Market Size of MRI - Compatible IV Infusion Pump Systems Industry
| 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 |
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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 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 Size Summary
The MRI-compatible IV infusion pump systems market is poised for significant growth, driven by the increasing prevalence of chronic diseases and technological advancements in infusion systems. The market experienced a temporary setback during the COVID-19 pandemic due to a decline in MRI procedures, but has since rebounded, with normal procedure volumes expected to support market expansion. The rising incidence of cancer and the need for pain relief and chemotherapeutic drug administration in various care settings are key factors propelling demand for these systems. Technological innovations, such as B. Braun Medical Inc.'s DoseTrac Enterprise Infusion Management Software, are enhancing the functionality and efficiency of MRI-compatible IV infusion pumps, further contributing to market growth. Strategic initiatives by major players, including product launches and regulatory approvals, are also expected to bolster the market over the forecast period.
North America leads the MRI-compatible IV infusion pump systems market, supported by a high prevalence of chronic diseases and a universal healthcare system that facilitates regular medical procedures. The region's dominance is attributed to the extensive use of MRI systems in diagnosing musculoskeletal disorders, which are prevalent among the aging population. The growing burden of cancer and the increasing number of hospital admissions and surgeries are anticipated to drive market growth. Despite the high costs associated with these systems, the presence of universal healthcare coverage in regions like the United States and Canada encourages regular diagnostic testing and treatment, supporting market expansion. The market is consolidated, with major players like B. Braun SE, Baxter International Inc., and Becton Dickinson and Co. holding significant shares, while mid-size and smaller companies are expanding their presence through technological advancements and new product introductions.
MRI - Compatible IV Infusion Pump Systems Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Burden of Chronic Diseases and Increasing Demand for MRI Diagnostics
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1.2.2 Increasing Number of Surgical Procedures and Advancements in MRI-compatible IV Infusion Systems
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1.3 Market Restraints
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1.3.1 High Costs Associated With MRI-compatible IV Infusion Pumps
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD)
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2.1 By Type
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2.1.1 Non-magnetic Pump Systems
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2.1.2 Magnetic Pump System with Shielding
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2.1.3 Tubing and Disposables
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2.2 By End Users
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2.2.1 Hospitals
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2.2.2 Ambulatory Surgical Centers
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2.2.3 Diagnostics and Imaging Centers
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 China
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2.3.4 Rest of the World
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MRI - Compatible IV Infusion Pump Systems Market Size 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.
