MRI Pulse Oximeters Market is predicted to increase at a CAGR of 2.5% to reach a valuation of US$ 36.5 Mn by 2028
Global sales of MRI pulse oximeters were valued at ~US$ 31.6 million in 2022, is predicted to increase at a CAGR of 2.5% to reach a valuation of US$ 36.5 Mn by 2028. As per the research findings of a new study by Future Market Insights (FMI), constant technological advancements in medical devices that target improved efficiency and convenience, have been sustaining the use of MRI pulse oximeters.
However, manufacturers are hard pressed to innovate, as the applicability of highly advanced pulse oximeters extends beyond MRI environments.
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Recent developments in medical devices allow for generation of real-time information, track past health records, identify potential issues, and devise effective treatment plans. FMI’s study finds that stakeholders in MRI pulse oximeters market are leveraging new sensor technologies, such as fiber optic SpO2 sensors to avoid conductive pathways, and improve device safety. With the approval of 7T MRI scanners, MRI pulse oximeters will further become the breeding ground for innovations and new developments.
A notable increase in the prevalence of chronic diseases has led to surge in the sales of high-end diagnostic machines, including those for MRI, and CT scanners, which in turn foster the demand for MRI pulse oximeters. Developed with non-magnetic components, MRI-compatible pulse oximeters have been gaining ground in early detection of critical congenital heart defects (CCHD) by accurately measuring the blood oxygen value of a newborn.
FMI study estimates that the MRI pulse oximeters market will register a CAGR of 2.5% during the given timeframe. High costs associated with MRI procedures have been creating a wave of reluctance among healthcare professionals and patients to adopt MRI pulse oximetry testing.
However, increasing popularity of medical tourism and favorable health insurance policies in both developed and developing countries are likely to attract patients towards expensive yet efficient MRI scan therapy, and subsequently drive the sales of MRI pulse oximeters.
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Wireless MRI Pulse Oximeters Capture Significant Shares
Aligning with the rapid development of state-of-the-art medical devices and technologies, market players continue to increase the production of wireless MRI pulse oximeters that need not be connected to MRI machines. Operated through infrared (IR) or Bluetooth technology, wireless MRI pulse oximeters have also witnessed higher innovations and investments as compared to wired variants. As 6 in 10 units of MRI pulse oximeters sold in 2021 are wireless, manufacturers are specifically focused in this category. Additionally, MRI pulse oximeters without monitor continue to account for greater revenue share over their counterparts, as they can be coupled with a wide range of monitors.
According to the study, while business growth strategies remained influenced by the increasing adoption of MRI pulse oximeters in hospitals, manufacturers are working towards capitalizing on diagnostic laboratories and ambulatory surgical centers for expanded customer base. Increasing patient visits in well-equipped laboratories for complete diagnosis of diseases has also led to realignment of these strategies.
Growth prospects of the MRI pulse oximeters market, as identified by the FMI study, are high in North America. Heavy investments in R&D activities on medical devices and technologies along with favorable reimbursement scenario in the region are likely to offer lucrative opportunities for the market players. In addition, manufacturers are viewing Asia Pacific from target market perspective, considering increasing healthcare expenditure and growing awareness of new medical devices in the region.
The new business intelligence also offers key insights on the competitive scenario in the MRI pulse oximeters market. As per the study, the market shows a high level of consolidation, with top two players including Nonin and Koninklijke Philips N.V. collectively accounting for ~41% revenue share. Filling gaps in their portfolio to master the diagnosis of chronic diseases, rather than focusing solely on one specific product category will be key focus area for the stakeholders.
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Key Key Segments of MRI Pulse Oximeters Industry Research
MRI Pulse Oximeters Market by Product Type:
- Wired MRI Pulse Oximeters
- Wireless MRI Pulse Oximeters
MRI Pulse Oximeters Market by Modality:
- Sensors with Monitors
- Sensors without Monitors
MRI Pulse Oximeters Market by End User:
- Diagnostic Laboratories
- Ambulatory Surgical Centers
MRI Pulse Oximeters Market by Region:
- North America MRI Pulse Oximeters Market
- Latin America MRI Pulse Oximeters Market
- Europe MRI Pulse Oximeters Market
- East Asia MRI Pulse Oximeters Market
- South Asia & Pacific MRI Pulse Oximeters Market
- Middle East & Africa (MEA) MRI Pulse Oximeters Market
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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