Magnetic Resonance Imaging (MRI) Coils Market – Trends Forecast Till 2030

Market Snapshot

Market Overview

The global Magnetic Resonance Imaging (MRI) Coils market size was estimated at USD 8.81 billion in 2023 and is projected to reach USD 15.7 billion in 2030 at a CAGR of 7.5% during the forecast period 2023-2030.

The expansion of the global market size for Magnetic Resonance Imaging Coils is principally influenced by the escalation in the number of chronic ailments, such as cancer, the advancement of technology within the healthcare sector, and the increase in the number of product launches and product approvals for MRI coils. Furthermore, it should be noted that MRI technology is employed for the purpose of diagnosing malignant or benign tumors. Specifically, it is utilized for the diagnosis of brain tumors and spine tumors. Consequently, the proliferation of brain tumors and spine tumors is predicted to propel the demand for MRI technology, which in turn, will fuel the demand for MRI coils for MRI devices. This, in turn, is expected to drive the growth of the MRI coil market. To illustrate, according to the American Cancer Society, in the year 2021, it was estimated that approximately 83,570 individuals in the United States were diagnosed with brain and other central nervous system (CNS) tumors. Among these cases, 24,530 were identified as malignant tumors, while 59,040 were identified as nonmalignant tumors. Furthermore, the same source reported that 18,600 individuals lost their lives due to cancer.

Globally, it is reported that the year 2016 witnessed a staggering 17.6 million individuals succumbing to the perils of cardiovascular diseases, in comparison to a slightly higher figure of 17.9 million in 2015. The term cardiovascular diseases (CVDs) is used to describe a group of maladies that have a direct impact on the heart and blood vessels. Coronary heart disease, cerebrovascular disease, and rheumatic heart disease are among the most commonly observed types of CVDs. It is worth noting that cardiovascular diseases have emerged as the most prominent cause of fatality in the United States, with cancer and chronic respiratory diseases following closely in the list. As per the report, it is estimated that around 48% of the adult population in the United States suffers from some form of cardiovascular disease, underscoring the gravity of the situation at hand

The current global crisis of the COVID-19 pandemic is expected to have an adverse effect on the expansion of the worldwide magnetic resonance imaging (MRI) coils market. This is primarily owing to the fact that a considerable number of radiotherapy and MRI diagnostic cases are being postponed or rescheduled due to the conversion of various surgical centers and diagnostic centers into COVID-19 hospitals. The conversion of these medical facilities into exclusive COVID-19 treatment centers has inevitably led to a significant reduction in the capacity of these centers to cater to non-COVID-19 patients, thereby resulting in a disruption of the usual healthcare services provided by these facilities.

Delvens Industry Expert's Standpoint

The prevalence of spinal injuries is increasing, which is a concern for the healthcare industry. Doctors and medical experts are emphasizing the need for improvements in diagnostic facilities to better diagnose and treat spinal injuries. This need for diagnostic facility improvements is driving demand in the MRI coils market, as MRI is a commonly used diagnostic tool for spinal injuries. Sportspeople are particularly vulnerable to spinal disorders and injuries, which further increases the demand for MRI coils. The number of road traffic accidents has also increased in densely populated areas, which can lead to spinal injuries and further drives demand for MRI coils. High-performance healthcare equipment and machinery, such as MRI coils, are necessary to effectively diagnose and treat spinal injuries. Chronic diseases are long-term health conditions that persist over time and can lead to disability or death if left untreated. These include cardiovascular disease, mental health disorders, diabetes, and cancer.

Chronic diseases and injuries are the leading causes of death and disability worldwide, affecting people of all ages and socioeconomic backgrounds. The US Department of Health and Human Services reports that 6 in 10 adults in the US have two or more chronic diseases, while 4 in 10 adults have at least one chronic disease. Prevention strategies for chronic diseases are available and can be cost-effective, but their implementation is generally low, particularly among the poor and those living in rural areas. The reasons for low implementation of prevention strategies include lack of access to healthcare services, limited resources, and inadequate education and awareness about the importance of prevention. Addressing the issue of chronic diseases and injuries requires a multi-faceted approach that involves improving access to healthcare services, promoting healthy behaviors, and addressing social determinants of health such as poverty and education. Failure to address the issue of chronic diseases and injuries can have significant economic and social costs, including increased healthcare spending, reduced productivity, and decreased quality of life for individuals and communities.

