The global magnetic resonance imaging coils market is set to experience unprecedented growth, according to the latest report by Future Market Insights. The study reveals that the MRI coils market generated substantial revenues of USD 9.2 billion in 2023 and is forecasted to achieve an impressive Compound Annual Growth Rate (CAGR) of 8.3% from 2023 to 2033. By the end of the forecast period, the market is anticipated to reach a remarkable USD 20.3 billion.
This remarkable growth is largely driven by the increasing global ageing population, which has significantly heightened the demand for MRI procedures. As older adults are more prone to various health conditions necessitating advanced imaging for accurate diagnosis and treatment planning, the need for MRI technology continues to rise.
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Innovations in MRI technology are playing a pivotal role in this growth trajectory. Recent advancements include the development of both low-field and high-field strength MRI equipment, which are enhancing the capabilities, efficiency, and accessibility of MRI procedures. These technological improvements are not only making diagnostic imaging more accurate but also more efficient.
Furthermore, a growing health consciousness among populations, particularly in industrialized nations, is fueling the demand for advanced diagnostic procedures like MRI. Increased awareness of the benefits of early diagnosis and preventive healthcare is contributing to this trend, driving the market forward.
The Future Market Insights report highlights the dynamic evolution of the MRI market, underscoring significant opportunities for stakeholders. With continuous technological advancements and rising global demand for sophisticated diagnostic tools, the MRI coils market is poised for substantial growth over the next decade.
Key Takeaways Magnetic Resonance Imaging Coils Market:
- The MRI coils market has been experiencing significant growth over the years due to the increasing demand for MRI procedures across various medical specialties. The market is driven by factors such as technological advancements, rising prevalence of chronic diseases, and the need for accurate diagnostic imaging.
- There are several types of MRI coils used for different applications, including head coils, spine coils, body coils, breast coils, cardiac coils, and extremity coils. Each coil type is designed to optimize image quality and provide better visualization of specific anatomical areas.
- Technological advancements have played a crucial role in the development of MRI coils. Manufacturers are focusing on innovations such as multi-channel coils, phased-array coils, and flexible coil designs to enhance image quality, reduce scan time, and improve patient comfort.
Competitive Landscape:
The key players operating in the market are ESAOTE SPA, Bruker, Canon Medical Systems Corporation, GE Healthcare, Hologic Inc., Koninklijke Philips N.V., MR Instruments, Inc., RAPID MR International, LLC, ScanMed, and Siemens Healthcare Private Limited.
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Some of the recent developments of key Magnetic Resonance Imaging Coils providers are as follows:
- In June 2020, the Neuroscience Foundation announced a project to develop 7T MRI technology for better neurovascular imaging in neurological illnesses. The Neuroscience Foundation provided funding for this study, which total USD 16,722.
- In April 2018, ScanMed partnered with Fujikura, a Japanese company, to produce MRI coils.
Market Segments Covered in Magnetic Resonance Imaging Coils Market Analysis:
By Types:
- Radiofrequency Coil
- Gradient Coil
By Application:
- Neurology
- Cardiovascular
- Spine and Musculoskeletal
- Pediatric
- Breast
- Abdominal
- Other Applications
By End Use:
- Hospitals
- Diagnostic Imaging Centers
- Ambulatory Care Centers
- Other End-uses
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa(MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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