In 2018, global sales of MRI Pulse Oximeters were valued at US$ 29 million, with a 2% year-on-year increase expected in 2019. According to the findings of a new study by Future Market Insights (FMI), the use of MRI pulse oximeters has been sustained by constant technological advancements in medical devices aimed at improved efficiency and convenience.
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Manufacturers, on the other hand, are finding it difficult to innovate because the applicability of highly advanced pulse oximeters extends beyond MRI environments.
Recent advancements in medical devices enable the generation of real-time data, the tracking of previous health records, the identification of potential issues, and the development of effective treatment plans. According to FMI’s research, market participants in the MRI pulse oximeters market are leveraging new sensor technologies, such as fibre optic SpO2 sensors, to avoid conductive pathways and improve device safety. With the approval of 7T MRI scanners, MRI pulse oximeters will become a breeding ground for new developments and innovations.
A significant increase in the prevalence of chronic diseases has resulted in an increase in the sales of high-end diagnostic machines, such as MRI and CT scanners, which in turn fuels demand for MRI pulse oximeters. MRI-compatible pulse oximeters, which use non-magnetic components, have made strides in the early detection of critical congenital heart defects (CCHD) by accurately measuring a newborn’s blood oxygen level.
According to the FMI study, the MRI pulse oximeters market will grow at a CAGR of 2.4% during the forecast period. 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, the growing popularity of medical tourism and favourable health insurance policies in both developed and developing countries are likely to attract patients to expensive but effective MRI scan therapy, driving sales of MRI pulse oximeters.
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Wireless MRI Pulse Oximeters Capture Significant Shares
In line with the rapid development of cutting-edge medical devices and technologies, market players are ramping up production of wireless MRI pulse oximeters that do not require connection to MRI machines. Wireless MRI pulse oximeters, which use infrared (IR) or Bluetooth technology, have also seen more innovation and investment than wired variants. Because 6 in 10 MRI pulse oximeters sold in 2018 were wireless, manufacturers are concentrating their efforts in this area. Furthermore, because they can be coupled with a wide range of monitors, MRI pulse oximeters without monitors continue to account for a larger revenue share than their counterparts.
According to the study, while the increasing adoption of MRI pulse oximeters in hospitals continues to influence business growth strategies, manufacturers are focusing on diagnostic laboratories and ambulatory surgical centres to expand their customer base. The increased number of patient visits to well-equipped laboratories for complete disease diagnosis has also resulted in a realignment of these strategies.
According to the FMI study, the MRI pulse oximeters market in North America has promising growth prospects. Heavy investments in R&D on medical devices and technologies, combined with a favourable reimbursement scenario in the region, are likely to provide lucrative opportunities for market participants. Furthermore, manufacturers are looking at Asia Pacific from a target market standpoint, with increasing healthcare expenditure and growing awareness of new medical devices in the region.
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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.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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