The global MRI compatible patient monitoring systems market holds a forecasted share of USD 3,851.4 million in 2022 and is likely to surpass USD 5,958.6 million by 2032, moving ahead with a CAGR of 4% during the forecast period.
Magnetic Resonance Imaging (MRI) is a valuable diagnostic tool for identifying diseases related to spine lesions, tumors, and strokes affecting the blood vessels and the brain. The prevalence of these diseases is driving the growth of the MRI compatible patient monitoring systems market.
Report Attribute | Details |
---|---|
MRI Compatible Patient Monitoring Systems Market Value (2022) | USD 3,851.4 million |
MRI Compatible Patient Monitoring Systems Market Anticipated Forecast Value (2032) | USD 5,958.6 million |
MRI Compatible Patient Monitoring Systems Market Projected Growth Rate (2022 to 2032) | 4% |
In 2020, the International Agency for Research on Cancer reported 19,292,789 new cancer cases worldwide. MRI machines are expected to be widely adopted due to the growing demand for quick and effective diagnostic procedures. Various countries are installing these MRI machines. According to the OECD, 34.54 MRI units were installed in the USA in 2020. Artificial intelligence may also have a positive impact on the market in the future.
MRI compatible patient monitoring systems are technologically modified and equipped with safety features, such as alarms or other operator alerts that are meant to trigger in the event of a problem, thus shaping key trends and opportunities in the market for MRI compatible patient monitoring systems.
There has been a tremendous amount of advancement in MRI technology over recent years, especially in the software field. It has also been driven by advancements in diagnostic techniques such as open MRI, visualization software, and superconducting magnets. Furthermore, the development of cardiac pacemaker-compatible MRI systems is expected to propel market growth in the cardiology segment.
Further, various paramagnetic contrast agents, such as gadolinium-DTPA, can be injected intravenously to provide sharp, precise, and accurate images within a short period. As a result of these technological advancements in MRI, market growth is expected to accelerate during the forecast period.
MRI manufacturers have continued to adopt newer technology and develop artificial intelligence (AI)-based solutions to increase the market growth. Radiologists used this to understand chronic diseases and residual symptoms more effectively and efficiently. MRI is expected to play a key role in patient monitoring as clinicians seek to find out what is causing long-term chronic disease symptoms
Several recent advancements, such as diffusion and diffusion tensor imaging with tractography, neuroimaging such as MR spectroscopy, perfusion imaging, and functional imaging utilizing the bold technique, are expected to boost market growth during the forecast period.
It is also expected that the market will grow as intraoperative MRI grows in popularity and is applied in several applications, including neurosurgery.
There are several advantages associated with MRI systems, but the costs associated with purchasing and installing such machines are quite high, which in turn affects the growth of the market, particularly in developing regions. Low- to medium-strength MRI machines cost more than one million dollars on average.
Furthermore, helium gas is depleting at an alarming rate, resulting in increased wait time and a reduction in productivity.
The growth of the market is also negatively impacted by the delayed approval of products and frequent recalls of products primarily because of stringent regulatory frameworks.
Drivers:
Restraints:
It is anticipated that mixed results with MRI screening may hinder the growth of the global MRI compatible patient monitoring systems market. For instance, in November 2019, researchers at Utrecht University Medical Center, The Netherlands, published a study finding that the rate of interval cancers was reduced by half in patients with dense breast tissue when mammography was complemented with magnetic resonance imaging (MRI). However, there was a significant rate of recall for additional imaging.
Some factors will limit the growth of the MRI compatible patient monitoring system market in the future. These factors include the risk associated with MRI scans, the strict regulatory requirements for approving devices, and the high cost of devices. An MRI examination takes a considerable amount of time, and critically ill patients and children are sometimes sedated during the procedure.
Medical conditions like respiratory depression and hypoxemia can sometimes result from these scans. According to the Safety Committee of the Society for Magnetic Resonance Imaging, MRI procedures should be physiologically monitored and performed only by a qualified professional.
