Magnetic Resonance Imaging Coils Market Growth and Global Industry Status by 2032

In 2021, the market for Magnetic Resonance Imaging Coils worldwide was worth $ 9 billion US dollars. AMR Group projects that the market will reach US$ 17 billion by 2031, growing at a CAGR of 9.3 percent between 2022 and 2031.

Industry Overview
Magnetic Resonance Imaging (MRI) coils, also known as radiofrequency (RF) coils, are devices used in MRI machines to detect the electromagnetic signals produced by the human body in response to the magnetic field generated by the machine. The MRI coils are placed on or around the part of the body being imaged, and they work by sending and receiving RF signals to and from the tissue being imaged.

MRI coils come in different shapes and sizes, and are designed to image specific parts of the body, such as the brain, spine, chest, or extremities. Some coils are designed for specialized applications, such as breast imaging or cardiac imaging. The MRI coils are an essential component of an MRI machine, as they help to improve the image quality and reduce image artifacts. The quality of the image obtained from an MRI scan is largely dependent on the type and quality of the coils used. MRI coils can be classified into two types: surface coils and volume coils. Surface coils are designed to image superficial regions of the body, such as the extremities or the head, while volume coils are used to image larger regions of the body, such as the chest or abdomen. In summary, MRI coils are a crucial component of an MRI machine, and play a critical role in producing high-quality images of the human body for diagnosis and treatment planning.

Market Dynamics
The global market for Magnetic Resonance Imaging (MRI) coils is driven by several factors, including:
Increasing demand for MRI procedures: The demand for MRI procedures is increasing due to the growing prevalence of chronic diseases, such as cancer, cardiovascular diseases, and neurological disorders. This is driving the demand for high-quality MRI coils that can produce accurate and detailed images of the human body.
Technological advancements in MRI coils: The development of advanced MRI coils with improved sensitivity, signal-to-noise ratio, and spatial resolution is driving the demand for these devices. Manufacturers are investing in research and development to develop coils that can improve the diagnostic accuracy and reduce imaging time.
Growing focus on non-invasive diagnostic procedures: The trend towards non-invasive diagnostic procedures is driving the demand for MRI coils, as MRI is a non-invasive imaging modality that does not involve radiation exposure. This is particularly important for pediatric and pregnant patients.
Increasing healthcare expenditure: The increasing healthcare expenditure in developed and developing countries is driving the demand for MRI coils. The availability of advanced medical equipment, including MRI coils, is improving the quality of healthcare and patient outcomes. However, the high cost of MRI coils and the lack of skilled professionals to operate the machines are major challenges faced by the market. Additionally, the COVID-19 pandemic has resulted in a decline in the number of diagnostic imaging procedures performed, including MRI scans, which has affected the demand for MRI coils.
Overall, the global market for MRI coils is expected to grow in the coming years due to the increasing demand for MRI procedures and the development of advanced coils that can improve the diagnostic accuracy and reduce imaging time.

COVID Impact
The COVID-19 pandemic has had a significant impact on the global market for Magnetic Resonance Imaging (MRI) coils. The pandemic has led to a decline in the number of MRI procedures performed due to restrictions on elective surgeries and outpatient visits, as well as a decrease in patient visits to healthcare facilities. This has resulted in a decline in the demand for MRI coils. In addition, the disruption of supply chains and manufacturing operations due to the pandemic has affected the production and delivery of MRI coils, leading to delays in equipment installation and upgrades.

The pandemic has also resulted in a shift towards telemedicine and remote consultations, which has reduced the need for in-person diagnostic imaging procedures, including MRI scans. However, this trend is expected to be temporary, as the demand for MRI procedures is expected to recover once the pandemic is under control and normal operations resume. Despite the short-term impact of the pandemic on the MRI coils market, the long-term outlook remains positive, driven by the increasing demand for non-invasive diagnostic procedures, the development of advanced MRI coils, and the growing healthcare expenditure in developed and developing countries. The market is expected to recover as the healthcare industry adapts to the new normal and the demand for MRI procedures returns to pre-pandemic levels.

