New York, NY -- (SBWIRE) -- 12/14/2016 -- MRI scanners use strong magnetic fields and radio waves, in order to produce images of body structure for the diagnosis of various medical conditions. Any loose metal device in an MRI environment may get pulled towards the magnet, and could cause serious injury or damage. Hence, different countries have their respective regulatory agencies for the approval of MRI compatible devices.

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However, certain restraints including strict regulatory requirements for the approval of MRI compatible patient monitoring systems, and high cost of MRI compatible patient monitoring systems are hindering the growth of the global MRI compatible patient monitoring market. The increasing awareness about MRI compatible patient monitoring systems in developing countries, such as China and India, are laying opportunities for the growth of the global MRI compatible patient monitoring systems market. North America dominates the global MRI compatible patient monitoring systems market, due to the presence of developed healthcare infrastructure, high healthcare spending and increasing prevalence of chronic diseases. According to the Organization for Economic Co-operation and Development (OECD), in 2001, the number of MRI units per 1 million inhabitants in Canada and the U.S. were 4.19 and 20.11 respectively, which increased to 8.83 and 35.49 respectively, in 2013.

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Europe is witnessing growth in MRI compatible patient monitoring systems market, which is attributed to increasing geriatric population, high incidences of chronic diseases and growing awareness among healthcare providers for the usage of MRI compatible patient monitoring systems. According to the European Society of Cardiology, a non-profit health association, each year four million people die in Europe due to cardiovascular diseases, which is responsible for 47% death toll in the region.

Similarly, the Asia-Pacific MRI compatible patient monitoring systems market is expected to grow at the fastest rate during the period 2015 – 2020. According to the OECD, in 2002, the number of MRI units per million inhabitants in Japan was 35.32, which increased to 46.87 in 2011.

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The key companies operating in the global MRI compatible patient monitoring systems market include Schiller AG, Bayer AG, MIPM – Mammendorfer Institut für Physik und Medizin GmbH, General Electric Company, IRadimed Corporation, and Koninklijke Philips N.V.

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