Magnetic Resonance Imaging Coils Market Size, Share & Trends Analysis Report By Type (Radiofrequency, Gradient), By Application, By End-use, By Region And Segment Forecasts, 2023 - 2030

Report Overview

The global magnetic resonance imaging coils market size was valued at USD 7.98 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 8.7% from 2023 to 2030. The market is being driven by several factors, including increasing demand for diagnostic imaging procedures, technological advancements in magnetic resonance imaging (MRI) coil design, and the rising prevalence of chronic diseases including neurological disorders, cancer, and cardiovascular diseases. As per the WHO estimates, cardiovascular diseases are a leading cause of death, taking 17.9 million lives each year. This, in turn, is anticipated to propel the growth of enhanced imaging diagnostics, thus, fueling the growth of the industry.

Governments and private entities are increasingly investing in healthcare infrastructure to improve access to healthcare services. This also contributes to the growth of the market. For instance, the American Rescue Plan Act, signed into law in 2021, includes provisions to strengthen healthcare infrastructure and improve access to healthcare services. Furthermore, In 2021 Canadian Government announced an investment of USD 8.4 billion for the next five years to advance the healthcare infrastructure.

The COVID-19 pandemic had a significant impact on the healthcare industry, including the MRI coil industry. Many healthcare facilities experienced a significant reduction in patient volumes as a result of the pandemic. This resulted in a decline in the number of MRI scans performed, leading to reduced demand for coils. In addition, The COVID-19 pandemic disrupted global supply chains, including those for medical equipment such as MRI coils. This led to delays in the production and delivery of MRI coils, which has further reduced demand for these products.

Type Insights

Based on the type, the market is segmented into the radiofrequency (RF) coil and gradient coil. The radiofrequency coil held the largest revenue share of 59.5% and is expected to grow at the fastest CAGR of 8.9%. This is because these coils are being used to transmit and receive signals during MRI scans, which is a critical component of the imaging process. RF coils have been shown to provide higher signal-to-noise ratios (SNRs), which result in higher image quality and faster scan times.

The gradient coil segment is also expected to register significant growth over the forecast period. Gradient coils are responsible for encoding spatial information in MRI signals, which is essential for creating high-resolution images.

Application Insights

Based on the application, the market is classified into neurology, pediatric, breast, cardiovascular, abdominal, spine, and musculoskeletal, among others. The neurology segment accounted for the highest revenue share of 22.6% and is also expected to register the highest CAGR of 8.9%. This is attributed to the significant advances in imaging technology such as MRI and CT scans, allowing for more precise and accurate diagnoses of neurological conditions. In addition, increasing conditions such as Alzheimer's and Parkinson's, are also fueling the demand for the neurology segment. According to data from the National Institute on Aging (NIA), an estimated 5.8 million people in the United States are affected by Alzheimer's disease.

End-use Insights

Based on the end-use, the market is further classified into, ambulatory care centers, hospitals, diagnostic imaging centers, and, others. The hospital segment accounted for the highest revenue share of 29.7%, owing to a favorable reimbursement structure and the availability of hospitals for primary care in several developing economies. Furthermore, investments in MRI systems, including coils, are gradually rising in hospitals, fueling the demand for the segment.

The ambulatory care centers segment is expected to grow at the fastest CAGR of 9.1% over the forecast period. An increase in preference for same-day surgery, a reduction in significant cost savings & wait times, and a rise in the number of patients requiring diagnostics are among the factors driving the demand for MRI coils in ambulatory surgery centers.

Regional Insights

North America dominated the market globally and held the highest revenue share of 27.6% in 2022. Technological advancements have led to the development of faster and more powerful machines that produce higher-quality images, which has increased the demand for MRI in the diagnosis and treatment of various medical conditions. The prevalence of chronic diseases is also increasing, leading to a higher demand for imaging services.

Europe also held a significant share in the market this can be attributed to factors such as an increase in the prevalence of chronic disorders, and rapid adoption of advanced technologies, According to the European heart network, each year, cardiovascular diseases cause around 3.9 million deaths in Europe which are fueling the demand of MRI Coils.

The Asia Pacific region is expected to grow with the fastest CAGR of 9.0% owning to growing awareness about cancer and cardiovascular diseases which has led to an increase in the growth of imaging studies. Furthermore, rapid advancements in the clinical development framework of developing economies are aiding market growth in this region.

Key Companies & Market Share Insights

The key players provide a broad product portfolio of medical imaging for various applications, thereby, contributing to their respective revenue share in the market. Major market players are engaging in various strategic initiatives such as partnerships, new product launches, and acquisitions, Some prominent players in the global 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

Magnetic Resonance Imaging Coils Market Report Scope

Global Magnetic Resonance Imaging Coils Market Report Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global magnetic resonance imaging coils market report based on type, application, end-use, and region:

• Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Radiofrequency Coil

  • Gradient Coil

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Neurology

  • Cardiovascular

  • Spine and Musculoskeletal

  • Pediatric

  • Breast

  • Abdominal

  • Others

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals

  • Diagnostic Imaging Centers

  • Ambulatory Care Centers

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Thailand

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait