Global magnetic resonance imaging (MRI) compatible patient monitoring systems market is projected to witness a 3.1% CAGR. The market is registering growth due to the rising aging population, increasing installation of MRI devices, and surging prevalence of chronic diseases. The monitors that are utilized for monitoring patients during the MRI scans are referred to as MRI compatible patient monitoring systems. Geographically, the largest share of the market is expected to be occupied by North America during the forecast period.
The surging geriatric population is a key driving factor of the MRI compatible patient monitoring systems market. As per a report on World aging Population 2013, by United Nations Department of Economics and Social affairs, about 841 million people were aged 60 years and above in 2013, and the number is further projected to surpass 2 billion by 2050. The geriatric population is more susceptible to diseases as they have less regenerative abilities. Due to these factors the need for better healthcare facilities will increase, which will result in rising utilization of MRI compatible patient monitoring systems.
Another factor contributing to the growth of the MRI compatible patient monitoring systems market is the rising prevalence of chronic diseases. The prevalence of different chronic diseases is rising because of the lack of preventive care and altering lifestyle. About 117 million people in the U.S. were suffering from at least one chronic disease in 2012, according to the Center of Disease Control and Prevention. Accurate diagnosis is required for the prevention and treatment of these diseases, which is leading to increased utilization of MRI scans and thereby MRI monitoring systems.
The rising usage of MRI monitoring systems in developing countries is creating wide opportunities for the players operating in the MRI compatible patient monitoring systems market. Countries such as India and China have a large population base and the healthcare industry in these countries is expanding rapidly. Due to these factors, MRI scanning is increasingly being utilized in these countries for diagnosing and monitoring several chronic diseases. This, in turn, has led to the rising adoption of safe patient monitoring within the MRI machine.
Hence, the market is growing due to the surging geriatric population, increasing prevalence of chronic diseases, and rising installation of MRI devices.