Magnetic Resonance Imaging Coils Market Size, Share & Trends Analysis Report 2021 - 2028

 Magnetic Resonance Imaging Coils Industry Overview

The global magnetic resonance imaging coils market size is expected to reach USD 13.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.5% from 2021 to 2028. The growing prevalence of chronic diseases such as cardiovascular, neurological, cancer, and urological is expected to drive the market. Rising chronic diseases is a global healthcare concern. In the U.S., over half of the adult population suffers from these chronic diseases. Around 75.0% of the total healthcare expenditure in the U.S. is used for providing care for these chronic conditions.

 

For instance, as per the National Cancer Institute, in 2020, around 1,806,590 new cancer cases were diagnosed in the U.S. Similarly, as per American Heart Association, the mortality related to cardiovascular diseases is very high, with around 17.3 million deaths registered per year. This death rate is projected to reach 23.6 million by 2030. These diseases require imaging tools, mainly magnetic resonance imaging (MRI), for diagnosis and monitoring of progression as well as treatment effects. The growing demand for MRI for various applications will lead to the adoption of MRI coils, which, in turn, may propel market growth.

 

Additionally, growing awareness regarding early diagnosis is also expected to contribute to market growth. Cancer and cardiovascular diseases together result in the highest global mortality rate. This has captured the attention of various governments and healthcare organizations and is driving them towards creating awareness regarding these diseases. For instance, in 2010, prevention and early detection services were offered free of cost to people aged 65 years and above through Medicare under the Affordable Care Act. Similarly, the Indian Cancer Society runs a Cancer Awareness and Educational Program. Through this program, it aims to create awareness regarding signs and symptoms of the disease and commercially available cancer treatments and diagnostic tools. It also aims at creating awareness regarding the benefits of early diagnosis of disease. Growing awareness will contribute towards the adoption of MRI and MRI coils during the forecast period.

Since the demand for magnetic resonance imaging machines is increasing, market players are developing advanced and high field strength (7T) magnetic resonance imaging machines. The growing development of these machines is creating opportunities for various players manufacturing MRI coils, to develop coils that support high field strength machines. Currently, magnetic resonance imaging coils for high field strength machine is only available for head and knee application, however, various research institutes are researching to understand it’s efficiency in other applications as well. Despite these advancements, the high cost of MRI coils, new or refurbished is expected to hinder the market growth.


Magnetic Resonance Imaging Coils Market Segmentation

Grand View Research has segmented the global magnetic resonance imaging coils market based on type, application, end-use, and region:

Based on the Type Insights, the market is segmented into Radiofrequency Coil, and Gradient Coil.

  • The radiofrequency coil segment dominated the market and held the largest revenue share of 59.5% in 2020 and is expected to grow at the fastest rate of 7.8% during the forecast period. Radiofrequency (RF) coils are an essential part of an MRI machine that impacts temporal and spatial resolution, uniformity, and sensitivity in MRI.
  • Continuous advances in RF hardware enhance its optimization for multiple clinical applications. The growing focus of global players to innovate RF coils is expected to contribute to the segment growth. 


Based on the Application Insights, the market is segmented into Neurology, Cardiovascular, Spine and Musculoskeletal, Pediatric, Breast, Abdominal, and Others.

  • The neurology segment dominated the market and held the largest revenue share of 22.6% in 2020 and is expected to grow at the fastest rate of 7.7% during the forecast period. The growing development of advanced MRI coils neurological conditions is expected to boost segment growth.
  • The musculoskeletal segment also held a significant share in the market and is expected to experience considerable growth during the forecast period. Increasing product launch of high tesla MRI machines for musculoskeletal imaging is expected to contribute towards the segment growth.


Based on the End-use Insights, the market is segmented into Hospitals, Diagnostic Imaging Centers, Ambulatory Care Centers, and Others.

  • The hospitals segment dominated the market and held the largest revenue share of 29.7% in 2020. This segment includes revenue generated by MRI units sold in hospitals, as these establishments have the space and capital required for MRI machines. 

 

  • The ambulatory care centers segment is expected to experience the fastest growth rate during the forecast period. Government initiatives to improve and increase the number of primary care centers are expected to contribute to the segment growth. Additionally, a growing number of MRI scans performed in this setting is expected to increase the need for MRI machines and thus the MRI coils.

 

Magnetic Resonance Imaging Coils Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The key market players provide a broad product portfolio of medical imaging for various applications, thereby, contributing to their revenue share in the market. Additionally, growing strategic alliances among the players for enhancing their product portfolio is also expected to contribute to the overall market growth. For instance, in April 2017, ScanMed partnered with Fujikura, a Japanese-based company for the development of MRI coils. Some of the prominent players in the Magnetic Resonance Imaging (MRI) coils market include:

  • ESAOTE SPA
  • GE Healthcare
  • Koninklijke Philips N.V.
  • Siemens Healthcare Private Limited
  • MR Instruments, Inc.
  • RAPID MR International, LLC
  • ScanMed
  • Canon Medical Systems Corporation
  • Hologic Inc.
  • Bruker 

 

Order a free sample PDF of the Magnetic Resonance Imaging Coils Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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