Magnetic Resonance Imaging (MRI) Coils Market by Type (Radiofrequency coil, Gradient coils), by Application (Body Oncology, Neuro and spine, Cardiovascular, Pediatric, Others), by End User (Hospitals and Clinics, Diagnostic Imaging Centers) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Magnetic Resonance Imaging (MRI) Coils 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
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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.
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.
Magnetic Resonance Imaging (MRI) Coils Market 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.
Magnetic Resonance Imaging (MRI) Coils Market 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
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Magnetic Resonance Imaging (MRI) Coils Market 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 in the Magnetic Resonance Imaging (MRI) Coils Market
- 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.
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Magnetic resonance imaging (MRI) market is a non-invasive imaging technology that generates three-dimensional, comprehensive anatomical pictures.
It is focused on advanced technology that stimulates and recognizes changes in the orientation of the rotation axis of the protons discovered in the water that makes up the living tissues.
MRI enables your doctor to diagnose a disease or wound and can monitor how well you're doing with your therapy.
It is particularly helpful when searching at smooth tissues and the nervous system.
It may be used to assist diagnose or track therapy for a number of circumstances in the heart, abdomen and pelvis.Magnetic resonance imaging (MRI) market is registering a substantial CAGR of 5.60% in the forecast period of 2019-2026.
This rise in the market can be attributed to the new helium deposits invention, technological innovations in MRI and rise focus on replacing low-field MRI systems with high-level MRI systems.Access insightful study with over 100+ pages, list of tables & figures, profiling 10+ companies.
Magnetic Resonance Imaging (MRI) Systems Market Information: By Type (Open MRI and Close MRI), Field Strength (High-Field MRI Systems), Disease Application (Brain and Neurological MRI), and by End-Users (Hospitals & Clinics) - Forecast Till 2027Market OverviewThe global Magnetic Resonance Imaging (MRI) Systems market 2020 is poised to record USD 5 Billion by 2023 at a 3.5% CAGR over the forecast period.
Market HighlightsThis market is motivated primarily by the growing need for non-invasive procedures, the adverse effects of radiation-based imaging, the growth in research and development activities in the life sciences field, and the the use of magnetic resonance imaging ( MRI) systems in drug discovery and preclinical testing processes.Market expansion, however, is limited by factors such as stringent regulatory approval processes, high instrument prices, a lack of competent operators, and inadequate reimbursement policies for magnetic resonance imaging ( MRI) systems.Request Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/6194 Segmental AnalysisBased on type, field power, disease application and end-user, the global market for magnetic resonance imaging ( MRI) systems is segmented.The market is segmented into open MRI, closed MRI, wide-bore MRI, standard bore MRI, comprise the type segment.The market is segmented into high-field MRI systems, 1.5 t MRI systems, 3 t MRI systems, low-to-mid-field MRI systems, very high-field MRI systems and others on the basis of field strength.The industry is segmented into spinal and musculoskeletal MRI, brain and neurological MRI, vaginal and abdominal MRI, breast MRI, cardiovascular MRI, and others with respect to the application of the disorder.The industry is categorised into medical imaging centres, hospitals and clinics, research labs, and pharmaceutical & biotechnology businesses according to the end consumer.Regional Overview Based on region the market is segmented into Americas, Europe, Asia Pacific, and the Middle East and Africa.Leading to the growing prevalence of cardiovascular, neurological and ophthalmic diseases linked to the increasing geriatric population, which is a significant cause factor for this disease, America dominates the market for magnetic resonance imaging ( MRI) systems.
In addition, factors such as increased government interventions and support for medical device research, increased demand for accurate diagnosis, awareness of the adverse effects of radiation imaging, the potential to provide in-depth photographs of soft tissues and vascular systems, and the involvement of pharmaceutical giants are also driving the growth of the market in this area.Due to significant driving factors such as the provision of specialised treatment facilities, increased healthcare spending, strong healthcare infrastructure and the thriving medical technology industry due to the participation of major market players, Europe is the second largest market and holds a fair share in the global magnetic resonance imaging ( MRI) systems market.
Thus, due to the large customer population, faster adaptation of healthcare technologies, government measures to enhance the quality of healthcare, accessibility of favourable business growth of insurance policies will increase during the forecast period.
In addition, due to lower costs of clinical trials and testing, major players have set up their regional offices and production facilities in Singapore , China, Japan , Korea, and Australia, which would make the Magnetic Resonance Imaging ( MRI) systems industry a positive growth curve in the future.
Due to some major reasons , such as lack of knowledge, insufficient connectivity, and access to treatment facilities, the Middle East & Africa is expected to see the least growth in the sector.
Magnetic resonance imaging (MRI) market is a non-invasive imaging technology that generates three-dimensional, comprehensive anatomical pictures.
It is focused on advanced technology that stimulates and recognizes changes in the orientation of the rotation axis of the protons discovered in the water that makes up the living tissues.
MRI enables your doctor to diagnose a disease or wound and can monitor how well you're doing with your therapy.
It is particularly helpful when searching at smooth tissues and the nervous system.
It may be used to assist diagnose or track therapy for a number of circumstances in the heart, abdomen and pelvis.Magnetic resonance imaging (MRI) market is registering a substantial CAGR of 5.60% in the forecast period of 2019-2026.
This rise in the market can be attributed to the new helium deposits invention, technological innovations in MRI and rise focus on replacing low-field MRI systems with high-level MRI systems.This Magnetic Resonance Imaging (MRI) Market research report intensely analyses the potential of the market with respect to current scenario and the future prospects by considering several industry aspects of Cardinal Health industry.
According to the latest report by IMARC Group, The global magnetic resonance imaging systems market exhibited moderate growth during 2015-2020.
Looking forward, the global magnetic resonance imaging (MRI) systems market is expected to grow at a CAGR of around 5% during 2021-2026.Magnetic Resonance Imaging (MRI) systems refer to a non-invasive imaging technology used for producing three-dimensional (3D) images of the anatomy and physiological functioning of the body.
An MRI machine uses a strong magnetic field and radio waves to generate detailed images and facilitate the detection, diagnosis, and treatment of a disease.
It is usually combined with computed tomography (CT) and positron emission tomography (PET) scans for investigating various abnormalities, such as infections, tumors and cysts in the brain, bones, heart, and other internal organs.Market Trends:The increasing prevalence of chronic diseases, especially among the geriatric population, and the rising awareness regarding the benefits of early diagnosis are some of the major factors driving the global MRI systems market growth.
Rapid technological advancements, such as the development of four-dimensional (4D) imaging techniques and high-field MRI systems that are compatible with cardiac pacemakers, are alsosupporting the market growth.
The sudden outbreak of coronavirus disease (COVID-19) is further creating a positive outlook for the market as MRI is extensively used for evaluating the effects of the virus.Request for a free sample copy of this report: https://www.imarcgroup.com/magnetic-resonance-imaging-systems-market/requestsampleWe are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries.
