Magnetic Resonance Imaging Coils Market Analysis

Based on type, the market is segmented into radiofrequency coil and gradient coil. The radiofrequency coil segment accounted for significant revenue of USD 6.3 billion in 2023 and the segment is anticipated to grow during the forecast period.

• This anticipated surge in the segment is underpinned by ongoing technological advancements in radiofrequency (RF) coil design, contributing to heightened imaging capabilities that offer improved signal reception and transmission for enhanced diagnostic accuracy.
  
• For instance, RF coils have demonstrated the ability to provide higher signal-to-noise ratios (SNRs), resulting in elevated image quality and quicker scan times. Technological progress in RF coils, including the development of flexible, wireless, and integrated coil arrays, plays a significant role in propelling the growth of the segment, leading to enhanced image quality, accelerated scan times, and heightened patient comfort.
  

Based on application, the magnetic resonance imaging coils market is classified into neurology, cardiovascular, spine and musculoskeletal, pediatric, breast, abdominal and other applications. The neurology segment dominated the application segment of market and is expected to grow at 7.6% CAGR over the coming years.

• The data from Parkinson's Foundation suggest, on a global scale, over 10 million people are grappling with Parkinson's disease (PD). While the likelihood of PD rises with age, an estimated four percent of cases are diagnosed in individuals under the age of 50. 
  
• This surge in neurological and related diseases is expected to stimulate the demand for magnetic resonance imaging system similarly coil too, reflecting the crucial role these coils play in facilitating accurate diagnostic procedures in the evolving landscape of medical imaging.
  
• Additionally, the continuous development and integration of advanced coil technologies enabling better visualization of fine brain structures and abnormalities further ensure the sustained expansion of this market segment.
  

Based on end-use, the magnetic resonance imaging coils market is fragmented hospitals, diagnostic imaging centers, ambulatory surgical centers, and other end-users. The hospitals segment dominated the global market with 63.4% of market share.

• As hospitals increasingly become central hubs for comprehensive healthcare, the integration of advanced MRI coil technologies becomes imperative for accurate and efficient diagnostic procedures.
  
• The surge in the prevalence of various medical conditions, ranging from neurological disorders to musculoskeletal issues, is stimulating the heightened utilization of MRI services in hospitals.
  
• Furthermore, ongoing advancements in hospital infrastructure, coupled with a global focus on healthcare expenditure and government initiatives supporting healthcare infrastructure development, further contribute to the growth of the hospitals segment.
  

North America magnetic resonance imaging coils market in 2023 was valued at USD 3.4 billion and is predicted to showcase growth at 7.4% CAGR between 2024 – 2032.

• The North American advanced healthcare infrastructure and high adoption rate of medical technologies contribute significantly to this growth.
  
• The region is home to numerous leading medical device manufacturers and research institutions that are at the forefront of developing innovative MRI coil technologies.
  
• Additionally, supportive government policies, favorable reimbursement frameworks, and significant healthcare spending in the region are enhancing access to advanced diagnostic tools, thereby boosting the coils market.
  

The U.S. magnetic resonance imaging coils market accounted for USD 3 billion in 2023 and is projected to reach USD 5.6 billion by 2032.

• This dominance is underpinned by the increasing incidence of chronic diseases, including cardiovascular ailments and neurological disorders, prompting a heightened demand for advanced diagnostic imaging such as MRI.
  
• For instance, in 2020, Alzheimer's disease was formally recognized as the sixth-leading cause of death in the U.S., maintaining its position as the fifth-leading cause of death among Americans aged 65 and older.
  
• Additionally, the well-established healthcare infrastructure, continual technological advancements, and a commitment to innovation in healthcare further contribute to North America's leadership in adopting cutting-edge MRI coil systems.
  

China magnetic resonance imaging coils market is poised to grow remarkably during the coming years.

• China, with a growing number of hospitals and diagnostic centers are investing in MRI coil systems. The infrastructure development is driven by increasing healthcare expenditure, rising demand for quality healthcare services, and government initiatives to improve healthcare access and standards nationwide.
  
• Furthermore, technological advancements in MRI coil design and manufacturing are enhancing their performance and reducing costs, making them more accessible across various healthcare facilities in China. The adaptation of advanced coil technologies, such as multi-channel coils and specialized coils for different anatomical regions, further supports the market's growth.
  

Saudi Arabia is expected to grow at considerable growth rate in global magnetic resonance imaging coils market.

• The Saudi government's initiatives to enhance healthcare accessibility and quality, coupled with favorable regulatory policies and increased healthcare spending, create a conducive environment for the adoption of MRI coils and other advanced medical devices. The continuous development of healthcare infrastructure and the expansion of medical services across the kingdom are poised to propel Saudi Arabia's growth in the global market in the coming years.