What Has Been the Growth Trajectory of the Magnetic Resonance Imaging Coils Market?
The magnetic resonance imaging coils market has seen considerable growth due to a variety of factors.
• The market size of magnetic resonance imaging coils has seen substantial growth in the past few years. The market, valued at $12.62 billion in 2024, is forecasted to reach $13.53 billion in 2025, projecting a compound annual growth rate (CAGR) of 7.2%.
Factors such as the growing occurrence of chronic diseases, an aging population, research and development activities, increasing healthcare expenditure, and stringent regulatory compliance have all contributed to this historic growth.
What Does the Future Hold for the Magnetic Resonance Imaging Coils Market?
The magnetic resonance imaging coils market is expected to maintain its strong growth trajectory in upcoming years.
• The market for magnetic resonance imaging coils is predicted to expand rapidly in the coming years. It is anticipated to reach a size of $19.97 billion in 2029, with a compound annual growth rate (CAGR) of 10.2%.
The anticipated growth during this period can be linked to the surge in telemedicine, the development of hybrid imaging, the initiatives in precision medicine, the advent of personalized medicine, and faster diagnosis and treatment procedures. Significant trends to watch out for during this period include AI-assisted imaging, wearable and constant monitoring, the use of advanced materials and manufacturing processes, personalized coil design, and low-field MRI systems.
What Are The Leading Drivers Of Growth In The Magnetic Resonance Imaging Coils Market?
The rise in chronic illnesses is predicted to fuel the magnetic resonance imaging coil market's expansion. These are conditions that persist for a year or longer, necessitating continual medical intervention and limiting daily life activities. Diseases such as heart disease and cancer, where MRI is crucial in diagnosing and monitoring treatment responses, are predominant chronic diseases. The MRI coil captures the radio frequency signal obtained from the patient's body and transfers the data to a computer to generate images. For example, the World Health Organization, a specialized UN agency based in Switzerland, reported in September 2023 that there were 41 million deaths globally, accounting for 74% of all deaths from non-communicable or chronic diseases. Cardiovascular diseases accounted for 17.9 million deaths, cancer for 9.3 million, and chronic respiratory diseases for 4.1 million. As such, there's an anticipated increase in MRI machine usage for monitoring chronic diseases. This rise in chronic illness prevalence is thus projected to stimulate demand for magnetic resonance imaging coils over the forecast period.
How Are The Segments Defined Within The Global Magnetic Resonance Imaging Coils Market?
The magnetic resonance imaging coils market covered in this report is segmented –
1) By Type: Radiofrequency Coil, Gradient Coil
2) By Application: Neurology, Cardiovascular, Spine and Musculoskeletal, Pediatric, Breast, Abdominal, Other Applications
3) By End User: Hospitals, Diagnostic Imaging Centers, Other End Users
Subsegments:
1) By Radiofrequency Coil: Head Coil, Body Coil, Extremity Coil, Surface Coil
2) By Gradient Coil: Standard Gradient Coil, High-Performance Gradient Coil, Specialized Gradient Coil
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How Are New Trends Expected To Influence The Growth Of The Magnetic Resonance Imaging Coils Market?
Leading businesses in the magnetic resonance imaging coils market are concentrating on developing smart fit coils to bolster patient comfort, enhance picture quality, and ramp up workflow productivity by automatically modifying to various body sizes and shapes. Smart fit coils exemplify cutting-edge MRI coils that self-adjust their form and size to conform to the patient’s body. The Smart Fit coils can flex over 90 degrees in all angles, making them adaptable to different anatomical constructions. This adaptability is exceptionally useful for imaging complex areas like long bones or patients with plaster casts. For example, in November 2023, Koninklijke Philips N.V., a company based in the Netherlands, introduced MR Smart Fit coils. These coils are noticeably lighter than conventional options, leading to improved patient comfort and easier handling for medical personnel. The Smart Fit 1.5T shoulder coil is engineered to decrease setup time by approximately 10%, enabling patients to be prepped while seated on the examination table, thus making the entire process more efficient. These coils are primed for use with Philips’ SmartSpeed AI solution, improving image quality and resolution.
Who Are the Key Players in the Magnetic Resonance Imaging Coils Market?
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
• Medtronic Inc.
• Signet Systems Inc.
• DirectMed Inc.
• Hitachi Medical Systems America Inc.
• Invivo Corporation
• Medrad Inc.
• NeuroLogica Corp.
• Philips Healthcare
• Shimadzu Corporation
• Toshiba Medical Systems Corporation
• Analogic Corporation
What Is The Most Dominant Region In The Magnetic Resonance Imaging Coils Market?
North America was the largest region in the magnetic resonance imaging coils market share in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the magnetic resonance imaging coils market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
