Magnetic Resonance Imaging (MRI) Coils Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Japan, Germany, China, France - Size and Forecast 2024-2028

Magnetic Resonance Imaging Coils Market Size 2024-2028

The magnetic resonance imaging coils market size is forecast to increase by USD 1.41 billion at a CAGR of 5.68% between 2023 and 2028.

• The market is witnessing significant growth due to the increasing demand for non-invasive diagnostic procedures for medical imaging. The availability of custom MRI coils, designed using computer-aided design (CAD) technology, is another key factor driving market growth. However, the high cost of MRI coils remains a major challenge for market growth. In the US and North America, the adoption of MRI systems for medical diagnostics is increasing, leading to a growing demand for MRI coils. These coils are essential components of MRI systems, enabling the generation of high-quality images for accurate diagnosis. The radio frequency (RF) coils used in MRI systems are designed to transmit and receive radio waves, which are used to create detailed images of the body.
• The use of advanced technology In the design and manufacturing of MRI coils is expected to further drive market growth. In summary, the MRI coils market is expected to grow due to the rising demand for non-invasive diagnostic procedures, availability of custom MRI coils, and the high cost of MRI coils. The market is also driven by the increasing adoption of MRI systems in the US and North America for medical diagnostics.

What will be the Size of the MRI Coils Market During the Forecast Period?

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• The market encompasses the production and sale of various types of MRI coils employed in medical imaging systems. These coils, including RF and gradient coils, utilize radiofrequency (RF) signals to generate detailed images of the human body, particularly In the diagnosis and monitoring of chronic diseases such as cardiovascular diseases and neurological disorders. Market growth is driven by the increasing prevalence of these conditions, as well as the ongoing advancements in medical technologies and MRI coil design, such as multichannel and phased-array coils.
• New product development continues to prioritize improved image quality and the expansion of applications in medical imaging services, diagnostic imaging centers, and portable imaging modalities.
• The geriatric population's growing need for diagnostic assessments further fuels market expansion. While CT scanners remain a competitor in diagnostic imaging, the non-ionizing nature of MRI and its ability to provide more detailed and precise images make it a preferred choice for many medical professionals.

How is this Magnetic Resonance Imaging Coils Industry segmented and which is the largest segment?

The MRI coils industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Type
  • Adult
  • Pediatric
• End-user
  • Hospitals
  • Diagnostic imaging centers
  • Ambulatory care centers
• Geography
  • North America
    • US
  • Europe
    • Germany
    • France
  • Asia
    • China
    • Japan
  • Rest of World (ROW)

By Type Insights

The adult segment is estimated to witness significant growth during the forecast period. MRI coils are essential components of Magnetic Resonance Imaging (MRI) machines, enabling the generation of high-quality diagnostic images for various chronic diseases, including cardiovascular diseases and neurological disorders. Adult MRI coils are designed to provide homogeneous distribution of radiofrequency (RF) signals, ensuring improved image quality and faster scan times. These coils are available in multichannel configurations, such as phased-array and volume coils, offering enhanced diagnostic capabilities. MRI coils are integrated with both transmitter and receiver ends and come in various sizes, catering to different body parts, such as the head, neck, spine, breast, and abdomen. Medical imaging services, including diagnostic imaging centers and hospitals, utilize these coils for procedures like brain tumor detection, spine tumor diagnosis, and pediatric MRI.

New product development in MRI coils focuses on enhancing image quality, reducing patient volumes, and improving signal-to-noise ratios (SNRs). Portable imaging modalities and tonometer devices are also integrating advanced MRI coils for enhanced diagnostic capabilities. The geriatric population and road accidents are significant end-users of MRI coils, emphasizing the importance of these technologies in medical diagnostics. MRI coils are integral to diagnostic imaging procedures and contribute significantly to the advancement of medical imaging technology.

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The Adult segment was valued at USD 3.04 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The MRI coils market in North America is primarily driven by the US due to increasing healthcare expenditures, a growing geriatric population, and rising chronic disease prevalence. Advanced diagnostic imaging services, including MRI scans, are in high demand for early disease detection and screening. The availability of government grants from organizations like the National Institutes of Health for research and development of lightweight, flexible MRI coils that enhance image quality and reduce scan times is further fueling market growth. Additionally, medical imaging services are increasingly adopting portable imaging modalities to cater to diverse patient populations, including pediatric and neuroscience applications.

