The market is registering growth due to the rising aging population, increasing installation of MRI devices, and surging prevalence of chronic diseases. The monitors that are utilized for monitoring patients during the MRI scans are referred to as MRI compatible patient monitoring systems. Geographically, the largest share of the market is expected to be occupied by North America during the forecast period.
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The surging geriatric population is a key driving factor of the MRI compatible patient monitoring systems market. As per a report on World aging Population 2013, by United Nations Department of Economics and Social affairs, about 841 million people were aged 60 years and above in 2013, and the number is further projected to surpass 2 billion by 2050. The geriatric population is more susceptible to diseases as they have less regenerative abilities. Due to these factors the need for better healthcare facilities will increase, which will result in rising utilization of MRI compatible patient monitoring systems.
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The growing installation of MRI devices is also among the major driving factors of the MRI compatible patient monitoring systems market. Advancements in the medical technology is resulting in improved treatment and diagnosis of different chronic diseases. MRI scanners aid physicians in diagnosing several conditions through images of internal structure and organs of the body. Moreover, it does not expose patients to ionizing radiation and help monitor and examine the course of the disease. MRI compatible patient monitoring systems are utilized for providing continuous monitoring during the procedure.
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Hence, the market is growing due to the surging geriatric population, increasing prevalence of chronic diseases, and rising installation of MRI devices.