Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Magnetic Resonance Imaging (MRI) Coils Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, May 11, 2021 (GLOBE NEWSWIRE) -- The Global Magnetic Resonance Imaging (MRI) Coils Market is expected to grow at a CAGR of around 7.0% from 2020 to 2027 and reach the market value of over US$ 12.3 Bn by 2027.
Magnetic resonance imaging (MRI) is a non-invasive technology with unique potential applications: blood flow imaging and quantification, and functional neuroimaging based on exploiting dynamic changes in magnetic susceptibility. Among the overall MRI hardware systems, the magnet, radio-frequency (RF), and gradient systems accounted for major R&D attention owing to their potential contribution for the successful working. The continuously increasing number of chronic disease patients across the globe is primarily contributing to the market growth.
The global magnetic resonance imaging (MRI) coils market is segmented on the basis of type, application, end-use, and geography. Based on the type, the market is bifurcated across radiofrequency coil and gradient coil. Magnetic resonance imaging (MRI) coils have applications across neurology, cardiovascular, spine and musculoskeletal, pediatric, breast, abdominal, and others. Additionally, the end-use of magnetic resonance imaging (MRI) coils is held across hospitals, diagnostic imaging centers, ambulatory care centers, and others.
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On the basis of type, the radiofrequency coil segment is leading the global market with maximum revenue share (%) in 2019. The major contribution of the segment in the imaging process for the transmission of a signal to the electronic device is the factor supporting its dominance. Whereas, the presence in the market from the time of its invention and having an important part in the successful completion of the imaging procedure.
North America region is leading the market with maximum revenue share and the region is also projected to maintain its dominance over the forecast period from 2020 to 2027. The major economies like the US and Canada are major revenue contributors. The presence of major players, prominent healthcare authorities, and high per capita income is contributing to the dominating share in the magnetic resonance imaging (MRI) coils market. Additionally, the increasing geriatric population which is prone to chronic diseases is further contributing to the regional dominance.
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The increasing demand from the rapidly developing economies of the Asia Pacific region is projected to support the fastest growth of the region in near future. The increasing investments in the regional economies for the development of their healthcare infrastructure due to the increasing burden of chronic diseases are bolstering the regional market growth. The rising expansion plans of major players in the regional market due to the presence of opportunities are further proliferating the regional market value.
Some of the leading competitors are ESAOTE SPA, Bruker, Canon Medical Systems Corporation, GE Healthcare, Hologic Inc., Koninklijke Philips N.V., MR Instruments, Inc., RAPID MR International, LLC, ScanMed, Siemens Healthcare Private Limited, and others. The major players are continuously involved in the development of advanced technologies and solutions that can beat the shortcomings of the existing ones and will be more reliable for the patients undergoing MRI procedures for imaging.
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Some of the key observations regarding the magnetic resonance imaging (MRI) Coils industry include:
- GE Healthcare has received the U.S. FDA clearance for its air technology in December 2017. The newly approved technology solution is much lighter compared to the conventional coil due to the use of flexible conductor material.
- Sidney Health Center has awarded a three-year term of accreditation in breast magnetic resonance imaging (MRI) by the American College of Radiology (ACR). Breast MRI offers valuable information about many breast conditions. As a result, Sidney Health Center is ACR accredited in both breast MRI imaging and mammography imaging in 2021.
- In January 2021, MR CoilTech has successfully completed the first trial of a novel high-density radiofrequency (RF) head coil technology at the University of California (Berkeley). The new successfully completing the first trial of a novel high-density radiofrequency (RF) head coil technology at the University of California, Berkeley.
- Regional Medical Center’s Radiology Department has announced the arrival of their new Hand and Wrist MRI Coil in February 2021. The new coil allows taking high-resolution imaging of the wrist, hand, or finger.
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