U.S. Magnetic Resonance Imaging Coils Market (2024 - 2030)

Market Size & Trends

The U.S. magnetic resonance imaging coils market size was estimated at USD 891.8 million in 2023 and is anticipated to witness a compound annual growth rate (CAGR) of 8.76% from 2024 to 2030. This can be attributed to factors, such as increased adoption of MRI technology in diagnostic centers, improved ease of access, and the presence of high healthcare spending in countries with efficient reimbursement policies. Thus, developing and launching advanced MRI devices are anticipated to drive market growth in the coming years. Chronic diseases, such as cardiovascular disease (CVD), cancer, and neurological disease, have increased in the U.S. According to the National Association of Chronic Disease Directors, approximately 60% of the adult U.S. population has at least one chronic disease.

Chronic conditions, such as cancer and CVD, are the leading causes of death in the U.S. MRI scans play an important role in accurately diagnosing these chronic diseases, thereby expected to drive demand for magnetic resonance imaging (MRI) coils in the U.S. during the forecast period. In addition, the rising burden of cancer cases is expected to boost market growth. For instance, as per the 2023 stats released by the National Cancer Institute, U.S. Department of Health and Human Services, approximately 2 million people are expected to get diagnosed with cancer. Breast cancer is anticipated to become the most common cancer, as almost 2,800 men and 297,790 women are expected to be diagnosed with it. Prostate cancer is predominantly found in men, with around 288,300 expected new cases, making it the second-most common cancer in the U.S.

Lung and bronchus cancer are expected to identify 238,340 new cases and have been ranked as the third most common cancer in the U.S. Technological advancements in the field of magnetic resonance imaging (MRI) coils are expected to create lucrative growth opportunities in the near future. Adaptive MRI coils are a cutting-edge development in the field of MRI technology. These coils offer advantages, such as image quality, patient comfort, versatility, and image quality. Adaptive MRI coils incorporate multiple elements that can be actively adjusted to optimize image acquisition for specific regions of interest. Moreover, the adaptability of these coils ensures improved patient comfort, as they can be customized to fit various body types and shapes, reducing the likelihood of patient repositioning and rescanning.

The integration of adaptive MRI coils is a promising advancement in the field, leading to more efficient and patient-friendly MRI procedures, ultimately benefiting both clinicians and patients through enhanced diagnostic capabilities and overall imaging experience. AIR coils from GE HealthCare and Contour Coils by Siemens Healthcare GmbH are commercially available adaptive MRI coils. The MRI coil is a fundamental component of an MRI scan machine and is responsible for detecting the MR signal. Thus, increasing demand for MRI machines in the U.S. will eventually boost demand for MRI coils.

For instance, according to the data released by the Organization for Economic Co-operation and Development (OECD), 38 MRI units will be available per 1,000,000 inhabitants in 2021 in hospitals (primarily inpatient facilities) and ambulatory care providers (primarily outpatient facilities). Moreover, several players are acquiring smaller players to strengthen their market position. For instance, in May 2023, Probo Medical acquired an MRI coil repair work from Creative Foam, Inc., a privately held medical device company engaged in developing, designing, and commercializing new solutions in the healthcare and transportation markets. With this strategy, the company offers a broad range of complex MRI coil repairs in-house to counter its repair capacities in other diagnostic modalities and improve its position in the market.

Product Insights

Based on the product, the market has been segmented into radiofrequency coils and gradient coils. The radiofrequency coil segment accounted for the largest market share of 60.95% in 2023 and is expected to witness significant growth during the forecast period. This can be attributed to the wide adoption of radiofrequency coil products and their manufacturers. Furthermore, continuous advances in Radiofrequency (RF) hardware enhance its optimization for multiple clinical applications. The growing focus of key players to innovate RF coils is expected to contribute to segment growth.

Gradient coil held a significant share in the market. This can be attributed to an increased interest of major medical device companies in developing and launching new technologically advanced gradient coil-based MRIs. For instance, in May 2021, GE Healthcare received U.S. FDA 510k clearance for its SIGNA 7.0 scanners in the U.S. This completely new MRI system features UltraG gradient technology to address the demands of ultra-imaging in diagnostics. This launch is projected to fuel segment growth in the coming years.

Application Insights

Based on application, the market has been segmented into neurology, cardiovascular, spine & musculoskeletal, pediatric, breast, abdominal, and others. The neurology segment accounted for the largest market share of over 22.6% in 2023. This can be attributed to the growing incidence of Parkinson’s Disease, dystonia, and epilepsy has further increased the need for imaging intervention. This has boosted the number of therapies and treatments, leading to a high demand for Magnetic Resonance Imaging (MRI) coils in neurological procedures. According to the World Health Organization (WHO), as of February 2023, nearly 50 million inhabitants have epilepsy globally. According to the latest data estimations by the Centers for Disease Control and Prevention, around ~1% of the total U.S. population is suffering from active epilepsy, and around 0.6% of children aged between 0 and 17 years have active epilepsy.

Furthermore, the spine and musculoskeletal segment is expected to grow at the fastest CAGR of 9.52% during the forecast period. This can be attributed to an increasing number of spine and musculoskeletal injuries. According to the Christopher & Dana Reeve Foundation, the annual incidence of spinal cord injury (SCI) is around 54 cases per one million population in the U.S. This accounts for up to 18,000 new SCI cases each year. SCI cases are predominantly found in men, recording up to 79% of total cases. MRI scans offer a thorough evaluation of traumatic changes in the spine that allows surgeons to provide minimal risk of complications and optimal treatment to patients with the best outcome. Hence, increasing usage of MRI coils in spine-related disorders is anticipated to boost the demand for MRI coils during the forecast period.

End-use Insights

Based on end-use, the market has been segmented into hospitals, diagnostic imaging centers, ambulatory surgical centers (ASCs), and others. The hospital segment accounted for the largest market share of 34.80% in 2023. This can be attributed to the presence of many inpatient facilities and increasing hospital admissions for the diagnosis and treatment of disease. According to the American Hospital Association, in 2023, around 6,129 hospitals were available in the U.S. Thus, introducing new hospitals is expected to drive segment growth during the forecast period.

Diagnostic imaging centers are anticipated to witness the fastest growth rate of 9.20% during the forecast period owing to rising demand for non-invasive diagnosis is leading to the development of various individual centers that can provide services, such as MRI. Various medical professionals started their settings, which provide MRI at an affordable cost to meet the growing demand. This is leading to the adoption of MRI in this medical service, which in turn is expected to propel the segment growth during the forecast period.

Key Companies & Market Share Insights

The research and development of new products, product modifications, and major investments in R&D are among the key strategies market players adopt to gain a competitive edge. In August 2023, Polarean received the U.S. FDA 510 (k) clearance for its specialized MRI chest coil, including Philips 3.0T. MRI scanners for the visualization of the Xenon-129 nuclei. This approval will enhance disease diagnosis and increase product adoption over the forecast period, thereby driving market growth.

U.S. Magnetic Resonance Imaging Coils Market