Magnetic Resonance Imaging Coils Market by Type (Radiofrequency Coil and Gradient Coil), Application (Neurology, Cardiovascular, Spine & Musculoskeletal, Pediatric, Breast, Abdominal, and Others), End-Use (Hospitals, Diagnostic Imaging Centers, Ambulatory Care Centers, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032

Magnetic Resonance Imaging Coils Overview

Magnetic Resonance Imaging (MRI) coils, also known as radiofrequency (RF), are integral to MRI systems. These coils are responsible for transmitting and receiving radiofrequency signals during the imaging process. By interacting with the magnetic field generated by the MRI scanner, they enable the creation of detailed images of the body's internal structures. MRI coils come in different types and configurations, depending on the imaged area. Surface coils are placed directly on or near the body part of interest. They are ideal for reproducing small regions, while body coils encircle the patient's body and are used for larger areas. Phased array coils, consisting of multiple small coil elements, provide flexibility and improved signal reception. Constructed using conductive materials, MRI coils are carefully designed to optimize signal reception and image quality. Their role is vital in capturing radiofrequency signals emitted by the body's tissues, converting them into high-quality images that aid healthcare professionals in diagnosing and monitoring various medical conditions.

Global Magnetic Resonance Imaging Coils Market Analysis

The global magnetic resonance imaging coils market size was $8.00 billion in 2022 and is predicted to grow at a CAGR of 7.7%, by generating a revenue of $16.02 billion by 2032.

COVID-19 Impact on Global Magnetic Resonance Imaging Coils Market

The COVID-19 pandemic has significantly impacted the Magnetic Resonance Imaging (MRI) coils market. During the height of the pandemic, many healthcare facilities postponed non-essential equipment purchases, including MRI coils, and focused on addressing immediate COVID-19 needs. This led to a decrease in demand for MRI coils. The reduced patient flow also resulted in a lower order for MRI scans and coils. The global supply chain also faced disruptions, causing delays in the production and delivery of MRI coils. Furthermore, financial constraints on healthcare facilities limited their ability to invest in new coils or upgrade existing equipment.

However, the pandemic also increased interest in portable and point-of-care imaging solutions, impacting the market for traditional MRI coils designed for fixed systems. Healthcare facilities implemented strict infection control measures, increasing expenses for disposable covers and barriers for MRI coils.

Increasing Demand for Advanced Diagnostic Imaging to Drive the Market Growth

The magnetic resonance imaging (MRI) coil market is driven by various factors. Firstly, there's a growing demand for advanced diagnostic imaging due to the rising prevalence of chronic diseases and age-related conditions. MRI coils are vital in capturing high-quality images for accurate diagnosis, thus contributing to market growth. Secondly, continuous technological advancements in MRI coil design, such as multi-channel and specialized coils for specific applications, enhance image quality, reduce scan times, and improve patient comfort, thereby driving the market. Additionally, the growing incidence of cancer and neurological disorders necessitates frequent imaging. MRI coils offer detailed anatomical and functional information, further fueling market demand. Moreover, the rising healthcare expenditure worldwide and increased investment in advanced medical imaging technologies positively impact the demand for MRI coils. Furthermore, the growing awareness and need for personalized medicine, which relies on high-resolution imaging for tailored diagnosis and treatment, contributes to adopting MRI coils. The expanding geriatric population, more susceptible to chronic diseases, drives the demand for diagnostic imaging, including MRI and MRI coils. Expanding healthcare infrastructure in developing regions and favorable reimbursement policies also drive the market.

High Cost to Restrain the Market Growth  

The Magnetic Resonance Imaging (MRI) coils market faces several factors that can restrain its growth. One of the primary factors is the high cost associated with MRI coils. These specialized and sophisticated devices require advanced technology and precision engineering, making them expensive to produce and purchase. Limited reimbursement policies set by insurance companies and government healthcare programs also impact the market. Suppose the reimbursement rates for MRI procedures do not cover the cost of the coils. In that case, healthcare providers may be reluctant to invest in them. Additionally, technological advancements pose both opportunities and challenges for the market. Newer coil models may make older ones obsolete, requiring manufacturers to invest in research and development to stay competitive. The market is also subject to strict regulatory requirements, which can be time-consuming and costly. The availability of alternative imaging techniques like CT scans or ultrasound can divert demand away from MRI coils. Maintenance and servicing requirements, as well as geographical constraints, can further limit market growth.

Advancements in Technology to Drive Excellent Opportunities

The Magnetic Resonance Imaging (MRI) coils market presents several opportunities for growth and development. Technological advancements, such as high-density receiver arrays and parallel imaging techniques, offer improved image quality and reduced scan times, allowing companies to invest in innovative coil designs and materials. The increasing demand for MRI procedures, driven by the prevalence of chronic diseases and an aging population, requires a sufficient supply of coils, creating a market opportunity. Additionally, a growing focus on patient comfort has prompted manufacturers to develop lightweight, flexible coils that enhance the scanning experience. The rising adoption of high-field MRI systems, the expansion of MRI applications, and the increasing focus on personalized medicine further contribute to the opportunities in the MRI coils market. Furthermore, the geographical development of healthcare infrastructure and medical tourism in emerging economies provides avenues for growth.

