MRI Pulse Oximeters Market Outlook 2022 to 2028: Leading with Zensorium, Medtronic, Turner Medical, General Electric Company, and Hamilton Medical

The global MRI Pulse Oximeters Market is projected to reach a valuation of USD 36.5 million by 2028, growing from USD 31.6 million in 2022 at a CAGR of 2.5%. This growth is driven by significant advancements in the healthcare sector, particularly the increasing prevalence of chronic diseases and a shift towards advanced radiology research.

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Market Dynamics and Trends

MRI pulse oximeters, which accounted for approximately 2.3% of the global pulse oximeter market in 2021, are benefiting from continuous research and development activities. Manufacturers are focusing on creating products compatible with both 5T and 7T MRI machines, designed with non-magnetic components for safe and accurate vital sign monitoring during MRI scans. Beyond congenital heart defects, these devices are increasingly used in anesthetics, intensive care, and emergency care. Innovations in manufacturing processes are leading to multifunctional MRI pulse oximeters, with companies striving for GMP compliance and faster regulatory approval.

Recent Performance and Outlook

From 2014 to 2021, the market experienced a CAGR of 1.8%. A comparative analysis for H1 2022 showed a slight negative BPS growth (down 10 BPS) compared to the H1 2022 projection, influenced by strict regulations, accuracy concerns, and the presence of cost-effective generic pulse oximeters. However, a positive BPS growth of 01 BPS was observed in H1 2022 over H1 2021, driven by the rising prevalence of chronic diseases, a focus on advanced radiology research, and technological innovations. Leading players are actively enhancing product portfolios and collaborating to develop high-end solutions.

Challenges to Growth

The market faces restraints primarily due to the high cost associated with MRI diagnosis and the relatively high maintenance costs of MRI pulse oximeters compared to generic alternatives. Strict regulations and accuracy concerns regarding vital sign monitors also pose significant challenges for manufacturers.

Key Segment Performance

Wireless MRI Pulse Oximeters are a dominant product type, holding approximately 63.7% of the global market share in 2022. Their ability to provide precise SpO2 measurements without being physically connected to MRI machines, often utilizing infrared (IR) or Bluetooth technology, makes them highly attractive. Manufacturers are investing heavily in this category due to its versatility and enhanced functionality.

Hospitals are the primary end-user segment driving market growth, fueled by the increasing demand for patient monitoring during diagnostic and therapy stages. The rising senior population and the growing frequency of chronic respiratory disorders necessitate the use of monitoring devices like MRI pulse oximeters in hospital settings. Manufacturers are focusing on developing non-organ-specific products that provide accurate SpO2 readings across all sensor locations to meet this demand.

Global Regional Dynamics

North America is a leading market for MRI pulse oximeters, driven by heavy investments in R&D, favorable reimbursement scenarios, and the growing adoption of fiber optic pulse oximeters. Manufacturers are leveraging new sensor technologies to improve device safety and avoid conductive pathways. The USA market is particularly strong due to technological advancements elevating sales of MRI-compatible pulse oximeters and the presence of key stakeholders. China is considered a lucrative market due to increasing government spending on healthcare, driving demand for multifunctional MRI pulse oximeters, and the rising popularity of medical tourism.

Competitive Landscape

MRI pulse oximeter manufacturers are focused on meeting the needs of infants, pediatrics, and adults in both fixed-site and mobile MRI units. The top 5 MRI pulse oximeter manufacturers account for 50% of the market share, indicating a moderately concentrated competitive landscape. Recent developments include Masimo's renewed collaboration with Royal Philips in 2020 to integrate new assessment capabilities into IntelliVue MX-series monitors, and Masimo's 2021 acquisition of LiDCO to bolster its hemodynamic monitoring capabilities. Key companies profiled include Koninklijke Philips N.V., Nonin, IRadimed Corporation, EMCO Meditek Pvt. Ltd., MIPM, Hamilton Medical, General Electric Company, Turner Medical, Medtronic, and Zensorium.

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