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:
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ESAOTE SPA
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GE Healthcare
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Koninklijke Philips N.V.
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Siemens Healthcare Private Limited
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MR Instruments, Inc.
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RAPIDMR International LLC
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ScanMed
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Canon Medical Systems Corporation
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Hologic Inc.
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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
Report Attributes | Report Details |
Report Title | Magnetic Resonance Imaging Coils Market Research Report |
By Type | Radiofrequency, Gradient |
By Application | Cardiovascular, Neurology |
By End-use | Hospitals, Diagnostic Imaging Centers |
By 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 |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 249 |
Number of Tables & Figures | 175 |
Customization Available | Yes, the report can be customized as per your need. |
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:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of Magnetic Resonance Imaging Coils Market.
- Historical data and forecast.
- Estimations for the forecast period 2028.
- Developments and trends in the market.
1. Radiofrequency
2. Gradient
7. By Application:1. Cardiovascular
2. Neurology
8. By End-use:1. Hospitals
2. Diagnostic Imaging Centers
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- 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.
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Magnetic Resonance Imaging Coils Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Magnetic Resonance Imaging Coils Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Magnetic Resonance Imaging Coils Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Magnetic Resonance Imaging Coils Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Magnetic Resonance Imaging Coils Market Size & Forecast, 2018-2028
4.5.1 Magnetic Resonance Imaging Coils Market Size and Y-o-Y Growth
4.5.2 Magnetic Resonance Imaging Coils Market Absolute $ Opportunity
Chapter 5 Global Magnetic Resonance Imaging Coils Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Magnetic Resonance Imaging Coils Market Size Forecast by Type
5.2.1 Radiofrequency
5.2.2 Gradient
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Magnetic Resonance Imaging Coils Market Analysis and Forecast by Application
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Application
6.1.2 Basis Point Share (BPS) Analysis by Application
6.1.3 Absolute $ Opportunity Assessment by Application
6.2 Magnetic Resonance Imaging Coils Market Size Forecast by Application
6.2.1 Cardiovascular
6.2.2 Neurology
6.3 Market Attractiveness Analysis by Application
Chapter 7 Global Magnetic Resonance Imaging Coils Market Analysis and Forecast by End-use
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by End-use
7.1.2 Basis Point Share (BPS) Analysis by End-use
7.1.3 Absolute $ Opportunity Assessment by End-use
7.2 Magnetic Resonance Imaging Coils Market Size Forecast by End-use
7.2.1 Hospitals
7.2.2 Diagnostic Imaging Centers
7.3 Market Attractiveness Analysis by End-use
Chapter 8 Global Magnetic Resonance Imaging Coils Market Analysis and Forecast by Region
8.1 Introduction
8.1.1 Key Market Trends & Growth Opportunities by Region
8.1.2 Basis Point Share (BPS) Analysis by Region
8.1.3 Absolute $ Opportunity Assessment by Region
8.2 Magnetic Resonance Imaging Coils Market Size Forecast by Region
8.2.1 North America
8.2.2 Europe
8.2.3 Asia Pacific
8.2.4 Latin America
8.2.5 Middle East & Africa (MEA)
8.3 Market Attractiveness Analysis by Region
Chapter 9 Coronavirus Disease (COVID-19) Impact
9.1 Introduction
9.2 Current & Future Impact Analysis
9.3 Economic Impact Analysis
9.4 Government Policies
9.5 Investment Scenario
Chapter 10 North America Magnetic Resonance Imaging Coils Analysis and Forecast
10.1 Introduction
10.2 North America Magnetic Resonance Imaging Coils Market Size Forecast by Country
10.2.1 U.S.
10.2.2 Canada
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 North America Magnetic Resonance Imaging Coils Market Size Forecast by Type
10.6.1 Radiofrequency
10.6.2 Gradient
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 North America Magnetic Resonance Imaging Coils Market Size Forecast by Application
