Magnetic Resonance Imaging Coils Market Size, Share & Trends Analysis Report By Type (Radiofrequency coil, Gradient coil), By Application (Neurology, Cardiovascular, Spine and musculoskeletal, Pediatric, Breast, Abdominal, Others), By End-Use, By Region, And By Segment Forecasts, 2024-2031

Magnetic Resonance Imaging Coils Market Size is valued at USD 8.61 Bn in 2023 and is predicted to reach USD 15.82 Bn by the year 2031 at a 8.00% CAGR during the forecast period for 2024-2031. 

MRI coils are integral components of MRI machines that play a pivotal role in acquiring high-quality images of the human body. Their design, positioning, and type can significantly impact MRI scans' diagnostic accuracy and efficiency, making them essential tools in modern medical imaging.

Various factors are driving the market, including the rising adoption of diagnostic imaging procedures, technological enhancements in magnetic resonance imaging (MRI) coil design, and the prevalence of severe diseases such as neurological disorders, cancer, and cardiovascular disease. According to the WHO, cardiovascular illnesses are the biggest cause of mortality, claiming 17.9 Bn lives per year. This, in turn, is expected to accelerate the rise of advanced imaging diagnostics, supporting the industry's growth.

Governments and commercial groups are investing more in healthcare infrastructure to enhance access to healthcare services. This also adds to market expansion. The American Rescue Plan Act, for example, which was signed into law in 2021, has provisions to build healthcare infrastructure and improve access to healthcare services. Furthermore, the Canadian government committed a USD 8.4 billion investment in hospital infrastructure over the following five years in 2021.

Competitive Landscape

Some Major Key Players In The Magnetic Resonance Imaging Coils Market:

• GE Healthcare
• Koninklijke Philips N.V.
• Siemens Healthcare AG
• Canon Medical Systems Corporation
• Esaote SPA

• MR Instruments, Inc.

• Rapid MR International, LLC.
• Scanmed, LLC.
• Bruker
• Medspira 

Recent Developments:

• In July 2022, Siemens Healthineers successfully accelerated and enhanced the field of Magnetic Resonance Imaging with the integration of Artificial Intelligence. The implementation of Deep Resolve, a deep learning algorithm designed for image reconstruction, has allowed doctors to select a considerably shorter scan duration, thereby reducing noise levels and maintaining, or potentially enhancing, picture resolution and quality.

• In April 2022, Philips India began manufacturing radio frequency (RF) coils in the nation, which are used in Magnetic Resonance Imaging (MRI) equipment. India has now become a global hub for the production of these MR coils for Philips. These products are also sold to various OEMs throughout the world. The manufacture of MR coils is shifting from overseas to India.

Market Segmentation:

The Magnetic Resonance Imaging coil market has been segmented as radiofrequency and gradient coils based on type, application, and end-use. The market is segmented as neurology, cardiovascular, spine & and musculoskeletal, pediatric, breast, and abdominal based on application. The end-user segment includes hospitals, diagnostics imaging centers, ambulatory surgical centers, and others.

Based On Type, The Radiofrequency Coil Segment Is Accounted As A Major Contributor In The Magnetic Resonance Imaging Coil Market

The radiofrequency coil had the highest market revenue share. This is because these coils are utilized to transmit and receive signals during MRI scans, which is an important part of the imaging process. Greater signal-to-noise ratios (SNRs) have been demonstrated for RF coils, resulting in greater image quality and faster scan times.

The Neurology Segment Witnessed Growth At A Rapid Rate

The neurology segment contributed the most revenue. This is due to considerable advancements in imaging technologies, such as MRI and CT scans, which allow for more precise and reliable diagnosis of neurological diseases. Furthermore, rising illnesses such as Alzheimer's and Parkinson's are boosting demand for the neurology category. Alzheimer's disease affects an estimated 5.8 Bn people in the United States, according to data from the National Institute on Ageing (NIA).

In The Region, The North America Magnetic Resonance Imaging Coils Market Holds A Significant Revenue Share

The North American region had the highest market dominance and achieved the largest revenue share in the worldwide market. Technological advancements have led to the development of more efficient and robust machinery capable of producing superior-quality images. Consequently, this has amplified the demand for Magnetic Resonance Imaging (MRI) as a diagnostic and therapeutic tool for various medical conditions. With the increasing occurrence of chronic diseases, there will be a corresponding rise in the requirement for imaging services.

Magnetic Resonance Imaging Coils Market Report Scope:

Segmentation of Magnetic Resonance Imaging Coils Market-

Magnetic Resonance Imaging Coils Market By Type-

• Radiofrequency coil
• Gradient coil 

Magnetic Resonance Imaging Coils Market By Application-

• Neurology
• Cardiovascular
• Spine and musculoskeletal
• Pediatric
• Breast
• Abdominal
• Others

Magnetic Resonance Imaging Coils Market By End-Use-

• Hospitals
• Diagnostic imaging centers
• Ambulatory surgical centers
• Others

Magnetic Resonance Imaging Coils Market By Region-

North America-

• The US
• Canada
• Mexico

Europe-

• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-

• Brazil
• Argentina
• Rest of Latin America

 Middle East & Africa-

• GCC Countries
• South Africa
• Rest of the Middle East and Africa