The global Magnetic Resonance Imaging Coils market size is expected to be worth around US$ 23.7 billion by 2030, according to a new report by Vision Research Reports.
The global Magnetic Resonance Imaging Coils market size was valued at US$ 7.10 billion in 2020 and is anticipated to grow at a CAGR of 7.10% during forecast period 2021 to 2030.
The growing prevalence of chronic diseases such as cardiovascular, neurological, cancer, and urological is expected to drive the market. Rising chronic diseases is a global healthcare concern. In the U.S., over half of the adult population suffers from these chronic diseases. Around 75.0% of the total healthcare expenditure in the U.S. is used for providing care for these chronic conditions.
For instance, as per the National Cancer Institute, in 2020, around 1,806,590 new cancer cases were diagnosed in the U.S. Similarly, as per American Heart Association, the mortality related to cardiovascular diseases is very high, with around 17.3 million deaths registered per year. This death rate is projected to reach 23.6 million by 2030. These diseases require imaging tools, mainly magnetic resonance imaging (MRI), for diagnosis and monitoring of progression as well as treatment effects. The growing demand for MRI for various applications will lead to the adoption of MRI coils, which, in turn, may propel market growth.
The radiofrequency coil segment dominated the market and held the largest revenue share of 59.5% in 2020 and is expected to grow at the fastest rate of 7.8% during the forecast period. Radiofrequency (RF) coils are an essential part of MRI machine that impacts temporal and spatial resolution, uniformity, and sensitivity in MRI. RF coils are further distinguished into surface coils (array), these detect signals at higher SNR closer to the surface of the patients. A combination of several surface coils is used which is termed as an array, that helps in gaining high SNR over a large Region of Interest (ROI). Second are the volume coils, which are also termed body coils.
Continuous advances in RF hardware enhance its optimization for multiple clinical applications. The growing focus of global players to innovate RF coils is expected to contribute towards the segment growth. For instance, in April 2017, ScanMed partnered with Fujikura, a Japan-based company for the development of MRI coils. This partnership will lead to various advantages such as the development of cost-effective MRI coils, combined technical expertise, and an enhanced distribution network. Gradient coil held a significant share in the MRI coils market. These coils are used to produce variations in the main magnetic field deliberately. The variation in the magnetic field helps in localizing image slices and frequency and phase encoding.
The neurology segment dominated the market and held the largest revenue share of 22.6% in 2020 and is expected to grow at the fastest rate of 7.7% during the forecast period. The growing development of advanced MRI coils neurological conditions is expected to boost segment growth. In June 2020, the Neuroscience Foundation project aimed at developing 7T MRI technology for enhanced neurovascular imaging in neurological conditions. The Neuroscience Foundation provided USD 16,722 funds for supporting this project.
The musculoskeletal segment also held a significant share in the market and is expected to experience considerable growth during the forecast period. Increasing product launch of high tesla MRI machines for musculoskeletal imaging is expected to contribute towards the segment growth. For instance, in October 2017, Siemens received clearance for the first 7T MRI machine, MAGNETOM Terra. This machine has two coils for knee and neuroimaging. Additionally, Swiss researchers are working on technology for musculoskeletal imaging using stretchable wearable MRI coil.
The hospitals segment dominated the market and held the largest revenue share of 29.7% in 2020. This segment includes revenue generated by MRI units sold in hospitals, as these establishments have the space and capital required for MRI machines. The increasing number of hospital imaging centers is expected to drive the segment growth in upcoming years. Imaging centers held a significant share in the market. Imaging centers offer imaging services by various modalities in a single establishment. These centers are useful for most of the hospitals that do not have enough space for dedicated rooms for imaging equipment. The ambulatory care centers segment is expected to experience the fastest growth rate during the forecast period. Government initiatives to improve and increase the number of primary care centers are expected to contribute towards the segment growth.
North America dominated the Magnetic Resonance Imaging (MRI) coils market and held the largest revenue share of 27.6% in 2020. The increasing incidence of chronic diseases such as breast cancer, cardiovascular disorders, and neurological diseases in this region is creating demand for imaging analysis. The region is expected to maintain its dominance throughout the forecast period. The high adoption rate for advanced technology coupled with the growing incidence of chronic conditions is anticipated to spur the growth of the market in the region.
Europe also held a significant share in the market in 2020 and is expected to grow lucratively over the forecast period. European countries such as the U.K., Germany, and France have well-defined healthcare infrastructure and facilitate easy access to diagnostic imaging services. The increasing aging population in these countries is also expected to propel the demand for medical imaging such as MRI, thereby, expected to boost market growth during the forecast period.
Koninklijke Philips N.V.
Siemens Healthcare Private Limited
MR Instruments, Inc.
RAPID MR International, LLC
Canon Medical Systems Corporation
Spine and Musculoskeletal
Diagnostic Imaging Centers
Ambulatory Care Centers
Middle East & Africa
The Magnetic Resonance Imaging Coils market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Magnetic Resonance Imaging Coils market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Magnetic Resonance Imaging Coils market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Magnetic Resonance Imaging Coils market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Magnetic Resonance Imaging Coils market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Magnetic Resonance Imaging Coils capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Magnetic Resonance Imaging Coils by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Magnetic Resonance Imaging Coils market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Magnetic Resonance Imaging Coils market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Magnetic Resonance Imaging Coils market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Magnetic Resonance Imaging Coils industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Magnetic Resonance Imaging Coils market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Magnetic Resonance Imaging Coils market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Magnetic Resonance Imaging Coils market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Magnetic Resonance Imaging Coils market. These factors have benefited the growth of the global market for Magnetic Resonance Imaging Coils. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Magnetic Resonance Imaging Coils. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of MAGNETIC RESONANCE IMAGING COILS are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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