According to a recently released Future Market Insights study, the Magnetic Resonance Imaging Coils Market revenues were expected to be US$ 8.5 billion in 2022 and are projected to increase at a CAGR of 8.3% from 2023 to 2033. The market is predicted to be worth US$ 20.3 billion by the end of 2033.
The need for MRI has increased as a result of the ageing population, technological advancements including low-field strength and high-field strength MRI equipment, and better health awareness in industrialised countries.
Among other improvements in the MRI system, the development of wide-bore MRI systems and technologically complicated MRI coils has increased the market value of the MRI system. The demand for high-field strength MRI will rise as a result of the growing technical advantage in acquiring clear images of soft tissue, ligaments, and other human organs.
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The value of radio frequency technology for a variety of medicinal applications increases annually. The segment’s growth is anticipated to be aided by the increased focus on RF coil production by international businesses. Additionally, the region’s ongoing technological advancements and significant financial investments in medical research are projected to increase the MRI market share.
The MRI market is rising quickly in North America, one of the other areas, as a result of the country’s high degree of development and its citizens’ growing knowledge of healthcare-related issues. The market in this industry is anticipated to grow as a result of the widespread considerable increase in the adoption of innovative techniques and the rising frequency of serious diseases.
Key Takeaways Magnetic Resonance Imaging Coils Market:
- Market Growth: 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.
- Coil Types: 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.
- Advancements in Coil Technology: 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.
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 US$ 16,722.
- In April 2018, ScanMed partnered with Fujikura, a Japanese company, to produce MRI coils.
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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)
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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