Global Magnetic Resonance Imaging Coils Market by Type (Radiofrequency, Gradient), by Application (Cardiovascular, Neurology), by End-use (Hospitals, Diagnostic Imaging Centers) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global magnetic resonance imaging coils market was valued at USD 7.7 Billion in 2020. It is projected to grow at a compound annual rate (CAGR of 7.5%) between 2021 and 2028. Market growth is expected to be driven by the increasing incidence of chronic diseases like neurological, cardiovascular, or cancer. According to the World Health Organization (WHO), the prevalence of neurological disorders is expected increase over the forecast period. It will now account for 6.8% of total Disability-adjusted life years (DALYs), up from 6.4% in 2015. This will increase the demand for magnet resonance imaging (MRI), machines for enhanced diagnosis.

The MRI machine's performance can be boosted by both the radiofrequency and gradient coils. The gradient coil creates additional magnetic fields in three dimensions, x, y and z. These magnetic fields are superimposed on the main magnetic field. They provide spatially-coded data that aids the computer in calculating image slices. The radiofrequency coil (RF) also boosts the reception of magnetic resonance signals. While some coils can transmit the signal, others can only receive it. A strong signal can provide clear images by reducing noise, which helps to improve the signal-to-noise ratio.

The recent major developments in the MRI system include wide-bore MRI systems, and the creation of technologically advanced MRI coils. To enter and sustain the market, market players are focusing on the development of MRI-coil technology. In December 2017, GE Healthcare reported that it had been granted FDA clearance for its Air Technology product. This industry-first series of RF coils allows for easier coil positioning and handling during MRI scans. This coil is 60% lighter than the traditional coil and flexible, which allows for better patient care. Air Technology uses flexible conductor material to allow the coil element to be closer in contact with the anatomy. This in turn improves signal reception, image quality and penetration depth.

Despite the many benefits of MRI coils and radiofrequency coils, it is likely that the market growth will be slightly affected by the high price. The cost of a new MRI coil is between USD 12,000 and USD 120,000. The refurbished coil will also be more expensive, at USD 3,000 to USD 25,500. This would slow down the demand for new coils in developing countries. There are also some disadvantages to these MRI coils. The coils can emit significant radiofrequency energy, which could cause patient heating problems. For excellent Signal-to noise ratio (SNR), RF coils should be placed near the anatomy. However, sometimes noise from electrical fluctuations can cause a variation in SNR which could impact imaging.

Type Insights

Radiofrequency coils dominated the market, holding the largest revenue share at 59.5% in 2020. This segment is expected to continue growing at an estimated 7.8% annual rate during the forecast period. Radiofrequency (RF), coils are an integral part of MRI machines. They have a significant impact on MRI's temporal and spatial resolution, uniformity and sensitivity. The RF coils can be further divided into surface coils (array), which detect signals at higher SNR near the patient's surface. An array is a combination of multiple surface coils. This allows for high SNR across a large Region of Interest (ROI). The volume coils are also known as body coils.

The optimization of RF hardware for clinical applications is improved by continuous advances in RF hardware. Global players are increasingly focusing on RF coil innovation to help drive segment growth. ScanMed partnered in April 2017 with Fujikura, a Japanese company that develops MRI coils. The partnership will bring many benefits, including the development of cost-effective MRI cells, combined technical expertise and an improved distribution network. The MRI coils market was dominated by the Gradient coil. These coils can be used to create variations in the main magnet field. Variation in the magnetic field is useful for localizing image slices, frequency and phase encoding, and helps to code images.

Application Insights

The market was dominated by the neurology segment, which held 22.6% of the total revenue in 2020. It is expected to continue growing at a rapid 7.7% rate during the forecast period. Segment growth will be boosted by the increasing availability of advanced MRI coils for neurological conditions. The Neuroscience Foundation project was launched in June 2020. It aimed to develop 7T MRI technology for neurovascular imaging enhancements in neurological conditions. This project was supported by the Neuroscience Foundation, which provided USD 16,722 funding.

Musculoskeletal also held a large share of the market. It is expected to see significant growth over the forecast period. Increasing product launches of high tesla MRI machine for musculoskeletal image are expected to help the segment grow. In October 2017, Siemens was granted clearance to build the 7T MRI machine MAGNETOM Terra. The machine includes two coils that can be used for neuroimaging and knee imaging. Swiss researchers are also working on technology to enable musculoskeletal imaging with stretchable wearable MRI coils.

