The global MRI Compatible Patient Monitoring Systems Market size is expected to reach US$ 3,851.4 million in 2022 and US$ 5,958.6 million by 2032, growing at a CAGR of 4% during the forecast period.
Magnetic resonance imaging (MRI) is a useful diagnostic tool for diagnosing disorders associated with spine lesions, malignancies, and strokes affecting blood vessels and the brain. The prevalence of these disorders is propelling the market for MRI Compatible Patient Monitoring Systems to new heights.
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The advancements in the MRI Compatible Patient Monitoring Systems and the increasing awareness about the safety benefits of advanced MRI Compatible Patient Monitoring Systems such as non-magnetic systems over the conventional patient monitoring systems worldwide, which is expected to bolster the growth of the global MRI Compatible Patient Monitoring Systems market.
The global MRI Compatible Patient Monitoring Systems market is expected to register a significant CAGR over a forecast period. Increasing demand for large volume patient treatment and monitoring during MRI procedures owing to the growing access to the compatible medical services is also the important factor fuelling the revenue growth of the global MRI Compatible Patient Monitoring Systems market.
The favorable government policies for start-up companies such as medical device manufacturers and new manufacturing setups for production capacity expansion by the leading manufacturers in developing economies is also anticipated to fuel the growth of this market over the forecast period. The increasing spending on healthcare per capita in both developing and developed economies such as US, Canada, France, Germany, China, and India is also anticipated to propel the growth of the global MRI Compatible Patient Monitoring Systems market.
In addition to that, the increasing strategic collaborations among key players for the geographical expansion and patent transfer of the MRI Compatible Patient Monitoring Systems also expected to drive the growth of the global MRI Compatible Patient Monitoring Systems market.
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However, Product recall and safety concerns due to the adverse events associated with the use of patient monitoring in MRI settings including numerous injuries and deaths may hamper the growth of the global MRI Compatible Patient Monitoring Systems market. The stringent rules and regulations by the US Food and Drug Administration such as (FDA) 510 (K) for MRI Compatible Patient Monitoring Systems and the European Commission for new product launches and its marketing and sales activities, may hinder the growth of the global MRI Compatible Patient Monitoring Systems market. The higher price of MRI Compatible Patient Monitoring Systems may also become a cost restraint for the global MRI Compatible Patient Monitoring Systems market over the forecast period.
Some of the key players in MRI Compatible Patient Monitoring Systems market globally include iRadimed Corporation, Fresenius Kabi AG, B. Braun Melsungen AG, Becton, Dickinson Company (CareFusion), Smiths Medical (Smiths Group plc.), Baxter International Inc., and 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, and Tensys Medical, Inc.
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MRI Compatible Patient Monitoring Systems Market
The global MRI Compatible Patient Monitoring Systems market is segmented on the basis of product type, modality type, application, and end user.
On the basis of product type, the global MRI Compatible Patient Monitoring Systems market is segmented into:
- Magnetic Devices
- Non-magnetic Devices
On the basis of modality type, the global MRI Compatible Patient Monitoring Systems market is segmented into:
- Portable
- Non-portable
On the basis of application, the global MRI Compatible Patient Monitoring Systems market is segmented into:
- Blood Glucose Monitoring
- EEG and ECG Monitoring
- Capnography Monitoring
- Spirometer Monitoring
- Sleep Apnea Monitoring
- Pulse Oxymeter Monitoring
- Fetal Doppler Monitoring
- Multi-parameter Monitoring
- Weight Monitoring
- Temperature Monitoring
- Others
On the basis of end user, the global MRI Compatible Patient Monitoring Systems market is segmented into:
- Hospitals
- Ambulatory Surgical Centers
- Diagnostics Centers
- Emergency Medical Services
- Others
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