Magnetic Resonance Imaging (MRI) Coils Market Size Forecasts 2035

Global MRI Coils Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Magnetic Resonance Imaging Coils Market size is set to surpass USD 17 Billion by 2035, growing at a CAGR of 7% from 2023 to 2035. In the year 2022, the industry size of MRI coils was USD 8 Billion. MRI machines are in high demand in hospitals and diagnostic centers due to the increasing prevalence of cardiovascular diseases (CVDs). For the detection of CVDs such as blockages in the arteries and congenital heart defects, MRI is often used, which produces detailed images of the heart and blood vessels using MRI coils.

MRI coils are essentially radio frequency antennas that are used to detect the signals generated by the MRI scanner. The increased availability of MRI units has also made it easier for healthcare organizations to provide more accurate diagnoses in a shorter time frame. As of 2021, around 5.7 million MRI units were installed worldwide, representing an increase of 94 million MRI scans in recent years.

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MRI Coils Market: Key Insights

Base Year	2022
Forecast Year	2023-2035
CAGR	~ 7%
Base Year Market Size (2022)	~ USD 8 Billion
Forecast Year Market Size (2035)	~ USD 17 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Global MRI Coils Sector: Growth Drivers and Challenges

Growth Drivers

Rise in Prevalence of Chronic and Non-communicable diseases (NCDs) such as Diabetes - A growing aging population and unhealthy lifestyles have contributed to NCD epidemics like diabetes, resulting in a greater need for MRI scans worldwide. International Diabetes Federation estimates that 537 million adults worldwide suffer from diabetes, and by 2030 the number will rise to 643 million and 783 million respectively. MRI scans can provide detailed images of the pancreas and other organs, which can help to identify any abnormalities that may indicate diabetes.
Regulatory Approval of Technologically Advanced MRI Imaging Systems - The U.S. Food & Drug Administration approved Siemens Healthineers' 0.55T MAGENTOM Free.Max 80 cm MR scanner in July 2021. An MRI with a field strength of .55T is known as a High-V MRI. These systems make use of digitalization to achieve a new field strength of .55T, resulting in inherent clinical benefits. Regulatory approval of these systems allows manufacturers to manufacture and market high-end MRI coils, thereby driving demand.
Emergence of AI in Medical Devices - The accuracy and speed of MRI scans are being improved with AI-based technologies. Traditional MRI scans are not as accurate and quick as AI-enhanced MRIs. The increased accuracy and speed of MRI scans have led to an increase in demand for MRI coils, which are used to detect and process MRI signals.

Challenges

Short lifespan of MRI coils - MRI coils have a limited lifespan due to the wear and tear of the components. As a result, hospitals and other healthcare facilities are required to replace the coils regularly, resulting in high maintenance costs.
Lack of signal intensity variation across the image can result in artifacts in the image, as can a limited field of view.
Lack of skilled personnel

MRI Coils Segmentation

Application (Neurology, Cardiovascular, Musculoskeletal, Breast, Gastrointestinal, Abdominal)

Neurology applications will lead the market share by 2035, accounting for 34%. A growing number of neurological diseases worldwide, such as Alzheimer’s disease, dementia, and amyotrophic lateral sclerosis, are attributed to the growing use of MRI scans for diagnosing neurological disorders.

Globally, there are more than 55 million people suffering from dementia and 55 million living with Alzheimer's disease. A high-quality coil is required in MRI machines to diagnose various neurological disorders, including tumours and strokes.

Coil Type (Radiofrequency, Volume, Gradient)

The radiofrequency (RF) segment in the MRI coils market is estimated to gain a substantial market share of about 46% by 2035. Increased demand for MRI machines, high-resolution imaging, and an increase in the number of RF coils being manufactured contribute to the segment growth in the medical industry.

RF coils create a strong magnetic field in the area of the body being imaged. This strong magnetic field is necessary for the MRI machine to create detailed images of the body.

Our in-depth analysis of the market includes the following segments:

Product Type

Phased-Array

Quadrature

Coil Type

Radiofrequency
Volume
Gradient

Application

Neurology
Cardiovascular
Musculoskeletal
Breast
Gastrointestinal
Abdominal

MRI Coils Industry - Regional Synopsis

North American Market Forecast

North America MRI coils market share is predicted to cross 32% by 2035. MRI coils are integral parts of MRI machines that detect cancerous tumors in the body. CDC reports that there were 602,350 cancer deaths in the United States in 2020, of which 284,619 were attributed to females and 317,731 to males.

APAC Market Statistics

By the end of 2035, Asia Pacific will have a dominant position in the market, accounting for approximately 29% of the revenue share. Advanced imaging technologies are being adopted by countries in the region as a result of better healthcare systems. As of 2020, Japan had the highest MRI unit density per million people, with 56 MRI units per million. Recent decreases in the cost of MRI scanners have also made them more affordable to a wider range of patients in the region.

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Companies Dominating the Global MRI Coils Landscape

GE HealthCare
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis

Koninklijke Philips N.V.
Siemens Healthcare GmbH
Esaote SpA
Aurora Imaging Technology, Inc.
Hitachi, Ltd.
Bruker
Medspira
Canon Medical Systems USA, Inc.
Monteris

In The News

SimonMed Imaging by GE HealthCare is one of the US largest outpatient imaging providers, has become the first in Arizona to offer patients the new MRI technology in the market.
A fully-sealed 1.5T magnet was developed by Koninklijke Philips N.V. to help achieve 'helium-free' magnetic resonance imaging.

Global Economic Impact

Request Insights

Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the MRI coils market?

Ans: Increasing chronic diseases prevalence, growing geriatric population, technological advances in medical imaging are major factors driving MRI coils market growth.

2) What would be the CAGR of MRI coils market over the forecast period?

Ans: The market size of MRI coils is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2023 – 2035.

3) What are the challenges affecting the MRI coils market growth?

Ans: Stringent regulations, and a lack of skilled personnel are some of the main challenges that are currently affecting the market

4) Which region will provide more business opportunities for growth of MRI coils market in future?

Ans: The market in the North America region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

5) Who are the major players dominating the MRI coils market?

Ans: The major players in the market are GE HealthCare, Koninklijke Philips N.V., Siemens Healthcare GmbH, Esaote SpA, Hitachi, Ltd., and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the MRI coils market?

Ans: The market is segmented by product type, coil type, application, end user and by region.

8) Which segment captures the largest market size in the application segment in the MRI coils market?

Ans: The neurology segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.