In recent years, pediatric diagnostic imaging has become more popular. As a result, the volume of procedures is on the rise. The challenges of MRI scanning the pediatric body are many. They have to deal with varying patient sizes, limited patient corpora, and heterogeneous imaging indications. The coils for pediatric MRI are very heavy and can cause discomfort. Research is underway to create a pediatric MRI coil that is lightweight and efficient. To ensure patient comfort, semi-flexible array coils have been developed. These coils will allow for improved signal depth, 3D mechanical flexibility, element positioning and a reduction in coil weight. The segment will grow due to the increasing availability of efficient and advanced coils for pediatric imaging.

End-use Insights

Hospitals dominated the market, holding the largest revenue share at 29.7% in 2020. This category includes revenue from MRI units that are sold in hospitals. These establishments have the capital and space required to install MRI machines. In the future, this segment will see significant growth due to an increase in hospital imaging centers. Ingenia MRRT MRI systems were installed by Philips at St. Jude Children's Research Hospital in 2016. They include the standard head coil.

The market was dominated by imaging centers. Imaging centers provide multiple modalities of imaging services in one location. These centers are useful for hospitals that don't have enough space to house imaging equipment. These centers can also provide services to multiple hospitals. These centers have more equipment than hospitals and require a more advanced MRI coil to perform various applications.

The segment of ambulatory care centers is expected to see the highest growth rate over the forecast period. The segment is expected to grow due to government initiatives to increase and improve the number of primary health care centers. The increasing number of MRI scans done in this setting will increase the demand for MRI machines, and consequently the MRI coils. According to OECD, 125 MRI scans in ambulatory care were performed in Germany in 2017.

Regional Insights

North America dominated Magnetic Resonance Imaging coils (MRI) market in 2020 and held the largest revenue share at 27.6%. Imaging analysis is becoming more popular due to the increasing prevalence of chronic diseases like breast cancer, heart disease, and neurological disorders in this region. This region will continue to dominate the market for the forecast period. Market growth is expected to be fueled by the high adoption rate of advanced technology and the increasing incidence of chronic diseases.

Europe held a large share of the market in 2020, and it is expected to grow profitably over the forecast period. The U.K. and France, as well as Germany and France, have a strong healthcare system that makes it easy to access diagnostic imaging services. These countries are expected to see an increase in the demand for medical imaging services such as MRI. This is expected to drive market growth over the forecast period.

The fastest growth rate is expected in Asia Pacific during the forecast period. This region is expected to be a preferred market for global players due to its economic development in India and China. Due to the large population and low per capita incomes in the region, there is a high demand for affordable treatment options. Multinational corporations are eager to invest in developing nations such as India, China, Japan, and India. Many market players have formed strategic alliances and partnerships with local players as a result. This will boost the market for medical imaging. The forecast period will see a significant increase in demand for MRI coils.

Market Share Insights & Key Companies

Key market players offer a wide product portfolio for medical imaging, which contributes to their market share. The market will also benefit from the development of strategic alliances between the key players to enhance their product portfolio. ScanMed partnered in April 2017 with Fujikura, a Japanese company that develops MRI coils. The Magnetic Resonance Imaging (MRI), coils market is dominated by:

• ESAOTE SPA

• GE Healthcare

• Koninklijke Philips N.V.

• Siemens Healthcare Private Limited

• MR Instruments, Inc.

• RAPIDMR International LLC

• ScanMed

• Canon Medical Systems Corporation

• Hologic Inc.

• Bruker

Up Market Research published a new report titled “Magnetic Resonance Imaging Coils Market research report which is segmented by Type (Radiofrequency, Gradient), by Application (Cardiovascular, Neurology), by End-use (Hospitals, Diagnostic Imaging Centers), By Players/Companies Hologic Inc, Canon Medical Systems Corporation, MR Instruments Inc, ScanMed, RAPID MR International LLC, Bruker , Koninklijke Philips NV, GE Healthcare, Siemens Healthcare Private Limited, ESAOTE SPA”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Magnetic Resonance Imaging Coils Market Report Segments:

The market is segmented by Type (Radiofrequency, Gradient), by Application (Cardiovascular, Neurology), by End-use (Hospitals, Diagnostic Imaging Centers).

Magnetic Resonance Imaging Coils Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Magnetic Resonance Imaging Coils Market

Overview of the regional outlook of the Magnetic Resonance Imaging Coils Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Magnetic Resonance Imaging Coils Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Magnetic Resonance Imaging Coils Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Radiofrequency

                2. Gradient

                1. Cardiovascular

                2. Neurology

                1. Hospitals

                2. Diagnostic Imaging Centers

9. Market scenario by region, sub-region, and country.
10. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
11. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
12. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Magnetic Resonance Imaging Coils Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Magnetic Resonance Imaging Coils Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.