New York, United States, June 29, 2024 (GLOBE NEWSWIRE) — The global magnetic resonance imaging coils market size will grow from $8.6 billion in 2023 to $19.5 billion by 2033, at a CAGR of of growth (CAGR) 8.53% during the forecast period.
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Magnetic resonance imaging coils are considered the “antennas” of the MRI system, useful for improving the quality and specificity of the images obtained during an MRI scan. Detailed images are produced by electromagnetic fields and a large static magnetic field in MRI equipment using MRI coils. It works by receiving and transmitting radio frequency signals which are further combined to form an image under observation. There is a growing demand for high field strength magnetic resonance imaging equipment due to increasing technical advantage in obtaining high quality images of soft tissues, ligaments and other human organs. Research is underway to develop a pediatric MRI device in which coils would enhance detail information, enable total 3D mechanical flexibility, and minimize coil loading. The increasing prevalence of chronic diseases increases the number of imaging examinations that are driving the market demand. Moreover, the development of technologically advanced solutions for accurate diagnosis and treatment planning is driving the market growth. Increasing demand for high-quality imaging and growth of outpatient imaging centers are contributing to driving the market. On the contrary, lack of skilled professionals and stringent regulations for the approval of MRI coils are restraining the global magnetic resonance imaging coils market.
Browse 210 market data tables and 45 figures spread across 190 pages and in-depth TOCs at “Global Magnetic Resonance Imaging Coils Market Size, distribution and impact analysis of COVID-19, By Type (Radiofrequency Coil & Gradient Coil), By Application (Neurology, Cardiovascular, Spine & Musculoskeletal, Pediatric, Breast, Abdominal & Others), By End Use (Hospitals, Diagnostic Imaging Centers, Ambulatory Surgery Centers & Others) ), and by region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2023 – 2033”
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The radio frequency coil segment dominates the market with the largest revenue share in 2023.
Based on type, the global magnetic resonance imaging coils market is segmented into radiofrequency coils and gradient coils. Among these, the radiofrequency coils segment dominates the market with the largest revenue share in 2023. Radiofrequency coils are the most widely used coil for MRI equipment, available in both transmitting and receiving varieties. Increasing adoption rates of advanced medical technologies are fueling market growth.
The neurology segment held the largest revenue share of the global magnetic resonance imaging coils market in 2023.
Based on application, the global magnetic resonance imaging coils market is segmented into neurology, cardiovascular, spine and musculoskeletal, pediatric, breast, abdominal, and others. Among these, the neurology segment held the largest revenue share of the global magnetic resonance imaging coils market in 2023. The growing magnetic resonance imaging technology of MRI is used to diagnose neurological disorders, providing quality images of top of the brain and spinal cord. It visualizes the structure and function of the nervous system. Increasing incidence of brain injury due to road accidents is contributing to the growth of the market.
The hospital segment is projected to grow at the highest CAGR during the forecast period.
Based on end-use, the global magnetic resonance imaging coils market is segmented into hospitals, diagnostic imaging centers, ambulatory surgical centers, and others. Among these, the hospital segment is projected to grow at the highest CAGR during the forecast period. Hospitals provide MRI systems and CT scanners for diagnostic purposes. Implementation of collaborative care models by hospitals for patient care and use of diagnostic services are driving the market. In addition, the increasing prevalence of cancer and other chronic diseases increases the number of patient visits for diagnostic and treatment purposes in hospitals.
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North America dominates the market with the largest market share during the forecast period.
North America dominates the market with the largest market share during the forecast period. Awareness about the benefits of early diagnosis and increasing government investment in R&D activities are significantly driving the regional market. Adoption of innovative techniques and increasing frequency of serious diseases are driving the market. Availability of advanced healthcare facilities in diagnostic centers and hospitals in the region is significantly driving the market. Increasing disposable income of people and healthcare infrastructure in the region are also contributing to the growth of the market.
The Asia-Pacific region is expected to grow the fastest during the forecast period. Increasing expenditure by government organizations and increasing number of key players producing MRI coils are responsible for driving the market. Increasing demand for MRI systems due to increasing awareness for early diagnosis is driving the market growth. The increasing prevalence of chronic diseases necessitates the application of MRI diagnostics leading to fueling the growth of the regional market. Additionally, the rise in medical tourism in countries such as India and Thailand increases the demand for cutting-edge medical equipment driving the market in the region.
Competition analysis:
The report provides proper analysis of the key organizations/companies involved in the global market along with a comparative assessment mainly based on their product offering, business overviews, geographical presence, enterprise strategies, market segment share and SWOT analysis. The report also provides an elaborative analysis focusing on current company news and developments, which includes product development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances and others. This enables the assessment of overall competition within the market. Key vendors in the global magnetic resonance imaging coils market are Siemens Healthcare GmbH, GE Healthcare, Koninklijke Philips NV, 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 and other key players.
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Recent developments
- In November 2021, GE Healthcare unveiled the SIGNA Hero, a new 3.0T magnetic resonance imaging (MRI) system. SIGNA Hero is designed to deliver new workflows and AIR Recon DL enhancements, with better image quality, improved workflows, increased productivity, improved patient comfort and greater durability.
Market segment
This study forecasts revenue at global, regional and country levels from 2020 to 2033. Spherical Insights has segmented the global magnetic resonance imaging coils market based on the segments mentioned below:
Global Magnetic Resonance Imaging Coils Market, Type Analysis
- Radio frequency coil
- The gradient spiral
Global Magnetic Resonance Imaging Coils Market, Application Analysis
- Neurology
- Cardiovascular
- Spine & Musculoskeletal
- pediatric
- breast
- Abdominal
- Others
Global Magnetic Resonance Imaging Coils Market, End Use Analysis
- hospital
- Diagnostic imaging centers
- Ambulatory Surgical Centers
- Others
Global Magnetic Resonance Imaging Reels Market, Regional Analysis
- North America
- Europe
- Germany
- uk
- France
- Ital
- Spain
- Russia
- The rest of Europe
- Asia Pacific
- China
- Japan
- Indian
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentinian
- The rest of South America
- Middle East and Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- The rest of the Middle East and Africa
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