Cardiovascular diseases, neurological disorders, and cancer, including brain and spine tumors, are significant indications for MRI procedures. Key players In the market include Canon Medical, Siemens Healthineers, and Philips. Image quality, signal-to-noise ratios (SNRs), and fast scan times are critical factors influencing market growth. MRI coils, such as volume coils, surface coils, and gradient coils, are essential components of MRI machines that utilize RF signals to generate detailed images. The market is expected to witness new product development and innovations, including tonometer devices for enhanced imaging diagnostics, to cater to increasing patient volumes and diagnostic procedures.

Market Dynamics

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise In the adoption of Magnetic Resonance Imaging (MRI) Coils Industry?

• Rising demand for non-invasive diagnostic procedures is the key driver of the market.MRI, a non-invasive diagnostic imaging procedure, utilizes radiofrequency (RF) coils to generate detailed, three-dimensional images of organs for disease detection, diagnosis, and treatment monitoring. RF coils are integral components of MRI machines, transmitting and receiving RF signals to produce high-quality images. Chronic diseases, including cardiovascular diseases and neurological disorders, are major indications for MRI scans. MRI coil design has advanced significantly, with multichannel and phased-array coils offering enhanced image quality and fast scan times. Medical imaging services, diagnostic imaging centers, and hospitals and clinics are significant end-users of MRI technology. The geriatric population, with a higher prevalence of chronic diseases, is a growing demographic for MRI scans. New product development focuses on improving image quality, signal-to-noise ratios (SNRs), and reducing scan times. Portable imaging modalities and tonometer devices are emerging trends In the MRI coils market. Enhanced imaging diagnostics from MRI scans contribute to increased patient volumes, enabling early disease detection and treatment. MRI coils are essential medical equipment in diagnostic imaging procedures, providing detailed images with minimal patient discomfort and risk, making them a preferred choice over invasive procedures such as CT scans. Gradient coils, a type of MRI coil, are crucial for producing high-resolution images, particularly in neuroscience applications, including brain tumors, spine tumors, and neuro and spine imaging.

What are the market trends shaping the Magnetic Resonance Imaging (MRI) Coils Industry?

• Availability of custom MRI coils is the upcoming market trend. MRI coils, specifically RF (Radio Frequency) coils, play a crucial role in diagnostic imaging procedures by generating and receiving RF signals necessary for producing high-quality images. Custom MRI coils, designed using computer-aided design (CAD) and 3D printing technology, cater to individual patient needs, enhancing disease diagnosis. Manufacturers, such as RAPID MR International and Tesla Engineering, focus on producing custom RF coils for clinical studies and research applications. These coils offer improved image quality and efficiency. Furthermore, researchers are exploring the potential of custom RF coils in clinical trials to enhance diagnostic capabilities. Custom MRI coils are essential for medical imaging services, including those for chronic diseases like cardiovascular diseases and neurological disorders. The geriatric population, a significant consumer of diagnostic imaging procedures, benefits from the fast scan times and high signal-to-noise ratios (SNRs) provided by these advanced coils. Portable imaging modalities and diagnostic imaging centers also utilize custom MRI coils to deliver enhanced imaging diagnostics. Custom RF coils, available in various sizes and configurations, including volume coils, surface coils, and body oncology coils, cater to diverse medical applications, from neuroscience to oncology. Additionally, the integration of tonometer devices and gradient coils further improves the diagnostic capabilities of MRI technology. The American Cancer Society, Neuroscience Foundation, and other organizations support the development of advanced diagnostic tools, including custom MRI coils, to address the growing demand for accurate and efficient diagnostic procedures.

What challenges does the Magnetic Resonance Imaging (MRI) Coils Industry face during its growth?