Regional Trend
The global market for Magnetic Resonance Imaging (MRI) coils is geographically segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
North America is the largest market for MRI coils, driven by the presence of a well-established healthcare system, high healthcare expenditure, and the increasing prevalence of chronic diseases. The United States is the largest market for MRI coils in North America, accounting for the majority of the market share.
Europe is the second-largest market for MRI coils, driven by the increasing demand for non-invasive diagnostic procedures and the growing adoption of advanced medical technologies. Germany, France, and the United Kingdom are the largest markets for MRI coils in Europe.
The Asia-Pacific region is expected to be the fastest-growing market for MRI coils, driven by the increasing healthcare expenditure, growing demand for diagnostic imaging procedures, and the rising prevalence of chronic diseases. China, India, and Japan are the largest markets for MRI coils in the Asia-Pacific region.
Latin America and the Middle East and Africa are also growing markets for MRI coils, driven by the increasing demand for non-invasive diagnostic procedures, the growing prevalence of chronic diseases, and the improving healthcare infrastructure. Brazil, Mexico, and Saudi Arabia are the largest markets for MRI coils in these regions. Overall, the global market for MRI coils is expected to grow across all regions due to the increasing demand for MRI procedures and the development of advanced coils that can improve diagnostic accuracy and reduce imaging time.

Competitive Landscape
The global market for Magnetic Resonance Imaging (MRI) coils is highly competitive, with a large number of players operating in the market. The major players in the market are investing in research and development to develop advanced MRI coils that can improve diagnostic accuracy and reduce imaging time.

Some of the key players in the market include:
General Electric Company: General Electric is a global leader in medical imaging equipment, including MRI coils. The company offers a wide range of MRI coils for different applications, including neurology, orthopedics, and cardiovascular imaging.
Siemens Healthineers: Siemens is a leading player in the medical imaging market, offering a range of MRI coils for different clinical applications. The company is investing in the development of advanced coils, such as 7T MRI coils, to improve diagnostic accuracy and reduce imaging time.
Koninklijke Philips N.V.: Philips is a global leader in healthcare technology, offering a range of MRI coils for different applications. The company is investing in the development of advanced coils, such as digital MRI coils, to improve diagnostic accuracy and reduce imaging time.
Hitachi, Ltd.: Hitachi is a leading player in the medical imaging market, offering a range of MRI coils for different clinical applications. The company is investing in the development of advanced coils, such as 3T MRI coils, to improve diagnostic accuracy and reduce imaging time.
Other players in the market include Canon Medical Systems Corporation, Aurora Imaging Technology, Inc., MR Instruments, Inc., and Bruker Corporation, among others. Overall, the market for MRI coils is highly competitive, with major players focusing on the development of advanced coils and innovative technologies to stay ahead of the competition.

Market Segmentation
The market for Magnetic Resonance Imaging (MRI) coils can be segmented based on various factors, including application, type, and geography.

Based on application, the market can be segmented into:
Neurology
Orthopedics
Cardiovascular
Abdominal and pelvic
Breast
Others

Based on type, the market can be segmented into:
Transmit/Receive (T/R) Coils
Receive-Only Coils
Transmit-Only Coils
Others

Based on geography, the market can be segmented into:
North America
Europe
Asia-Pacific
Latin America
Middle East and Africa

Neurology is the largest application segment of the MRI coils market, as MRI is widely used for diagnosing neurological disorders such as brain tumors, multiple sclerosis, and stroke. The orthopedics segment is also growing, driven by the increasing prevalence of sports injuries and musculoskeletal disorders. Among the different types of MRI coils, the T/R coils segment is the largest, as these coils are designed to transmit and receive radiofrequency signals, providing higher sensitivity and image quality. The receive-only coils segment is also growing, as these coils are easier to use and require less calibration.
North America is the largest market for MRI coils, driven by the presence of a well-established healthcare system and high healthcare expenditure. The Asia-Pacific region is expected to be the fastest-growing market, driven by the increasing healthcare expenditure, growing demand for diagnostic imaging procedures, and the rising prevalence of chronic diseases.