Global MRI Coils Market Analysis by Type, Application, End-User, Region and segments forecast till 2033
Market Overview
The global MRI coils market was worth USD 9,190 million in 2022 and is poised to register a CAGR of 7.5%, amassing a total revenue of USD 16,390 million by end of the assessment timeframe.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 9,190 Million |
Market Forecast in 2033 | USD 16,390 Million |
CAGR % 2023-2033 | 7.5% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Product, end-user industry, company share, company heatmap, company Capacity Technology Product capacity, growth factors and more |
Global MRI Coils market- Description
RF coils are predominantly referred to as the antennas of a magnetic resonance imaging (MRI) system. They are equipped with the ability to generate the RF magnetic field which in turn excites nuclear spins and detects the MR signal. The captured information is then quantified, amplified, and filtered to extract the correct frequency and phase.
The primary growth catalysts of this industry vertical are the surging prevalence of neurological and cardiovascular diseases along with the ability of MRI coils to boost the performance of MRI machines. Alongside, rise in the number of MRI procedures being performed worldwide coupled with rapid developments in healthcare infrastructure are adding momentum to the market progression.
Alongside, favorable medical reimbursement scenarios in various regions, technological advancements in the field, and growing disposable income of individuals are augmenting the industry outlook. Besides, increasing adoption of refurbished and reused MRI products is creating lucrative opportunities for the market to prosper. On the flipside, high costs and rigid regulatory standards pertaining to the commercialization and approval of MRI coils are obstructing the progression of this business sphere.
Global MRI coils market- Key trends
· Surging prevalence of neurological and cardiovascular ailments to drive MRI coils market expansion
There has been a massive rise in the prevalence of cardiovascular and neurological diseases primarily driven by unhealthy lifestyle habits. Doctors generally prescribe MRI scans to get a detailed anatomical image of the patient’s body to diagnose spinal cord injuries, strokes, and tumors, among others. The increasing demand for MRI scans across the globe is accelerating the overall MRI coils market.
· Innovative product launches to boost MRI coils market development
Prominent industry players are focusing on the development of innovative products in the field. Manufacturers are coming up with lighter MRI coils that provide a higher flexibility and conforms to the patient’s anatomy, thereby helping physicians to make accurate diagnosis. This in turn is creating lucrative growth avenues for the industry.
Global MRI coils market- Segmental analysis
By Type
• Radiofrequency Coil
• Shim Coils
• Gradient Coil
• Volume Coils
• Surface Coils
• Others
The radiofrequency coil segment is poised to garner significant returns over the assessment period as these coils impact the uniformity, sensitivity, and spatial resolution pertaining to an MRI machine.
By Application
• Cardiovascular
• Neurology
• Spine and Musculoskeletal
• Breast
• Pediatric
• Abdominal
• Others
The neurology segment is slated to capture a high revenue share over 2023-2033 attributing to the rising burden of neurological diseases across the world.
By End-User
• Hospitals
• Ambulatory Care Centers
• Diagnostic Imaging Centers
• Others
The ambulatory care centers segment is anticipated to showcase lucrative growth trends over the stipulated timeline owing to the favorable government initiatives. This is being done to enhance and increase the number of primary care centers across various regions.
Global MRI coils market- Geographical landscape
The major regions constituting the geographical ambit of this business sphere are North America, Middle East & Africa, Latin America, Europe, and Asia Pacific. Among these, North America is projected to capture a substantial revenue share over the forecast timeline ascribing to the surging prevalence of chronic diseases and prompt developments in the healthcare infrastructure.
Also, Europe is poised to grow with a significant CAGR over 2023-2033 due to the rise in geriatric population and presence of a well-defined healthcare infrastructure in nations such as France, Germany, and U.K.
Global MRI coils market- Recent Developments
· In 2020, Siemens Healthineers launched a new MRI coil for the brain and spine that features a 48-channel design for improved image quality and faster scan times.
· In 2021, Hitachi Healthcare Americas announced a partnership with NICO.LAB to integrate its artificial intelligence (AI) platform for stroke care into Hitachi's MRI and CT systems.
· In 2022, GE Healthcare introduced a new MRI coil that uses AI to optimize image quality and reduce scan times for liver imaging.
MRI coils market: Key Companies
· RAPID MR International, LLC
· Koninklijke Philips N.V.
· GE Healthcare
· ScanMed, LLC
· Magnetica
· Bruker
· MR Instruments, Inc.
· w-Health Care Solutions
· Siemens Medical Solutions USA, Inc.
· AURORA HEALTHCARE US CORP
· NORAS MRI products
· ESAOTE SPA
· IMRIS
· Deerfield Imaging, Inc.
· Canon Medical Systems
· USA
· Others
MRI coils market: Regional Scope
North America
· U.S.
· Canada
· Mexico
Europe
· U.K.
