.3.1. Nonin
21.3.1.1. Overview
21.3.1.2. Product Portfolio
21.3.1.3. Profitability by Market Segments (Product/Channel/Region)
21.3.1.4. Sales Footprint
21.3.1.5. Strategy Overview
21.3.1.5.1. Marketing Strategy
21.3.1.5.2. Product Strategy
21.3.1.5.3. Channel Strategy
21.3.2. Koninklijke Philips N.V.
21.3.2.1. Overview
21.3.2.2. Product Portfolio
21.3.2.3. Profitability by Market Segments (Product/Channel/Region)
21.3.2.4. Sales Footprint
21.3.2.5. Strategy Overview
21.3.2.5.1. Marketing Strategy
21.3.2.5.2. Product Strategy
21.3.2.5.3. Channel Strategy
21.3.3. EMCO Meditek Pvt. Ltd.
21.3.3.1. Overview
21.3.3.2. Product Portfolio
21.3.3.3. Profitability by Market Segments (Product/Channel/Region)
21.3.3.4. Sales Footprint
21.3.3.5. Strategy Overview
21.3.3.5.1. Marketing Strategy
21.3.3.5.2. Product Strategy
21.3.3.5.3. Channel Strategy
21.3.4. IRadimed Corporation
21.3.4.1. Overview
21.3.4.2. Product Portfolio
21.3.4.3. Profitability by Market Segments (Product/Channel/Region)
21.3.4.4. Sales Footprint
21.3.4.5. Strategy Overview
21.3.4.5.1. Marketing Strategy
21.3.4.5.2. Product Strategy
21.3.4.5.3. Channel Strategy
21.3.5. MIPM
21.3.5.1. Overview
21.3.5.2. Product Portfolio
21.3.5.3. Profitability by Market Segments (Product/Channel/Region)
21.3.5.4. Sales Footprint
21.3.5.5. Strategy Overview
21.3.5.5.1. Marketing Strategy
21.3.5.5.2. Product Strategy
21.3.5.5.3. Channel Strategy
22. Assumptions and Acronyms Used
23. Research Methodology
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MRI Pulse Oximeters Market
