Newly-released Magnetic Resonance Imaging Coils Market analysis report by Future Market Insights shows that global sales of Magnetic Resonance Imaging Coils in 2022 were held at USD 8.5 Billion. With a CAGR of 8.3% from 2023 to 2033, the market is projected to reach a valuation of USD 20.3 Billion by 2033. Radiofrequency Coil is expected to be the highest revenue-generating segment, projected to grow at a CAGR of over 8.5% from 2023 to 2033.
| Attribute | Details |
|---|---|
| Global Magnetic Resonance Imaging Coils Market (2023) | USD 9.2 Billion |
| Global Magnetic Resonance Imaging Coils Market (2033) | USD 20.3 Billion |
| Global Magnetic Resonance Imaging Coils Market CAGR (2023 to 2033) | 8.3% |
| USA Magnetic Resonance Imaging Coils Market CAGR (2023 to 2033) | 8.4% |
| Key Companies Profiled | GE Healthcare; Koninklijke Philips N.V.; Siemens AG; Canon Medical Systems Corporation; Hologic, Inc.; Bruker Corporation; Esaote SpA; MR Instruments, Inc.; RAPID MR International, LLC; ScanMed, LLC |
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According to the Magnetic Resonance Imaging Coils Market study conducted by Future Market Insights, a market research and competitive intelligence company, the market rose at a 7.2 % CAGR from 2018 to 2022.
The market is expected to grow as the incidence of chronic diseases such as cardiovascular, neurological, cancer, and urological illnesses rise. Chronic disease is becoming a worldwide health issue. One or more of these chronic conditions affects over half of the adult population in the United States. Chronic diseases account for 75% of all healthcare costs in the USA.
The USA Food and Drug Administration has approved GE Healthcare’s Air Technology. This is the first set of Radio Frequency coils of this type, making coil handling and installation easier during MRI scans. This coil is 60% lighter and more flexible than regular coils, allowing more effective patient care.
In response to increased demand for these devices, players in the market are creating enhanced and high-field strength magnetic resonance imaging equipment. As these machines become more common, numerous MRI coil manufacturers are developing coils that can withstand high-field strength machines.
Despite the advantages of MRI coils, the high price of the radiofrequency coil could have a minor effect on overall market growth. The cost of a new MRI coil can range from USD 12,000 to USD 120,000. In addition, the reconditioned coil would cost between USD 3,000 and USD 25,000, which delays the demand for new coils, especially in poor nations.
The expanding elderly population, technological improvements such as low-field strength and high-field strength MRI equipment, and improved health awareness in industrialized nations have contributed to the rise in MRI demand.
The market value of the MRI system is increasing due to the development of wide-bore MRI systems and technologically complex MRI coils, among other advancements in the MRI system. Because of the rising technical advantage in obtaining high-quality images of soft tissue, ligaments, and other human organs, the demand for high-field strength MRI will increase.
With every passed year, the usefulness of radio frequency equipment for a wide range of therapeutic application grows. The rising focus of global firms on generating RF coils is projected to aid the segment's expansion. Furthermore, the region's continuous technical advances and huge investments in healthcare research are likely to boost the MRI market share.
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Open MRI, visualization software and superconducting magnets are driving diagnostic improvements in the MRI sector. The most recent breakthroughs in MRI technology have been in software. These software developments allow for quicker contrast scans while also simplifying imaging operations dramatically.
During the forthcoming years, diffusion and mobility matrix imaging with tractography, neuroimaging with MR spectroscopic, perfusion image analysis, and brain imaging are projected to drive overall growth.
Likewise, the demand is projected to be boosted by the expanding innovation of operational MRI and its use in different applications such as neurosurgery throughout the forecast period. Diffusion-weighted MR scanning is also routinely utilized to identify strokes around 30 minutes post-incidence.
As a result, developments in MRI machines are likely to fuel business expansion throughout the forecast period, allowing them to be used for a broad variety of applications.
The MRI market in North America is rapidly expanding due to the region's high level of development and people's increased awareness about healthcare issues. Due to the general significant increasing adoption of innovative techniques and the rising frequency of serious diseases, the marketplace in this sector is expected to rise.
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The United States is expected to account for a significant market of USD 4.9 Billion by the end of 2033. The existence of prominent players and affordable healthcare are expected to drive the market in the country.