· Germany
· France
· Italy
· Spain
· Rest of Europe
Asia Pacific
· China
· India
· Japan
· South Korea
· Australia
· Rest of Asia Pacific
South America
· Brazil
· Argentina
· Rest of South America
Middle East and Africa
· Saudi Arabia
· UAE
· Egypt
· South Africa
· Rest of Middle East and Africa
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1. Global MRI Coils Market Introduction and Market Overview
1.1. Objective of the Market Research Study
1.2. MRI Coils Market Definition & Description
1.3. Research Data Parameters & Reporting Timelines
1.3.1. Historical Data Reporting Years – 2020 to 2021
1.3.2. Projected Data Reporting Years – 2022 to 2033
1.3.3. Reporting Data Parameters – Value (US$ Million)
1.4. Global MRI Coils Market Scope and Market Estimation
1.4.1. Global MRI Coils Overall Market Size (US$ Million), Market CAGR (%), Market Estimates & Forecast (2020 to 2033)
1.4.2. Global MRI Coils Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2020 to 2033
1.5. MRI Coils Market Segmentation
1.5.1. Type of Global MRI Coils Market
1.5.2. Application of Global MRI Coils Market
1.5.3. End-user of Global MRI Coils Market
1.5.4. Key Regions of Global MRI Coils Market
2. Global MRI Coils Market - Executive Summary
2.1. Global MRI Coils Market – Summary & Snapshot
2.2. Global MRI Coils Market, By Type (US$ Million)
2.3. Global MRI Coils Market, By Application (US$ Million)
2.4. Global MRI Coils Market, By End-user (US$ Million)
2.5. Global MRI Coils Market, By Geography (US$ Million)
2.6. Global MRI Coils Market Outlook & Future Opportunities
3. MRI Coils Market Trends, Outlook, and Factors Analysis
3.1. Global MRI Coils Market Industry Development Trends under COVID-19 Outbreak
3.1.1. Global COVID-19 Status Overview
3.1.2. Influence of COVID-19 Outbreak on Global MRI Coils Market Industry Development
3.1.3. Pre & Post COVID-19 Trends and Scenarios
3.2. MRI Coils Market Dynamics (Growth Impacting Factors & Rationales)
3.2.1. Drivers
3.2.1.1. The rising prevalence of chronic diseases such as neurological, cardiovascular, and cancer is expected to trigger the market growth
3.2.1.2. High number of MRI procedures being performed across the world, rate of diagnosis and treatment of diseases, well-established health care infrastructure, and favorable medical reimbursement propels the market growth
3.2.2. Restraints
3.2.2.1. Surge in adoption of refurbished and reused MRI products is anticipated to hamper the market growth
3.2.3. Opportunities
3.2.3.1. Rising healthcare expenditure and infrastructure across the globe provides lucrative opportunity for the growth of the market
