The increasing number of magnetic resonance imaging (MRI) exams being done in several countries is pushing up the demand for MRI compatible patient monitoring systems
across the world. As per the Commonwealth Fund’s Annual International Profiles of Health Care Systems, France, the U.S., and Germany were the three biggest countries that observed the highest number of MRI tests per 1,000 people in 2014. The U.S., France, and Germany witnessed 109.5, 95.5, and 114.3 MRI tests respectively in that year.
Apart from the aforementioned factor, extensive research and development (R&D) activities being conducted in MRI compatible patient monitoring systems in various countries and frequent product launches are also fueling the advancement of the industry across the globe. Additionally, the increasing public awareness about healthcare and advanced medical technologies and the soaring implementation of favorable government policies are causing a sharp surge in the demand for MRI compatible patient monitoring systems around the world.
The surging population of geriatric people in several countries is also boosting the sales of these devices. This is because geriatric people are highly vulnerable to various syndromes and diseases, on account of their degraded regenerated abilities. As per the United Nations Department of Economic and Social Affairs (UNDESA), the total global population of people in the age group- 60 years or above is increasing swiftly. This is propelling the demand for the MRI compatible patient monitoring systems.
The ballooning sales of these devices are causing the expansion of the global MRI compatible patient monitoring system market. As a result, the market valuation is predicted to rise significantly in the coming years. Geographically, the industry will register huge expansion in Europe in the years to come. This would be because of various factors such as the soaring geriatric population, rising prevalence of chronic diseases, and growing public awareness about these systems. The sales of these systems are also predicted to surge sharply in the Asia-Pacific (APAC) region in the future years, due to the rising installation of MRI units in regional countries.
As per the Organization for Economic Cooperation and Development (OECD), the total number of installed MRI units per every 1 million people in Japan was as many as 35.3 in 2002. Moreover, this number grew to 46.9 in 2011. The adoption of MRI compatible patient monitoring systems is also increasing rapidly in the emerging economies such as China and India, mainly on account of the growing requirement for MRI scans for disease diagnosis in these countries.
Thus, it can be concluded from the above paragraphs that the sales of MRI compatible patient monitoring systems would surge sharply all over the world in the forthcoming years, mainly because of the growing incidence of chronic diseases, soaring geriatric population, and rapid technological advancements and innovations in healthcare and medical devices.