Magnetic Resonance Imaging Coils Market Key Trends, Latest Insights, Future Trends And Forecast To 2033

The magnetic resonance imaging coils market size has grown strongly in recent years. It will grow from $11.89 billion in 2023 to $12.84 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to increased prevalence of chronic diseases, aging population, research and development, rising healthcare expenditure, regulatory compliance.

The magnetic resonance imaging coils market size is expected to see strong growth in the next few years. It will grow to $18.42 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to rise of telemedicine, expansion of hybrid imaging, precision medicine initiatives, personalized medicine, rapid diagnosis and treatment. Major trends in the forecast period include artificial intelligence (ai)-enhanced imaging, wearable and continuous monitoring, advanced materials and manufacturing, personalized coil design, low-field mri systems.

Market Overview -
The magnetic resonance imaging coil is an essential component of an MRI machine and allows to capture of high-end images of specific body parts. MRI consists of multiple coils which serve different purposes, such as, they act as transmitters to develop a rotating magnetic field and also as receivers to detect radio-frequency signs. MRI or magnetic resonance imaging is a non-invasive imaging technology that uses magnetic fields, radio waves, and a computer to create detailed anatomical images of the human body. It is used as a hardware components to increase the performance of magnetic resonance imaging systems for imaging various medical conditions or injuries.

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The Growing Prevalence Of Chronic Diseases And The Impact On The Magnetic Resonance Imaging Coil Market
The increasing prevalence of chronic diseases is expected to propel the growth of the magnetic resonance imaging coil market. Chronic diseases are those conditions that last for 1 year or more and require ongoing medical attention and restrict activities of daily living. Diseases such as heart disease, and cancer are leading chronic diseases where MRI plays an important role in diagnoses of a disease and also monitoring the body's response to treatment. MRI coil receives the radio frequency signal coming from the patient's body and transmits the data to a computer that generates images. For instance, in September 2023, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations, there were 41 million deaths, which is 74% of those caused by non-communicable diseases (NCDs) or chronic diseases every year globally. There were 17.9 million deaths from cardiovascular diseases, 9.3 million deaths from cancer, and 4.1 million deaths from chronic respiratory diseases. As a result, increasing chronic diseases will be monitored by MRI machines more frequently. Therefore, the increasing prevalence of chronic diseases is expected to boost the demand for magnetic resonance imaging coils during the forecast period .

Competitive Landscape -
Major companies operating in the magnetic resonance imaging coils market include Esaote Spa, GE Healthcare Technologies Inc., Koninklijke Philips NV, Siemens Healthcare Private Limited, MR Instruments Inc., Bruker Corp., Canon Medical Systems Corporation, Hologic Inc., RAPID MR International LLC, ScanMed Technology Pty Ltd., Aurora Healthcare US Corp., Monteris Medical Corp., Fonar Corporation, Schneider Electric SE, Satoe SpA, General Electric Company, Koninkilje Philips N.V., Esaote North America Inc., Medtronic Inc., Signet Systems Inc., Tritium Pty Ltd., DirectMed Inc., Hitachi Medical Systems America Inc., Invivo Corporation, Medrad Inc., NeuroLogica Corp., Philips Healthcare, Shimadzu Corporation, Toshiba Medical Systems Corporation, Analogic Corporation

Technological Advancements And Ai Integration Transforming The Magnetic Resonance Imaging Market
Technological advancements are the key trend gaining popularity in the magnetic resonance imaging market. Major companies operating in the market are introducing technological innovations such as the use of Artificial Intelligence (AI) coil in the magnetic resonance imaging machines to ensure high-resolution image quality and image reconstruction to sustain their position in the market. For Instance, in November 2021, Koninklijke Philips N.V, a Netherland-based multinational medical equipment, and home appliance company, launched AI-enabled innovations in MR imaging that includes Philips MR 5300 and 7700 system to boost MR exam speed, streamline workflows, improve diagnostic quality, and ensure radiology operations are efficient and sustainable.

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Key Segments -
The magnetic resonance imaging coils market covered in this report is segmented -
1) By Type: Radiofrequency Coil, Gradient Coil
2) By Application: Neurology, Cardiovascular, Spine and Musculoskeletal, Pediatric, Breast, Abdominal, Other Applications
3) By End User: Hospitals, Diagnostic Imaging Centers, Other End Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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