The Global Magnetic Resonance Imaging Coils Market size is expected to reach $13.3 billion by 2027, rising at a market growth of 7.6% CAGR during the forecast period. Magnetic resonance imaging (MRI) defines as a noninvasive imaging modality, which is very flexible & configurable and also helps in attaining a superior contrast among the soft tissues of the body. MRI is a pervasive diagnostic tool used in the medical field and this is a widely known concept among the masses but usage of MRI in engineering and the physical sciences is not that popular. It is one of the highly powerful tomography techniques because of the various kinds of contrast & information, which is majorly used in the clinical field. These uses are not restricted to molecular diffusion, chemical concentration, and velocity, all of which can be evaluated locally in an image of the sample.
The Magnetic Resonance Imaging Coils Market is driven by the increasing prevalence of chronic diseases like cancer, neurological, cardiovascular and urological diseases. Almost half of the adult population in the U.S is suffering from chronic diseases. In the U.S, over 75.0% of the healthcare expenditure is utilized for providing medical relief to all chronic conditions. Moreover, one of the major drivers for the market growth is the increasing awareness related to early diagnosis. The growing cases of cancer and cardiovascular diseases have resulted in the high mortality rate across the world. Due to this, many governments and healthcare organizations are working towards creating more awareness among people related to these diseases. This increasing awareness will further propel the adoption of MRI and MRI coils over the coming years.
Based on Application, the market is segmented into Cardiovascular, Spine and Musculoskeletal, Neurology, Breast, Pediatric, Abdominal and Others. By Application, the neurology market segment held the highest share of the market in 2020 and is anticipated to witness the fastest growth rate over the forecast period. The growth graph of the market would witness upward trajectory with the increasing development of innovative MRI coils for neurological conditions.
Based on Type, the market is segmented into Radiofrequency Coil and Gradient Coil. Based on Type, the radiofrequency coil market segment held the largest share in the revenue of the market in 2020. This segment would exhibit the similar trend and acquire the highest growth rate over the forecast years. The MRI machine, Radiofrequency (RF) coils play a crucial role that affects the temporal and spatial resolution, sensitivity and uniformity in MRI.
Based on End-Use, the market is segmented into Hospitals, Diagnostic Imaging Centers, Ambulatory Care Centers and Others. The ambulatory care centers segment is anticipated to record the fast CAGR over the forecast period. All the government initiatives to enhance and increase the number of primary care centers are projected to fuel the growth of the segment. In addition, the requirement demand for MRI machines and resultant requirement for MRI coils are boosted by the rising number of MRI scans done at these ambulatory care centers.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 7.5 Billion |
| Market size forecast in 2027 | USD 13.3 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 7.6% from 2021 to 2027 |
| Number of Pages | 214 |
| Number of Tables | 390 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Application, Type, End Use, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. On the basis of region, North America emerged as the leading region by garnering the largest revenue share of the global Magnetic Resonance Imaging (MRI) coils market in 2020. The rising cases of chronic diseases like cardiovascular disorders, breast cancer, and neurological diseases in this region have surged the demand for imaging analysis in the market.
Free Valuable Insights: Global Magnetic Resonance Imaging Coils Market size to reach USD 13.3 Billion by 2027
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Electric (GE) Co. (GE Healthcare), Koninklijke Philips N.V., Siemens AG, Canon, Inc. (Canon Medical Systems Corporation), Hologic, Inc., Bruker Corporation, Esaote SpA, MR Instruments, Inc., RAPID MR International, LLC, and ScanMed, LLC.
By Application
By Type
By End Use
By Geography
The magnetic resonance imaging coils market size is projected to reach USD 13.3 billion by 2027.
Advancements in the MRI machines and coils are driving the market in coming years, however, deposition of Radiofrequency (RF) energy and noise problem have limited the growth of the market.
General Electric (GE) Co. (GE Healthcare), Koninklijke Philips N.V., Siemens AG, Canon, Inc. (Canon Medical Systems Corporation), Hologic, Inc., Bruker Corporation, Esaote SpA, MR Instruments, Inc., RAPID MR International, LLC, and ScanMed, LLC.
The expected CAGR of the magnetic resonance imaging coils market is 7.6% from 2021 to 2027.
Asia-Pacific region is projected to witness the fastest growth rate over the forecast period.
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