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The Global Magnetic Resonance Imaging (MRI) Coils Market size is estimated to grow by USD 1.38 billion between 2022 and 2027 accelerating at a CAGR of 5.84%. The expansion of the market is influenced by various factors, such as an increasing demand for non-invasive diagnostic procedures, a rise in the number of MRI procedures, and a growing aging population with a higher incidence of chronic diseases. However, the market also faces challenges, notably the high cost of MRI coils, which can hinder market growth. Nevertheless, companies are actively working to address this issue by exploring cost-cutting measures. Additionally, they are focusing on key trends, such as the availability of custom MRI coils, which are having a positive impact on market growth.
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In the market, advancements in magnetic resonance imaging coil design are driving innovation, with a focus on enhancing imaging quality and efficiency. Phased-array coils and gradient coils are gaining traction, enabling improved MRI radiofrequency signals and precise imaging for diagnosing cardiovascular diseases and neurological disorders. However, challenges persist, including the complexity of MRI coil manufacturing and the need for continuous new product development to meet evolving healthcare demands. Moreover, the demand for portable imaging modalities presents both opportunities and challenges for medical imaging services providers. Our researchers analyzed the data with 2022 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.
The growing number of MRI procedures is notably driving market growth. MRI procedures use strong magnetic fields and radiofrequency waves to create fine images from different angles of various body parts. These scans don't emit any radiation, in contrast to CT and X-ray scans. magnetic resonance imaging is a non-invasive painless technique that may diagnose a wide range of disorders, including multiple sclerosis (MS), tumors, brain aneurysms, injuries, strokes, and trauma with excellent accuracy. Additionally, through 3D and cross-sectional images, they can monitor blood flow in organs and blood arteries as well as swelling and inflammation of bodily components. Therefore, these treatments are increasingly preferred in hospitals, ASCs, diagnostic facilities, and clinics for precise disease diagnosis over X-ray imaging modalities.
Among all the OECD countries, Germany, with 143.4 per 1,000 people, and the US, with 118.9 per 1,000 people, led the market owing to the high disposable income and spending and increasing incidences of chronic diseases in these countries.
The availability of custom MRI coils is the primary trend in the market. Computer-aided design (CAD) and 3D printing technology manufacture the Custom MRI coils as per patients' requirements. They provide an accurate diagnosis of disease with superior image quality. Hence, manufacturers are focusing on the development to improve patient care.
Clinical trials using unique MRI coils are another area of study emphasis. For example, the University of Washington created various unique RF coils with high-resolution imaging at 1.5T and 3T for the heart, wrist, neck, thorax, pelvis, and carotid arteries, as well as peripheral nerves, the brachial plexus, and the temporal lobes of the brain. These unique radio frequency (RF) coils are used by researchers in clinical trials for both adults and children. Hence, the availability of customized products is driving the growth of the market during the forecast period.
The high cost of MRI coils is the major challenge impeding the market growth. The high cost has made diagnostic tests too expensive for patients. As a result, the majority of patients avoid undergoing such tests. Inpatient imaging fees, hospital fees, radiologists' fees, and equipment fees all come under the category of diagnostic charges. The number of channels and the MRI coil layout can both affect how much a coil costs. Costs are rising in tandem with MRI coil advancements.
Because of their high price, they are therefore out of reach and unaffordable for hospitals and primary healthcare facilities, especially in the developing nations of Ethiopia and the Central African Republic. Given all of these aspects, the high price is anticipated to negatively affect market growth during the forecast period.
The 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Agilent Technologies Inc. - The company offers MRI coils called superconducting shim coils used for NMR Imaging as its key offerings under its diagnostics and genomics segment. This segment includes genomics, nucleic acid contract manufacturing and research and development, pathology, companion diagnostics, microfluid business, and reagent partnership businesses.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
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 market 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.
In the market, segmentation is crucial to address the diverse needs of medical imaging services. Manufacturers specializing in MRI coil design focus on innovations such as phased-array coils and magnetic resonance imaging coils to enhance imaging quality. The demand for MRI machines equipped with advanced radiofrequency (RF) signals capabilities is particularly high, catering to diagnosis and treatment of conditions like cardiovascular diseases and neurological disorders. Additionally, there's a rising preference for portable imaging modalities, driving new product development in compact MRI coil and gradient coil technology. Companies specializing in gradient coils collaborate with the Neuroscience Foundation to develop tailored solutions for neurological imaging. As the market evolves, strategic partnerships between MRI coil manufacturers and medical facilities ensure accessibility and efficacy in delivering precise diagnostic services, including CT scans and other medical imaging modalities.
The market share growth of the adult segment will be significant during the forecast period. These coils for adults provide high-quality images of body extremities such as the head, heart, elbow, joint, breast, thorax, foot, abdomen, neck, and spine for the diagnosis of diseases such as tumors. These coils for adults allow comfortable patient positioning and reduce patient anxiety and claustrophobia effects.
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The adult segment was valued at USD 2.96 billion in 2017 and continued to grow until 2021. These coils for adults are available both in rigid and flexible forms ranging from single- to multi-channel coils (4 to 32). However, flexible are highly preferred over rigid among end-users such as hospitals, ASCs, clinics, and diagnostic centers as they are less expensive than rigid coils. They adapt to the patient's anatomy and body contour. These factors will facilitate market growth during the forecast period.
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North America is estimated to contribute 41% 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. A growing geriatric population, an increase in the prevalence of chronic diseases, and the adoption of technologically improved diagnostic technologies for early illness diagnosis and screening have made the US the largest contributor to the market in North America. The market in the US is also being driven by factors like the rise in MRI scans, the availability of government grants from organizations like the National Institutes of Health that fund R&D activities aimed at developing light and flexible that produce high-quality MRI images, and shorter scanning times. The availability of extensive health insurance coverage such as Medicare and Mediclaim and the presence of several companies, such as RAPID MR International and DxTx Medical, offering through their strong distribution and sales network in the US contribute to the growth of the market in North America.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments.
In the market, advanced technology and innovative design drive enhanced diagnostic capabilities. Specialized MRI radiofrequency coils and radiofrequency coil play a pivotal role in pediatric MRI and diagnostic imaging procedures, ensuring precise imaging diagnostics for various healthcare industry needs. As patient volumes surge, healthcare facilities prioritize investments in advanced MRI coil technology to optimize signal-to-noise ratios (SNRs) and achieve fast scan times. The industry collaborates closely with regulatory bodies like the FDA (Food and Drug Administration) to ensure compliance and safety standards. Furthermore, partnerships with organizations such as the American Cancer Society facilitate research and development for improved detection of conditions like brain tumor and spine tumor. As hospitals and clinics integrate state-of-the-art MRI device and coils into their healthcare infrastructure, the MRI Coil Industry continues to evolve, revolutionizing diagnostic imaging in fields like neurology and oncology while addressing emerging healthcare challenges like road accidents and neurological disorders.
Further, cutting-edge MRI technology relies on advanced radiofrequency (RF) coils like volume coils and surface coils to optimize medical imaging procedures. These coils play a pivotal role in diagnosing conditions across various medical specialties, including body oncology and neurology, particularly addressing neuro and spine disorders. With a focus on enhanced imaging diagnostics, tonometer devices, and other specialized equipment facilitate accurate MRI diagnostic tests, empowering healthcare professionals to make informed decisions. As the field of medical equipment continues to evolve, the MRI Coils Industry remains at the forefront, driving progress in healthcare through innovative technology and diagnostic precision.
Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.84% |
Market growth 2023-2027 |
USD 1.38 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.12 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 41% |
Key countries |
US, Germany, France, Japan, and China |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Agilent Technologies Inc., AURORA HEALTHCARE US Corp., Bruker Corp., Canon Medical Systems Corp., Esaote Spa, General Electric Co., Hitachi Ltd., Hologic Inc., Kaneka Corp., Koninklijke Philips NV, MicroPort Scientific Corp., MR Instruments Inc., RAPID MR International LLC, ScanMed LLC, Shimadzu Corp., Siemens Healthineers AG, Terumo Medical Corp., Time Medical, and Wallaby Medical Holding Inc. |
Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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