The global Magnetic Resonance Imaging Coils Market size is expected to reach USD 13.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.5% from 2021 to 2028. 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.
Since the demand for magnetic resonance imaging
machines is increasing, market players are developing advanced and high field
strength (7T) magnetic resonance imaging machines. The growing development of
these machines is creating opportunities for various players manufacturing MRI
coils, to develop coils that support high field strength machines. Currently,
magnetic resonance imaging coils for high field strength machine is only
available for head and knee application, however, various research institutes
are researching to understand it’s efficiency in other applications as well.
Despite these advancements, the high cost of MRI coils, new or refurbished is
expected to hinder the market growth.
Related Press Release@ Magnetic Resonance Imaging Coils Market Report
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
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