The global Magnetic Resonance Imaging (MRI) Coils market size was estimated at USD 8.81 billion in 2023 and is projected to reach USD 15.7 billion in 2030 at a CAGR of 7.5% during the forecast period 2023-2030.
The expansion of the global market size for Magnetic Resonance Imaging Coils is principally influenced by the escalation in the number of chronic ailments, such as cancer, the advancement of technology within the healthcare sector, and the increase in the number of product launches and product approvals for MRI coils. Furthermore, it should be noted that MRI technology is employed for the purpose of diagnosing malignant or benign tumors. Specifically, it is utilized for the diagnosis of brain tumors and spine tumors. Consequently, the proliferation of brain tumors and spine tumors is predicted to propel the demand for MRI technology, which in turn, will fuel the demand for MRI coils for MRI devices. This, in turn, is expected to drive the growth of the MRI coil market. To illustrate, according to the American Cancer Society, in the year 2021, it was estimated that approximately 83,570 individuals in the United States were diagnosed with brain and other central nervous system (CNS) tumors. Among these cases, 24,530 were identified as malignant tumors, while 59,040 were identified as nonmalignant tumors. Furthermore, the same source reported that 18,600 individuals lost their lives due to cancer.
Globally, it is reported that the year 2016 witnessed a staggering 17.6 million individuals succumbing to the perils of cardiovascular diseases, in comparison to a slightly higher figure of 17.9 million in 2015. The term cardiovascular diseases (CVDs) is used to describe a group of maladies that have a direct impact on the heart and blood vessels. Coronary heart disease, cerebrovascular disease, and rheumatic heart disease are among the most commonly observed types of CVDs. It is worth noting that cardiovascular diseases have emerged as the most prominent cause of fatality in the United States, with cancer and chronic respiratory diseases following closely in the list. As per the report, it is estimated that around 48% of the adult population in the United States suffers from some form of cardiovascular disease, underscoring the gravity of the situation at hand
The current global crisis of the COVID-19 pandemic is expected to have an adverse effect on the expansion of the worldwide magnetic resonance imaging (MRI) coils market. This is primarily owing to the fact that a considerable number of radiotherapy and MRI diagnostic cases are being postponed or rescheduled due to the conversion of various surgical centers and diagnostic centers into COVID-19 hospitals. The conversion of these medical facilities into exclusive COVID-19 treatment centers has inevitably led to a significant reduction in the capacity of these centers to cater to non-COVID-19 patients, thereby resulting in a disruption of the usual healthcare services provided by these facilities.
The prevalence of spinal injuries is increasing, which is a concern for the healthcare industry. Doctors and medical experts are emphasizing the need for improvements in diagnostic facilities to better diagnose and treat spinal injuries. This need for diagnostic facility improvements is driving demand in the MRI coils market, as MRI is a commonly used diagnostic tool for spinal injuries. Sportspeople are particularly vulnerable to spinal disorders and injuries, which further increases the demand for MRI coils. The number of road traffic accidents has also increased in densely populated areas, which can lead to spinal injuries and further drives demand for MRI coils. High-performance healthcare equipment and machinery, such as MRI coils, are necessary to effectively diagnose and treat spinal injuries. Chronic diseases are long-term health conditions that persist over time and can lead to disability or death if left untreated. These include cardiovascular disease, mental health disorders, diabetes, and cancer.
Chronic diseases and injuries are the leading causes of death and disability worldwide, affecting people of all ages and socioeconomic backgrounds. The US Department of Health and Human Services reports that 6 in 10 adults in the US have two or more chronic diseases, while 4 in 10 adults have at least one chronic disease. Prevention strategies for chronic diseases are available and can be cost-effective, but their implementation is generally low, particularly among the poor and those living in rural areas. The reasons for low implementation of prevention strategies include lack of access to healthcare services, limited resources, and inadequate education and awareness about the importance of prevention. Addressing the issue of chronic diseases and injuries requires a multi-faceted approach that involves improving access to healthcare services, promoting healthy behaviors, and addressing social determinants of health such as poverty and education. Failure to address the issue of chronic diseases and injuries can have significant economic and social costs, including increased healthcare spending, reduced productivity, and decreased quality of life for individuals and communities.
North America to Dominate the Market