10.10.1 Cardiovascular
10.10.2 Neurology
10.11 Basis Point Share (BPS) Analysis by Application
10.12 Absolute $ Opportunity Assessment by Application
10.13 Market Attractiveness Analysis by Application
10.14 North America Magnetic Resonance Imaging Coils Market Size Forecast by End-use
10.14.1 Hospitals
10.14.2 Diagnostic Imaging Centers
10.15 Basis Point Share (BPS) Analysis by End-use
10.16 Absolute $ Opportunity Assessment by End-use
10.17 Market Attractiveness Analysis by End-use
Chapter 11 Europe Magnetic Resonance Imaging Coils Analysis and Forecast
11.1 Introduction
11.2 Europe Magnetic Resonance Imaging Coils Market Size Forecast by Country
11.2.1 Germany
11.2.2 France
11.2.3 Italy
11.2.4 U.K.
11.2.5 Spain
11.2.6 Russia
11.2.7 Rest of Europe
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Europe Magnetic Resonance Imaging Coils Market Size Forecast by Type
11.6.1 Radiofrequency
11.6.2 Gradient
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Europe Magnetic Resonance Imaging Coils Market Size Forecast by Application
11.10.1 Cardiovascular
11.10.2 Neurology
11.11 Basis Point Share (BPS) Analysis by Application
11.12 Absolute $ Opportunity Assessment by Application
11.13 Market Attractiveness Analysis by Application
11.14 Europe Magnetic Resonance Imaging Coils Market Size Forecast by End-use
11.14.1 Hospitals
11.14.2 Diagnostic Imaging Centers
11.15 Basis Point Share (BPS) Analysis by End-use
11.16 Absolute $ Opportunity Assessment by End-use
11.17 Market Attractiveness Analysis by End-use
Chapter 12 Asia Pacific Magnetic Resonance Imaging Coils Analysis and Forecast
12.1 Introduction
12.2 Asia Pacific Magnetic Resonance Imaging Coils Market Size Forecast by Country
12.2.1 China
12.2.2 Japan
12.2.3 South Korea
12.2.4 India
12.2.5 Australia
12.2.6 South East Asia (SEA)
12.2.7 Rest of Asia Pacific (APAC)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Asia Pacific Magnetic Resonance Imaging Coils Market Size Forecast by Type
12.6.1 Radiofrequency
12.6.2 Gradient
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Asia Pacific Magnetic Resonance Imaging Coils Market Size Forecast by Application
12.10.1 Cardiovascular
12.10.2 Neurology
12.11 Basis Point Share (BPS) Analysis by Application
12.12 Absolute $ Opportunity Assessment by Application
12.13 Market Attractiveness Analysis by Application
12.14 Asia Pacific Magnetic Resonance Imaging Coils Market Size Forecast by End-use
12.14.1 Hospitals
12.14.2 Diagnostic Imaging Centers
12.15 Basis Point Share (BPS) Analysis by End-use
12.16 Absolute $ Opportunity Assessment by End-use
12.17 Market Attractiveness Analysis by End-use
Chapter 13 Latin America Magnetic Resonance Imaging Coils Analysis and Forecast
13.1 Introduction
13.2 Latin America Magnetic Resonance Imaging Coils Market Size Forecast by Country
13.2.1 Brazil
13.2.2 Mexico
13.2.3 Rest of Latin America (LATAM)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Latin America Magnetic Resonance Imaging Coils Market Size Forecast by Type
13.6.1 Radiofrequency
13.6.2 Gradient
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Latin America Magnetic Resonance Imaging Coils Market Size Forecast by Application
13.10.1 Cardiovascular
13.10.2 Neurology
13.11 Basis Point Share (BPS) Analysis by Application
13.12 Absolute $ Opportunity Assessment by Application
13.13 Market Attractiveness Analysis by Application
13.14 Latin America Magnetic Resonance Imaging Coils Market Size Forecast by End-use
13.14.1 Hospitals
13.14.2 Diagnostic Imaging Centers
13.15 Basis Point Share (BPS) Analysis by End-use
13.16 Absolute $ Opportunity Assessment by End-use
13.17 Market Attractiveness Analysis by End-use
Chapter 14 Middle East & Africa (MEA) Magnetic Resonance Imaging Coils Analysis and Forecast
14.1 Introduction
14.2 Middle East & Africa (MEA) Magnetic Resonance Imaging Coils Market Size Forecast by Country
14.2.1 Saudi Arabia
14.2.2 South Africa
14.2.3 UAE
14.2.4 Rest of Middle East & Africa (MEA)
14.3 Basis Point Share (BPS) Analysis by Country
14.4 Absolute $ Opportunity Assessment by Country
14.5 Market Attractiveness Analysis by Country
14.6 Middle East & Africa (MEA) Magnetic Resonance Imaging Coils Market Size Forecast by Type
14.6.1 Radiofrequency
14.6.2 Gradient
14.7 Basis Point Share (BPS) Analysis by Type
14.8 Absolute $ Opportunity Assessment by Type
14.9 Market Attractiveness Analysis by Type
14.10 Middle East & Africa (MEA) Magnetic Resonance Imaging Coils Market Size Forecast by Application
14.10.1 Cardiovascular
14.10.2 Neurology
14.11 Basis Point Share (BPS) Analysis by Application
14.12 Absolute $ Opportunity Assessment by Application
14.13 Market Attractiveness Analysis by Application
14.14 Middle East & Africa (MEA) Magnetic Resonance Imaging Coils Market Size Forecast by End-use
14.14.1 Hospitals
14.14.2 Diagnostic Imaging Centers
14.15 Basis Point Share (BPS) Analysis by End-use
14.16 Absolute $ Opportunity Assessment by End-use
14.17 Market Attractiveness Analysis by End-use
Chapter 15 Competition Landscape
15.1 Magnetic Resonance Imaging Coils Market: Competitive Dashboard
15.2 Global Magnetic Resonance Imaging Coils Market: Market Share Analysis, 2019
15.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
15.3.1 Hologic Inc
15.3.2 Canon Medical Systems Corporation
15.3.3 MR Instruments Inc
15.3.4 ScanMed
15.3.5 RAPID MR International LLC
15.3.6 BrukerÂ
15.3.7 Koninklijke Philips NV
15.3.8 GE Healthcare
15.3.9 Siemens Healthcare Private Limited
15.3.10 ESAOTE SPA