Opportunities:
There may be ample growth opportunities for players in the MRI compatible patient monitoring system market in several unexplored markets in emerging economies. By monitoring the patient's vital signs, these systems help to avoid any emergencies during the scan. Among the vital signs that can be monitored with these systems are electrocardiography, pulse oximetry, and invasive blood pressure (IBP).
Further, these systems can be used to monitor pediatric patients, patients who are mentally ill, and critically ill patients, as well as patients with compromised physiologic functions. In this way, the players may be able to expand their product portfolios as the number of applications for these systems grows.
With a market share of 35.2% in 2022, North America is expected to dominate the MRI compatible patient monitoring systems market. As a result of an increasing geriatric population, lifestyle-associated diseases, and the adoption of technologically advanced devices, North America may dominate the global MRI compatible patient monitoring system market in the years to come.
As medical infrastructure and reimbursement facilities develop along with technological advancements, the North American MRI compatible patient monitoring systems market is expected to register significant growth over the forecast period.
The North American MRI compatible patient monitoring system market size is expected to grow due to high healthcare spending and rising chronic disease prevalence.
Europe is expected to contribute modestly to the market, as well as a healthy growth rate, with MRI compatible patient monitoring systems occupying 31.9% of the market in 2022.
With an increase in elderly people and growing awareness about MRI compatible patient monitoring systems, the European MRI compatible patient monitoring systems market is expected to grow. In fact, 47% of the four million deaths there each year are caused by cardiovascular diseases, according to the European Society of Cardiology, a non-profit medical organization.
In developing economies, favorable government policies for start-up companies like medical device manufacturers and new manufacturing facilities support capacity expansion by leading manufacturers.
The Butterfly iQ, created by Butterfly Network, is a portable, handheld ultrasound imaging device with a built-in battery and wireless charging that can perform scans for more than two hours. Butterfly Network was founded in 2011.
Additionally, it enables the organization, searching, and access of cloud-based studies via mobile or web. Several prominent investors have contributed to the raising of USD 350 million raised by this start-up, triggering new trends in the market for MRI-compatible patient monitoring systems.
MRI Compatible Patient Monitoring Systems Market: Key Contracts/ Agreements/ Acquisitions/ Recent Developments
To increase the adoption and usage of MRI machines in the field of medical imaging, key players are developing machines with high field strength. Aside from expansions of their regional and service portfolios, these players are also undertaking mergers and acquisitions.
Report Attribute | Details |
---|---|
Growth Rate | CAGR of 4% from 2022 to 2032 |
Base Year for Estimation | 2022 |
Historical Data | 2016 to 2021 |
Forecast Period | 2022 to 2032 |
Quantitative Units | Revenue in USD Million and CAGR from 2022 to 2032 |
Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
Segments Covered |
Product Type, Modality Type, Application, End Use, Region |
Regions Covered |
North America; Latin America; The Asia Pacific; Middle East and Africa(MEA); Europe |
Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, United Kingdom, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, GCC Countries, South Africa |
Key Companies Profiled |
