Vijay Kundekar (8)

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MRI Pulse Oximeters Market is Poised to Exhibit A
Moderate 2.0 CAGR during 2019-2029 FMI Reports

• Feb 2020

Report Id REP-GB-10020 Published On
1-Aug-2019 Category Healthcare, Pharmaceuticals
Medical Devices
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MRI Pulse Oximeters Market Analysis
Global sales of MRI pulse oximeters were valued
at US 29 million in 2018, and are estimated to
record a Y-o-Y growth of 2 in 2019. As per the
research findings of a new study by Future Market
Insights (FMI), constant technological
advancements in medical devices that target
improved efficiency and convenience, have been
sustaining the use of MRI pulse
oximeters. However, manufacturers are hard
pressed to innovate, as the applicability of
highly advanced pulse oximeters extends beyond
MRI environments. Recent developments in medical
devices allow for generation of real-time
information, track past health records, identify
potential issues, and devise effective treatment
plans. FMI's study finds that stakeholders in MRI
pulse oximeters market are leveraging new sensor
technologies, such as fiber optic SpO2 sensors to
avoid conductive pathways, and improve device
safety. With the approval of 7T MRI scanners, MRI
pulse oximeters will further become the breeding
ground for innovations and new developments.
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MRI Pulse Oximeters Market Analysis
A notable increase in the prevalence of chronic
diseases has led to surge in the sales of
high-end diagnostic machines, including those for
MRI, and CT scanners, which in turn foster the
demand for MRI pulse oximeters. Developed with
non-magnetic components, MRI-compatible pulse
oximeters have been gaining ground in early
detection of critical congenital heart defects
(CCHD) by accurately measuring the blood oxygen
value of a newborn. FMI study estimates that the
MRI pulse oximeters market will register a CAGR
of 2.4 during the given timeframe. High costs
associated with MRI procedures have been creating
a wave of reluctance among healthcare
professionals and patients to adopt MRI pulse
oximetry testing. However, increasing popularity
of medical tourism and favorable health insurance
policies in both developed and developing
countries are likely to attract patients towards
expensive yet efficient MRI scan therapy, and
subsequently drive the sales of MRI pulse
oximeters.
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MRI Pulse Oximeters Market Analysis
Wireless MRI Pulse Oximeters Capture Significant
Shares Aligning with the rapid development of
state-of-the-art medical devices and
technologies, market players continue to increase
the production of wireless MRI pulse oximeters
that need not be connected to MRI machines.
Operated through infrared (IR) or Bluetooth
technology, wireless MRI pulse oximeters have
also witnessed higher innovations and investments
as compared to wired variants. As 6 in 10 units
of MRI pulse oximeters sold in 2018 are wireless,
manufacturers are specifically focused in this
category. Additionally, MRI pulse oximeters
without monitor continue to account for greater
revenue share over their counterparts, as they
can be coupled with a wide range of
monitors. According to the study, while business
growth strategies remained influenced by the
increasing adoption of MRI pulse oximeters in
hospitals, manufacturers are working towards
capitalizing on diagnostic laboratories and
ambulatory surgical centers for expanded customer
base. Increasing patient visits in well-equipped
laboratories for complete diagnosis of diseases
has also led to realignment of these strategies.
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MRI Pulse Oximeters Market Analysis
Growth prospects of the MRI pulse oximeters
market, as identified by the FMI study, are high
in North America. Heavy investments in RD
activities on medical devices and technologies
along with favorable reimbursement scenario in
the region are likely to offer lucrative
opportunities for the market players. In
addition, manufacturers are viewing Asia Pacific
from target market perspective, considering
increasing healthcare expenditure and growing
awareness of new medical devices in the
region. The new business intelligence also
offers key insights on the competitive scenario
in the MRI pulse oximeters market. As per the
study, the market shows a high level of
consolidation, with top two players including
Nonin and Koninklijke Philips N.V. collectively
accounting for 41 revenue share. Filling gaps
in their portfolio to master the diagnosis of
chronic diseases, rather than focusing solely on
one specific product category will be key focus
area for the stakeholders. Source Link
https//www.prnewswire.com/news-releases/mri-pulse
-oximeters-market-is-expected-to-grow-at-a-cagr-of
-2-during-the-forecast-period-of-2019-to-2029--fut
ure-market-insights-300896173.html
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MRI Pulse Oximeters Market Analysis

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MRI Pulse Oximeters Market Analysis
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