North America is projected to remain dominant in the global MRI-compatible IV infusion pump system market, according to a report by Future Market Insights (FMI). In North America, there is a surge in demand for advanced IV infusion pump system compatible with intravenous infusion of drugs and essential fluids during MRI imaging procedures. This growth in demand is primarily attributed to increasing incidences of life-threatening diseases and growing geriatric population in this region.
Market in North America is projected to expand at 13.6% CAGR, to reach nearly US$ 200 Mn in revenues by 2027-end. North American government is offering favourable reimbursement policies for infusion therapies, further boosting the market growth in this region. However, increasing product recalls on the back of safety concerns and design deficiencies are expected to hamper growth of the MRI-compatible IV infusion pump system market in North America.
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Higher Adoption of Non-Magnetic MRI-Compatible IV Infusion Pump System to Fuel Market Growth in Western Europe
Western Europe is expected to be second-most lucrative region in the global MRI-compatible IV infusion pump system market by 2027-end. European healthcare providers are highly focusing on adoption of non-magnetic MRI-compatible IV infusion pump system, to avoid occupational risks and follow safety concerns. This has led to a considerable growth of the market in this region.
In addition, other factors such as increasing hospitalisations, and rising incidences of cancer have led to growing demand for MRI diagnosis in Western Europe. This is further expected to drive demand for MRI-compatible IV infusion pump systems in this region. However, stringent rules & regulation imposed by European Commission on new product launches, and their marketing & sales activities are expected to impede growth of the market in Western Europe.
FMI’s report estimates the global MRI-compatible IV infusion pump system market to register a robust expansion at 11.2 % CAGR through 2027. Global sales of MRI-compatible IV infusion pump system will account for revenues worth US$ 138.1 Mn in 2017; by 2027 this number is estimated to reach nearly US$ 400 Mn. The market is projected to represent an incremental opportunity of US$ 260.5 Mn between 2017 and 2027.
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Hospitals will remain the largest end-users of MRI-compatible IV infusion pump system globally. Sales of MRI-compatible IV infusion pump system in hospitals are expected to reach nearly US$ 300 Mn by 2027-end. In addition, diagnostics & imaging centres and ambulatory surgical centres are expected to exhibit 8.2% and 7.7% CAGRs respectively in the market through 2027.
Magnetic Pump System with Shielding to Remain Preferred Device in the Market
Based on product type, devices for MRI-compatible IV infusion pump system will remain dominant in the global market, expanding at 11.6% CAGR through 2027. Magnetic pump system with shielding will remain preferred device in the market, with sales poised to surpass US$ 200 Mn by 2027-end. Sales of tubing & disposables required for MRI-compatible IV infusion pump system are anticipated to register a comparatively low CAGR in the market.
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Key market players identified in FMI’s report include iRadimed Corporation, B.Braun Melsungen AG, Fresenius Kabi AG, Smiths Medical (Smiths Group plc.), Arcomed AG, Becton, Dickinson Company (Carefusion), Baxter International Inc.