MRI Coils Market Expected to Reach $1.1 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “MRI Coils Market," The MRI coils market size was valued at $525.6 million in 2021, and is estimated to reach $1,060.6 million by 2031, growing at a CAGR of 7.3% from 2022 to 2031. A magnetic resonance imaging (MRI) scan uses a powerful magnet, radio waves, and a computer to produce detailed images of the inside organs and tissues in your body. It is a kind of scan that creates in-depth pictures of the inside of the body by combining radio waves and powerful magnetic fields. Using MRIs, medical professionals may assess, identify, and keep track of a variety of medical disorders. 

In addition, rise in number of chronic diseases such as cancer causes increase in applications of MRI coils for diagnostic purpose, and increase the MRI coils market trends. For instance, according to National Cancer Institute, in 2020, estimated number of new cancer cases in U.S. are 1,806,590 and estimated number of deaths are 606,520. 

Moreover, rise in the awareness among people regarding availability of healthcare services, increase in number of MRI coils industry and increase in the number of diagnostic centers are anticipated to fuel the MRI coils market growth. In addition, rise in number of medical professionals and increased disposable income among population contribute toward the growth of the MRI coils market. 

On the basis of type, the magnetic resonance imaging coils market is classified into radiofrequency coil, and gradient coil. The radiofrequency coil segment dominated the market in 2021, and is expected to remain dominant during the forecast period, owing to rise in number of product launch and product approvals for high technology radiofrequency coils and increase in demand of MRI systems.

On the basis of application, it is classified into body oncology, neuro and spine, cardiovascular, pediatric and others. The neuro & spine segment dominated the market in 2021, and is expected to remain dominant during the forecast period, owing to increase in prevalence of neurology disorder.

On the basis of end user, the market is classified into hospitals and diagnostic imaging centers. The hospitals segment dominated the market in 2021, and is expected to remain dominant during the forecast period, owing to rise in the number of hospitals, increase in the expenditure by government to develop healthcare infrastructure and rise in the number of chronic diseases.

North America accounted for a majority of the global MRI coils market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to increase in the number of research activities, technological advancement in the healthcare sector and rise in the prevalence of chronic diseases. Asia-Pacific is anticipated to witness lucrative growth, owing to rise in expenditure by government organization to develop healthcare sector, increase in prevalence of chronic diseases and rise in the number of key players who manufacture MRI coils.

The COVID-19 outbreak is anticipated to have a negative impact on growth of the global MRI coils market. The decrease in the number of diagnostic and investigation test for cancer anticipated to have negative impact on MRI coils market. For instance, according to JCO Global Oncology, an American Society of Clinical Oncology Journal, it was reported that delay and disruptions most investigated included reduction in routine activity of cancer services and number of cancer surgeries. 

Key Findings of the Study

• By type, the radiofrequency coil segment was the highest contributor to the market in 2021.
• By application, the neuro & spine segment was the highest contributor to the market in 2021.
• By end user, the hospitals & clinics segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
• By region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.