The global magnetic resonance imaging coils market size is expected to reach USD 13.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.5% from 2021 to 2028. The growing prevalence of chronic diseases such as cardiovascular, neurological, cancer, and urological is expected to drive the market. Rising chronic diseases is a global healthcare concern. In the U.S., over half of the adult population suffers from these chronic diseases. Around 75.0% of the total healthcare expenditure in the U.S. is used for providing care for these chronic conditions.
For instance, as per the National Cancer Institute, in 2020, around 1,806,590 new cancer cases were diagnosed in the U.S. Similarly, as per American Heart Association, the mortality related to cardiovascular diseases is very high, with around 17.3 million deaths registered per year. This death rate is projected to reach 23.6 million by 2030. These diseases require imaging tools, mainly magnetic resonance imaging (MRI), for diagnosis and monitoring of progression as well as treatment effects. The growing demand for MRI for various applications will lead to the adoption of MRI coils, which, in turn, may propel market growth.
Additionally, growing awareness regarding early diagnosis is also expected to contribute to market growth. Cancer and cardiovascular diseases together result in the highest global mortality rate. This has captured the attention of various governments and healthcare organizations and is driving them towards creating awareness regarding these diseases. For instance, in 2010, prevention and early detection services were offered free of cost to people aged 65 years and above through Medicare under the Affordable Care Act. Similarly, the Indian Cancer Society runs a Cancer Awareness and Educational Program. Through this program, it aims to create awareness regarding signs and symptoms of the disease and commercially available cancer treatments and diagnostic tools. It also aims at creating awareness regarding the benefits of early diagnosis of disease. Growing awareness will contribute towards the adoption of MRI and MRI coils during the forecast period.
Since the demand for magnetic resonance imaging machines is increasing, market players are developing advanced and high field strength (7T) magnetic resonance imaging machines. The growing development of these machines is creating opportunities for various players manufacturing MRI coils, to develop coils that support high field strength machines. Currently, magnetic resonance imaging coils for high field strength machine is only available for head and knee application, however, various research institutes are researching to understand it’s efficiency in other applications as well. Despite these advancements, the high cost of MRI coils, new or refurbished is expected to hinder the market growth.
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Magnetic Resonance Imaging Coils Market Report Highlights
The radiofrequency coil segment held the largest revenue share in 2020 and is expected to grow at the fastest rate during the forecast period
Development of advanced radiofrequency coil for various application is expected to contribute towards segment growth
The neurology segment held the largest revenue share and is expected to grow at the fastest rate over the forecast period owing to the rising number of research activities being conducted regarding the efficiency of head coils with 7T MRI machines for neurological conditions
The pediatric segment is also expected to grow at a significant rate owing to the development of semi-flexible array coils for pediatric magnetic resonance imaging to avoid challenges associated with the imaging
The hospitals segment held the largest revenue share in the market in the end-use segment. Increasing installation of advanced MRI machines in these settings is expected to drive the demand for magnetic resonance imaging coils
The ambulatory care centers segment is expected to grow at the fastest rate during the forecast period owing to the increasing number of MRI scans performed in these settings due to reduced wait time and cost
North America held the largest revenue share in 2020 owing to the presence of a large number of market players and growing initiatives for the development of advanced MRI coils
In Asia Pacific, the market is expected to experience the fastest growth rate during the forecast period owing to the increasing prevalence of chronic diseases in the region and growing demand for MRI
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Magnetic Resonance Imaging Coils Market Segmentation
Grand View Research has segmented the global magnetic resonance imaging coils market based on type, application, end-use, and region:
MRI Coil Type Outlook (Revenue, USD Million, 2016 – 2028)
MRI Coil Application Outlook (Revenue, USD Million, 2016 – 2028)
Spine and Musculoskeletal
MRI Coil End-use Outlook (Revenue, USD Million, 2016 – 2028)
Diagnostic Imaging Centers
Ambulatory Care Centers
MRI Coil Regional Outlook (Revenue, USD Million, 2016 – 2028)
Middle East & Africa
List of Key Players of Magnetic Resonance Imaging (MRI) Coils Market
Koninklijke Philips N.V.
Siemens Healthcare Private Limited
MR Instruments, Inc.
RAPID MR International, LLC
Canon Medical Systems Corporation
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