An Incisive, In-depth Analysis on the Mri Compatible Iv Infusion Pump Systems Market
This study offers a comprehensive, 360 degree analysis on the Mri Compatible Iv Infusion Pump Systems market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Mri Compatible Iv Infusion Pump Systems market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Devices Type segment will witness significant growth over the forecast period
The Devices Type segment dominated the global MRI-Compatible IV Infusion Pump Systems Market in revenue terms in 2016, and the trend is projected to continue throughout the forecast period. The segment is expected to be the most lucrative among all product types, recording a market attractiveness index of 1.9. Among the Devices Type segments, the Magnetic Pump System with Shielding sub-segment is the largest and is expected to reach a value share of about US$ 93 Mn in 2017. The Tubing and Disposables product type segment is expected to be the second largest product type in the MRI-Compatible IV Infusion Pump Systems Market, increasing at a value CAGR of 7.1% over the forecast period. The Devices Type segment is slated to register a CAGR of 11.6% in terms of revenue during the 10 year period 2017 – 2027.
Rising incidences of MRI diagnostics for a global ageing population is anticipated to propel growth in sales of MRI-compatible IV infusion pumps
The increasing demand for advanced IV infusion pump systems compatible with intravenous infusion of drugs and essentials fluids during MRI imaging procedures is anticipated to boost the demand for high end and advanced devices in the MRI-Compatible IV Infusion Pump Systems Market over the forecast period. An increasing geriatric population and growing incidences of life threatening diseases particularly in North America are the two key factors expected to propel the growth in demand for MRI-compatible IV infusion pump systems in the global market.
Healthcare providers across the globe are increasingly aware of occupational risks arising due to the use of magnetic MRI-compatible IV infusion pump systems. Magnetic MRI-compatible IV infusion pump systems may create safety concerns and could be harmful to patients as well as MRI operators. The magnetic parts of these infusion pumps may also be responsible for variation in the diagnostics and imaging. To avoid the inherent risks and follow safety concerns, MRI operators prefer non-magnetic MRI-compatible IV infusion pump systems. This factor is anticipated to boost market demand for these devices and will consequently drive revenue growth of the non-magnetic product type segment in the global market.
Across the globe, an ageing population leads to growing incidences of various body scans such as MRI, CT and Ultrasound for detailed imaging of body organs and tissues. The scanning of organs and tissues helps diagnose various diseases as well as tissue damage. Increasing hospitalisations and an anticipated rise in cancer cases leads to a growing demand for MRI diagnosis and use of MRI-compatible IV infusion pump systems in critical situations. This is expected to fuel growth of the devices type segment over the forecast period.
Leading players are working towards increasing their production capacities for MRI-compatible IV infusion pump systems in order to meet increased demand from rapidly growing healthcare facilities and healthcare infrastructure. For instance, B. Braun is looking to increase production of their vascular access accessories in countries such as Indonesia, Thailand and Malaysia. The company also actively takes up innovative and interdisciplinary training initiatives such as “train-the-trainer” for ensuring better patient safety in the usage of medical devices.
Global MRI-Compatible IV Infusion Pump Systems Market Forecast
The global MRI-Compatible IV Infusion Pump Systems Market is expected to witness robust growth during the forecast period. This growth is expected to be primarily driven by increasing demand for MRI-compatible IV infusion pump systems by hospitals and diagnostics and imaging centres. The global market for MRI-compatible IV infusion pump systems is estimated to represent an absolute $ opportunity of close to US$ 15 Mn in 2018 over 2017 and incremental opportunity of more than US$ 250 Mn between 2017 and 2027.
Our new publication “MRI-Compatible IV Infusion Pump Systems Market: Global Industry Analysis (2012 – 2016) and Opportunity Assessment (2017 – 2027)” focusses on the major strategies, mergers, acquisitions, distribution partnerships and agreements currently trending the global market. Companies are focussing on strategic expansion of their business units and related products. To increase the consumer base in different geographies, manufacturers in the global MRI-Compatible IV Infusion Pump Systems Market are adopting the strategy of new product launches. For instance, in 2015 Fresenius Kabi and Halyard Health entered into a distribution agreement, under which Fresenius Kabi would supply and distribute Halyard Health’s disposable elastomeric intravenous (IV) infusion pumps. These strategic collaborations are playing a vital role in the development of the global MRI-Compatible IV Infusion Pump Systems Market. According to our analysts, key vendors in the market need to efficiently meet requirements of various end users and ensure supply of the required products, as quality and positive outcome are of utmost importance to end user industries.
While focussing on various segments we have observed that by product type, the non-magnetic MRI-compatible IV infusion pump system segment is expected to witness a significant rise in revenue share over the forecast period, owing to the efficiencies of the pump system and increasing awareness about the benefits of non-magnetic pump systems. As far as regions are concerned, APEJ is the most lucrative market followed by MEA and North America. It has been noticed that hospitals and diagnostics and imaging centres in APEJ are expected to witness comparatively significant growth due to increasing demand for advanced non-magnetic MRI-compatible IV infusion pump systems coupled with the developed medical infrastructure in the region.
Tier-2 and Tier-3 IV infusion pump system manufacturing companies are expected to be direct competitors to Tier-1 companies in the long run
In the global MRI-Compatible IV Infusion Pump Systems Market, Tier-1 companies develop, manufacture and market both magnetic and non-magnetic MRI-compatible IV infusion pump systems. These companies include the likes of iRadimed Corporation, Fresenius Kabi AG, B. Braun Melsungen AG and others, contributing leading shares to the market globally. Tier-2 companies also supply IV infusion pump systems to end users such as hospitals and MRI diagnostics and imaging centres. These companies include Baxter International Inc., Becton, Dickinson Company (Carefusion), Arcomed AG, Hospira Inc., Terumo Medical Corporation and others. Tier-3 companies include Mindray Medical International Limited, Caesarea Medical Electronics, Q Core Medical Ltd., Flowonix Medical Inc., Shenzhen Carewell Electronics Co., Digicare Biomedical Technology, Adox S.A, Argus AG and other regional players who provide IV infusion pumps and are expected to be possible competitors to the Tier-1 MRI-compatible IV infusion pump system manufacturers in the long run.
We have considered weighted average pricing for different non-magnetic MRI-compatible IV infusion pump systems. This has been done based on information gathered from reliable secondary sources validated through marketplace discussions and private company databases. Pricing values of non-magnetic MRI-compatible IV infusion pump systems have been counter validated with market experts through primary research and also after consolidating regional variations in price levels. Currency fluctuations have not been taken into account. This study also rules out the impact of extreme events in specific countries.
Round–off figures/prices have been considered for analysis
Weighted averaging of high-end and low-end pricing has been done to rule out the effect of extreme values and brand weights
Shipping charges have not been included in regional pricing
A demand-supply gap analysis has been performed involving both marketplace discussions and desk research to determine pricing premiums