Magnetic Resonance Imaging (MRI) Coils Market – By Type (Radiofrequency, Gradient), Application (Neurology, Cardiovascular, Spine & Musculoskeletal, Pediatric, Breast, Abdominal), End-use (Hospital, Diagnostic Imaging Center, ASC) – Global Forecast 2024 – 2032

Magnetic Resonance Imaging (MRI) Coils Market – By Type (Radiofrequency, Gradient), Application (Neurology, Cardiovascular, Spine & Musculoskeletal, Pediatric, Breast, Abdominal), End-use (Hospital, Diagnostic Imaging Center, ASC) – Global Forecast 2024 – 2032

Magnetic Resonance Imaging Coils Market Size

Magnetic Resonance Imaging Coils Market size accounted for USD 8.8 billion in 2023 and is predicted to grow at 7.6% from 2024 to 2032. Technological advancements, such as high-field MRI systems and innovative coil designs, significantly enhance imaging resolution and scan efficiency. The rising prevalence of chronic diseases, including neurological and orthopedic disorders, increases the demand for precise diagnostic tools, fueling the market.

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Additionally, the aging global population contributes to higher healthcare utilization, driving the need for advanced imaging technologies. Moreover, there is a growing emphasis on early diagnosis and preventive healthcare, leading to more MRI procedures. Expanding healthcare infrastructure, particularly in emerging economies, along with government initiatives and increased healthcare spending, further supports market growth. Research and development efforts by manufacturers result in continuous product innovation, enhancing the market's offerings.
 

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Magnetic resonance imaging coils are specialized devices used in MRI scanners to generate and receive radiofrequency signals. These coils enhance the quality of the images by focusing the magnetic field on specific body parts, thereby improving signal strength and resolution. They come in various types, such as surface coils, volume coils, and phased array coils, each designed for different anatomical areas and clinical applications, enabling more accurate and detailed diagnostic imaging.

Magnetic Resonance Imaging Coils Market Trends

• The magnetic resonance imaging (MRI) coils market is experiencing significant growth due to the escalating prevalence of chronic diseases worldwide. Chronic conditions such as cancer, cardiovascular diseases, and neurological disorders necessitate accurate and non-invasive diagnostic tools, with MRI coils playing a pivotal role.
• For instance, in 2020, the American Heart Association (AHA) disclosed a significant global burden of cardiovascular disease (CVD), reporting 19.1 million deaths with an age-adjusted death rate of 239.8 per 100,000 and an age-adjusted prevalence rate of 7354.1 per 100,000. This highlights the substantial impact of CVD on public health.
• MRI and specialized RF coils are valuable tools for the assessment and understanding of cardiovascular disorders, aiding in the visualization and characterization of structural and functional changes in heart, and other organs, thereby propelling market growth in response to the escalating global incidence of these conditions.

Magnetic Resonance Imaging Coils Market Analysis

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Based on type, the market is segmented into radiofrequency coil and gradient coil. The radiofrequency coil segment accounted for significant revenue of USD 6.3 billion in 2023 and the segment is anticipated to grow during the forecast period.

• This anticipated surge in the segment is underpinned by ongoing technological advancements in radiofrequency (RF) coil design, contributing to heightened imaging capabilities that offer improved signal reception and transmission for enhanced diagnostic accuracy.
   
• For instance, RF coils have demonstrated the ability to provide higher signal-to-noise ratios (SNRs), resulting in elevated image quality and quicker scan times. Technological progress in RF coils, including the development of flexible, wireless, and integrated coil arrays, plays a significant role in propelling the growth of the segment, leading to enhanced image quality, accelerated scan times, and heightened patient comfort.

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Based on application, the magnetic resonance imaging coils market is classified into neurology, cardiovascular, spine and musculoskeletal, pediatric, breast, abdominal and other applications. The neurology segment dominated the application segment of market and is expected to grow at 7.6% CAGR over the coming years.

• The data from Parkinson's Foundation suggest, on a global scale, over 10 million people are grappling with Parkinson's disease (PD). While the likelihood of PD rises with age, an estimated four percent of cases are diagnosed in individuals under the age of 50. 
• This surge in neurological and related diseases is expected to stimulate the demand for magnetic resonance imaging system similarly coil too, reflecting the crucial role these coils play in facilitating accurate diagnostic procedures in the evolving landscape of medical imaging.
• Additionally, the continuous development and integration of advanced coil technologies enabling better visualization of fine brain structures and abnormalities further ensure the sustained expansion of this market segment.

Based on end-use, the magnetic resonance imaging coils market is fragmented hospitals, diagnostic imaging centers, ambulatory surgical centers, and other end-users. The hospitals segment dominated the global market with 63.4% of market share.

• As hospitals increasingly become central hubs for comprehensive healthcare, the integration of advanced MRI coil technologies becomes imperative for accurate and efficient diagnostic procedures.
• The surge in the prevalence of various medical conditions, ranging from neurological disorders to musculoskeletal issues, is stimulating the heightened utilization of MRI services in hospitals.
• Furthermore, ongoing advancements in hospital infrastructure, coupled with a global focus on healthcare expenditure and government initiatives supporting healthcare infrastructure development, further contribute to the growth of the hospitals segment.

