U.S. Magnetic Resonance Imaging Coils Market To Reach $1.60 Billion By 2030

U.S. Magnetic Resonance Imaging Coils Market Growth & Trends

The U.S. magnetic resonance imaging coils market size is expected to reach USD 1.60 billion by 2030, expanding at a CAGR of 8.76% from 2024 to 2030, based on a new report by Grand View Research, Inc. The market growth can be attributed to the rising burden of chronic disorders, such as cancer and cardiovascular disorders, in the U.S. For instance, according to the Heart Failure Society of America (HFSA), in the U.S., heart failure has become more prevalent. According to current estimates, heart failure affects about 6.5 million Americans over the age of 20. According to a study, 960,000 new cases of heart failure occur each year. Approximately 8.5% of all heart disease deaths in the U.S. are directly attributable to heart failure.

According to some estimates, heart failure is responsible for 36% of deaths from cardiovascular disease. High healthcare expenditures and a rising focus on healthcare infrastructure & government initiatives in the U.S. are driving the growth of the market. Health spending in the U.S. is projected to climb from USD 4.4 trillion, or USD 13,413 per person, in 2022 to USD 7.2 trillion, or USD 20,425 per person, by 2031. In addition, the federal government is also proactively initiating schemes and policies to make healthcare affordable and accessible to everyone. These initiatives include Medicare and Medicaid innovations, changes to the Affordable Care Act in 2020, and cost control initiatives to address high healthcare prices.

This leads to a preference for early disease diagnosis, which is expected to boost the market growth over the forecast period. Several market players are undertaking various initiatives, such as expansion, to strengthen their industry positions. These strategies enable companies to increase their capabilities, improve their competencies, and expand their product portfolios. For instance, in November 2022, Canon Inc. announced the establishment of a new subsidiary named Canon Healthcare USA, Inc., to accelerate its medical business. This initiative is expected to help drive the overall market growth.

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U.S. Magnetic Resonance Imaging Coils Market Report Highlights

• In 2023, the radiofrequency coils segment dominated the market due to the growing use of radiofrequency coils in MRIs for the treatment of disease

• In 2023, the neurology segment captured the largest market share. This can be attributed to increased awareness about the importance of advanced magnetic resonance imaging (MRI) coils in diagnosing and treating neurological disorders

• In 2023, the hospitals end-use segment captured the highest share of the overall revenue due to increased hospital admissions related to chronic diseases, such as cancer, cardiovascular disease, and neurological disease

• Market players adopt this strategy to increase the reach of their products in the market and improve availability in diverse geographic areas

U.S. Magnetic Resonance Imaging Coils Market Segmentation

Grand View Research has segmented the U.S. magnetic resonance imaging coils market on the basis of product, application, and end-use:

U.S. MRI Coils Product Outlook (Revenue, USD Million, 2018 - 2030)

• Radiofrequency Coil

• Gradient Coil

U.S. MRI Coils Application Outlook (Revenue, USD Million, 2018 - 2030)

• Neurology

• Cardiovascular

• Spine & Musculoskeletal

• Pediatric

• Breast

• Abdominal

• Others

U.S. MRI Coils End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Hospitals

• Diagnostic Imaging Centers

• Ambulatory Surgical Centers

• Others

List of Key Players in the U.S. Magnetic Resonance Imaging Coils Market

• Siemens Healthineers AG

• GE Healthcare

• Koninklijke Philips N.V.

• Canon Medical Systems Corporation

• ESAOTE SPA

• MR Instruments, Inc.

• RAPID MR INTERNATIONAL, LLC.

• SCANMED, LLC.

• BRUKER