MRI - Compatible IV Infusion Pump Systems Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 10.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
MRI - Compatible IV Infusion Pump Systems Market Analysis
The MRI - Compatible IV Infusion Pump Systems Market is expected to register a CAGR of 10.20% during the forecast period.
The major factors driving market growth include the rising prevalence of chronic diseases, the increasing number of surgical procedures, and technological advancements in MRI-compatible IV infusion systems. The increasing number of cancer diagnoses is adding to market growth as cancer patients must take drugs for cancer management. Programmable infusion pumps aid in administering analgesics and chemotherapeutic drugs in a hospital, clinic, or home care setting, thereby boosting market demand.
For instance, according to Cancer Facts and Figures 2023, an estimated 1.9 million new cancer cases were diagnosed in 2023, among which prostate cancer accounted for 186,670 cases, followed by 169,870 cases of lung cancer and 144,490 cases of female breast cancer. As a result, the frequency and incidence of chronic diseases such as cancers are expected to boost the demand for MRI-compatible IV infusion pumps, driving market growth over the forecast period.
Furthermore, technological advances in IV infusion systems are expected to contribute to market growth. For instance, in June 2023, B. Braun Medical Inc. (B. Braun) launched DoseTrac Enterprise Infusion Management Software, the company's next generation of infusion management software. With just one application, the DoseTrac Enterprise Software platform can connect up to 40,000 pumps across unlimited locations. Thus, the existence of technologically advanced software may facilitate the operation of an MRI-compatible IV infusion pump, which will likely contribute to market growth.
Hence, the market players' growing burden of chronic diseases, technological advancements, and strategic activities are expected to boost the market over the forecast period. However, the high costs associated with the system are expected to restrain market growth over the forecast period.
MRI - Compatible IV Infusion Pump Systems Market Trends
The Hospital Segment is Expected to Hold a Significant Share Over the Forecast Period
Hospitals are the primary care settings for diagnosing and treating medical conditions, including cancer and orthopedic and cardiac diseases. The major factors fueling market growth are the rising inpatient and outpatient visits to hospitals for MRI screening, increasing hospitalization, a rise in the volume of surgical procedures performed, and better treatment facilities, such as better reimbursement scenarios, early diagnosis, and trained staff.
The growing number of hospital admissions is expected to propel the number of MRI-compatible IV infusion pump systems, thereby boosting the segment’s growth. For instance, according to the American Hospital Association 2023, the overall number of hospital admissions in the United States was reported to be 34 million in 2023. This high number of hospital admissions will likely increase the demand for MRI-compatible IV infusion pumps. Most patients admitted to the hospital undergo various diagnostic procedures, such as MRI imaging, thereby boosting segment growth.
Moreover, high healthcare expenditures will likely boost segment growth over the forecast period. For instance, according to data published by the Organisation for Economic Co-operation and Development (OECD), in June 2022, France's healthcare expenditure was around USD 6,115 million. Thus, high healthcare expenditure may increase spending in hospital facilities, which is likely to boost the segment's growth.
Further, the growing number of surgeries in the hospital setting will likely boost the demand for MRI-compatible IV infusion pump systems and, thus, propel the segment's growth. For instance, according to data published by the Canadian Institute for Health Information in September 2023, more than 117,000 hip and knee replacements were performed in Canada in 2022. MRI is effectively used to diagnose hip and knee problems. Hence, the high number of hip and knee replacement surgeries in hospital settings is expected to increase demand for MRI-compatible IV infusion pump systems during and after the MRI scan.
Thus, rising hospital admissions and a growing number of surgeries are expected to boost segment growth over the forecast period.
North America Expected to Hold a Significant Market Share Over the Forecast Period
North America dominates the MRI-compatible IV infusion pump systems market. The region is expected to show a similar trend during the forecast period, owing to its high prevalence of chronic diseases, universal healthcare systems in the United States and Canada, and new product launches and approvals. Musculoskeletal diseases are among the leading causes of disability and the most prevalent forms of chronic diseases. MRI systems are extensively used in diagnosis and monitoring; hence, demand for MRI-compatible IV infusion pump systems is expected to boost the market.
For instance, according to data from the National Center for Health Statistics in February 2024, 18.9% of adults were diagnosed with arthritis in the United States in 2022, with a significant gender difference: 21.5% of women were affected compared to 16.1% of men. The prevalence of arthritis increased markedly with age, starting at 3.6% in adults aged 18–34 years and reaching 53.9% in those aged 75 and above. Thus, the prevalence of arthritis is increasing with the growing geriatric population, and the burden of musculoskeletal disorders is further expected to grow, boosting the usage of MRI for diagnoses and likely propelling market growth in the region.
In addition, the growing burden of cancer is expected to increase MRI diagnosis and boost the market for MRI-compatible IV infusion pump systems over the forecast period. For instance, according to statistics published by the Government of Canada and released in May 2022, about 233,900 Canadians were diagnosed with cancer in 2022, and prostate cancer is expected to remain the most commonly diagnosed cancer.
