Magnetic Resonance Imaging Coils Market Size, Share & Trends Report

Magnetic Resonance Imaging Coils Market Size, Share & Trends Analysis Report By Type (Radiofrequency, Gradient), By Application (Neurology, Cardiovascular), By End-use (Hospitals, Diagnostic Imaging Centers), And Segment Forecasts, 2021 - 2028

  • Published Date: Apr, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68039-341-1
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 140

Report Summary

The global magnetic resonance imaging coils market size was valued at USD 7.7 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.5% from 2021 to 2028. The increasing prevalence of chronic diseases such as neurological, cardiovascular, and cancer is expected to drive the market growth. For instance, as per the World Health Organization (WHO), the burden of neurological disorder is expected to increase during the forecast period and will reach 6.8% of the total Disability-adjusted Life Years (DALYs) population in 2030 from 6.4% in 2015. This is expected to boost the demand for magnetic resonance imaging (MRI) machines for enhanced diagnosis, thus, expected to drive the market.

U.S. MRI coil market size, by type, 2016 - 2028 (USD Billion)

Both the gradient as well as radiofrequency coils help in boosting the performance of MRI machines. Gradient coil generates additional magnetic fields within three dimensions x, y, and z. These additional fields superimpose over the main magnetic field and provide spatially coded data that helps the computer to calculate image slice. Similarly, radiofrequency coil (RF coil) helps in boosting the reception of magnetic resonance signal. Some of these coils are capable of transmitting the signal while all can receive these signals. Strong signal helps in providing clear images through noise reduction, helping in improving the signal-to-noise ratio.

Recent major advancements in the MRI system include the development of wide-bore MRI systems and technologically advanced MRI coils. Market players are focusing highly on the development of MRI coils to enter or sustain in the market. For instance, in December 2017, GE Healthcare announced that the company had received clearance from the U.S. FDA for its Air Technology. This technology is an industry-first suite of RF coils that eases coil handling and positioning during MRI scans. Compared to the conventional coil, this coil is 60% lighter and flexible which helps in providing better patient care. The flexible conductor material, which is used with Air Technology allows the coil element to be closer to the anatomy, which in turn helps in improving signal reception, image quality, and depth of penetration.

Despite various advantages associated with MRI coils, the high cost of the radiofrequency coil is expected to have a mildly negative impact on the overall market growth. A new MRI coil would cost between USD 12,000 to USD 120,000. Moreover, the refurbished coil would also cost higher between USD 3,000 to USD 25,000, thereby, slowing the market for new coils, especially in developing countries. These MRI coils also come along with certain disadvantages. These coils may deposit significant RF energy which can lead to patient heating concerns. In addition, RF coils are placed closer to the anatomy for achieving excellent Signal-to-noise ratio (SNR) but sometimes noise created in the body due to certain electrical fluctuations may lead to varied SNR and may impact the imaging.

Type Insights

The radiofrequency coil segment dominated the market and held the largest revenue share of 59.5% in 2020 and is expected to grow at the fastest rate of 7.8% during the forecast period. Radiofrequency (RF) coils are an essential part of MRI machine that impacts temporal and spatial resolution, uniformity, and sensitivity in MRI. RF coils are further distinguished into surface coils (array), these detect signals at higher SNR closer to the surface of the patients. A combination of several surface coils is used which is termed as an array, that helps in gaining high SNR over a large Region of Interest (ROI). Second are the volume coils, which are also termed body coils.

Continuous advances in RF hardware enhance its optimization for multiple clinical applications. The growing focus of global players to innovate RF coils is expected to contribute towards the segment growth. For instance, in April 2017, ScanMed partnered with Fujikura, a Japan-based company for the development of MRI coils. This partnership will lead to various advantages such as the development of cost-effective MRI coils, combined technical expertise, and an enhanced distribution network. Gradient coil held a significant share in the MRI coils market. These coils are used to produce variations in the main magnetic field deliberately. The variation in the magnetic field helps in localizing image slices and frequency and phase encoding.

Application Insights

The neurology segment dominated the market and held the largest revenue share of 22.6% in 2020 and is expected to grow at the fastest rate of 7.7% during the forecast period. The growing development of advanced MRI coils neurological conditions is expected to boost segment growth. In June 2020, the Neuroscience Foundation project aimed at developing 7T MRI technology for enhanced neurovascular imaging in neurological conditions. The Neuroscience Foundation provided USD 16,722 funds for supporting this project.

The musculoskeletal segment also held a significant share in the market and is expected to experience considerable growth during the forecast period. Increasing product launch of high tesla MRI machines for musculoskeletal imaging is expected to contribute towards the segment growth. For instance, in October 2017, Siemens received clearance for the first 7T MRI machine, MAGNETOM Terra. This machine has two coils for knee and neuroimaging. Additionally, Swiss researchers are working on technology for musculoskeletal imaging using stretchable wearable MRI coil.

