MRI Safe Implantable Device Market - Global Industry Analysis by 2024

Changing in the life style of population leads to various types of degenerative and chronic disease that affects the biological structure. In support to biological structure, various types of devices are implanted in human body that helps in replacing and enhancing the biological structure. These medical implants are man-made devices that are introduced in human body through surgical procedures and are left in the body after treatment. These devices are mostly implanted in geriatric population suffering from organ degeneration. During Magnetic Resonance Imaging (MRI) procedure some implant devices may fail to provide necessary treatment and compromise on patient safety which can lead to severe harm or death of the patient. To overcome this problem, many companies are trying to develop various type of implantable devices with non-ferromagnetic materials that overcome the harmful effect of MRI on patient.

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Global MRI Safe Implantable Device Market: Drivers & Restraints

Global MRI safe implantable device market is witnessing high growth owing to shifting lifestyle choices, high incidence of degenerative and chronic disease, rising geriatric population and technology advancement in implantable devices such as high-field MRI, software applications, superconducting magnets and open architecture. However, high cost of MRI safe implantable devices and inadequate reimbursement policies for MRI safe implantable devices may hamper the growth of MRI safe implantable device market over the forecast period.

Global MRI Safe Implantable Device Market: Segmentation

Global MRI safe implantable device market is classified on the basis of magnetic field strength, product type, procedure type and end user.

Based on magnetic field strength, the global MRI safe implantable device market is segmented into the following:

High field MRI
Low-to-mid field MRI
Very-high-filed MRI
Ultra-high-filed MRI

Based on product type, the global MRI safe implantable device market is segmented into the following:

Pacemakers
Deep Brain Stimulation (DBS) Systems
Spinal Cord Stimulators
Implantable Cardioverter Defibrillators (ICDs)
Orthopedic Implants
Insulin Pumps
Vascular Access
Catheters
Coils, Filters, Stents and Grafts

Based on procedure type, the global MRI safe implantable device market is segmented into the following:

Cardiovascular Procedures
Orthopedic procedures
Other procedures

Based on end user, the global MRI safe implantable device market is segmented into following:

Hospitals
Ambulatory Surgical Centers
Clinics
Others

Global MRI Safe Implantable Device Market: Overview

Most of the orthopedic implants are made from non-ferromagnetic materials and helps in an escalating the number of patients for MRI procedure. On the other hand, in some orthopedic implants instances owing to formation of conductive loop there might be some MRI related heating problem. Due to widespread use of vascular access and catheters most of the patients may require MRI procedures which in turn exhibits the growth of global MRI safe implantable device market.

Global MRI Safe Implantable Device Market: Region-wise Outlook

Depending on geographic region, global MRI safe implantable device market is segmented into five key regions: North America, Latin America, Europe, Asia Pacific and Middle East & Africa. North America held the largest revenue share in the global MRI safe implantable device market followed by Europe and Asia Pacific owing to increase in geriatric population, technological advancements, increasing awareness for safe procedures and increase in the healthcare expenditure per capita. The developing nations in Asia Pacific, Middle East and Africa hold huge potential for growth in the global MRI safe implantable device market due to increase in chronic degenerative diseases along with healthcare expenditure.

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Global MRI safe implantable device Market: Key Players

Some of the key participating global players in global MRI safe implantable device market are Medtronic plc, Zimmer Holdings Inc., Abbott Laboratories, Cochlear Ltd., Biotronik, Boston Scientific Corporation, St. Jude Medical Inc, Smiths Medical, AbbVie, Inc., TriVascular2, Inc. Stryker Corporation, Smith And Nephew Plc, and Johnson & Johnson.

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