The global magnetic resonance imaging market is witnessing unprecedented growth, as per the latest study released by Future Market Insights. The report reveals that the global MRI coils market generated revenues of US$ 9.2 billion in 2023 and is forecasted to surge at a remarkable Compound Annual Growth Rate (CAGR) of 8.3% from 2023 to 2033, ultimately reaching US$ 20.3 billion by the end of 2033.
Several factors are driving this exponential growth in the MRI market. Firstly, the ageing population worldwide has escalated the demand for MRI procedures. Coupled with technological advancements, including both low-field strength and high-field strength MRI equipment, and the growing health consciousness among populations in industrialized nations, the need for MRI has soared.
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One of the key advancements contributing to the market’s expansion is the development of wide-bore MRI systems and technologically sophisticated MRI coils. These innovations have significantly enhanced the value proposition of MRI systems. Particularly, the demand for high-field strength MRI is anticipated to surge owing to its superior ability to produce clear images of soft tissue, ligaments, and various human organs.
Moreover, the increasing utilization of radio frequency (RF) technology across numerous medical applications is further augmenting the MRI market. International businesses are increasingly focusing on RF coil production, thereby fueling the growth of this segment. Additionally, substantial investments in medical research, coupled with ongoing technological advancements, are poised to bolster the market share of MRI systems.
North America emerges as a significant growth hub in the MRI market, propelled by the region’s advanced healthcare infrastructure and heightened awareness of healthcare-related issues among citizens. The adoption of innovative techniques and the prevalence of serious diseases are further propelling the market’s expansion in this region.
With such promising growth prospects, stakeholders in the MRI industry are poised to capitalize on emerging opportunities and drive innovation to meet the escalating demand for MRI systems worldwide.
Key Takeaways Magnetic Resonance Imaging Coils Market:
- Market Growth: The MRI coils market has been experiencing significant growth over the years due to the increasing demand for MRI procedures across various medical specialties. The market is driven by factors such as technological advancements, rising prevalence of chronic diseases, and the need for accurate diagnostic imaging.
- Coil Types: There are several types of MRI coils used for different applications, including head coils, spine coils, body coils, breast coils, cardiac coils, and extremity coils. Each coil type is designed to optimize image quality and provide better visualization of specific anatomical areas.
- Advancements in Coil Technology: Technological advancements have played a crucial role in the development of MRI coils. Manufacturers are focusing on innovations such as multi-channel coils, phased-array coils, and flexible coil designs to enhance image quality, reduce scan time, and improve patient comfort.
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Competitive Landscape:
The key players operating in the market are ESAOTE SPA, Bruker, Canon Medical Systems Corporation, GE Healthcare, Hologic Inc., Koninklijke Philips N.V., MR Instruments, Inc., RAPID MR International, LLC, ScanMed, and Siemens Healthcare Private Limited.
Some of the recent developments of key Magnetic Resonance Imaging Coils providers are as follows:
- In June 2020, the Neuroscience Foundation announced a project to develop 7T MRI technology for better neurovascular imaging in neurological illnesses. The Neuroscience Foundation provided funding for this study, which total US$ 16,722.
- In April 2018, ScanMed partnered with Fujikura, a Japanese company, to produce MRI coils.
Market Segments Covered in Magnetic Resonance Imaging Coils Market Analysis:
By Types:
- Radiofrequency Coil
- Gradient Coil
By Application:
- Neurology
- Cardiovascular
- Spine and Musculoskeletal
- Pediatric
- Breast
- Abdominal
- Other Applications
By End Use:
- Hospitals
- Diagnostic Imaging Centers
- Ambulatory Care Centers
- Other End-uses
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa(MEA)
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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