Global MRI Coils Market to Reach USD 42.23 Billion by 2034 Driven by Technological Innovations and Growing Healthcare Infrastructure

February 10, 2025 – The global MRI Coils Market is experiencing rapid growth and is projected to expand from USD 14.09 billion in 2025 to an estimated USD 42.23 billion by 2034, at a remarkable CAGR of 12.97% during the forecast period. According to MRFR analysis, the MRI Coils Market was valued at USD 12.47 billion in 2024, with substantial market expansion driven by advancements in MRI technology, growing prevalence of chronic diseases, and increasing affordability of MRI scans.

Market Overview

MRI coils, an essential component of MRI systems, play a critical role in capturing high-quality images of internal organs and tissues, enabling the accurate diagnosis of various medical conditions. The increasing demand for diagnostic imaging, particularly for chronic diseases such as cancer, cardiovascular, and neurological disorders, is a key factor driving the growth of the MRI coils market. Technological innovations such as AI-driven coil design and integration of MRI with other imaging modalities are also fueling market expansion.

Scope and Market Drivers

The MRI coils market is benefiting from several factors, including:

• Growing prevalence of chronic diseases such as cancer, cardiovascular diseases, and neurological disorders, which demand advanced imaging techniques for accurate diagnosis and treatment.
• Technological advancements in MRI systems, such as phased-array and flexible coils, have significantly enhanced image quality and patient comfort. The integration of AI and machine learning algorithms in coil design is further enhancing diagnostic accuracy.
• Increasing healthcare infrastructure, particularly in emerging economies, along with government initiatives to improve healthcare accessibility and affordability, is expanding the utilization of MRI scans and driving demand for MRI coils.

Segmentation Analysis

1. Field Strength Insights:

   • The MRI coils market is segmented by field strength into Low-Field MRI (0.2-1.5T), Mid-Field MRI (1.5-3T), and High-Field MRI (>3T). The high-field MRI systems, which offer superior image quality, are increasingly being used in specialized applications like research and the diagnosis of complex medical conditions. The Mid-Field and Low-Field MRI systems continue to serve routine clinical applications.

2. Application Insights:

   • Diagnostic Imaging dominates the MRI coils market, accounting for over 60% of the market revenue in 2023. The growing demand for MRI scans to diagnose cancer, heart disease, and neurological conditions is contributing to this segment's growth. The Research and Development segment is also gaining traction due to ongoing advancements in MRI technology.

3. End-User Insights:

   • Hospitals and clinics are the largest end-users of MRI coils, driven by the need for high-quality imaging in patient diagnosis. The growing number of diagnostic imaging centers and research institutions are also contributing to the market's expansion, particularly in emerging economies.

4. Coil Design Insights:

   • Phased-array coils lead the market due to their enhanced imaging capabilities and reduced scan times. Volume coils are also experiencing significant growth owing to their uniform signal reception over a large volume, while hybrid coils, which combine the benefits of phased-array and volume coils, are expected to gain more popularity in the future.

Regional Analysis

The MRI coils market is expected to see substantial growth across all major regions, with North America continuing to dominate due to its well-established healthcare infrastructure and high demand for advanced medical imaging solutions. Europe and Asia-Pacific are also anticipated to witness robust growth, driven by increasing healthcare investments and rising adoption of MRI technology in hospitals and diagnostic centers.

• North America: Dominates the market with significant contributions from the U.S. healthcare sector.
• Europe: Expected to experience steady growth, with demand rising in both Western and Eastern Europe.
• Asia-Pacific: Exhibiting the fastest growth due to expanding healthcare access, particularly in countries like China and India.

Key Market Trends

1. Customization and Personalization: There is a growing focus on the customization of MRI coils to meet specific clinical requirements. As MRI coils evolve, manufacturers are increasingly catering to specialized applications like cardiac, musculoskeletal, and neuro imaging.

2. Advancements in AI Integration: The application of artificial intelligence in MRI coil design is expected to improve image quality, scan efficiency, and overall diagnostic accuracy. AI is also enhancing coil optimization, contributing to better clinical outcomes.

3. Multi-modality Imaging: The integration of MRI coils with other imaging modalities such as CT and ultrasound is gaining traction, driving the demand for multi-modality imaging solutions.

Key Players in the MRI Coils Market

The MRI coils market is highly competitive, with several global players leading the charge in innovation and product development. Major players in the market include:

• Siemens Healthineers: Known for its innovative MRI coils and imaging solutions.
• GE Healthcare: Recognized for its wide range of MRI coils, including whole-body, cardiac, and neurological coils.
• Philips Healthcare: A major contributor to the development of advanced MRI coil technologies.
• Canon Medical Systems: Offers a variety of MRI coils designed for various clinical applications.
• Neusoft Medical Systems: A prominent player focusing on cutting-edge MRI coil systems.

Recent Developments

• Siemens Healthineers launched the MAGNETOM Free.Max in February 2023, a new MRI system offering enhanced image quality and a more comfortable patient experience.
• GE Healthcare received FDA clearance for the SIGNA Hero MRI system in March 2023, which integrates AI-powered technologies to improve image quality and reduce scan times.
• Philips Healthcare introduced the Ingenia Ambition X MRI system in April 2023, enhancing diagnostic accuracy through advanced imaging capabilities.

Conclusion

The MRI coils market is poised for significant growth over the next decade, driven by advancements in MRI technology, rising healthcare demands, and a growing focus on AI integration. With increasing investments in research and development, the market is expected to continue evolving, offering new opportunities for both established players and newcomers in the medical imaging sector.

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