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; Tensys Medical, Inc. |
Customization | Available Upon Request |
Table 01: Global Market Value (US$ Million) Forecast by Region, 2017 to 2032
Table 02: Global Market Value (US$ Million) Forecast by Product Type, 2017 to 2032
Table 03: Global Market Value (US$ Million) Forecast by Modality Type, 2017 to 2032
Table 04: Global Market Value (US$ Million) Forecast by Application, 2017 to 2032
Table 05: Global Market Value (US$ Million) Forecast by End User, 2017 to 2032
Table 06: North America Market Value (US$ Million) Forecast by Country, 2017 to 2032
Table 07: North America Market Value (US$ Million) Forecast by Product Type, 2017 to 2032
Table 08: North America Market Value (US$ Million) Forecast by Modality Type, 2017 to 2032
Table 09: North America Market Value (US$ Million) Forecast by Application, 2017 to 2032
Table 10: North America Market Value (US$ Million) Forecast by End User, 2017 to 2032
Table 11: Latin America Market Value (US$ Million) Forecast by Country, 2017 to 2032
Table 12: Latin America Market Value (US$ Million) Forecast by Product Type, 2017 to 2032
Table 13: Latin America Market Value (US$ Million) Forecast by Modality Type, 2017 to 2032
Table 14: Latin America Market Value (US$ Million) Forecast by Application, 2017 to 2032
Table 15: Latin America Market Value (US$ Million) Forecast by End User, 2017 to 2032
Table 16: Europe Market Value (US$ Million) Forecast by Country, 2017 to 2032
Table 17: Europe Market Value (US$ Million) Forecast by Product Type, 2017 to 2032
Table 18: Europe Market Value (US$ Million) Forecast by Modality Type, 2017 to 2032
Table 19: Europe Market Value (US$ Million) Forecast by Application, 2017 to 2032
Table 20: Europe Market Value (US$ Million) Forecast by End User, 2017 to 2032
Table 21: Asia Pacific Market Value (US$ Million) Forecast by Country, 2017 to 2032
Table 22: Asia Pacific Market Value (US$ Million) Forecast by Product Type, 2017 to 2032
Table 23: Asia Pacific Market Value (US$ Million) Forecast by Modality Type, 2017 to 2032
Table 24: Asia Pacific Market Value (US$ Million) Forecast by Application, 2017 to 2032
Table 25: Asia Pacific Market Value (US$ Million) Forecast by End User, 2017 to 2032
Table 26: MEA Market Value (US$ Million) Forecast by Country, 2017 to 2032
Table 27: MEA Market Value (US$ Million) Forecast by Product Type, 2017 to 2032
Table 28: MEA Market Value (US$ Million) Forecast by Modality Type, 2017 to 2032
Table 29: MEA Market Value (US$ Million) Forecast by Application, 2017 to 2032
Table 30: MEA Market Value (US$ Million) Forecast by End User, 2017 to 2032
Figure 01: Global Market Value (US$ Million) by Product Type, 2022 to 2032
Figure 02: Global Market Value (US$ Million) by Modality Type, 2022 to 2032
Figure 03: Global Market Value (US$ Million) by Application, 2022 to 2032
Figure 04: Global Market Value (US$ Million) by End User, 2022 to 2032
Figure 05: Global Market Value (US$ Million) by Region, 2022 to 2032
Figure 06: Global Market Value (US$ Million) Analysis by Region, 2017 to 2032
Figure 07: Global Market Value Share (%) and BPS Analysis by Region, 2022 to 2032
Figure 08: Global Market Y-o-Y Growth (%) Projections by Region, 2022 to 2032
Figure 09: Global Market Value (US$ Million) Analysis by Product Type, 2017 to 2032
Figure 10: Global Market Value Share (%) and BPS Analysis by Product Type, 2022 to 2032
Figure 11: Global Market Y-o-Y Growth (%) Projections by Product Type, 2022 to 2032
Figure 12: Global Market Value (US$ Million) Analysis by Modality Type, 2017 to 2032
Figure 13: Global Market Value Share (%) and BPS Analysis by Modality Type, 2022 to 2032
Figure 14: Global Market Y-o-Y Growth (%) Projections by Modality Type, 2022 to 2032
Figure 15: Global Market Value (US$ Million) Analysis by Application, 2017 to 2032
