The market for magnetic resonance imaging (MRI) coils is expected to grow at a CAGR of around 7.0% from 2020 to 2027 and expected to reach the market value of around US$ 12.3 Bn by 2027.
Magnetic Resonance Imaging (MRI) Coils are those which are used in MRI system to capture high-quality images of a part of the body and are essential when generating images. Moreover, MRI is a non-invasive method that allows for fast and reproducible measurements of adipose tissue content in neonates with low intra- and inter-coefficients of variability. There are two major types of MRI coils available in the market include radiofrequency (RF) coil and gradient coil. Gradient coils are used to provide spatial information. The changing gradients are associated with the noise produced during imaging, whereas, RF coils are responsible for transmitting/receiving the signal.
The rising prevalence of chronic diseases such as cardiovascular, neurological, and cancer are driving the market growth. The increasing demand for magnetic resonance imaging (MRI) machines for enhanced diagnosis, along with the developing infrastructure across the globe is driving the market value. The advancements in the MRI system majorly including the development of wide-bore MRI systems and technologically advanced MRI coils are boosting the market value. Furthermore, the development of technologically advance MRI coils such as air End-use by GE Healthcare, which has got U.S. FDA approval in 2017. It’s an industry-first suite of RF coils that eases coil handling and positioning during MRI scans. Additionally, in comparison with the traditional coil, it is 60% lighter and flexible which helps in providing better patient care. This air End-use also allows the coil element to be closer to the anatomy, which in turn helps in improving image quality and depth of penetration with improved signal reception.
On the other side, some of the disadvantages associated with the MRI coils on the suspect body such as these may deposit significant RF energy which can lead to patient heating concerns is likely to hinder the growth to an extent over the forecast period from 2020 to 2027.
Segment Instance of Global Magnetic Resonance Imaging (MRI) Coils Market
Radiofrequency Coil accounted for the dominating share in the year 2019
Based on type, the radiofrequency coil segment is leading the market with maximum revenue share in 2019. The radiofrequency coil (RF coil) boosts the reception of magnetic resonance signal in the MRI system by converting the signal into data that get transferred into a computer and processed to form the final image.
North America accounted for the maximum revenue share in 2019
In 2019, North America led the market and the region is also projected to maintain its dominance over the forecast period from 2020 to 2027. The well-established healthcare infrastructure of the region is primarily supporting the regional market value. The major economies of the region US and Canada are major contributors to the magnetic resonance imaging (MRI) coils dominance in the market. The presence of major players in the region along with the high-income population base that can easily spend on the treatments that require MRI imaging is additionally contributing to the regional market value.
Asia Pacific is projected to exhibit fastest growth over the forecast period from 2020 to 2027
The prominent economies of the region including China, Australia, and India are supporting the expected fastest growth in the near future. The rapidly developing healthcare infrastructure of the regions along with the economic development is propelling the market value. The increasing demand from the healthcare facilities under their development programs is further bolstering the regional market value.
Key Market Players
The players profiled in the report include ESAOTE SPA, Bruker, Canon Medical Systems Corporation, GE Healthcare, Hologic Inc., Koninklijke Philips N.V., MR Instruments, Inc., RAPID MR International, LLC, ScanMed, Siemens Healthcare Private Limited, and Others.
Market By Type
Spine and Musculoskeletal
Market By End-use
Diagnostic Imaging Centers
Ambulatory Care Centers
Market By Geography
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
• Rest of Latin America
Middle East & Africa
• South Africa
• Rest of Middle East & Africa
The market for Magnetic Resonance Imaging (MRI) Coils is expected to reach a market value of around US$ 12.3 Bn by 2027.
The Magnetic Resonance Imaging (MRI) Coils market is expected to grow at a CAGR of around 7.0% from 2020 to 2027.
Radiofrequency coil is the leading segment by type in the magnetic resonance imaging (MRI) coils market
The rising prevalence of chronic diseases such as cardiovascular, neurological, and cancer, increasing demand of magnetic resonance imaging (MRI) machines for enhanced diagnosis, and advancements in the MRI system are some fo the major factors driving the market growth.
ESAOTE SPA, Bruker, Canon Medical Systems Corporation, GE Healthcare, Hologic Inc., Koninklijke Philips N.V., MR Instruments, Inc., RAPID MR International, LLC, ScanMed, Siemens Healthcare Private Limited, and Others are the prominent players in the magnetic resonance imaging (MRI) coils market
North America held the highest market share in the magnetic resonance imaging (MRI) coils market
Asia Pacific is expected to be the fastest growing market over the forecast period