Global Magnetic Resonance Imaging (MRI) Coils Market – Industry Trends and Forecast to 2030

Global Magnetic Resonance Imaging (MRI) Coils Market, By Product Type (Phased-Array, Quadrature), Type (Volume Coils, Gradient Coils, Radiofrequency Coils, Surface, Others), Application (Neuroimaging, Cardiovascular, Musculoskeletal, Gastrointestinal, Pediatric, Breast, Others), End User (Hospitals, Diagnostic Imaging Centre, Others), Distribution Channel (Direct Tenders, Retail Sales) – Industry Trends and Forecast to 2030.

Magnetic Resonance Imaging (MRI) Coils Market Analysis and Size

The World Health Organization (WHO) predicts that the burden of neurological disorders will rise, during the forecast period, reaching 6.8% of the total Disability-adjusted Life Years (DALYs) population in 2030. This is expected to increase demand for magnetic resonance imaging (MRI) machines for improved diagnosis, of chronic diseases such as neurological, cardiovascular, and cancer which will driving the market.

Data Bridge Market Research analyses that the magnetic resonance imaging (MRI) coils market which was USD 8.85 billion in 2022, is expected to reach USD 15.43 billion by 2030, at a CAGR of 7.20% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Magnetic Resonance Imaging (MRI) Coils Market Scope and Segmentation  

Market Definition

Magnetic resonance imaging, or MRI, is a type of imaging that uses a magnetic field, radio waves, and a computer to create detailed images of the human body. It allows doctors to look inside joints, cartilages, muscles, tendons, and ligaments, and it can help them identify sports injuries. MRI can also diagnose diseases such as strokes, tumors, spinal cord injuries, and multiple sclerosis. Furthermore, an MRI can provide information about the structure and functions of the brain.

Global Magnetic Resonance Imaging (MRI) Coils Market Dynamics

Drivers

• Rise in prevalence of cardiovascular diseases

Globally, 17.6 million people died from cardiovascular diseases in 2016, compared to 17.9 million in 2015. Cardiovascular diseases (CVDs) affect the heart and blood vessels. Coronary heart disease, cerebrovascular disease, and rheumatic heart disease are examples. Cardiovascular diseases are the leading cause of death in the United States, closely followed by cancer and chronic respiratory diseases. According to the report, approximately 48% of the adult population in the United States has some form of cardiovascular disease.

• Rise in prevalence of chronic diseases

Chronic diseases (such as cardiovascular disease, mental health disorders, diabetes, and cancer) and injuries are the leading causes of death and disability. According to the US Department of Health and Human Services, 6 in 10 adults in the US and 4 in 10 adults in the US have two or more chronic diseases. Various cost-effective prevention strategies are available; however, implementation is generally low, particularly among the poor and those living in rural areas.

Opportunities

• Rising incidence of spinal injuries

The growing prevalence of spinal injuries has added to the healthcare industry's concerns. Furthermore, doctors and medical experts are emphasizing the need for diagnostic facility improvements. This is also an important driver of demand in the magnetic resonance imaging (MRI) coils market, and will help market vendors generate investments. Sportspeople are especially vulnerable to spinal disorders and injuries. Furthermore, the number of road traffic accidents has increased in densely populated areas. The above-mentioned mishaps necessitate the availability of high-performance healthcare equipment and machinery. As a result, the global MRI coils market is expected to expand rapidly in the coming years.

Restraints/Challenges

• High cost of tonometer devices

High cost of magnetic resonance imaging (MRI) coils and the low adoption rate in emerging and underdeveloped countries will obstruct the market's growth rate.

This magnetic resonance imaging (MRI) coils market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the magnetic resonance imaging (MRI) coils market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In 2020, SimonMed became the first imaging provider in outpatient procedures to use GE Healthcare's SIGNA Architect 3T MRI scanner. The MRI scanner is said to be integrated with new blanket-like AIR coils. Their lightweight blanket-like structure folds around the patient's head to provide better imaging. These features have aided market growth and will continue to do so in the coming years.
• In 2020, Canon Medical Systems Corporation (a subsidiary of Canon Inc.) received FDA approval for its novel technology, Compressed SPEEDER. This technology promotes faster scanning times for 3D sequences and provides fully reconstructed high-resolution images useful in orthopaedic applications. This technology will aid in the development of the market.
• In 2021, GE Healthcare, a US-based company that provides diagnostics, therapeutics, and monitoring through intelligent devices, acquired BK Medical for an undisclosed sum. With this acquisition, GE Healthcare broadens its pre- and post-operative ultrasound capabilities to include the rapidly growing and relatively new field of real-time surgical visualization, resulting in an end-to-end offering across the entire continuum of care—from diagnosis to therapy and beyond.

Global Magnetic Resonance Imaging (MRI) Coils Market Scope

The magnetic resonance imaging (MRI) coils market is segmented on the basis of product type, type, application, end user and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

• Phased-Array
• Quadrature

Type

• Volume Coils
• Gradient Coils
• Radiofrequency Coils
• Surface
• Others

 Application

• Neuroimaging
• Cardiovascular
• Musculoskeletal
• Gastrointestinal
• Pediatric
• Breast
• Others

 End User

• Hospitals
• Diagnostic Imaging Centre
• Others

 Distribution Channel

• Direct Tenders
• Retail Sales

Magnetic Resonance Imaging (MRI) Coils Market Regional Analysis/Insights

The magnetic resonance imaging (MRI) coils market is analysed and market size insights and trends are provided by country, product type, type, application, end user and distribution channel as referenced above.

The countries covered in the magnetic resonance imaging (MRI) coils market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the magnetic resonance imaging (MRI) coils market due to increasing awareness on early disease diagnosis and rise in healthcare expenditure.

Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2023 to 2030 because of the rising prevalence of various types of chronic diseases in the Asia-Pacific region, advanced imaging modality such as magnetic resonance imaging devices are needed to generate patients' inner body images, allowing healthcare professionals to provide better treatment to patients.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Healthcare Infrastructure Growth Installed base and New Technology Penetration

The magnetic resonance imaging (MRI) coils market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for magnetic resonance imaging (MRI) coils market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the magnetic resonance imaging (MRI) coils market. The data is available for historic period 2011-2021.

Competitive Landscape and Magnetic Resonance Imaging (MRI) Coils Market Share Analysis

The magnetic resonance imaging (MRI) coils market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to magnetic resonance imaging (MRI) coils market.

Some of the major players operating in the magnetic resonance imaging (MRI) coils market are:

• General Electric (U.S.)
• Koninklijke Philips N.V. (Netherlands)
• Siemens Healthcare GmbH (Germany)
• AURORA HEALTHCARE US CORP (U.S.)
• NORAS MRI products (Germany)
• ESAOTE SPA (Italy)
• Hitachi, Ltd. (Japan)
• Bruker (U.S.)
• IMRIS (Canada)
• Monteris (U.S.)
• Nael Medical - Part of NBHH Group (U.A.E)
• MEDSPIRA (U.S.)
• CANON MEDICAL SYSTEMS USA, INC. (U.S.)