MRI Pulse Oximeters Market Overview to Reach USD 36.5 Million by 2028 at a 2.5% of CAGR

The MRI Pulse Oximeters Market was valued at USD 31.6 million in 2022 and is projected to grow at a CAGR of 2.5% from 2022 to 2028, reaching USD 36.5 million by 2028. In 2021, MRI pulse oximeter sales represented approximately 2.3% of the global pulse oximeter market.

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Key Market Drivers:

1. Increasing MRI Procedures:

   • Rising prevalence of chronic diseases, such as cardiovascular disorders, respiratory conditions, and neurological diseases, is driving the demand for MRI diagnostics.
   • Growing use of MRI scans in pediatric and critical care patients is boosting the need for MRI-compatible pulse oximeters.

2. Technological Advancements and Innovation:

   • Significant advancements in wireless MRI pulse oximeters are driving market growth.
   • Enhanced features such as improved signal processing, magnetic shielding, and patient comfort are contributing to increased adoption.

3. Focus on Patient Safety and Monitoring:

   • Increasing emphasis on patient safety during MRI procedures is leading to the demand for continuous monitoring of oxygen saturation (SpO₂) and heart rate.
   • MRI pulse oximeters are designed to eliminate interference from the MRI’s magnetic field, ensuring accurate readings.

4. Growing Adoption in Pediatric and Neonatal Care:

   • Rising number of MRI scans in pediatric and neonatal patients necessitates non-invasive monitoring devices like MRI-compatible pulse oximeters.
   • Wireless pulse oximeters are gaining popularity for their ease of use and reduced movement artifacts in infants and young children.

5. Healthcare Infrastructure Expansion and Investments:

   • Significant investments in healthcare infrastructure, especially in emerging economies, are boosting the demand for advanced medical devices.
   • Increasing number of MRI centers and diagnostic imaging facilities is supporting market growth.

Market Trends:

1. Rising Demand for Wireless and Portable Devices:

   • Wireless MRI pulse oximeters are gaining traction due to enhanced mobility, ease of use, and reduced wire entanglement during MRI procedures.
   • Portable devices with Bluetooth connectivity and cloud-based data storage are becoming popular for remote patient monitoring.

2. Integration of Artificial Intelligence (AI) and Machine Learning (ML):

   • AI and ML integration in MRI pulse oximeters is improving accuracy, signal processing, and predictive analytics.
   • Real-time data analysis and automated alert systems enhance patient safety and clinical decision-making.

3. Increasing Adoption in Ambulatory Surgical Centers and Homecare Settings:

   • Growing preference for ambulatory surgical centers (ASCs) and homecare settings is driving demand for compact and portable MRI-compatible pulse oximeters.
   • Wearable pulse oximeters are gaining popularity for continuous monitoring during post-surgical recovery and chronic disease management.

4. Expansion in Emerging Markets:

   • Emerging economies in Asia-Pacific, Latin America, and Middle East & Africa are witnessing rapid adoption due to improved healthcare access and increased healthcare spending.
   • China and India are leading markets due to expansion of diagnostic imaging centers and rising chronic disease prevalence.

5. Regulatory Approvals and Product Launches:

   • Frequent product launches and regulatory approvals are enhancing market penetration and competition.
   • FDA approvals for MRI-compatible pulse oximeters with advanced safety features are supporting growth.

End-User :

1. Hospitals and Diagnostic Centers:

   • Largest end-user segment due to high volume of MRI procedures and continuous patient monitoring needs.
   • Demand driven by multi-specialty hospitals and dedicated diagnostic imaging centers.

2. Ambulatory Surgical Centers (ASCs):

   • Increasing adoption in ASCs due to outpatient diagnostic procedures and minimally invasive surgeries.
   • Preference for compact and portable pulse oximeters for mobility and ease of use.

3. Homecare Settings:

   • Growing demand for wearable pulse oximeters for remote patient monitoring and chronic disease management.
   • Elderly patients and those with respiratory disorders are key users in homecare settings.

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Key Takeaways:

• The MRI Pulse Oximeters Market is expected to reach USD 36.5 million by 2028, growing at a CAGR of 2.5%.
• Wireless and portable MRI pulse oximeters are the fastest-growing segments.
• North America leads the market, while Asia-Pacific is the fastest-growing region.
• Technological advancements, AI integration, and patient safety regulations are driving growth.

Competitive Landscape:

Key players are focusing on product innovations, strategic collaborations, and geographical expansions. Major companies include:

Koninklijke Philips N.V.; Nonin; IRadimed Corporation; EMCO Meditek Pvt. Ltd.; MIPM; Hamilton Medical; General Electric Company; Turner Medical; Medtronic; Zensorium

Key Key Segments of MRI Pulse Oximeters Industry Research

By Product Type:

• Wired MRI Pulse Oximeters
• Wireless MRI Pulse Oximeters

By Modality:

• Sensors with Monitors
• Sensors without Monitors

By End User:

• Hospitals
• Diagnostic Laboratories
• Ambulatory Surgical Centers

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East & Africa (MEA)

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