Magnetic Resonance Imaging Coils Global Market Report 2024

The magnetic resonance imaging (MRI) coil plays a vital role in the MRI machine, facilitating the acquisition of high-quality images of specific body parts. Within an MRI system, multiple coils have diverse functions, acting as both transmitters to generate a rotating magnetic field and receivers to detect radio-frequency signals. MRI, a non-invasive imaging technology, utilizes magnetic fields, radio waves, and computer processing to produce detailed anatomical images of the human body. Magnetic resonance imaging coils, as hardware components, optimize the performance of MRI systems, enhancing their ability to image various medical conditions or injuries.

The primary types of magnetic resonance imaging coils are radiofrequency coils and gradient coils. Radiofrequency coils are responsible for exciting aligned magnetic spins and receiving an RF signal back from the sample. These coils play a crucial role in the MRI system, acting as antennas that deliver power to magnetization (Tx-Coil) and receive signals generated by the excited spins (Rx-Coil). Magnetic resonance imaging coils have applications in diverse medical fields, including neurology, cardiovascular, spine and musculoskeletal, pediatric, breast, abdominal imaging, among others. These applications cater to hospitals, diagnostic imaging centers, and other end-users.

The magnetic resonance imaging coils market research report is one of a series of new reports that provides Magnetic resonance imaging coils market statistics, including magnetic resonance imaging coils industry global market size, regional shares, competitors with a magnetic resonance imaging coils market share, detailed magnetic resonance imaging coils market segments, market trends and opportunities, and any further data you may need to thrive in the magnetic resonance imaging coils industry. This magnetic resonance imaging coils market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The magnetic resonance imaging coils market size has grown strongly in recent years. It will grow from $11.89 billion in 2023 to $12.84 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The expansion noted in the historical period can be ascribed to various factors, including the heightened prevalence of chronic diseases, the aging demographic, continuous research and development efforts, an increase in healthcare spending, and adherence to regulatory compliance.

The magnetic resonance imaging coils market size is expected to see strong growth in the next few years. It will grow to $18.42 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The projected growth in the forecast period can be connected to various factors, including the surge in telemedicine, the expansion of hybrid imaging, initiatives in precision medicine, the promotion of personalized medicine, and a focus on rapid diagnosis and treatment. Significant trends anticipated during this period include the incorporation of artificial intelligence (AI)-enhanced imaging, the embrace of wearable and continuous monitoring devices, advancements in materials and manufacturing processes, the creation of personalized coil designs, and the utilization of low-field MRI systems.

The magnetic resonance imaging coil market is anticipated to experience growth due to the increasing prevalence of chronic diseases. These diseases, lasting a year or more and necessitating ongoing medical attention, include heart disease and cancer, where MRI plays a crucial role in both diagnosis and monitoring treatment response. The MRI coil receives radio frequency signals from the patient's body, transmitting data to a computer for image generation. For example, in September 2023, the World Health Organization reported 41 million deaths globally, with 74% attributed to non-communicable diseases (NCDs) or chronic diseases. As chronic diseases continue to rise, the demand for magnetic resonance imaging coils is expected to increase during the forecast period.

The growth of the magnetic resonance imaging coils market is further expected to be propelled by the increasing number of hospitals. These healthcare facilities play a critical role in medical treatment and care. Magnetic resonance imaging coils contribute to improved MRI scan quality, reduced scanning times, enhanced patient comfort, accurate diagnoses, and decreased reliance on contrast agents. As of August 2023, Interweave Textiles Limited reported 1148 hospitals in the UK, indicating a growing number of hospitals that contribute to the market's expansion.

A prominent trend in the magnetic resonance imaging market is technological advancements. Major companies are incorporating innovations such as the use of Artificial Intelligence (AI) coils in MRI machines to ensure high-resolution image quality and efficient image reconstruction. For instance, in November 2021, Koninklijke Philips N.V introduced AI-enabled innovations in MR imaging systems, aiming to enhance exam speed, streamline workflows, and improve diagnostic quality.

Leading companies in the magnetic resonance imaging coils market are focusing on innovative products, including MRI scanners with AI, to drive revenue growth. An MRI scanner with AI integrates artificial intelligence technology into its operation and image analysis processes. For example, in October 2022, Addenbrooke's Hospital launched an MRI scanner with AI, reducing scan time and producing clearer images through the use of AI technology and more sensitive detection coils.

In December 2021, GE Healthcare acquired BK Medical, expanding its pre- and post-operative ultrasound capabilities. This acquisition enables GE Healthcare to provide an end-to-end offering across the continuum of care, from diagnosis to therapy and beyond. BK Medical's combination of visualization and guidance software facilitates simultaneous display of MRI and real-time ultrasound, reaching new customers and markets globally with the support of GE's technology and commercial scale.

Major companies operating in the magnetic resonance imaging coils market include Esaote Spa, GE Healthcare Technologies Inc., Koninklijke Philips NV, Siemens Healthcare Private Limited, MR Instruments Inc., Bruker Corp., Canon Medical Systems Corporation, Hologic Inc., RAPID MR International LLC, ScanMed Technology Pty Ltd., Aurora Healthcare US Corp., Monteris Medical Corp., Fonar Corporation, Schneider Electric SE, Satoe SpA, General Electric Company, Koninkilje Philips N.V., Esaote North America Inc., Medtronic Inc., Signet Systems Inc., Tritium Pty Ltd., DirectMed Inc., Hitachi Medical Systems America Inc., Invivo Corporation, Medrad Inc., NeuroLogica Corp., Philips Healthcare, Shimadzu Corporation, Toshiba Medical Systems Corporation, Analogic Corporation

North America was the largest region in the magnetic resonance imaging coils market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the global magnetic resonance imaging coils market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the magnetic resonance imaging coils market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The magnetic resonance imaging coil market consists of sales of array coil, body wrap-around coil, linearly polarized coil, saddle coil, circularly polarized coil, quadrature coil, bird cage coil, crossed coil, Helmholtz pair coil, paired saddle coil, single turn solenoid, transmit only coil, receive only coil and transmit-receive coil. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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