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.
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.
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 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).
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.
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Report Attribute |
Specifications |
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Market Size Value In 2023 |
USD 8.61 Bn |
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Revenue Forecast In 2031 |
USD 15.82 Bn |
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Growth Rate CAGR |
CAGR of 8.00% from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn, volume (units) and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Type, Application, End-Use |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
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Competitive Landscape |
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, and others. |
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Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Magnetic Resonance Imaging Coils Market Snapshot
Chapter 4. Global Magnetic Resonance Imaging Coils Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis
Chapter 5. Market Segmentation 1: By Type Estimates & Trend Analysis
5.1. By Type, & Market Share, 2023 & 2031
5.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Type:
5.2.1. Radiofrequency Coil
5.2.2. Gradient Coil
Chapter 6. Market Segmentation 2: By Application Estimates & Trend Analysis
6.1. By Application & Market Share, 2023 & 2031
6.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Application:
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
Chapter 7. Market Segmentation 3: By End Use Estimates & Trend Analysis
7.1. By End Use & Market Share, 2023 & 2031
7.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By End Use:
7.2.1. Hospitals
7.2.2. Diagnostic Imaging Centers
7.2.3. Ambulatory surgical centers
7.2.4. Others
Chapter 8. Magnetic Resonance Imaging Coils Market Segmentation 4: Regional Estimates & Trend Analysis
8.1. North America
8.1.1. North America Magnetic Resonance Imaging Coils Market revenue (US$ Million) estimates and forecasts By Type, 2024-2031
8.1.2. North America Magnetic Resonance Imaging Coils Market revenue (US$ Million) estimates and forecasts By Application, 2024-2031
8.1.3. North America Magnetic Resonance Imaging Coils Market revenue (US$ Million) estimates and forecasts By End Use, 2024-2031
8.1.4. North America Magnetic Resonance Imaging Coils Market revenue (US$ Million) estimates and forecasts by country, 2024-2031
8.2. Europe
8.2.1. Europe Magnetic Resonance Imaging Coils Market revenue (US$ Million) estimates and forecasts By Type, 2024-2031
8.2.2. Europe Magnetic Resonance Imaging Coils Market revenue (US$ Million) estimates and forecasts By Application, 2024-2031
8.2.3. Europe Magnetic Resonance Imaging Coils Market revenue (US$ Million) estimates and forecasts By End Use, 2024-2031
8.2.4. Europe Magnetic Resonance Imaging Coils Market revenue (US$ Million) estimates and forecasts by country, 2024-2031
8.3. Asia Pacific
8.3.1. Asia Pacific Magnetic Resonance Imaging Coils Market revenue (US$ Million) estimates and forecasts By Type, 2024-2031
8.3.2. Asia Pacific Magnetic Resonance Imaging Coils Market revenue (US$ Million) estimates and forecasts By Application, 2024-2031
8.3.3. Asia Pacific Magnetic Resonance Imaging Coils Market revenue (US$ Million) estimates and forecasts By End Use, 2024-2031
8.3.4. Asia Pacific Magnetic Resonance Imaging Coils Market revenue (US$ Million) estimates and forecasts by country, 2024-2031
8.4. Latin America
8.4.1. Latin America Magnetic Resonance Imaging Coils Market revenue (US$ Million) estimates and forecasts By Type, 2024-2031
8.4.2. Latin America Magnetic Resonance Imaging Coils Market revenue (US$ Million) estimates and forecasts By Application, 2024-2031
8.4.3. Latin America Magnetic Resonance Imaging Coils Market revenue (US$ Million) estimates and forecasts By End Use, 2024-2031
8.4.4. Latin America Magnetic Resonance Imaging Coils Market revenue (US$ Million) estimates and forecasts by country, 2024-2031
8.5. Middle East & Africa
8.5.1. Middle East & Africa Magnetic Resonance Imaging Coils Market revenue (US$ Million) estimates and forecasts By Type, 2024-2031
8.5.2. Middle East & Africa Magnetic Resonance Imaging Coils Market revenue (US$ Million) estimates and forecasts By Application, 2024-2031
8.5.3. Middle East & Africa Magnetic Resonance Imaging Coils Market revenue (US$ Million) estimates and forecasts By End Use, 2024-2031
8.5.4. Middle East & Africa Magnetic Resonance Imaging Coils Market revenue (US$ Million) estimates and forecasts by country, 2024-2031
Chapter 9. Competitive Landscape
9.1. Major Mergers and Acquisitions/Strategic Alliances
9.2. Company Profiles
9.2.1. GE Healthcare,
9.2.2. Koninklijke Philips N.V.,
9.2.3. Siemens Healthineers AG,
9.2.4. Canon Medical Systems Corporation,
9.2.5. ESAOTE spa,
9.2.6. Mr Instruments, Inc.,
9.2.7. Rapid Mr International, LLC.,
9.2.8. Scanmed, LLC.,
9.2.9. Bruker,
9.2.10. Medspira.
Magnetic Resonance Imaging Coils Market By Type-
Magnetic Resonance Imaging Coils Market By Application-
Magnetic Resonance Imaging Coils Market By End-Use-
Magnetic Resonance Imaging Coils Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
To know more about the research methodology used for this study, kindly contact us/click here.
