Global Magnetic Resonance Imaging Coils Market Report and Forecast 2024-2032

Global Magnetic Resonance Imaging Coils Market Outlook

The global magnetic resonance imaging coils market size was valued at USD 9.1 billion in 2023, driven by the increasing demand for medical diagnostics across the globe. The market is expected to grow at a CAGR of 8.1% during the forecast period of 2024-2032, with the values likely to rise from USD 9.8 billion in 2024 to USD 18.4 billion by 2032.

Global Magnetic Resonance Imaging Coils: Introduction

Magnetic resonance imaging or MRI is a non-invasive imaging technology used to produce high quality images of the body’s internal structures. Magnetic resonance imaging coils are used to help the system capture high-quality images by transmitting strong magnetic fields and radio waves to capture the image. A coil is an integral part of an MRI because getting an image without it is not possible.

Radiofrequency coils are the most common type of MRI coils that work by converting signals into data that gets transferred to the computer and later interpreted to get the final image. Volume coils, surface coils, gradient coils are other common types.

Global Magnetic Resonance Imaging Coils Market Analysis

Magnetic resonance imaging coils are segmented into gradient coils, radio-frequency coils, and volume coils. As per contemporary trends, scientists are focused at creating better designs that are efficient and allow a vast coverage of several body parts to facilitate better visualisation of the human anatomy in short span of time. For example, AIR™ Coils by GE Healthcare aids better adaptability in patient diagnosis. It is light, accessible, easy to position coil that boasts a 360-degree coverage. Hence, we can anticipate magnetic resonance imaging coils market growth in the forecast period.

In July 2023, the University of Birmingham came up with research which indicated that using copper in MRI system could help create better images for effective diagnosis. The ongoing development to enhance the existing system is a huge indicator that the magnetic resonance imaging coils market value will experience valuable additions in the future. 

Global Magnetic Resonance Imaging Coils Market Segmentation

Market Breakup by Product Type

• Phased-Array

• Quadrature

Market Breakup by Type

• Volume Coils

• Gradient Coils

• Radiofrequency Coils

• Surface

• Others

Market Breakup by Applications

• Neuroimaging

• Cardiovascular

• Musculoskeletal

• Gastrointestinal

• Pediatric

• Breast

• Others

Market Breakup by End User

• Hospitals

• Diagnostic Imaging Centre

• Others

Market Breakup by Distribution Channel

• Direct Tenders

• Retail Sales

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Global Magnetic Resonance Imaging Coils Market Overview

MRI has wide range of medical diagnostic applications. It is applicable in neuroimaging, cardiovascular imaging, angiographies and even cancer diagnosis. In 2023, 1,958,310  new cancer cases are projected to occur in the United States. The presence of a well-developed medical infrastructure, which has led to the development premium diagnostic and imaging facilities, is a key factor contributing to a huge market size. However, fastest growth in the industry will be observed in Asia Pacific region owing to increased foreign investments.

Philips started manufacturing radio-frequency magnetic coils in India, which brought approximately INR 400 crore investment under the PLI government scheme. This indicates that the government is also bringing leniency to the law and order to attract investments. Moreover, with the occurrence of a geriatric population, the prevalence of chronic diseases will increase in the area, bringing considerable value to the market size. Therefore, we can anticipate substantial magnetic resonance imaging coils market growth in the future.

Global Magnetic Resonance Imaging Coils Market: Competitor Landscape

The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• General Electric

• Koninklijke Philips N.V.

• Siemens Healthcare GmbH

• AURORA HEALTHCARE US CORP

• NORAS MRI products

• ESAOTE SPA

• Hitachi, Ltd.

• Bruker

• IMRIS

• Monteris

• Nael Medical - Part of NBHH Group

• MEDSPIRA

• CANON MEDICAL SYSTEMS USA, INC.

Key Highlights of the Report