Pediatric diagnostic imaging is being more preferred in recent years; thus, the procedural volume is steeply on the rise. MRI scans of the pediatric body face many challenges such as varying patient size, limited patient corporation, and heterogeneous imaging indications. The coils used for MRI of the pediatrics are heavy and can cause discomfort to the patient. Therefore, research is being conducted to develop a lightweight and effective coil for pediatric MRI. Semi-flexible array coils are being developed to meet the need for patient comfort. These coils will facilitate improved signal with depth, 3D complete mechanical flexibility, element positioning, and reduction in coil weight. Therefore, the growing development of advanced and efficient coils for pediatric imaging is expected to propel the segment growth during the forecast period.

End-use Insights

The hospitals segment dominated the market and held the largest revenue share of 29.7% in 2020. This segment includes revenue generated by MRI units sold in hospitals, as these establishments have the space and capital required for MRI machines. The increasing number of hospital imaging centers is expected to drive the segment growth in upcoming years. In 2016, St. Jude Children’s Research Hospital installed two Ingenia MR-RT MRI systems by Philips which includes the standard head coil.

Global MRI coil market share, by end-use, 2020 (%)

Imaging centers held a significant share in the market. Imaging centers offer imaging services by various modalities in a single establishment. These centers are useful for most of the hospitals that do not have enough space for dedicated rooms for imaging equipment. Additionally, these centers extend their services to multiple hospitals. Equipment in such establishments are upgraded more frequently than imaging equipment in hospitals, thus require advanced MRI coil for various applications.

The ambulatory care centers segment is expected to experience the fastest growth rate during the forecast period. Government initiatives to improve and increase the number of primary care centers are expected to contribute towards the segment growth. Additionally, a growing number of MRI scans performed in this setting is expected to increase the need for MRI machines and thus the MRI coils. As per OECD, in Germany, in 2017, 125 per 1,000 inhabitants MRI scans were performed in the ambulatory care setting.

Regional Insights

North America dominated the Magnetic Resonance Imaging (MRI) coils market and held the largest revenue share of 27.6% in 2020. The increasing incidence of chronic diseases such as breast cancer, cardiovascular disorders, and neurological diseases in this region is creating demand for imaging analysis. The region is expected to maintain its dominance throughout the forecast period. The high adoption rate for advanced technology coupled with the growing incidence of chronic conditions is anticipated to spur the growth of the market in the region.

Europe also held a significant share in the market in 2020 and is expected to grow lucratively over the forecast period. European countries such as the U.K., Germany, and France have well-defined healthcare infrastructure and facilitate easy access to diagnostic imaging services. The increasing aging population in these countries is also expected to propel the demand for medical imaging such as MRI, thereby, expected to boost market growth during the forecast period.

In Asia Pacific, the market is expected to grow at the fastest rate during the forecast period. Economic development in countries such as India and China is expected to make this region a preferred marketplace for global players. The presence of a huge population base with low per capita income in the region has led to high demand for affordable treatment options. Multinational companies are keen to invest in developing countries such as Japan, India, and China. Thus, many market players are entering into collaborative partnerships and strategic alliances with the local players. This is anticipated to boost the medical imaging market. Thus, the demand for MRI coils in the region is expected to grow significantly over the forecast period.

Key Companies & Market Share Insights

The key market players provide a broad product portfolio of medical imaging for various applications, thereby, contributing to their revenue share in the market. Additionally, growing strategic alliances among the players for enhancing their product portfolio is also expected to contribute to the overall market growth. For instance, in April 2017, ScanMed partnered with Fujikura, a Japanese-based company for the development of MRI coils. Some of the prominent players in the Magnetic Resonance Imaging (MRI) coils market include:

  • ESAOTE SPA

  • GE Healthcare

  • Koninklijke Philips N.V.

  • Siemens Healthcare Private Limited

  • MR Instruments, Inc.

  • RAPID MR International, LLC

  • ScanMed

  • Canon Medical Systems Corporation

  • Hologic Inc.

  • Bruker 

Magnetic Resonance Imaging Coils Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 8.2 billion

Revenue forecast in 2028

USD 13.7 billion

Growth Rate

CAGR of 7.5% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Type, application, end-use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Japan; China; India; Thailand; South Korea; Brazil; Mexico; Colombia; Argentina; South Africa; Saudi Arabia; UAE

Key companies profiled

ESAOTE SPA; GE Healthcare; Koninklijke Philips N.V.; Siemens Healthcare Private Limited; MR Instruments, Inc.; RAPID MR International, LLC; ScanMed; Canon Medical Systems Corporation; Hologic Inc.; Bruker

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global magnetic resonance imaging coils market report on the basis of type, application, end-use, and region:

  • Type Outlook (Revenue, USD Million, 2016 - 2028)

    • Radiofrequency Coil

    • Gradient Coil

  • Application Outlook (Revenue, USD Million, 2016 - 2028)

    • Neurology

    • Cardiovascular

    • Spine and Musculoskeletal

    • Pediatric

    • Breast

    • Abdominal

    • Others

  • End-use Outlook (Revenue, USD Million, 2016 - 2028)

    • Hospitals

    • Diagnostic Imaging Centers

    • Ambulatory Care Centers

    • Others

  • Regional Outlook (Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

      • France

      • Italy

      • Spain

    • Asia Pacific

      • China

      • Japan

      • India

      • Thailand

      • South Korea

    • Latin America

      • Brazil

      • Mexico

      • Argentina

      • Colombia

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

      • UAE

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