Global consumption of MRI Pulse Oximeters stands at around USD 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 USD 36.5 Million by 2028.
| Attribute | Details |
|---|---|
| MRI Pulse Oximeters Market Size (2022) | USD 31.6 Million |
| Sales Forecast (2028) | USD 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 USD Million, Units for Volume |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; Middle East & Africa (MEA) |
| Key Countries Covered | USA, Canada, Mexico, Brazil, Mexico, Argentina, Germany, Italy, France, United Kingdom, Nordic, Spain, Japan, China, India, Malaysia, Thailand, Australia, GCC Countries, South Africa, Turkey |
| Key Market Segments Covered | Product Type, Modality, End User, Region |
| Key Companies Profiled | Koninklijke Philips N.V.; Nonin; IRadimed Corporation; EMCO Meditek Pvt. Ltd.; MIPM; Hamilton Medical; General Electric Company; Turner Medical; Medtronic; Zensorium |
| Pricing | Available upon Request |
The global MRI pulse oximeters market is predicted to reach USD 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 2. Market Overview 3. Market Background 4. Key Success Factors 5. Global Market Volume (Units) Analysis 2014 to 2021 and Forecast, 2022 to 2028 6. Global Market Pricing Analysis 7. Global Market Value (USD Million) Analysis 2014 to 2021 and Forecast, 2022 to 2028 8. Global Market Analysis 2014 to 2021 and Forecast 2022 to 2028, by Product Type 8.1. Wired MRI Pulse Oximeter 8.2. Wireless MRI Pulse Oximeter 9. Global Market Analysis 2014 to 2021 and Forecast 2022 to 2028, by Modality 9.1. with Monitor 9.2. without Monitor 10. Global Market Analysis 2014 to 2021 and Forecast 2022 to 2028, By End User 10.1. Hospitals 10.2. Diagnostic Laboratories 10.3. Ambulatory Surgical Centers 11. Global Market Analysis 2014 to 2021 and Forecast 2022 to 2028, by Region 11.1. North America 11.2. Latin America 11.3. Europe 11.4. South Asia 11.5. East Asia 11.6. Oceania 11.7. Middle East and Africa (MEA) 12. North America Market Analysis 2014 to 2021 and Forecast 2022 to 2028 13. Latin America Market Analysis 2014 to 2021 and Forecast 2022 to 2028 14. Europe Market Analysis 2014 to 2021 and Forecast 2022 to 2028 15. South Asia Market Analysis 2014 to 2021 and Forecast 2022 to 2028 16. East Asia Market Analysis 2014 to 2021 and Forecast 2022 to 2028 17. Oceania Market Analysis 2014 to 2021 and Forecast 2022 to 2028 18. Middle East and Africa Market Analysis 2014 to 2021 and Forecast 2022 to 2028 19. Emerging Countries Market Analysis 2014 to 2021 and Forecast 2022 to 2028 20. Market Structure Analysis 21. Competition Analysis 21.1. Nonin 21.2. Koninklijke Philips N.V. 21.3. EMCO Meditek Pvt. Ltd. 21.4. IRadimed Corporation 21.5. MIPM 22. Assumptions and Acronyms Used 23. Research Methodology
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MRI Pulse Oximeters Market
