Market Trends of MRI - Compatible IV Infusion Pump Systems Industry
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.