3.2.4. Impact Analysis of Drivers and Restraints
3.3. Ecosystem/ Value Chain Analysis
3.4. Porter’s Five Forces Analysis
3.5. SWOT Analysis
3.6. PEST Analysis
3.7. Average Selling Prices and Pricing Trends Analysis of MRI Coils Market
3.8. Technological Roadmap
3.9. Key Investment Pockets of MRI Coils Market
3.9.1. By Type
3.9.2. By Application
3.9.3. By End-user
3.9.4. By Regions
4. Global MRI Coils Market: Estimates & Historic Trend Analysis (2020 to 2021)
4.1. Global MRI Coils Market, 2020 – 2021 (US$ Million)
4.2. Global MRI Coils Market, By Type, 2020 to 2021 (US$ Million)
4.3. Global MRI Coils Market, By Application, 2020 to 2021 (US$ Million)
4.4. Global MRI Coils Market, By End-user, 2020 to 2021 (US$ Million)
4.5. Global MRI Coils Market, By Region, 2020 to 2021 (US$ Million)
5. Global MRI Coils Market Estimates & Forecast Trend Analysis, by Type
5.1. Global MRI Coils Market Share (%) Estimates and Forecasts, by Type, 2022 & 2033
5.2. Global MRI Coils Market Revenue (US$ Million) Estimates and Forecasts, by Type, 2022 to 2033
5.2.1. Radiofrequency Coil
5.2.2. Gradient Coil
5.2.3. Surface Coils
5.2.4. Volume Coils
5.2.5. Shim Coils
5.2.6. Others
6. Global MRI Coils Market Estimates & Forecast Trend Analysis, by Application
6.1. Global MRI Coils Market Share (%) Estimates and Forecasts, by Application, 2022 & 2033
6.2. Global MRI Coils Market Revenue (US$ Million) Estimates and Forecasts, by Application, 2022 to 2033
6.2.1. Neurology
6.2.2. Cardiovascular
6.2.3. Spine and Musculoskeletal
6.2.4. Pediatric
6.2.5. Breast
6.2.6. Abdominal
6.2.7. Others
7. Global MRI Coils Market Estimates & Forecast Trend Analysis, by End-user
7.1. Global MRI Coils Market Share (%) Estimates and Forecasts, by End-user, 2022 & 2033
7.2. Global MRI Coils Market Revenue (US$ Million) Estimates and Forecasts, by End-user, 2022 to 2033
7.2.1. Hospitals
7.2.2. Diagnostic Imaging Centers
7.2.3. Ambulatory Care Centers
7.2.4. Others
8. Global MRI Coils Market Analysis and Forecast, by Region
8.1. Global MRI Coils Market Share (%) Estimates and Forecasts, by Region, 2022 & 2033
8.2. Global MRI Coils Market Revenue (US$ Million) Estimates and Forecasts, by Region, 2022 to 2033
8.2.1. North America
8.2.2. Europe
8.2.3. Asia Pacific
8.2.4. Middle East and Africa
8.2.5. Latin America
9. North America MRI Coils Market: Estimates & Forecast Trend Analysis
9.1. North America MRI Coils Market Assessments & Key Findings
9.2. North America MRI Coils Market Share (%) Estimates and Forecasts, 2022 & 2033
9.3. North America MRI Coils Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
9.3.1. By Type
9.3.2. By Application
9.3.3. By End-user
9.3.4. By Major Country
9.3.4.1. The U.S.
9.3.4.2. Canada
10. Europe MRI Coils Market: Estimates & Forecast Trend Analysis
10.1. Europe MRI Coils Market Assessments & Key Findings
10.2. Europe MRI Coils Market Share (%) Estimates and Forecasts, 2022 & 2033
10.3. Europe MRI Coils Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
10.3.1. By Type
10.3.2. By Application
10.3.3. By End-user
10.3.4. By Major Country
10.3.4.1. Germany
10.3.4.2. The U.K.
10.3.4.3. France
10.3.4.4. Italy
10.3.4.5. Spain
10.3.4.6. Rest of Europe (includes all other European countries)
11. Asia Pacific MRI Coils Market: Estimates & Forecast Trend Analysis
11.1. Asia Pacific MRI Coils Market Assessments & Key Findings
11.2. Asia Pacific MRI Coils Market Share (%) Estimates and Forecasts, 2022 & 2033
11.3. Asia Pacific MRI Coils Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
11.3.1. By Type
11.3.2. By Application
11.3.3. By End-user
11.3.4. By Major Country
11.3.4.1. China
11.3.4.2. Japan
11.3.4.3. India
11.3.4.4. ASEAN
11.3.4.5. South Korea
11.3.4.6. Rest of Asia Pacific (includes all other Asia Pacific countries)
12. Middle East & Africa MRI Coils Market: Estimates & Forecast Trend Analysis
12.1. Middle East & Africa MRI Coils Market Assessments & Key Findings
12.2. Middle East & Africa MRI Coils Market Share (%) Estimates and Forecasts, 2022 & 2033
12.3. Middle East & Africa MRI Coils Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
12.3.1. By Type
12.3.2. By Application
12.3.3. By End-user
12.3.4. By Major Country
12.3.4.1. GCC
12.3.4.2. South Africa
12.3.4.3. Egypt
12.3.4.4. Rest of Middle East & Africa (includes all other Middle East & Africa countries)
13. Latin America MRI Coils Market: Estimates & Forecast Trend Analysis
13.1. Latin America Market Assessments & Key Findings
13.2. Latin America MRI Coils Market Share (%) Estimates and Forecasts, 2022 & 2033
13.3. Latin America MRI Coils Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
13.3.1. By Type
13.3.2. By Application
13.3.3. By End-user
13.3.4. By Major Country
13.3.4.1. Brazil
13.3.4.2. Mexico
13.3.4.3. Rest of Latin America (includes all other Latin America countries)
14. Competitive Landscape
14.1. MRI Coils Market Revenue Share Analysis (%), by Major Players (2021)
14.2. MRI Coils Market Competition Matrix, by Leading Players
14.3. MRI Coils List of Emerging, Prominent and Leading Players
14.4. Major Mergers & Acquisitions, Partnership, Joint Venture, Expansions, Deals, Recent Developments, etc.
15. Company Profiles
15.1. RAPID MR International, LLC
15.1.1. Company Overview & Insights
15.1.2. Financial Performance
15.1.3. Product / Service Portfolio
15.1.4. Geographical Footprint & Share
15.1.5. Strategic Initiatives & Key Developments
*Similar details would be provided for all the players mentioned below
15.2. Koninklijke Philips N.V.
15.3. GE Healthcare
15.4. ScanMed, LLC
15.5. Magnetica
15.6. Bruker
15.7. MR Instruments, Inc.
15.8. w-Health Care Solutions
15.9. Siemens Medical Solutions USA, Inc
15.10. AURORA HEALTHCARE US CORP
15.11. NORAS MRI products
15.12. ESAOTE SPA
15.13. IMRIS, Deerfield Imaging, Inc
15.14. Canon Medical Systems, USA
15.15. Others
16. Assumptions and Research Methodology
16.1. Data Mining
16.2. Secondary Research
16.3. Primary Research
16.4. Subject Matter Expert Advice
16.5. Quality Check
16.6. Final Review
16.7. Data Triangulation
16.8. Bottom-Up Approach
16.9. Top Down Approach
16.10. Research Flow
16.11. Key Insights from Industry Experts
16.12. Data Sources
16.13. Assumptions
16.14. Limitations
17. Conclusions and Recommendations
17.1. Key Research Findings and Conclusion
17.2. Key Insights & Recommendations from Analysts
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