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MRI Compatible Patient Monitoring System Market Overview
The global MRI compatible patient monitoring system market is expected to see significant growth in the coming years, mainly on account of technological advancement related to MRI compatible monitors and surge in the number of MRI procedures performed across the globe. The market is expected to advance at a CAGR, of 3.1%, during the period 2015-2020.
The report provides market information based on geography, namely North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW). Among these, North America is expected to account for the maximum share in the MRI compatible patient monitoring system market during the forecast period. This can be ascribed to factors, such as growing geriatric population, increasing adoption of technologically advanced medical systems, and widespread prevalence of various chronic and lifestyle related diseases in the region.
In terms of growth, APAC is expected to be the fastest growing market, globally. Increasing awareness about health and surging healthcare expenditure are the leading factors supporting the growth of the MRI compatible patient monitoring system market in the region. Also, growing economies of the region like China and India, also support the regional market growth.
MRI Compatible Patient Monitoring System Market Dynamics
Globally, the MRI compatible patient monitoring system market is highly impacted by the number of MRI exams done. According to the Commonwealth Fund’s Annual International Profiles of Health Care Systems; Germany, the U.S. and France, were among the major countries where maximum number of MRI exams, per 1,000 population, were conducted in 2014. This number stood at 114.3, 109.5, and 95.5, respectively for the three countries.
Further, product launches and extensive research and development (R&D) activities are also augmenting the growth of the MRI compatible patient monitoring system market. In addition, to the factors mentioned above extensive funding and government support and growing healthcare awareness among the population across the globe are other important factors that will fuel the market demand in the coming years.
Various unexplored markets in emerging economies will provide ample growth opportunities to the players in the MRI compatible patient monitoring system market. These systems help in monitoring the vital signs of the patients, which, in turn, help to avoid any emergency event, while the scan is being conducted. Electrocardiography (ECG), and pulse oximetry, and invasive blood pressure (IBP) are some important vital signs that can be monitored with these systems.
Moreover, the applications of these systems have expanded, wherein, they can be used for monitoring pediatric patients, patients with compromised physiologic functions, patients who are mentally ill, and critically ill patients. Thus, growing number of applications of these systems will generate opportunities for the players to expand their product portfolio.
Risk associated with MRI scans, strict regulatory requirements for the approval of devices, and high cost of device are some factors that will impede the growth of the MRI compatible patient monitoring system market in future. It has been observed that an MRI examination is generally lengthy, and critically ill patients and children are at times required to be sedated during the scan. These scans sometimes can lead to adverse medical events like respiratory depression and hypoxemia. The Safety Committee of the Society for Magnetic Resonance Imaging states that MRI procedure should be physiologically monitored and only be conducted by a skilled professional.
Key Questions Answered in the Report: