Albany, NY -- (SBWire) -- 04/07/2021 --MRI or magnetic resonance imaging is an imaging method which uses magnetic field, radio waves, and a computer to create detailed images of the human body. It enables physicians to investigate the inside of joints, cartilages, muscles and tendons, and ligaments, and is useful to identify sports injuries. MRI is also useful to diagnose various types of diseases, such as, strokes, tumors, spinal cord injuries, and multiple sclerosis. In addition, MRI helps to provide the details of the structure and functions of brain.

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Human body mainly consists of droplets of water. Water molecules, which contain hydrogen nuclei, become aligned with the magnetic field. MRI scanner applies scanning to create a strong magnetic field which aligns hydrogen nuclei. In addition, it also generates a radiofrequency wave which creates a varying magnetic field. The hydrogen nuclei absorb energy from the varying magnetic field and flip their spin. The nuclei go to normal state when the magnetic field is turned off. Returning to normal state, which is known as precision, the nuclei develops a signal which is measured by receivers and the image of the human body is thus created. An MRI instrument consists of multiple coils which serve different purposes, such as, they act as transmitters to develop a rotating magnetic field (perpendicular to static magnetic field), and also as receivers to detect radio-frequency signal.

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The global MRI coils market is primarily driven by the high number of MRI procedures being performed across the world, rate of diagnosis and treatment of diseases, well-established health care infrastructure, favorable medical reimbursement, and active participations of the key companies. However, high cost of MRI coils and stringent regulatory conditions are anticipated to restrain the growth of the MRI coils market during the forecast period. Nonetheless, technological advancements, mergers and acquisitions among key players, and increasing R&D expenditure of the major players are likely to provide impetus to the global MRI coils market for expansion in the near future.

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In terms of type, the global MRI coils market can be segmented into volume coils, gradient coils, radiofrequency coils, surface coils, and others (shim coils, array coils, extremity coils, etc.). By application, the global MRI coils market can be classified into neuroimaging, cardiovascular, musculoskeletal, gastrointestinal, pediatric, breast, and others. Based on end-user, the global MRI coils market can be divided into hospitals, diagnostic imaging centers, and others.

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Geographically, the global MRI coils market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. According to the Organization for Economic Co-operation and Development (OECD), MRI technology is widely used in the U.S. The number of MRI scanners available per million people in the U.S. is ranked second (Japan holds the first position), while the number of MRI scans performed per million people in the country is the highest in the world. The Centers for Disease Prevention and Control (CDC) estimated that the number of MRI units per million population has been growing by almost 8% during the last decade. North America constituted the dominant share of the global MRI coils market in 2017 and is anticipated to retain the top position in 2026 as well, owing to the high number of utilization of MRI units per million population in the U.S., technological advancements, presence of major players and prevalence of MRI reimbursement policies in the country, etc. The MRI coils market in Europe held the second leading share of the global MRI coils market in 2017, and is anticipated to grow by a significant rate during the forecast period due to high rate of diagnosis, robust health care infrastructure in Western Europe, prevalence MRI reimbursement policies in the sub-region, and presence of major players in Europe. The MRI coils market in Asia Pacific is anticipated to expand at a significant CAGR during the forecast period owing to high growth in population, increasing trend of diagnosis by MRI scanners, presence of domestic players along with global players in the region. High cost of MRI procedures, underdeveloped medical infrastructure, and low penetration of manufacturers in the MRI coils market in Latin America and Middle East & Africa are anticipated to restrain the growth of the market in these regions during the forecast period.

Key players operating in the global MRI coils market include GE Healthcare, Phillips, Siemens Healthneers, Hitachi, Toshiba, Hologic, and Brucker.

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