Market Portfolio

Key Findings

• On the basis of Type, the segment of radiofrequency coil has been observed to have a significant impact on the market in 2021, and it is expected to maintain this trend over the projected period of forecast for the MRI coils market. This can be attributed to the increase in the number of product launches and product approvals for advanced radiofrequency coils with enhanced technological capabilities, as well as the growing demand for MRI systems. The MRI coils market is expected to witness growth due to the rise in the usage of high-end radiofrequency coils in MRI systems, as well as the increasing utilization of MRI systems by hospitals and diagnostic imaging centers.

• On the basis of application, the segment pertaining to neuro and spine has established a dominant presence within the market sphere in the current year of 2021, and by all indications, this trend is expected to persist throughout the entire forecast period. The rationale behind this is due to the marked escalation in the prevalence of neuro and spine disorders, in addition to the upsurge in the incidence of brain injury caused by road accidents. Furthermore, an increase in the number of patients diagnosed with bone and spine cancer is predicted to act as a major catalyst for the growth of the aforementioned market. An exemplar of this would be the statistical findings of the American Cancer Society, which indicate that in 2021, a staggering 83,570 individuals in the United States alone were diagnosed with brain and other central nervous system (CNS) tumors.

• On the basis of end-user, the hospitals and clinics segment, which constituted the largest share of the market in the year 2021, is anticipated to persist in its dominance throughout the projected period. This is primarily attributed to the surge in the count of hospitals, the escalation in government expenditure towards bolstering healthcare infrastructure and the upsurge in the incidence of chronic ailments. The mounting prevalence of cancer has engendered a concomitant escalation in the demand for MRI coils, consequently leading to a surge in the number of patients seeking medical attention for the purposes of investigation and treatment.
   
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America held the significant portion of the share in the market pertaining to MRI coils on a global scale, and it is expected to uphold its dominant position during the projected time period. This pattern can be attributed to the surge in the amount of scientific investigations, the progression of technology in the sector of healthcare, and the escalation in the incidence of prolonged illnesses.

Regional Analysis

North America to Dominate the Market

• North America accounted for a majority of the global MRI coils market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to increase in the number of research activities, technological advancement in the healthcare sector and rise in the prevalence of chronic diseases.
   
• The Asia-Pacific region is expected to experience highly profitable expansion, primarily attributed to the concurrent increase in expenditure allocated by government organizations towards the development of the healthcare sector.

Competitive Landscape

• General Electric
• Koninklijke Philips N.V.
• Siemens Healthcare Gmbh
• Aurora Healthcare Us Corp
• Noras Mri Products
• Esaote Spa
• Hitachi, Ltd.
• Bruker
• Imris
• Monteris
• Nael Medical - Part Of Nbhh Group
• Medspira
• Canon Medical Systems Usa, Inc.
• Mr Instruments, Inc.
• Scanmed, Llc.
• Bruker

Recent Developments

• In November 2021, GE Healthcare, a United States-based establishment that specializes in the provision of diagnostic services, therapeutic solutions, and monitoring through the utilization of intelligent devices, has recently procured BK Medical for an undisclosed amount. This acquisition has enabled GE Healthcare to expand its pre- and post-operative ultrasound capabilities, thereby encompassing the rapidly-evolving and comparatively nascent domain of real-time surgical visualization. Consequently, this development has resulted in an all-encompassing proposition that spans the entirety of care, ranging from diagnosis to therapy, and beyond.
   
• In July 2020, Canon Medical Systems Corporation, a renowned and esteemed subsidiary of the world-renowned corporation Canon Inc., has recently had the privilege of receiving the much-coveted approval from the authoritative and esteemed FDA for its innovative, unique, and novel technology, Compressed SPEEDER. This technology has been found to significantly and positively impact and support the process of faster scanning times for 3D sequences, thereby providing a plethora of holistic and comprehensive benefits, including but not limited to the facilitation of fully reconstructed high-resolution images that are highly instrumental and effective in the crucial and exacting domain of orthopaedic applications.

Reasons to Acquire

• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
   
• Gain authentic and granular data access for the Magnetic Resonance Imaging (MRI) Coils Market to understand the trends and the factors involved in changing market situations.
   
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
   
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

Report Scope