Devices Type segment will witness significant growth over the forecast period
The Devices Type segment dominated the global MRI-Compatible IV Infusion Pump Systems Market in revenue terms in 2016, and the trend is projected to continue throughout the forecast period. The segment is expected to be the most lucrative among all product types, recording a market attractiveness index of 1.9. Among the Devices Type segments, the Magnetic Pump System with Shielding sub-segment is the largest and is expected to reach a value share of about US$ 93 Mn in 2017. The Tubing and Disposables product type segment is expected to be the second largest product type in the MRI-Compatible IV Infusion Pump Systems Market, increasing at a value CAGR of 7.1% over the forecast period. The Devices Type segment is slated to register a CAGR of 11.6% in terms of revenue during the 10 year period 2017 – 2027. The increasing demand for advanced IV infusion pump systems compatible with intravenous infusion of drugs and essentials fluids during MRI imaging procedures is anticipated to boost the demand for high end and advanced devices in the MRI-Compatible IV Infusion Pump Systems Market over the forecast period. An increasing geriatric population and growing incidences of life threatening diseases particularly in North America are the two key factors expected to propel the growth in demand for MRI-compatible IV infusion pump systems in the global market.
Healthcare providers across the globe are increasingly aware of occupational risks arising due to the use of magnetic MRI-compatible IV infusion pump systems. Magnetic MRI-compatible IV infusion pump systems may create safety concerns and could be harmful to patients as well as MRI operators. The magnetic parts of these infusion pumps may also be responsible for variation in the diagnostics and imaging. To avoid the inherent risks and follow safety concerns, MRI operators prefer non-magnetic MRI-compatible IV infusion pump systems. This factor is anticipated to boost market demand for these devices and will consequently drive revenue growth of the non-magnetic product type segment in the global market.
Across the globe, an ageing population leads to growing incidences of various body scans such as MRI, CT and Ultrasound for detailed imaging of body organs and tissues. The scanning of organs and tissues helps diagnose various diseases as well as tissue damage. Increasing hospitalisations and an anticipated rise in cancer cases leads to a growing demand for MRI diagnosis and use of MRI-compatible IV infusion pump systems in critical situations. This is expected to fuel growth of the devices type segment over the forecast period.
Leading players are working towards increasing their production capacities for MRI-compatible IV infusion pump systems in order to meet increased demand from rapidly growing healthcare facilities and healthcare infrastructure. For instance, B. Braun is looking to increase production of their vascular access accessories in countries such as Indonesia, Thailand and Malaysia. The company also actively takes up innovative and interdisciplinary training initiatives such as “train-the-trainer” for ensuring better patient safety in the usage of medical devices.
Global MRI-Compatible IV Infusion Pump Systems Market Forecast
The global MRI-Compatible IV Infusion Pump Systems Market is expected to witness robust growth during the forecast period. This growth is expected to be primarily driven by increasing demand for MRI-compatible IV infusion pump systems by hospitals and diagnostics and imaging centres. The global market for MRI-compatible IV infusion pump systems is estimated to represent an absolute $ opportunity of close to US$ 15 Mn in 2018 over 2017 and incremental opportunity of more than US$ 250 Mn between 2017 and 2027.
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