Magnetic Resonance Imaging (MRI) Coils Market to Grow at 7.8% CAGR by 2031.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Magnetic Resonance Imaging Coils Market- (By Type (Radiofrequency coil, Gradient coil), By Application (Neurology, Cardiovascular, Spine and musculoskeletal, Pediatric, Breast, Abdominal, Others), By End-Use (Hospitals, Diagnostic imaging centers, Ambulatory surgical centers, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Magnetic Resonance Imaging Coils Market is valued at US$ 8.05 Bn in 2022, and it is expected to reach US$ 15.70 Bn by 2031, with a CAGR of 7.8% during a forecast period of 2023-2031.

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Magnetic Resonance Imaging (MRI) coils, alternatively referred to as radiofrequency (RF) coils, are integral constituents of medical imaging MRI apparatus. These coils are of essential importance in facilitating the acquisition of intricate images of the inside anatomical structures of the human body. The rise in the number of chronic diseases such as cancer, technological advancement in the healthcare sector, and increased product launches and product approvals for MRI coils are all driving growth in the global Magnetic Resonance Imaging Coils market.

Furthermore, MRI technology is utilized to determine if a tumor is malignant or benign. It is mostly used to diagnose brain and spine tumors. Thus, an increase in the occurrence of brain and spine tumors is expected to feed the demand for MRI technology, which in turn fuels the demand for MRI coils for MRI devices. As a result, this aspect is expected to fuel the expansion of the MRI coil market.

According to the American Cancer Society, it is anticipated that 83,570 people will be diagnosed with brain and other CNS tumors in the United States in 2021. There are 24,530 malignant tumors and 59,040 nonmalignant tumors recorded among these instances. Cancer is also responsible for 18,600 fatalities, according to the same source.

List of Prominent Players in the Magnetic Resonance Imaging Coils Market:
• GE Healthcare
• Koninklijke Philips N.V.
• Siemens Healthcare AG
• Canon Medical Systems Corporation
• Esaote SPA
• MR Instruments, Inc.
• Rapid MR International, LLC.
• Scanmed, LLC.
• Bruker
• Medspira

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Market Dynamics:
Drivers-
New developments in MRI coil technology, like the establishment of multi-channel and phased-array coils, have made images much clearer, cut down on scan times, and made patients more comfortable. As technology improves, there is a need for coils that are more efficient and can be used for a variety of image tasks. These improvements make people want new and better coils that can make the most of what current MRI systems can do.

Challenges:
The main issue restricting market expansion is the expensive cost of MRI coils. Diagnostic procedures have become unaffordable for patients due to the high cost of MRI coils. The majority of patients avoid having these tests done as a result. Diagnostic charges include hospital expenses, radiologists' fees, equipment fees, and fees for inpatient imaging. The coil price might vary depending on the MRI coil configuration and the number of channels.

Regional Trends:
North America dominated the worldwide MRI coils market and is expected to continue over the projected period. This is due to increased research efforts, technological improvement in the healthcare sector, and an increase in the prevalence of chronic diseases. Asia-Pacific is expected to experience profitable growth as a result of increased government spending to strengthen the healthcare sector, an increase in the incidence of chronic diseases, and an increase in the number of important players manufacturing MRI coils.

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Recent Developments:
• In July 2022, Siemens Healthineers successfully accelerated and enhanced the field of Magnetic Resonance Imaging with the integration of Artificial Intelligence. The implementation of Deep Resolve, a deep learning algorithm designed for image reconstruction, has allowed doctors to select a considerably shorter scan duration, thereby reducing noise levels and maintaining, or potentially enhancing, picture resolution and quality.
• In April 2022, Philips India began manufacturing radio frequency (RF) coils in the nation, which are used in Magnetic Resonance Imaging (MRI) equipment. India has now become a global hub for the production of these MR coils for Philips. These products are also sold to various OEMs throughout the world. The manufacture of MR coils is shifting from overseas to India.

Segmentation of Magnetic Resonance Imaging Coils Market-
By Type-
• Radiofrequency coil
• Gradient coil
By Application-
• Neurology
• Cardiovascular
• Spine and musculoskeletal
• Pediatric
• Breast
• Abdominal
• Others
By End-Use-
• Hospitals
• Diagnostic imaging centers
• Ambulatory surgical centers
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.