Magnetic Resonance Imaging (MRI) Coils Market Research, 2031
The global Magnetic Resonance Imaging (MRI) Coils Market size was valued at $525.6 million in 2021, and is projected to reach $1,060.6 million by 2031, growing at a CAGR of 7.3% from 2022 to 2031. A magnetic field and radio waves produced by a computer are used in the medical imaging procedure known as magnetic resonance imaging (MRI), which produces precise images of your body's organs and tissues. MRI is a minimally intrusive procedure that doctors use to evaluate the skeleton, tissues, and organs. It creates detailed images of the inside of the body that aid in the diagnosis of many conditions. With the use of MRI coils, magnetic resonance imaging uses both a strong static magnetic field and an electromagnetic field to obtain detailed images. For imaging, there are various coil types that can be employed, including surface coils, volume coils, radiofrequency coils. Radiofrequency coil come in both transmit and receive varieties, are one of the most often used coils. Herein, the coil receives and transmits radio frequency signals and these are further combined to form an image of the anatomy under observation.
Growth of the global Magnetic Resonance Imaging Coils market size is majorly driven by rise in number the number of chronic diseases such as cancer, technological advancement in healthcare sector and increase in the number of product launch and product approval for MRI coils. Moreover, MRI technology is used to diagnose malignant or benign tumor. Majorly, it is used to diagnose brain tumor and spine tumor. Thus, rise in the prevalence of brain tumor and spine tumor anticipated to fuel the demand of MRI technology, which fuels the demand of MRI coils for MRI device. Thus, this factor is anticipated to drive the growth of MRI coil market. For instance, according to American Cancer Society, in 2021, it was estimated that, 83,570 individuals are diagnosed with brain and other central nervous system (CNS) tumors in the U.S. Among these cases, 24,530 malignant tumors and 59,040 nonmalignant tumors are reported. As per the same source, 18,600 number of deaths are also reported due to cancer.
Rise in the number of adoptions of key strategies such as collaboration, acquisition, partnership, agreement and others by MRI coils industry who manufacture MRI coils are anticipated to drive the market growth. Moreover, increase in number of product launch and product approvals for MRI coils boosts the market growth. For instance, in December 2020, Canon Medical, a medical equipment manufacturing company, receives FDA (Food and Drug Administration) clearance for compressed speeder. This system promotes faster scanning time and provide reconstructed images in high resolution. The approval of Compressed speeder will help the company to strengthen its product portfolio.
On the other hand, high cost of MRI technology and side effects associated to MRI diagnostic test are anticipated to drive the growth of market.
MRI Coils Market Segmentation
The magnetic resonance imaging coils market is segmented into type, application and end user. and region. On the basis of type, the market is classified into radiofrequency coil, volume coil, surface coil and others. On the basis of application, it is classified into body oncology, neuro and spine, cardiovascular, pediatric and others. On the basis of end user, the market is classified into hospitals and diagnostic imaging centers. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
MRI coils Market By Type
The radiofrequency coil segment dominated the market in 2021, and is expected to continue this trend during the MRI coils market forecast period, owing to rise in number of product launch and product approvals for high technology radiofrequency coils and increase in demand of MRI systems.Increase in the usage of high technology radiofrequency coil in MRI system and rise in the use of MRI system by hospitals and diagnostic imaging centers are anticipated to drive the MRI coils market growth.
MRI Coils Market By Application
The neuro and spine segment dominated the market in 2021, and is expected to continue this trend during the forecast period, owing to rise in the prevalence of neuro and spine disorders and increase in number of road accidents which cause brain injury. Moreover, rise in number of bone and spine cancer is anticipated to fuel the market growth. For instance, according to American Cancer Society, in 2021, it was estimated that, 83,570 individuals are diagnosed with brain and other central nervous system (CNS) tumors in the U.S.
MRI Coils Market By End User
The hospitals and clinics segment dominated the market in 2021, and is expected to continue this trend during the forecast period, owing to rise in the number of hospitals, increase in the expenditure by government to develop healthcare infrastructure and rise in the number of chronic diseases. Rise in prevalence of cancer increases the demand for MRI coils and increases the number of the patients visiting for investigation and treatment purpose.
MRI Coils Market By Region
North America accounted for a majority of the global MRI coils market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to increase in the number of research activities, technological advancement in the healthcare sector and rise in the prevalence of chronic diseases. Asia-Pacific is anticipated to witness lucrative growth, owing to owing rise in expenditure by government organization to develop healthcare sector, increase in prevalence of chronic diseases and rise in the number of key players who manufactures MRI coils.
Some of the major companies that operate in the global MRI coils market include Aurora Healthcare US Corp, Canon Inc., Satoe SpA, General Electric Company, Koninkilje Philips N.V., Monteris Medical, MR Instruments Inc., RAPID MR International, LLC, ScanMed, LLC, Siemens AG.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the mri coils market analysis from 2021 to 2031 to identify the prevailing MRI Coils market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the mri coils market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global mri coils market trends, key players, market segments, application areas, and market growth strategies.
Magnetic Resonance Imaging (MRI) Coils Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 1.1 billion |
 Growth Rate | CAGR of 7.3% |
 Forecast period | 2021 - 2031 |
 Report Pages | 215 |
 By Type |
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 By Application |
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 By End User |
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 By Region |
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 Key Market Players | SIEMENS AG, Koninklijke Philips N.V., RAPID MR INTERNATIONAL, LLC, MONTERIS MEDICAL, Canon Inc., MR INSTRUMENTS INC, SCANMED, LLC, ESAOTE SPA, AURORA HEALTHCARE US CORP, General Electric Company |
Analyst Review
A magnetic resonance imaging (MRI) scan uses a powerful magnet, radio waves, and a computer to produce detailed images of the inside organs and tissues in your body. It is a kind of scan that creates in-depth pictures of the inside of the body by combining radio waves and powerful magnetic fields. Using MRIs, medical professionals may assess, identify, and keep track of a variety of medical disorders. Everything that is wound in a connected series of concentric circles is considered a coil by definition. Alternatively put, it is a wire that has been looped. If users put an electrical field, it becomes actively electromagnetic. There are numerous different types of MRI coils in the market.
A coil is responsible directly and indirectly for the image created through the resonance of the magnetic field. The MRI and the coil create images by working together just like in any digital camera. The MRI external field acts as the light, going through a coupled-charged sensor and the coil acts as the recipient sensor that translates the images into digital pictures.
Factors that drive the growth of the MRI coils market include rise in number of product launch and product approval for MRI systems. Moreover, increase in the adoption of key strategies such as collaboration, agreement, business expansion, and acquisition by key players for development of MRI coils fuel the market growth.
The top companies that hold the market share in MRI coils market are Aurora Healthcare US Corp, Canon Inc., Satoe SpA, General Electric Company, Koninkilje Philips N.V., Monteris Medical, MR Instruments Inc., RAPID MR International, LLC, ScanMed, LLC, Siemens AG.
Asia-Pacific is expected to register highest CAGR from 2022 to 2031, owing to rise in expenditure by government organization to develop healthcare sector, increase in prevalence of chronic diseases and rise in the number of key players who manufactures MRI coils.
The key trends in the MRI coils market are rise in number the number of chronic diseases such as cancer, technological advancement in healthcare sector and increase in the number of product launch and product approval for MRI coils
The base year for the report is 2021.
Yes, MRI coils companies are profiled in the report
The total market value of MRI coils market is $525.6 million in 2021.
The forecast period in the report is from 2022 to 2031
The market value of MRI coils market in 2022 was $562.4 million
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