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North America magnetic resonance imaging coils market in 2023 was valued at USD 3.4 billion and is predicted to showcase growth at 7.4% CAGR between 2024 – 2032.

• The North American advanced healthcare infrastructure and high adoption rate of medical technologies contribute significantly to this growth.
• The region is home to numerous leading medical device manufacturers and research institutions that are at the forefront of developing innovative MRI coil technologies.
• Additionally, supportive government policies, favorable reimbursement frameworks, and significant healthcare spending in the region are enhancing access to advanced diagnostic tools, thereby boosting the coils market.

The U.S. magnetic resonance imaging coils market accounted for USD 3 billion in 2023 and is projected to reach USD 5.6 billion by 2032.

• This dominance is underpinned by the increasing incidence of chronic diseases, including cardiovascular ailments and neurological disorders, prompting a heightened demand for advanced diagnostic imaging such as MRI.
• For instance, in 2020, Alzheimer's disease was formally recognized as the sixth-leading cause of death in the U.S., maintaining its position as the fifth-leading cause of death among Americans aged 65 and older.
• Additionally, the well-established healthcare infrastructure, continual technological advancements, and a commitment to innovation in healthcare further contribute to North America's leadership in adopting cutting-edge MRI coil systems.

China magnetic resonance imaging coils market is poised to grow remarkably during the coming years.

• China, with a growing number of hospitals and diagnostic centers are investing in MRI coil systems. The infrastructure development is driven by increasing healthcare expenditure, rising demand for quality healthcare services, and government initiatives to improve healthcare access and standards nationwide.
• Furthermore, technological advancements in MRI coil design and manufacturing are enhancing their performance and reducing costs, making them more accessible across various healthcare facilities in China. The adaptation of advanced coil technologies, such as multi-channel coils and specialized coils for different anatomical regions, further supports the market's growth.

Saudi Arabia is expected to grow at considerable growth rate in global magnetic resonance imaging coils market.

• The Saudi government's initiatives to enhance healthcare accessibility and quality, coupled with favorable regulatory policies and increased healthcare spending, create a conducive environment for the adoption of MRI coils and other advanced medical devices. The continuous development of healthcare infrastructure and the expansion of medical services across the kingdom are poised to propel Saudi Arabia's growth in the global market in the coming years.

Magnetic Resonance Imaging Coils Market Share

Prominent players involved in the market include GE Healthcare, Koninklijke Philips N.V., Siemens Healthineers, and Canon Medical Systems Corporation, among others. The leading players in the MRI coil market employed various strategies for sustained competitive advantage. These market participants are actively engaged in strategic collaborations, partnerships, mergers, etc., to maintain their position in the market, capture the highest market share, and outperform the competition. For instance, in July 2023, GE Healthcare's subsidiary, Aurora, partnered with clinicians and researchers at Cincinnati Children’s Hospital Medical Center and Ohio State University to improve pediatric MRI imaging by developing specialized coils for imaging children's heads, hearts, and other body parts. This collaboration signified a crucial initiative to enhance pediatric MRI imaging.

Magnetic Resonance Imaging Coils Market Companies

Prominent players operating in the magnetic resonance imaging coils industry include

• Canon Medical Systems Corporation
• Esaote SPA
• GE HealthCare Technologies, Inc.
• Koninklijke Philips N.V.
• Scanmed, LLC.
• Siemens Healthineers AG
• Magnetica Ltd. (AVINGTRANS PLC)
• MR Instruments, Inc.
• Rapid MR international, LLC.
• Tesla Engineering Ltd. (Tesla Ltd.)

Magnetic Resonance Imaging Coils Industry News

• In October 2023, Esaote launched S-scan Open, this innovative MRI system redefines excellence in magnetic resonance imaging, combining Italian technology with customer-driven design. The S-scan Open ensures uncompromised diagnostic quality, ease of use, and patient comfort.
• In September 2023, Siemens Healthineers received FDA grant for the Magnetom Viato.Mobile, that enabled the high-end imaging technology, with expanded access to care and diversifying its MRI portfolio. The FDA approval for the Magnetom Viato.Mobile was a strategic step towards broadening the company's MRI portfolio including the integrated MRI coils, reinforcing its product sales.

The magnetic resonance imaging coils market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million and Units from 2021 – 2032 for the following segments

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Market, By Type

• Radiofrequency coil
• Gradient Coil

Market, By Application

• Neurology
• Cardiovascular
• Spine and musculoskeletal
• Pediatric
• Breast
• Abdominal
• Other applications

Market, By End-use

• Hospitals
• Diagnostic imaging centers
• Ambulatory surgical centers
• Other end-users

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Netherlands
  • Russia
  • Poland
  • Switzerland
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Thailand
  • Indonesia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Chile
  • Rest of Latin America
• Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa