DUBLIN, September 22, 2021--(BUSINESS WIRE)--The "Global 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" report has been added to ResearchAndMarkets.com's offering.
The global magnetic resonance imaging coils market size is expected to reach USD 13.7 billion by 2028. The market is expected to expand at a CAGR of 7.5% from 2021 to 2028.
Koninklijke Philips N.V.
Siemens Healthcare Private Limited
MR Instruments, Inc.
RAPID MR International, LLC
CANON MEDICAL SYSTEMS CORPORATION
The growing prevalence of chronic diseases such as cardiovascular, neurological, cancer, and urological is expected to drive the market. Rising chronic diseases is a global healthcare concern. In the U.S., over half of the adult population suffers from these chronic diseases. Around 75.0% of the total healthcare expenditure in the U.S. is used for providing care for these chronic conditions.
For instance, as per the National Cancer Institute, in 2020, around 1,806,590 new cancer cases were diagnosed in the U.S. Similarly, as per American Heart Association, the mortality related to cardiovascular diseases is very high, with around 17.3 million deaths registered per year. This death rate is projected to reach 23.6 million by 2030. These diseases require imaging tools, mainly magnetic resonance imaging (MRI), for diagnosis and monitoring of progression as well as treatment effects. The growing demand for MRI for various applications will lead to the adoption of MRI coils, which, in turn, may propel market growth.
Additionally, growing awareness regarding early diagnosis is also expected to contribute to market growth. Cancer and cardiovascular diseases together result in the highest global mortality rate. This has captured the attention of various governments and healthcare organizations and is driving them towards creating awareness regarding these diseases. For instance, in 2010, prevention and early detection services were offered free of cost to people aged 65 years and above through Medicare under the Affordable Care Act. Similarly, the Indian Cancer Society runs a Cancer Awareness and Educational Program. Through this program, it aims to create awareness regarding signs and symptoms of the disease and commercially available cancer treatments and diagnostic tools. It also aims at creating awareness regarding the benefits of early diagnosis of disease. Growing awareness will contribute towards the adoption of MRI and MRI coils during the forecast period.
Magnetic Resonance Imaging Coils Market Report Highlights
The radiofrequency coil segment held the largest revenue share in 2020 and is expected to grow at the fastest rate during the forecast period
Development of advanced radiofrequency coil for various application is expected to contribute towards segment growth
The neurology segment held the largest revenue share and is expected to grow at the fastest rate over the forecast period owing to the rising number of research activities being conducted regarding the efficiency of head coils with 7T MRI machines for neurological conditions
The pediatric segment is also expected to grow at a significant rate owing to the development of semi-flexible array coils for pediatric magnetic resonance imaging to avoid challenges associated with the imaging
The hospitals segment held the largest revenue share in the market in the end-use segment. Increasing installation of advanced MRI machines in these settings is expected to drive the demand for magnetic resonance imaging coils
The ambulatory care centers segment is expected to grow at the fastest rate during the forecast period owing to the increasing number of MRI scans performed in these settings due to reduced wait time and cost
North America held the largest revenue share in 2020 owing to the presence of a large number of market players and growing initiatives for the development of advanced MRI coils
In Asia Pacific, the market is expected to experience the fastest growth rate during the forecast period owing to the increasing prevalence of chronic diseases in the region and growing demand for MRI
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Magnetic Resonance Imaging (MRI) Coils Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.1.1. Parent market outlook
3.1.2. Related/ancillary market outlook
3.2. Penetration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.3.1. Reimbursement framework
3.4. Market Dynamics
3.4.1. Market driver analysis
18.104.22.168. Rising patient population
22.214.171.124. Technological advancement
126.96.36.199. Increasing awareness regarding early diagnosis
3.4.2. Market restraint analysis
188.8.131.52. High cost of MRI coils
3.4.3. Industry challenges
3.5. MRI Coils Market Analysis Tools
3.5.1. Industry Analysis - Porter's
3.5.2. PESTEL Analysis
Chapter 4. Type Estimates & Trend Analysis
Chapter 5. Application Estimates & Trend Analysis
Chapter 6. End-use Estimates & Trend Analysis
Chapter 7. Magnetic Resonance Imaging (MRI) Coils Market: Regional Estimates & Trend Analysis
Chapter 8. Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/ak26r7
View source version on businesswire.com: https://www.businesswire.com/news/home/20210922005386/en/
Laura Wood, Senior Press Manager
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