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.
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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.
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The growing installation of MRI devices is also among the major driving factors of the MRI compatible patient monitoring systems market. Advancements in the medical technology is resulting in improved treatment and diagnosis of different chronic diseases. MRI scanners aid physicians in diagnosing several conditions through images of internal structure and organs of the body. Moreover, it does not expose patients to ionizing radiation and help monitor and examine the course of the disease. MRI compatible patient monitoring systems are utilized for providing continuous monitoring during the procedure.
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.