MRI Compatible Patient Monitoring Systems Market to Incur Rapid Extension During 2017 - 2027

The magnetic resonance imaging (MRI) is an imaging technique designed to visualize internal structures of the body using magnetic and electromagnetic fields which induce a resonance effect of hydrogen atoms. MRI compatible patient monitoring systems are the modules used to monitor and examine physiological parameters such as vital signs, heart rate, blood oxygen levels, blood pressure, and blood sugar. The use of MRI compatible patient monitoring systems improves the quality of care and life which allows early prediction and detection of exacerbations while ongoing MRI procedure. The MRI compatible patient monitoring systems are technologically modified and equipped with safety features, such as alarms or other operator alerts that are intended to activate in the event of a problem.

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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 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
The global MRI compatible patient monitoring systems market is expected to register a significant CAGR over a forecast period. Globally, increasing prevalence of MRI diagnosis of an ageing population is one of the key factors, which drives the global MRI compatible patient monitoring systems market over the forecast period 2017-2027. 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 U.S., 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.

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 U.S. 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.

On the basis of regional presence, the global MRI compatible patient monitoring systems market is segmented into seven key regions: North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan (APEJ), Japan and Middle East & Africa. The North America is dominating and contributed the leading shares to the global MRI compatible patient monitoring systems market in terms of revenue and expected to register a significant growth over a forecast period due to technological advancement and developed medical infrastructure along with the reimbursement facilities. The Europe has also contributed the moderate shares and registered a healthy growth rate to the global MRI compatible patient monitoring systems market followed by North America. The APEJ has become the lucrative market for MRI compatible patient monitoring systems and anticipated to register significant shares over the forecast period due to the increasing adoption of MRI compatible patient monitoring systems and developing medical infrastructure. The Latin America and MEA are at a nascent stage to the global MRI compatible patient monitoring systems market and expected to show a moderate growth over a forecast period due to increasing medical facilities in the region.

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Some of the market 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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This release was published on openPR.