Global Magnetic Resonance Imaging Coils Market Insights Forecasts to 2033

• The Global Magnetic Resonance Imaging Coils Market Size was Valued at USD 8.6 Billion in 2023
• The Market Size is Growing at a CAGR of 8.53% from 2023 to 2033
• The Worldwide Magnetic Resonance Imaging Coils Market Size is Expected to Reach USD 19.5 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

 

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The Global Magnetic Resonance Imaging Coils Market Size is Anticipated to Exceed USD 19.5 Billion by 2033, Growing at a CAGR of 8.53% from 2023 to 2033.  

 

Market Overview

Magnetic resonance imaging coils are considered “antennae” of the MRI system, broadcasting the RF signal to the patient and/or receiving the return signal. It is an essential component in MRI machines to improve the quality and specificity of the images obtained during an MRI scan. Detailed images of anatomy are produced by the electromagnetic field and a large static magnetic field with the aid of MRI coils. The MRI coil works by receiving and transmitting radio frequency signals which are further combined to form an image under observation. Phased array and multi-channel coils are developed to significantly improve image quality, reduce scan timing, and increase patient comfort. There is an increased demand for high-field strength magnetic resonance imaging equipment due to rising technical advantage in obtaining high-quality images of soft tissue, ligaments, and other human organs. The clinical investigation of various tissues and organs' anatomical, metabolic, functional, and molecular characteristics is carried out by using MRI devices, thus helping in qualitative and quantitative diagnosis of disease, as well as for monitoring the treatment outcomes. Research is underway for the development of a pediatric MRI device in which the coils would improve information with detail, enable 3D total mechanical flexibility, and minimize coil load.

 

Report Coverage

This research report categorizes the market for the global magnetic resonance imaging coils market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global magnetic resonance imaging coils market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global magnetic resonance imaging coils market.

 

Driving Factors

The rise in the prevalence of chronic diseases is increasing the number of imaging examinations that drive the demand for MRI coils, which is responsible for driving the market growth. The various technological advancements in MRI have enabled faster contrast scans, greatly simplified cardiac imaging workflows, and allowed MR scans of the lungs. These technological advancements in MRI technology are significantly propelling the market growth. Furthermore, the growing demand for high-quality imaging by clinicians for delivering high-quality care to patients is significantly contributing to market growth. The rise in outpatient imaging centers is further bolstering the global magnetic resonance imaging coils market.

 

Restraining Factors

The lack of skilled professionals as well as strict regulations and standards for the approval and commercialization of MRI coils pose a challenge for the magnetic resonance imaging coils market.

 

Market Segmentation

The global magnetic resonance imaging coils market share is classified into type, application, and end-use.

 

• The radiofrequency coil segment dominated the market with the largest revenue share in 2023.

Based on the type, the magnetic resonance imaging coils market is categorized into radiofrequency coil and gradient coil. Among these, the radiofrequency coil segment dominated the market with the largest revenue share in 2023. Radiofrequency coil come in both transmit and receive varieties, are one of the most often used coils. The higher adoption rates of advanced medical technologies are driving the market in the radiofrequency coil segment.

 

• The neurology segment accounted for the largest revenue share of the global magnetic resonance imaging coil market in 2023.

Based on the application, the magnetic resonance imaging coils market is categorized into neurology, cardiovascular, spine & musculoskeletal, pediatric, breast, abdominal, and others. Among these, the neurology segment accounted for the largest revenue share of the magnetic resonance imaging coil market in 2023. MRI provides high-quality images of the brain and spinal cord to diagnose neurological disorders. The increasing magnetic resonance imaging technology for visualizing the structure and function of the nervous system is bolstering the market growth in the neurology segment.  The increasing incidence of brain injury due to road accidents are contributing to market growth.

 

• The hospitals segment is expected to grow at the highest CAGR during the forecast period.

Based on the end-use, the magnetic resonance imaging coils market is categorized into hospitals, diagnostic imaging centers, ambulatory surgical centers, and others. Among these, the hospitals segment is expected to grow at the highest CAGR during the forecast period. MRI systems and CT scanners are available in hospitals. There is an implementation of collaborative care models by the hospitals for patient care and utilization of diagnostic services. The rising prevalence of cancer and other chronic diseases increasing the number of patient visits for diagnosis and treatment purposes are driving the market.

 

Regional Segment Analysis of the Magnetic Resonance Imaging Coils Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

North America is anticipated to hold the largest share of the global magnetic resonance imaging coils market over the predicted timeframe.

 

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North America is projected to hold the largest share of the magnetic resonance imaging coils market over the forecast period. The availability of advanced healthcare settings at diagnostic centers and hospitals in the region is significantly driving the market. Further, the awareness about the benefits of early diagnosis and the growing investment by government for the R&D activities are significantly driving the regional market. The increased disposal income of the people and healthcare infrastructure in the region are also contributing to market growth. The adoption of innovative techniques and the rising frequency of serious diseases are driving the market.

 

Asia Pacific is expected to grow at the fastest CAGR growth of the magnetic resonance imaging coils market during the forecast period. The increased prevalence of chronic diseases necessitates the application of MRI diagnostics that leads to driving the regional market growth. The rise in spending by government organizations, and an increased number of key players who manufacture MRI coils are responsible for driving the market. The increasing demand for MRI systems due to increasing awareness about early diagnosis fuels the market growth. In addition, the rise in medical tourism in countries like India and Thailand boosts the demand for state-of-the-art medical equipment propelling the market in the region.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the magnetic resonance imaging coils market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

• Siemens Healthcare GmbH
• GE Healthcare
• Koninklijke Philips N.V.
• Canon Inc.
• RAPID MR International, LLC
• ESAOTE SPA
• Hologic, Inc.
• Bruker Corporation
• MR Instruments, Inc.
• ScanMed, LLC
• MONTERIS MEDICAL
• AURORA HEALTHCARE US CORP
• Medspira
• Bruker
• Others

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Recent Developments

• In November 2021, GE Healthcare unveiled SIGNA Hero, a new 3.0T magnetic resonance imaging (MRI) system. SIGNA Hero is designed to offer new workflows and AIR Recon DL enhancements, with better image quality, enhanced workflows, increased productivity, improved patient comfort, and greater sustainability.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the magnetic resonance imaging coils market based on the below-mentioned segments: 

 

Global Magnetic Resonance Imaging Coils Market, By Type

• Radiofrequency Coil
• Gradient Coil

 

Global Magnetic Resonance Imaging Coils Market, By Application

• Neurology
• Cardiovascular
• Spine & Musculoskeletal
• Pediatric
• Breast
• Abdominal
• Others

 

Global Magnetic Resonance Imaging Coils Market, By End-Use

• Hospitals
• Diagnostic Imaging Centers
• Ambulatory Surgical Centers
• Others

 

Global Magnetic Resonance Imaging Coils Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa