Enjoy complimentary customisation on priority with our Enterprise License!
Magnetic Resonance Imaging (MRI) Coils Market Industry Analysis 2023-2027:
The Global Magnetic Resonance Imaging (MRI) Coils Market size is estimated to grow by by USD 1,385.59 million 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, vendors 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.
This report extensively covers market segmentation by type (adult and pediatric), end-user (hospitals, diagnostic imaging centers, and ambulatory care centers), and geography (North America, Europe, Asia, and Rest Of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges.
To learn more about this report, Request Free Sample
The growing number of MRI procedures is notably driving the market growth, although factors such as the high cost of MRI coils may impede the market growth. 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. MRI scans don't emit any radiation, in contrast to CT and X-ray scans. MRI 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, MRI can monitor blood flow in organs and blood arteries as well as swelling and inflammation of bodily components. Therefore, MRI 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 MRI procedure 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. Custom MRI coils provide an accurate diagnosis of disease with superior image quality. Hence, manufacturers are focusing on the development of custom MRI coils 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 global MRI coil market during the forecast period.
The high cost of MRI coils is the major challenge impeding the market growth. The high cost of MRI coils 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, MRI coils 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 of MRI coils 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.
Global MRI Coils Market Customer Landscape
Vendors 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 vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth of the adult segment will be significant during the forecast period. MRI 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. MRI coils for adults allow comfortable patient positioning and reduce patient anxiety and claustrophobia effects.
Get a glance at the market contribution of various segments Request a PDF Sample
The adult segment was valued at USD 2,961.79 million in 2017 and continued to grow until 2021. MRI coils for adults are available both in rigid and flexible forms ranging from single- to multi-channel coils (4 to 32). However, flexible MRI coils are highly preferred over rigid MRI coils 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.
For more insights on the market share of various regions Request PDF Sample now!
North America is estimated to contribute 41% to the growth of the global Magnetic Resonance Imaging (MRI) coils 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 MRI coils 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 vendors, such as RAPID MR International and DxTx Medical, offering MRI coils through their strong distribution and sales network in the US contribute to the growth of the Magnetic Resonance Imaging (MRI) coils market in North America.
The COVID-19 pandemic spread widely across North America, especially in the US, in 2020. However, in 2021, vaccination programs were initiated, after which things started getting normal. The healthcare market is therefore anticipated to witness growth. Such factors will help the regional magnetic resonance imaging coils market to grow during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
MRI Coils 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 1,385.59 million |
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 Vendors, Market Positioning of Vendors, 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 analysis, 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 forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
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
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.