Magnetic Resonance Imaging Coils Market Report on the Untapped Growth Opportunities in the Industry

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 Size is valued at USD 8.61 Bn in 2023 and is predicted to reach USD 15.82 Bn by the year 2031 at a 8.00% CAGR during the forecast period for 2024-2031.

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Magnetic Resonance Imaging (MRI) coils, also known as radiofrequency (RF) coils, are critical components of MRI systems, playing a vital role in capturing high-resolution images of internal anatomical structures. These coils significantly enhance image clarity and diagnostic accuracy, making them indispensable in modern medical imaging.
The global MRI coils market is witnessing substantial growth, primarily driven by the rising prevalence of chronic diseases such as cancer, continuous technological advancements within the healthcare sector, and a surge in new product launches and regulatory approvals. As MRI technology becomes increasingly vital in clinical diagnostics, the demand for high-performance MRI coils continues to rise.

MRI systems are extensively employed in evaluating tumors to determine their malignancy, with particular emphasis on diagnosing brain and spinal cord tumors. Consequently, the increasing incidence of such conditions is expected to bolster the demand for MRI procedures and, by extension, MRI coils. This trend is anticipated to significantly contribute to the expansion of the MRI coils market. According to data from the American Cancer Society, approximately 83,570 individuals in the United States were projected to be diagnosed with brain and other central nervous system (CNS) tumors in 2021. This figure includes 24,530 malignant and 59,040 nonmalignant tumors. Furthermore, cancer was reported to be responsible for 18,600 deaths in the same year. These statistics underscore the growing clinical need for advanced imaging technologies, thereby strengthening market demand for MRI coil systems.

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

Market Dynamics:
Drivers-
Advancements in MRI coil technology-such as the introduction of multi-channel and phased-array coils-have significantly enhanced image resolution, reduced scanning durations, and improved patient comfort. These technological improvements have created a growing demand for high-performance coils that are adaptable to a wide range of imaging applications. The continuous innovation in MRI systems further drives the need for advanced coils capable of maximizing the capabilities of modern imaging equipment.

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Challenges:
A primary constraint limiting the growth of the MRI coils market is the high cost associated with these components. The elevated prices of MRI coils contribute to the overall increase in diagnostic procedure costs, often making them unaffordable for many patients. Expenses typically include hospital charges, radiologist fees, equipment usage, and imaging service costs. Additionally, the price of MRI coils varies depending on their configuration and the number of channels, further contributing to cost variability and limited accessibility.

Regional Trends:
North America currently holds a dominant position in the global MRI coils market and is expected to maintain its lead throughout the forecast period. This growth is driven by ongoing research and development activities, technological advancements in the healthcare sector, and a rising incidence of chronic diseases. Meanwhile, the Asia-Pacific region is anticipated to witness substantial growth, supported by increased government healthcare investments, a growing prevalence of chronic conditions, and the emergence of regional manufacturers specializing in MRI coil production.

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.

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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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This release was published on openPR.