Global Magnetic Resonance Imaging Coils Market is valued at approximately USD 7.98 billion in 2022 and is anticipated to grow with a compounded annual growth rate of more than 8.7% over the forecast period 2023-2030. The Magnetic Resonance Imaging (MRI) Coils consist of a conductive loop or an array of loops that generate and receive radiofrequency signals. These signals interact with the body’s protons (primarily found in water molecules) when exposed to a strong magnetic field and radiofrequency pulses. The protons absorb energy from the RF pulses and subsequently, Emmett signals as they return to their equilibrium state. However, the growing geriatric population and increasing prevalence of chronic diseases emerge as to be the growth factors of the Global Magnetic Resonance Imaging Market.
According to the World Health Organization (WHO) in 2022, noncommunicable diseases (NCDs), impact individuals across diverse ages, groups, regions, and nations. Although these conditions are commonly linked to older age groups, research reveals that 17 million premature NCD-related deaths occur before the age of 70. It is estimated that 86% of these early days transpire in low and middle-income countries. Risk factors associated with NCD such as unhealthy diets, physical inactivity, tobacco, smoke, exposure, or excessive alcohol consumption, make children, adults, and the elderly susceptible to these conditions. According to World Health Organization (WHO) in 2020, the population share of people aged 60 years and above rose to 1.4 billion from 1 billion. The global population of individuals, aged 60 years and older is expected to double, reaching a staggering, 2.1 billion. Furthermore, it is anticipated that the number of individuals aged 60 years or older expected to get triple between 2020 and 2015, reaching account to 426 million. However, the high cost of MRI systems and limited accessibility may hamper the growth of the Global Magnetic Resonance imaging coils Market. Moreover, increasing research and development (R&D) investment and medical tourism emerge as to be growth opportunities in the market.
The key regions considered for the Global Magnetic Resonance Imaging Coils Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market owing to the factors such as the presence of advanced healthcare infrastructure and inclination towards advanced technology. Asia Pacific region emerges as to be the fastest growing region due to factors such as the emerging market for medical tourism and the large population that occurs to be the center of approach towards the deployment of advanced healthcare technology and opportunity for investment in the healthcare infrastructure.
Major market player included in this report are:
GE HealthCare Technologies Inc.
Koninklijke Philips N.V.
Siemens Healthineers AG
Canon Medical Systems Corporation
Esaote Biomedica SPA
MR Instruments Inc.
Rapid MR International LLC
Bruker Scientific Instruments
Recent Developments in the Market:
Ø In June 2020, the Neuroscience Foundation made an announcement regarding the development of 7T MRI technology to enhance neurovascular imaging in neurological illness. The foundation has allocated a total pending amount of USD 16 722 for this research study.
Ø In October 2022, DirectMed Parts and Services LLC announced a partnership and investment with ScanMed to expand the MRI coil repair and supply capabilities. furthermore, this partnership may significantly enhance their technical support capabilities towards end customers, including field service, engineers, and biomedical engineers.
Global Magnetic Resonance Imaging Coils Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Type, Application, End User, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Spine and Musculoskeletal
By End User:
Diagnostic Imaging Centers
Ambulatory Care Services
Middle East & Africa
Rest of Middle East & Africa