By GlobeNewswire – Press Releases
New York, United States , June 29, 2024 (GLOBE NEWSWIRE) — The Global Magnetic Resonance Imaging Coils Market Size is to Grow from USD 8.6 Billion in 2023 to USD 19.5 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 8.53% during the projected period.
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Magnetic resonance imaging coils are considered “antennae” of the MRI system, useful for improving the quality and specificity of the images obtained during an MRI scan. The detailed images are produced by the electromagnetic field and a large static magnetic field in the MRI devices using MRI coils. It works by receiving and transmitting radiofrequency signals which are further combined to form an image under observation. There is an increased demand for high-field strength magnetic resonance imaging equipment due to rising technical advantage in obtaining high-quality images of soft tissue, ligaments, and other human organs. Research is underway for the development of a pediatric MRI device in which the coils would improve information with detail, enable 3D total mechanical flexibility, and minimize coil load. The increasing prevalence of chronic diseases surges the number of imaging examinations are driving the market demand. Further, the development of technologically advanced solutions for accurate diagnosis and treatment planning is driving the market growth. The increasing demand for high-quality imaging and the rise in outpatient imaging centers are contributing to driving the market. On the contrary, the lack of skilled professionals and stringent regulations for the approval of MRI coils are restraining the global magnetic resonance imaging coils market.
Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on the “Global Magnetic Resonance Imaging Coils Market Size, Share, and COVID-19 Impact Analysis, By Type (Radiofrequency Coil and Gradient Coil), By Application (Neurology, Cardiovascular, Spine & Musculoskeletal, Pediatric, Breast, Abdominal, and Others), By End-Use (Hospitals, Diagnostic Imaging Centers, Ambulatory Surgical Centers, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033”
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The radiofrequency coil segment dominates the market with the largest revenue share in 2023.
Based on type, the global magnetic resonance imaging coils market is segmented into radiofrequency coil and gradient coil. Among these, the radiofrequency coil segment dominates the market with the largest revenue share in 2023. Radiofrequency coils are the most commonly used coil for MRI devices, available in both transmit and receive varieties. The increased adoption rates of advanced medical technologies are driving the market growth.
The neurology segment held the largest revenue share of the global magnetic resonance imaging coils market in 2023.
Based on the application, the global magnetic resonance imaging coils market is segmented into neurology, cardiovascular, spine & musculoskeletal, pediatric, breast, abdominal, and others. Among these, the neurology segment held the largest revenue share of the global magnetic resonance imaging coils market in 2023. The increasing magnetic resonance imaging technology of MRI is used to diagnose neurological disorders, providing high-quality images of the brain and spinal cord. It visualizes the structure and function of the nervous system. The increasing incidence of brain injury due to road accidents is contributing to market growth.
The hospitals segment is projected to grow at the highest CAGR over the forecast period.
Based on the end-use, the global magnetic resonance imaging coils market is segmented into hospitals, diagnostic imaging centers, ambulatory surgical centers, and others. Among these, the hospitals segment is projected to grow at the highest CAGR over the forecast period. Hospitals provide MRI systems and CT scanners for diagnostic purposes. The implementation of collaborative care models by hospitals for patient care and the utilization of diagnostic services are driving the market. Further, the increasing prevalence of cancer and other chronic diseases increases the number of patient visits for diagnosis and treatment purposes in hospitals.
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North America dominates the market with the largest market share over the forecast period.
North America dominates the market with the largest market share over the forecast period. The awareness about the benefits of early diagnosis and the growing investment by government for the R&D activities are significantly driving the regional market. The adoption of innovative techniques and the rising frequency of serious diseases are driving the market. The availability of advanced healthcare settings at diagnostic centers and hospitals in the region is significantly driving the market. The increased disposal income of the people and healthcare infrastructure in the region are also contributing to market growth.
Asia-Pacific region is expected to grow the fastest during the forecast period. The rise in spending by government organizations, and an increased number of key players who manufacture MRI coils are responsible for driving the market. The increasing demand for MRI systems due to increasing awareness about early diagnosis fuels the market growth. The increased prevalence of chronic diseases necessitates the application of MRI diagnostics that leads to driving the regional market growth. In addition, the rise in medical tourism in countries like India and Thailand boosts the demand for state-of-the-art medical equipment propelling the market in the region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global magnetic resonance imaging coils market are Siemens Healthcare GmbH, GE Healthcare, Koninklijke Philips N.V., Canon Inc., RAPID MR International, LLC, ESAOTE SPA, Hologic, Inc., Bruker Corporation, MR Instruments, Inc., ScanMed, LLC, MONTERIS MEDICAL, AURORA HEALTHCARE US CORP, Medspira, Bruker, and Other Key Players.
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Recent Developments
- In November 2021, GE Healthcare unveiled SIGNA Hero, a new 3.0T magnetic resonance imaging (MRI) system. SIGNA Hero is designed to offer new workflows and AIR Recon DL enhancements, with better image quality, enhanced workflows, increased productivity, improved patient comfort, and greater sustainability.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global magnetic resonance imaging coils market based on the below-mentioned segments:
Global Magnetic Resonance Imaging Coils Market, Type Analysis
- Radiofrequency Coil
- Gradient Coil
Global Magnetic Resonance Imaging Coils Market, Application Analysis
- Neurology
- Cardiovascular
- Spine & Musculoskeletal
- Pediatric
- Breast
- Abdominal
- Others
Global Magnetic Resonance Imaging Coils Market, End-Use Analysis
- Hospitals
- Diagnostic Imaging Centers
- Ambulatory Surgical Centers
- Others
Global Magnetic Resonance Imaging Coils Market, Regional Analysis
- North America
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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Source: GlobeNewswire – Press Releases