Figure 16: Global Market Value Share (%) and BPS Analysis by Application, 2022 to 2032
Figure 17: Global Market Y-o-Y Growth (%) Projections by Application, 2022 to 2032
Figure 18: Global Market Value (US$ Million) Analysis by End User, 2017 to 2032
Figure 19: Global Market Value Share (%) and BPS Analysis by End User, 2022 to 2032
Figure 20: Global Market Y-o-Y Growth (%) Projections by End User, 2022 to 2032
Figure 21: Global Market Attractiveness by Product Type, 2022 to 2032
Figure 22: Global Market Attractiveness by Modality Type, 2022 to 2032
Figure 23: Global Market Attractiveness by Application, 2022 to 2032
Figure 24: Global Market Attractiveness by End User, 2022 to 2032
Figure 25: Global Market Attractiveness by Region, 2022 to 2032
Figure 26: North America Market Value (US$ Million) by Product Type, 2022 to 2032
Figure 27: North America Market Value (US$ Million) by Modality Type, 2022 to 2032
Figure 28: North America Market Value (US$ Million) by Application, 2022 to 2032
Figure 29: North America Market Value (US$ Million) by End User, 2022 to 2032
Figure 30: North America Market Value (US$ Million) by Country, 2022 to 2032
Figure 31: North America Market Value (US$ Million) Analysis by Country, 2017 to 2032
Figure 32: North America Market Value Share (%) and BPS Analysis by Country, 2022 to 2032
Figure 33: North America Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032
Figure 34: North America Market Value (US$ Million) Analysis by Product Type, 2017 to 2032
Figure 35: North America Market Value Share (%) and BPS Analysis by Product Type, 2022 to 2032
Figure 36: North America Market Y-o-Y Growth (%) Projections by Product Type, 2022 to 2032
Figure 37: North America Market Value (US$ Million) Analysis by Modality Type, 2017 to 2032
Figure 38: North America Market Value Share (%) and BPS Analysis by Modality Type, 2022 to 2032
Figure 39: North America Market Y-o-Y Growth (%) Projections by Modality Type, 2022 to 2032
Figure 40: North America Market Value (US$ Million) Analysis by Application, 2017 to 2032
Figure 41: North America Market Value Share (%) and BPS Analysis by Application, 2022 to 2032
Figure 42: North America Market Y-o-Y Growth (%) Projections by Application, 2022 to 2032
Figure 43: North America Market Value (US$ Million) Analysis by End User, 2017 to 2032
Figure 44: North America Market Value Share (%) and BPS Analysis by End User, 2022 to 2032
Figure 45: North America Market Y-o-Y Growth (%) Projections by End User, 2022 to 2032
Figure 46: North America Market Attractiveness by Product Type, 2022 to 2032
Figure 47: North America Market Attractiveness by Modality Type, 2022 to 2032
Figure 48: North America Market Attractiveness by Application, 2022 to 2032
Figure 49: North America Market Attractiveness by End User, 2022 to 2032
Figure 50: North America Market Attractiveness by Country, 2022 to 2032
Figure 51: Latin America Market Value (US$ Million) by Product Type, 2022 to 2032
Figure 52: Latin America Market Value (US$ Million) by Modality Type, 2022 to 2032
Figure 53: Latin America Market Value (US$ Million) by Application, 2022 to 2032
Figure 54: Latin America Market Value (US$ Million) by End User, 2022 to 2032
Figure 55: Latin America Market Value (US$ Million) by Country, 2022 to 2032
Figure 56: Latin America Market Value (US$ Million) Analysis by Country, 2017 to 2032
Figure 57: Latin America Market Value Share (%) and BPS Analysis by Country, 2022 to 2032
Figure 58: Latin America Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032
Figure 59: Latin America Market Value (US$ Million) Analysis by Product Type, 2017 to 2032
Figure 60: Latin America Market Value Share (%) and BPS Analysis by Product Type, 2022 to 2032
Figure 61: Latin America Market Y-o-Y Growth (%) Projections by Product Type, 2022 to 2032
Figure 62: Latin America Market Value (US$ Million) Analysis by Modality Type, 2017 to 2032
Figure 63: Latin America Market Value Share (%) and BPS Analysis by Modality Type, 2022 to 2032
Figure 64: Latin America Market Y-o-Y Growth (%) Projections by Modality Type, 2022 to 2032
Figure 65: Latin America Market Value (US$ Million) Analysis by Application, 2017 to 2032
Figure 66: Latin America Market Value Share (%) and BPS Analysis by Application, 2022 to 2032
Figure 67: Latin America Market Y-o-Y Growth (%) Projections by Application, 2022 to 2032
Figure 68: Latin America Market Value (US$ Million) Analysis by End User, 2017 to 2032
Figure 69: Latin America Market Value Share (%) and BPS Analysis by End User, 2022 to 2032
Figure 70: Latin America Market Y-o-Y Growth (%) Projections by End User, 2022 to 2032
Figure 71: Latin America Market Attractiveness by Product Type, 2022 to 2032
Figure 72: Latin America Market Attractiveness by Modality Type, 2022 to 2032
Figure 73: Latin America Market Attractiveness by Application, 2022 to 2032
Figure 74: Latin America Market Attractiveness by End User, 2022 to 2032
Figure 75: Latin America Market Attractiveness by Country, 2022 to 2032
Figure 76: Europe Market Value (US$ Million) by Product Type, 2022 to 2032
Figure 77: Europe Market Value (US$ Million) by Modality Type, 2022 to 2032
Figure 78: Europe Market Value (US$ Million) by Application, 2022 to 2032
Figure 79: Europe Market Value (US$ Million) by End User, 2022 to 2032
Figure 80: Europe Market Value (US$ Million) by Country, 2022 to 2032
Figure 81: Europe Market Value (US$ Million) Analysis by Country, 2017 to 2032
Figure 82: Europe Market Value Share (%) and BPS Analysis by Country, 2022 to 2032
Figure 83: Europe Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032
Figure 84: Europe Market Value (US$ Million) Analysis by Product Type, 2017 to 2032
Figure 85: Europe Market Value Share (%) and BPS Analysis by Product Type, 2022 to 2032
Figure 86: Europe Market Y-o-Y Growth (%) Projections by Product Type, 2022 to 2032
Figure 87: Europe Market Value (US$ Million) Analysis by Modality Type, 2017 to 2032
Figure 88: Europe Market Value Share (%) and BPS Analysis by Modality Type, 2022 to 2032
Figure 89: Europe Market Y-o-Y Growth (%) Projections by Modality Type, 2022 to 2032
Figure 90: Europe Market Value (US$ Million) Analysis by Application, 2017 to 2032
Figure 91: Europe Market Value Share (%) and BPS Analysis by Application, 2022 to 2032
Figure 92: Europe Market Y-o-Y Growth (%) Projections by Application, 2022 to 2032
Figure 93: Europe Market Value (US$ Million) Analysis by End User, 2017 to 2032
Figure 94: Europe Market Value Share (%) and BPS Analysis by End User, 2022 to 2032
Figure 95: Europe Market Y-o-Y Growth (%) Projections by End User, 2022 to 2032
Figure 96: Europe Market Attractiveness by Product Type, 2022 to 2032
Figure 97: Europe Market Attractiveness by Modality Type, 2022 to 2032
Figure 98: Europe Market Attractiveness by Application, 2022 to 2032
Figure 99: Europe Market Attractiveness by End User, 2022 to 2032
Figure 100: Europe Market Attractiveness by Country, 2022 to 2032
Figure 101: Asia Pacific Market Value (US$ Million) by Product Type, 2022 to 2032
Figure 102: Asia Pacific Market Value (US$ Million) by Modality Type, 2022 to 2032
Figure 103: Asia Pacific Market Value (US$ Million) by Application, 2022 to 2032
Figure 104: Asia Pacific Market Value (US$ Million) by End User, 2022 to 2032
Figure 105: Asia Pacific Market Value (US$ Million) by Country, 2022 to 2032
Figure 106: Asia Pacific Market Value (US$ Million) Analysis by Country, 2017 to 2032
Figure 107: Asia Pacific Market Value Share (%) and BPS Analysis by Country, 2022 to 2032
Figure 108: Asia Pacific Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032
Figure 109: Asia Pacific Market Value (US$ Million) Analysis by Product Type, 2017 to 2032
Figure 110: Asia Pacific Market Value Share (%) and BPS Analysis by Product Type, 2022 to 2032
Figure 111: Asia Pacific Market Y-o-Y Growth (%) Projections by Product Type, 2022 to 2032
Figure 112: Asia Pacific Market Value (US$ Million) Analysis by Modality Type, 2017 to 2032
Figure 113: Asia Pacific Market Value Share (%) and BPS Analysis by Modality Type, 2022 to 2032
Figure 114: Asia Pacific Market Y-o-Y Growth (%) Projections by Modality Type, 2022 to 2032
Figure 115: Asia Pacific Market Value (US$ Million) Analysis by Application, 2017 to 2032
Figure 116: Asia Pacific Market Value Share (%) and BPS Analysis by Application, 2022 to 2032
Figure 117: Asia Pacific Market Y-o-Y Growth (%) Projections by Application, 2022 to 2032
Figure 118: Asia Pacific Market Value (US$ Million) Analysis by End User, 2017 to 2032
Figure 119: Asia Pacific Market Value Share (%) and BPS Analysis by End User, 2022 to 2032
Figure 120: Asia Pacific Market Y-o-Y Growth (%) Projections by End User, 2022 to 2032
Figure 121: Asia Pacific Market Attractiveness by Product Type, 2022 to 2032
Figure 122: Asia Pacific Market Attractiveness by Modality Type, 2022 to 2032
Figure 123: Asia Pacific Market Attractiveness by Application, 2022 to 2032
Figure 124: Asia Pacific Market Attractiveness by End User, 2022 to 2032
Figure 125: Asia Pacific Market Attractiveness by Country, 2022 to 2032
Figure 126: MEA Market Value (US$ Million) by Product Type, 2022 to 2032
Figure 127: MEA Market Value (US$ Million) by Modality Type, 2022 to 2032
Figure 128: MEA Market Value (US$ Million) by Application, 2022 to 2032
Figure 129: MEA Market Value (US$ Million) by End User, 2022 to 2032
Figure 130: MEA Market Value (US$ Million) by Country, 2022 to 2032
Figure 131: MEA Market Value (US$ Million) Analysis by Country, 2017 to 2032
Figure 132: MEA Market Value Share (%) and BPS Analysis by Country, 2022 to 2032
Figure 133: MEA Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032
Figure 134: MEA Market Value (US$ Million) Analysis by Product Type, 2017 to 2032
Figure 135: MEA Market Value Share (%) and BPS Analysis by Product Type, 2022 to 2032
Figure 136: MEA Market Y-o-Y Growth (%) Projections by Product Type, 2022 to 2032
Figure 137: MEA Market Value (US$ Million) Analysis by Modality Type, 2017 to 2032
Figure 138: MEA Market Value Share (%) and BPS Analysis by Modality Type, 2022 to 2032
Figure 139: MEA Market Y-o-Y Growth (%) Projections by Modality Type, 2022 to 2032
Figure 140: MEA Market Value (US$ Million) Analysis by Application, 2017 to 2032
Figure 141: MEA Market Value Share (%) and BPS Analysis by Application, 2022 to 2032
Figure 142: MEA Market Y-o-Y Growth (%) Projections by Application, 2022 to 2032
Figure 143: MEA Market Value (US$ Million) Analysis by End User, 2017 to 2032
Figure 144: MEA Market Value Share (%) and BPS Analysis by End User, 2022 to 2032
Figure 145: MEA Market Y-o-Y Growth (%) Projections by End User, 2022 to 2032
Figure 146: MEA Market Attractiveness by Product Type, 2022 to 2032
Figure 147: MEA Market Attractiveness by Modality Type, 2022 to 2032
Figure 148: MEA Market Attractiveness by Application, 2022 to 2032
Figure 149: MEA Market Attractiveness by End User, 2022 to 2032
Figure 150: MEA Market Attractiveness by Country, 2022 to 2032
The MRI compatible patient monitoring systems market's growth potential can be valued at USD 5958.6 Million by 2032.
The market size of the global MRI Compatible Patient Monitoring Systems Market is projected to grow by USD 3851.4 Million in 2022.
The MRI compatible patient monitoring systems market is expected to grow at a CAGR of 4% from 2022 to 2032.
North America is expected to hold the highest share in the global MRI compatible patient monitoring systems market.
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