Global Magnetic Resonance Imaging Coils Market Share, by Type, 2022

The radiofrequency coils sub-segment accounted for the highest market share in 2022. Radio Frequency (RF) coils have dominated the Magnetic Resonance Imaging (MRI) coils market due to several factors. Firstly, RF coils are crucial for detecting the signals emitted by the patient's body during an MRI scan, and they have been designed to maximize signal sensitivity, capturing even weak signals from tissues. Additionally, developing RF coil arrays and multi-channel systems have revolutionized MRI imaging. These advancements improve spatial coverage, signal reception, and parallel imaging techniques, enhancing image quality and reducing scan times. Moreover, specialized RF coil designs have been developed for specific applications and body regions, optimizing signal reception and image quality for different anatomical areas. Extensive research and development efforts have improved RF coil technologies, resulting in advanced coil materials, innovative geometries, and optimized tuning techniques. RF coils are also designed to be compatible with various MRI systems, allowing for easy integration and upgrade options.

Global Magnetic Resonance Imaging Coils Market Share, by Application, 2022

The neurology sub-segment accounted for the highest market share in 2022. Neurology has significantly impacted the Magnetic Resonance Imaging (MRI) coils market. Neurology has driven the demand for neuroimaging, as neurological disorders require detailed brain and nervous system visualization for accurate diagnosis and monitoring. As a result, specialized MRI coils optimized for neuroimaging have been developed. These coils are designed to achieve high-resolution imaging, allowing to detect subtle abnormalities. Neurology research has also led to advancements in MRI imaging techniques, such as functional MRI (fMRI), further driving the need for specialized coils. Collaboration between neurologists and MRI manufacturers has been crucial in tailoring coils to meet specific neurology requirements.

Global Magnetic Resonance Imaging Coils Market Share, by End-Use, 2022

The hospitals sub-segment accounted for the highest market share in 2022. Hospitals play a significant role in the MRI coil market, although they are not the primary manufacturers. MRI coils are essential components of MRI machines to detect and amplify signals during imaging. When hospitals invest in MRI systems, they procure and install the associated coils from manufacturers or authorized distributors. Upgrades and replacements of MRI equipment also involve purchasing new or additional coils from manufacturers. Additionally, hospitals engaged in research and development collaborate with manufacturers to explore new coil designs or optimize existing ones. Customization and specialization of coils to meet specific hospital requirements are also facilitated through collaboration with manufacturers. Hospitals participating in clinical trials and evaluating new coil technologies contribute to their adoption and market success.

Global Magnetic Resonance Imaging Coils Market Share, by Region, 2022

The North America magnetic resonance imaging coils market generated the highest revenue in 2022. North America has dominated the Magnetic Resonance Imaging (MRI) coils market due to several factors. Firstly, the region has been at the forefront of technological advancements in medical imaging, with the United States driving the way. Research and advancement endeavors and substantial investments in the healthcare division have empowered North American companies to create innovative and high-quality MRI coils. Secondly, North America possesses a robust healthcare infrastructure, including numerous hospitals, diagnostic centers, and research institutions. This extensive network drives the demand for MRI coils as these institutions prioritize adopting advanced medical technologies. Additionally, North America's concentration of medical device manufacturers and research institutions focused on MRI technology facilitates the development of cutting-edge coil technologies. The competitive market environment, characterized by intense competition and continuous investment in research, development, and marketing, further strengthens the dominance of North American companies in the MRI coils market. Moreover, the well-established regulatory frameworks and standards in North America ensure the safety and efficacy of medical devices, instilling confidence in the quality of MRI coils manufactured in the region.

Competitive Scenario in the Global Magnetic Resonance Imaging Coils Market

Investment and agreement are common strategies followed by major market players. One of the leading market players in the industry is GE Healthcare. In December 2021, GE Healthcare, a US-based company that provides diagnostics, treatment and monitoring through smart devices, acquired BK Medical for an undisclosed amount. With this acquisition, GE Healthcare will extend its pre- and post-operative diagnostic ultrasound capabilities into the relatively new field of rapidly growing real-time surgical visualization, providing end-to-end solutions for the entire healthcare sector.

Some of the leading magnetic resonance imaging coils market players are GE Healthcare, Koninklijke Philips N.V., Siemens Healthineers Ag, Canon Medical Systems Corporation, Esaote Spa, Mr Instruments, Inc., Rapid Mr International, L.L.C., Scanmed, LLCs., and Bruker.