The market in the United kingdom is expected to reach a valuation of USD 980.5 Million by 2033. Growing with a CAGR of 9.9% in the forecast period, the market in the country is projected to garner an absolute dollar opportunity of around USD 597.3 Million.
In Japan, the market is expected to grow at a CAGR of 9.5% from 2023 to 2033, reaching around USD 874.4 Million by 2033. The market in the country is expected to gross an absolute dollar opportunity of USD 521.7 Million during the forecast period.
The market in South Korea is expected to reach a valuation of around USD 380.4 Million by 2033, growing at a CAGR of 7.6% from 2023 to 2033. The market in the country is expected to witness an absolute dollar opportunity of around USD 199.2 Million.
The Radiofrequency Coil segment is forecasted to grow at a CAGR of 8.5% from 2023 to 2033. The development of improved radiofrequency coils for diverse applications is projected to propel market growth.
Continuous advances in radiofrequency (RF) hardware are optimizing it for a number of medical and surgical applications. Global companies are producing novel RF coils at a faster rate than others due to enhanced manufacturing processes. This growth is expected to increase global revenue.
ScanMed has partnered with Fujikura, a Japanese firm, in April 2018 to develop MRI coils. This partnership will facilitate a variety of positive outcomes, including the development of affordable MRI coils, the pooling of technical knowledge, and the enlarging of the distribution network.
A large portion of the MRI coils market is occupied by Gradient Coils. These coils are used to manipulate magnetic field strength. The fluctuation of the magnetic field enables physicians to identify visible slices and render out frequency encoding.
During the forecast period, Magnetic Resonance Imaging Coils for Neurology accounted for a significant share and are expected to register a 10% CAGR from 2023 to 2033. The increasing development of improved MRI coils for neurological diseases is projected to fuel market expansion. The Neuroscience Foundation initiative sought to create 7T MRI technology for improved neurovascular imaging in neurological diseases.
The Neuroscience Foundation contributed USD 16,722 to this project's funding. Pediatric diagnostic imaging has grown in popularity in recent years, and as a result, the operation volume has skyrocketed. MRI scans of the child’s body provide a variety of issues, including fluctuating patient size, limited patient corporation, and a wide range of imaging applications.
The coils used for pediatric MRI are large and may cause discomfort for the patient. As an outcome, research is underway to produce a compact and productive pediatric MRI device. To fulfill the need for patient comfort, semi-flexible array circuits are now being constructed. Such coils would improve information with detail, enable 3D total mechanical flexibility, and minimize coil load.
The key players operating in the market are ESAOTE SPA, Bruker, Canon Medical Systems Corporation, GE Healthcare, Hologic Inc., Koninklijke Philips N.V., MR Instruments, Inc., RAPID MR International, LLC, ScanMed, and Siemens Healthcare Private Limited.
Some of the recent developments of key Magnetic Resonance Imaging Coils providers are as follows:
Similarly, the team at Future Market Insights has been tracking recent changes linked to firms' Magnetic Resonance Imaging Coils services, which are featured in the complete research.
The market is valued at USD 9.2 billion in 2023.
GE Healthcare, Siemens AG, and, Bruker Corporation are major players.
A total of USD 4.9 billion is anticipated by the United States by 2033.
From 2018 to 2022, the market registered a 7.2% CAGR.
A CAGR of 9.5% is predicted for Japan between 2023 and 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Radiofrequency Coil 5.2. Gradient Coil 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Neurology 6.2. Cardiovascular 6.3. Spine and Musculoskeletal 6.4. Pediatric 6.5. Breast 6.6. Abdominal 6.7. Other Applications 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-use 7.1. Hospitals 7.2. Diagnostic Imaging Centers 7.3. Ambulatory Care Centers 7.4. Other End-uses 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. Asia Pacific 8.5. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. Esaote 16.2. GE Healthcare 16.3. Koninklijke Philips N.V. 16.4. Siemens Healthcare 16.5. MR Instruments, Inc. 16.6. ScanMed 16.7. Canon Medical Systems Corporation 16.8. Hologic Inc. 16.9. RAPID MR International, LLC 16.10. Bruker 17. Assumptions & Acronyms Used 18. Research Methodology
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Magnetic Resonance Imaging Coils Market
