The Global Magnetic Resonance Imaging (MRI) Coils Market size accounted for USD 8,537 Million in 2021 and is projected to reach USD 15,455 Million by 2030 with a CAGR of 7% from 2022 to 2030.

Magnetic resonance imaging (MRI) of the body produces detailed images of the inside of the body by using a powerful magnetic field, radio waves, and a computer. It can be used to aid in the diagnosis or monitoring of a variety of conditions affecting the abdomen, chest, and pelvis. If a woman is pregnant, the medical professional may use body MRI to monitor the baby safely. Magnetic resonance imaging (MRI) is a non-invasive diagnostic test used by doctors to analyze medical conditions. A forceful magnetic field, radio-frequency pulses, and a computer are used in MRI to produce detailed images of internal body structures. Radiation is not used in MRI (x-rays). An injection of contrast material is used in some MRI exams. If a person has asthma or allergies to materials, drugs, food, or the environment, the doctor may inquire. Gadolinium, a contrast material, is commonly used in MRI exams. Gadolinium can be used in patients who are allergic to iodine contrast. Gadolinium contrast is far less likely to cause allergic reactions than iodine contrast. Even if the patient is known to be allergic to gadolinium, it may be feasible to use it after suitable pre-medication.

Market Dynamics

The increase in awareness is leading to an increase in the use of MRI systems, which in turn is fueling the expansion of the MRI coils market. The increased adoption of refurbished and reusable MRI products is restraining the MRI coils market. Globally expanding healthcare expenditure and infrastructural facilities are creating opportunities for the MRI coils market to expand. Stringent rules and standards for MRI coil approval and commercialization pose a challenge to the MRI coils market.

Chronic diseases and injuries (for example, cardiovascular disease, diabetes, mental health disorders, and cancer) are the leading causes of death and disability. According to the United States Department of Health and Human Services, 6 in 10 adults in the United States and 4 in 10 adults in the United States have two or more chronic diseases. There are numerous cost-effective prevention strategies available; however, application is generally low, particularly among the poor and those living in rural areas.

Despite the numerous benefits of MRI coils, the high price of the radiofrequency coil is anticipated to have a minor negative impact on overall market growth. A latest MRI coil would cost somewhere around $12,000 and $120,000 USD. Furthermore, the refurbished coil would be more expensive, ranging from USD 3,000 to USD 25,000, slowing the demand for new coils, particularly in developing countries. These MRI coils are not without their drawbacks.

Covid-19 Impact on Global Magnetic Resonance Imaging (MRI) Coils Market

MRI examinations declined during the first COVID-19 wave, with the sharpest drop occurring in April 2020: a more than 45 percent relative reduction compared to April 2019, and a more than 35 percent relative decrease compared to 2018. This was accompanied by a compensatory increase between waves and a return to nearly pre-pandemic levels of use, with only a minor decrease, during the second, more severe COVID wave compared to the previous year. During the pandemic, existing regional differences became more pronounced.

Market Insights

Type, application, end-use, and region are the four categories of the global magnetic resonance imaging (MRI) coils industry. Based on the type, the segmentation includes radiofrequency coil, and gradient coil. According to our analysis, the radiofrequency coil segment will dominate the magnetic resonance imaging (MRI) coils market in the coming years. The radiofrequency coil (RF coil) improves magnetic resonance signal reception in the MRI system by transforming the signal into data, which is then transferred to a computer and analyzed to form the final image.

The application segment is further categorized into cardiovascular, neurology, spine and musculoskeletal, pediatric, breast, abdominal, and others. Among them, the increased development of advanced MRI coils for neurological conditions is anticipated to drive segment growth. Furthermore, the end-use segment covers into hospitals, ambulatory care centers, diagnostic imaging centers, and others. Among them, the hospitals segment is likely to achieve the largest market share during the forecast timeframe 2022 to 2030. This category comprises revenue generated by MRI combined sales in hospitals, which have the necessary space and capital for MRI machines.

Global magnetic resonance imaging (MRI) coils Market Geographical Competition

The global magnetic resonance imaging (MRI) coils industry is divided into North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa. In 2021, North America accounted for the majority of the share in 2021. The rising prevalence of chronic diseases in this region, such as cardiovascular disorders, breast cancer, and neurological diseases, is driving up demand for imaging analysis. Throughout the forecast period, the region is required to retain its dominance. Because of the rising incidences of various forms of chronic diseases in the Asia-Pacific, which require specialized imaging modality like magnetic resonance imaging equipment to generate patients' inner body images, which helps healthcare professionals provide better treatment to the patients, China is dominating the Asia-Pacific MRI coils market.

Global Magnetic Resonance Imaging (MRI) Coils Industry Segment Analysis

Magnetic Resonance Imaging (MRI) Coils Market By Type

·        Radiofrequency Coil

·        radient Coil

Magnetic Resonance Imaging (MRI) Coils Market By Application

·        Cardiovascular

·        Spine and Musculoskeletal

·        Neurology

·        Pediatric

·        Abdominal

·        Breast

·        Others

Magnetic Resonance Imaging (MRI) Coils Market By End-Use

·        Diagnostic Imaging Centers

·        Hospitals

·        Ambulatory Care Centers

·        Others

Magnetic Resonance Imaging (MRI) Coils Market Leading Companies

This section of the study honors the market's top companies Bruker, Canon Medical Systems Corporation, ESAOTE SPA, Hologic Inc., GE Healthcare, RAPID MR International, LLC, Koninklijke Philips N.V., ScanMed, MR Instruments, Inc., Siemens Healthcare Private Limited are the key companies mentioned in the research.

Magnetic Resonance Imaging (MRI) Coils Market Regions

North America

·         U.S.

·         Canada

Europe

·         U.K.

·         Germany

·         France

·         Spain

·         Rest of Europe

Latin America

·         Brazil

·         Mexico

·         Rest of Latin America

Asia-Pacific

·         China

·         Japan

·         India

·         Australia

·         South Korea

·         Rest of Asia-Pacific

Middle East & Africa

·         GCC

·         South Africa

·         Rest of Middle East & Africa