Magnetic Resonance Imaging Coils Market - By Type (Radiofrequency Coil, Gradient Coil), By Application (Neurology, Cardiovascular, Spine and Musculoskeletal, Pediatric, Breast, Abdominal), By End-Use (Hospitals, Diagnostic Imaging Centers) – Global Forecast, 2023-2032

Magnetic Resonance Imaging Coils Market Size

Magnetic Resonance Imaging Coils Market size was valued at USD 8 billion in 2022 and is estimated to account for USD 17.8 billion by 2032.
 

Magnetic resonance imaging (MRI) coils, also known as MRI radiofrequency coils or simply RF coils, are essential components used in MRI machines to improve the quality and specificity of the images obtained during an MRI scan. MRI coils are designed to transmit and receive radiofrequency (RF) signals, that are used to create detailed images of the internal structures of the body. Several factors are driving the market, including rising demand for diagnostic imaging procedures, technological developments in MRI coil design, and an increase in the prevalence of chronic diseases such as cardiovascular diseases, cancer, and neurological disorders.
 

Ongoing technological advancements leading to the development of more innovative magnetic resonance imaging coils is projected to bolster the overall market growth potential. Advances in MRI coil technology, such as the development of multi-channel and phased-array coils, have significantly improved image quality, reduced scan times, and increased patient comfort. As technology continues to evolve, there is a demand for more efficient and specialized coils to cater to various imaging needs. These advancements drive the demand for new and upgraded coils that can leverage the capabilities of modern MRI systems.
 

COVID-19 Impact

The COVID-19 pandemic had a negative impact on the magnetic resonance imaging coils market. During the initial phases of the pandemic, many non-essential imaging procedures and screenings were postponed or cancelled to prioritize resources for COVID-19 patients and minimize the risk of virus transmission. This led to a decline in the overall volume of medical imaging services. Moreover, the pandemic disrupted supply chains, manufacturing, and distribution of medical devices. Numerous companies faced challenges in launching new and advanced magnetic resonance imaging coils or expanding into new markets due to logistical and regulatory obstacles during the pandemic thereby, restricted market growth opportunities during the pandemic.
 

Magnetic Resonance Imaging Coils Market Trends

The availability of portable imaging modalities offering easy access to diagnostic imaging will boost the medical imaging business progression. Due to expanding geriatric population base, the utilization rate of magnetic resonance imaging techniques such as X-ray, MRI and CT scans have risen promptly in comparison to other healthcare services thereby stimulating the demand for magnetic resonance imaging coils. Moreover, the demand for accurate and high-quality diagnostic imaging continues to grow across various medical specialties. MRI coils play a crucial role in enhancing image quality and enabling clinicians to visualize and diagnose medical conditions more effectively.
 

Magnetic Resonance Imaging Coils Market Analysis

The magnetic resonance imaging coils market by type is segregated into radiofrequency coil, gradient coil. The radiofrequency coil accounted for more than USD 4.7 billion in revenue size in the year 2022. Radiofrequency (RF) coils are essential components of magnetic resonance imaging (MRI) systems that transmit and receive RF signals to generate high-quality images. Advancement in MRI technology led to increase in demand for RF coils that can take advantage of higher field strengths, improved signal-to-noise ratios, and more sophisticated imaging sequences. New coil designs are developed to optimize imaging capabilities and provide better image quality.
 

Based on application, the magnetic resonance imaging coils market is classified into neurology, pediatric, breast, cardiovascular, abdominal, spine, and musculoskeletal, among others. The neurology segment accounted for over 23% market share in the year 2022. High segmental growth is attributable to considerable advancements in imaging technologies, such as MRI and CT scans, that allow more precise and reliable diagnosis of neurological diseases. Furthermore, rising illnesses such as Parkinson's and Alzheimer's are boosting demand for the neurology category. According to the data published by the Alzheimer's Association in 2022 around 6 million people in the U.S. are living with Alzheimer's disease and this number is projected to rise to approximately 13 million by 2050.
 

The magnetic resonance imaging coils market by end-use is subdivided into hospitals, diagnostic imaging centers, ambulatory care centers, and others. The hospitals segment is predicted to witness the substantial growth at 8.9% CAGR over the estimated timeline. The segment expansion is majorly attributable to maximum diagnostic imaging procedures performed in the hospital settings. Furthermore, availability of technologically advanced medical imaging devices such as MRI systems and CT scanners in hospitals will prove valuable for the segment expansion during analysis period. Further, hospitals are implementing collaborative care models involving multidisciplinary teams. This approach ensures comprehensive patient care and improves the utilization of diagnostic services across different medical specialties thereby, accelerating market trends.
 

The U.S. magnetic resonance imaging coils market accounted for USD 2.4 billion in revenue size in 2022 and is predicted to witness substantial market growth over the analysis timeline. Presence of advanced healthcare settings at diagnostic centers and hospitals as well as rising government initiatives supports the market expansion. Moreover, rising patient awareness about the benefits of early diagnosis will boost the market size over the forecast period. Furthermore, rising disposable income, and advanced healthcare infrastructure are few other aspects that will drive the U.S. market over the estimated period.
 

Magnetic Resonance Imaging Coils Market Share

Some of the prominent market participants operating in the magnetic resonance imaging coils market include

• GE Healthcare
• Koninklijke Philips N.V.
• Siemens Healthineers AG
• Canon Medical Systems Corporation
• ESAOTE spa
• Mr Instruments, Inc.
• Rapid Mr International, LLC.
• Scanmed, LLC.
• Bruker
• Medspira

These market players are undertaking several growth strategies including partnerships, collaborations, acquisitions & mergers, and new product development & launches to strengthen their product portfolio as well as gain a competitive edge over others.
 

Magnetic Resonance Imaging Coils Industry News:

• In December 2021, GE Healthcare introduced a new 3.0T MRI system i.e., SIGNA Hero. This system offers enhanced workflow, better image quality, improved patient comfort, increased productivity, and greater sustainability. This system was developed with an intention to help healthcare providers to accommodate high number of patients and improve overall healthcare services provision.
   

Magnetic resonance imaging coils market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:

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By Type (USD Million and Units)

• Radiofrequency coil
• Gradient coil

By Application (USD Million)

• Neurology
• Cardiovascular
• Spine and musculoskeletal
• Pediatric
• Breast
• Abdominal
• Others

By End-use (USD Million)

• Hospitals
• Diagnostic imaging centers
• Ambulatory surgical centers
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada 
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Switzerland
  • The Netherlands
  • Denmark
  • Poland
  • Sweden
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • New Zealand
  • Thailand
  • Vietnam
  • Indonesia
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Chile
• Middle East & Africa
  • Saudi Arabia
  • South Africa
  • UAE
  • Turkey