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.
| Report Attribute | Specifications |
| Market Size Value In 2023 | USD 8.61 Bn |
| Revenue Forecast In 2031 | USD 15.82 Bn |
| Growth Rate CAGR | CAGR of 8.00% from 2024 to 2031 |
| Quantitative Units | Representation of revenue in US$ Bn, volume (units) and CAGR from 2024 to 2031 |
| Historic Year | 2019 to 2023 |
| Forecast Year | 2024-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | By Type, Application, End-Use |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| 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 |
| 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. |
| Customization Scope | Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
| Pricing And Available Payment Methods | Explore pricing alternatives that are customized to your particular study requirements. |
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This study employed a multi-step, mixed-method research approach that integrates:
This approach ensures a balanced and validated understanding of both macro- and micro-level market factors influencing the market.
Secondary research for this study involved the collection, review, and analysis of publicly available and paid data sources to build the initial fact base, understand historical market behaviour, identify data gaps, and refine the hypotheses for primary research.
Secondary data for the market study was gathered from multiple credible sources, including:
These sources were used to compile historical data, market volumes/prices, industry trends, technological developments, and competitive insights.
Primary research was conducted to validate secondary data, understand real-time market dynamics, capture price points and adoption trends, and verify the assumptions used in the market modelling.
Primary interviews for this study involved:
Interviews were conducted via:
Primary insights were incorporated into demand modelling, pricing analysis, technology evaluation, and market share estimation.
All collected data were processed and normalized to ensure consistency and comparability across regions and time frames.
The data validation process included:
This ensured that the dataset used for modelling was clean, robust, and reliable.
The bottom-up approach involved aggregating segment-level data, such as:
This method was primarily used when detailed micro-level market data were available.
The top-down approach used macro-level indicators:
This approach was used for segments where granular data were limited or inconsistent.
To ensure accuracy, a triangulated hybrid model was used. This included:
This multi-angle validation yielded the final market size.
Market forecasts were developed using a combination of time-series modelling, adoption curve analysis, and driver-based forecasting tools.
Given inherent uncertainties, three scenarios were constructed:
Sensitivity testing was conducted on key variables, including pricing, demand elasticity, and regional adoption.