The growth in the global MRI compatible patient monitoring system market is supported by the increasing pool of aging population, who are more susceptible to various diseases and syndromes, as people in this age group have comparatively degraded regenerative abilities. This can be further substantiated by the fact that the United Nations Department of Economic and Social Affairs (UN-DESA) report on the global aging population, states that, the population of individuals aged 60 years or above is growing at a very high rate across the globe.
Insights into Market Segments
The report provides market information based on geography, namely North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW). Among these regions, the MRI compatible patient monitoring system market is expected to witness considerable growth in the European region. Factors like growing aging population, increasing incidence of chronic diseases, and increasing awareness about MRI compatible patient monitoring systems will tend to augment the growth of the market in this region.
It is further expected that the MRI compatible patient monitoring system market in APAC will witness fastest growth in the coming years. Increasing number of MRI units installed in the regional countries is an important factor driving the growth of the APAC market. According to the Organization for Economic Cooperation and Development (OECD), the number of MRI units per million inhabitants in Japan was 35.3 in 2002, which increased to 46.9 in 2011.
Greater awareness about MRI compatible patient monitoring systems will enhance the growth of this market
The adoption of these systems has been on a rise in the developing countries like India and China, providing ample opportunities for product portfolio and market share expansion to the players operating in the MRI compatible patient monitoring system. Moreover, increasing demand of MRI scans for the diagnosis of chronic diseases is also driving the market growth.
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Risk associated with MRI scanners and strict regulatory requirements to impede the market growth
Besides, the MRI scanners use strong magnetic fields and radio waves, to produce images of body structure for the diagnosis of various medical conditions. At times, any loose material or device in an MRI room may get pulled toward the magnet, and could cause serious injury or damage to the equipment operator or the patients. To overcome these challenges there are stringent regulations that have to be abided by the manufacturers for product approval. Other than this high cost of these systems is also hindering the growth of the MRI compatible patient monitoring system market.
MRI COMPATIBLE PATIENT MONITORING SYSTEM MARKET SEGMENTATION
Market Segmentation by Region