Furthermore, the presence of universal healthcare coverage reduces the cost of various procedures, including MRI, encouraging people to take tests or receive treatment at regular intervals, one of the most significant factors for the growth of the MRI-compatible IV infusion pump systems market. For instance, in the United States, about 80-90% of citizens have health coverage, primarily covered by Medicare, Medicaid, and the State Children's Health Insurance Programme (SCHIP). Hence, the growing burden of chronic diseases and universal healthcare coverage is expected to boost market growth in the region over the forecast period.
MRI - Compatible IV Infusion Pump Systems Industry Overview
The MRI-compatible IV infusion pump systems market is consolidated and consists of a few major players. In terms of market share, some major players currently dominate the market. With technological advancements and quality service provisions, mid-size to smaller companies are increasing their market presence by introducing new products. Some of the market players are B. Braun SE, Baxter International Inc., Becton Dickinson and Co., Fresenius SE & Co. KGaA, and IRadimed Corp.
MRI - Compatible IV Infusion Pump Systems Market Leaders
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B. Braun SE
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Baxter International Inc.
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Becton Dickinson and Co.
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Fresenius SE & Co. KGaA
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IRadimed Corp.
*Disclaimer: Major Players sorted in no particular order
MRI - Compatible IV Infusion Pump Systems Market News
- August 2023: Mindray launched the BeneFusion MRI Station, a solution designed to facilitate uninterrupted and secure medication administration while undergoing MRI scans. This addition bolstered the existing BeneFusion series, elevating clinical safety standards and patient care throughout treatment.
- February 2023: IRadimed Corporation issued an Urgent Medical Device Correction Letter, alerting customers to a potential issue with certain 1057 Syringe Adapter Sets. The concern revolved around the syringe venting function, which, if compromised, may impede the flow when used with the MRidium infusion pump. Such a scenario could trigger inlet occlusion and alarm alerts.
MRI - Compatible IV Infusion Pump Systems Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Burden of Chronic Diseases and Increasing Demand for MRI Diagnostics
4.2.2 Increasing Number of Surgical Procedures and Advancements in MRI-compatible IV Infusion Systems
4.3 Market Restraints
4.3.1 High Costs Associated With MRI-compatible IV Infusion Pumps
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Type
5.1.1 Non-magnetic Pump Systems
5.1.2 Magnetic Pump System with Shielding
5.1.3 Tubing and Disposables
5.2 By End Users
5.2.1 Hospitals
5.2.2 Ambulatory Surgical Centers
5.2.3 Diagnostics and Imaging Centers
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 China
5.3.4 Rest of the World
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Arcomed AG
6.1.2 B. Braun SE
6.1.3 Baxter International Inc.
6.1.4 Becton Dickinson and Co.
6.1.5 Medtronic
6.1.6 Eitan Medical Ltd
6.1.7 Flowonix Medical Inc.
6.1.8 Fresenius SE & Co. KGaA
6.1.9 ICU Medical Inc.
6.1.10 IRadimed Corp.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
MRI - Compatible IV Infusion Pump Systems Industry Segmentation
As per the scope of the report, infusion pumps are medical devices that deliver specific doses of fluids into a patient's body. These are used to administer fluids like nutrition and medication. MRI-compatible IV infusion pumps administer intravenous fluids safely and accurately during and after an MRI scan.
The MRI-compatible IV Infusion pump systems market is segmented by type, end user, and geography. By type, the market is segmented into non-magnetic pump systems, magnetic pump systems with shielding, and tubing and disposables. By end user, the market is segmented into hospitals, ambulatory surgical centers, and diagnostics and imaging centers. By geography, the market is segmented into North America, Europe, China, and the Rest of the World. The report offers market sizes in value terms (USD) for all the abovementioned segments.
| By Type | |
| Non-magnetic Pump Systems | |
| Magnetic Pump System with Shielding | |
| Tubing and Disposables |
| By End Users | |
| Hospitals | |
| Ambulatory Surgical Centers | |
| Diagnostics and Imaging Centers |
| Geography | ||||||||
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| China | ||||||||
| Rest of the World |
MRI - Compatible IV Infusion Pump Systems Market Research FAQs
What is the current MRI - Compatible IV Infusion Pump Systems Market size?
The MRI - Compatible IV Infusion Pump Systems Market is projected to register a CAGR of 10.20% during the forecast period (2024-2029)
Who are the key players in MRI - Compatible IV Infusion Pump Systems Market?
B. Braun SE, Baxter International Inc., Becton Dickinson and Co., Fresenius SE & Co. KGaA and IRadimed Corp. are the major companies operating in the MRI - Compatible IV Infusion Pump Systems Market.
Which is the fastest growing region in MRI - Compatible IV Infusion Pump Systems Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in MRI - Compatible IV Infusion Pump Systems Market?
In 2024, the North America accounts for the largest market share in MRI - Compatible IV Infusion Pump Systems Market.
What years does this MRI - Compatible IV Infusion Pump Systems Market cover?
The report covers the MRI - Compatible IV Infusion Pump Systems Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the MRI - Compatible IV Infusion Pump Systems Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
MRI - Compatible IV Infusion Pump Systems Industry Report
Statistics for the 2024 MRI - Compatible IV Infusion Pump Systems market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. MRI - Compatible IV Infusion Pump Systems analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