• High cost of MRI coils is a key challenge affecting the industry growth. MRI radiofrequency coils play a crucial role in diagnostic imaging procedures, enabling clearer and more detailed images for the detection and diagnosis of chronic diseases, including cardiovascular diseases and neurological disorders. The high cost of MRI coils, however, poses a challenge for patients seeking these tests due to their affordability. MRI machines utilize RF signals to generate images, and the design of MRI coils, such as multichannel coils and phased-array coils, significantly impacts image quality. Medical imaging services continue to invest in new product development to enhance imaging diagnostics and reduce scan times. For instance, gradient coils are increasingly used to improve image quality and reduce scan times. The geriatric population and pediatric MRI require specialized coils, such as tonometer devices, to accommodate their unique needs. The diagnostic imaging centers and hospitals and clinics rely on various types of MRI coils, including volume coils, surface coils, and body oncology coils, for neuroscience foundation, spine tumor, brain tumor, and road accident diagnoses. The increasing patient volumes necessitate fast scan times and high signal-to-noise ratios (SNRs) to maintain efficient diagnostic procedures. MRI technology continues to evolve, with companies like Canon Medical introducing new coil designs to address these challenges. The cost of MRI coils varies depending on the configuration and number of channels, with 16- to 32-channel coils costing upwards of USD136,667, and 4- to 8-channel coils ranging between USD12,000 and USD80,000. Despite the high cost, MRI scans remain an essential diagnostic tool In the medical equipment industry.

Exclusive Customer Landscape

The magnetic resonance imaging coils market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the MRI coils market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, magnetic resonance imaging (mri) coils market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.

The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Abbott Laboratories
• Agilent Technologies Inc.
• AURORA HEALTHCARE US Corp.
• Bruker Corp.
• Canon Inc.
• Esaote Spa
• General Electric Co.
• Hitachi Ltd.
• Hologic Inc.
• Kaneka Corp.
• Koninklijke Philips N.V.
• MicroPort Scientific Corp.
• MR Instruments Inc.
• RAPID MR International LLC
• ScanMed LLC
• Shimadzu Corp.
• Siemens Healthineers AG
• Terumo Medical Corp.
• Time Medical Holding Co Ltd
• Wallby Medical LLC

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

The market: An In-depth Analysis MRI coils are an essential component of MRI machines, playing a crucial role in generating high-quality images for the diagnosis and treatment of various chronic diseases. These coils utilize radiofrequency (RF) signals to manipulate the magnetic properties of hydrogen atoms In the body, producing detailed images of internal structures. The global MRI coils market is driven by the increasing prevalence of chronic diseases, particularly cardiovascular diseases and neurological disorders. The aging population further contributes to market growth due to the higher incidence of these conditions in geriatric individuals. The demand for enhanced diagnostic capabilities and faster imaging procedures also fuels new product development In the MRI coils market.

MRI coil design has evolved significantly over the years, with multichannel and phased-array coils gaining popularity due to their ability to provide better image quality and faster scan times. These advanced coils enable medical imaging services to offer more accurate diagnoses and improved patient care. Portable imaging modalities have emerged as a promising trend In the MRI market, allowing for greater accessibility and convenience for patients. This development is particularly significant in areas with limited resources or where patients may have difficulty traveling long distances for imaging procedures. The integration of MRI technology in various diagnostic imaging centers and hospitals and clinics has led to increased patient volumes, further boosting market growth.

The application of MRI in oncology, neuroscience, and spine imaging has also contributed to the market's expansion. Despite the numerous advantages of MRI technology, challenges persist, including the high cost of MRI machines and coils, long scan times, and the need for large gradient coils to achieve optimal image quality. These factors may limit the adoption of MRI in certain settings, particularly in developing countries and resource-limited healthcare facilities. The MRI coils market is characterized by continuous innovation, with companies investing in research and development to improve image quality, reduce scan times, and enhance patient comfort. The Neuroscience Foundation, for instance, has been instrumental in advancing neuroimaging research and developing new MRI techniques for the diagnosis and treatment of brain disorders.

The application of MRI in pediatric care has gained significant attention due to its ability to provide accurate and non-invasive diagnoses for various conditions, such as brain tumors and spine tumors. Tonometer devices have also emerged as a valuable tool In the MRI market, enabling the measurement of tissue properties and improving diagnostic accuracy. In conclusion, the MRI coils market is poised for continued growth due to the increasing prevalence of chronic diseases, the aging population, and the ongoing development of advanced MRI technology. Despite challenges, such as high costs and long scan times, the market is expected to remain dynamic, driven by new product innovations and the growing demand for enhanced diagnostic capabilities.

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What are the Key Data Covered in this Magnetic Resonance Imaging (MRI) Coils Market Research and Growth Report?

• CAGR of the Magnetic Resonance Imaging (MRI) Coils industry during the forecast period
• Detailed information on factors that will drive the growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
• Accurate predictions about upcoming growth and trends and changes in consumer behaviour
• Growth of the market across North America, Europe, Asia, and Rest of World (ROW)
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the magnetic resonance imaging (mri) coils market growth of industry companies

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