MRI Coils Market Is Expected to Reach USD 1.06 Billion by 2031: Says Allied Market Research

Rise in the number of chronic diseases such as cancer and technological advancements in the healthcare sector drives the growth of the global MRI coils market. However, most of the radiotherapy and MRI diagnostic cases were either postponed or delayed during the COVID-19 pandemic. By end-user, the hospitals and clinics segment held the major share in 2021. By region, Asia-Pacific would garner the fastest CAGR by 2031.

/EIN News/ -- Portland, OR, Dec. 07, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global MRI coils market was estimated at $525.6 million in 2021 and is expected to hit $1.06 billion by 2031, registering a CAGR of 7.3% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.

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Report coverage & details:

Report Coverage	Details
Forecast Period	2022–2031
Base Year	2021
Market Size in 2021	$525.6 Million
Market Size in 2031	$1.06 Billion
CAGR	7.3%
No. of Pages in Report	215
Segments Covered	Type, Application, End-user, and Region.
Drivers	Rise in the number of chronic diseases such as cancer
	Technological advancements in the healthcare sector
Restraints	High cost of MRI technology
	Side effects associated with MRI diagnostic test
Opportunities	Increase in the number of product launch and product approval for MRI coils

Covid-19 Scenario-

• Most of the radiotherapy and MRI diagnostic cases were either postponed or delayed due to the convesrsion of diagnostic and surgical centers into Covid-19 hospitals, which impacted the global MRI coils market negatively.
• However, as the majority of government bodies introduced huge vaccination drives, the global situation gradually got back on track and the market for MRI coils also restored slowly and steadily.
  
  

The global MRI coils market is analyzed across type, applications, end-users, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.

By type, the radiofrequency coil segment held more than three-fourths of the global MRI coils market revenue in 2021, and is expected to dominate by 2031. The same segment would also manifest the fastest CAGR of 7.5% throughout the forecast period. The gradient coils segment is also analyzed in the study.

By application, the neuro and spine segment garnered around one-third of the total MRI coils market share in 2021, and is expected to dominate by 2031. The cardiovascular segment, simultaneously, would project the fastest CAGR of 8.3% throughout the forecast period.

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By end-user, the hospitals and clinics segment held nearly fourth-fifths of the global MRI coils market revenue in 2021, and is expected to dominate by 2031. The same segment would also cite the fastest CAGR of 7.5% throughout the forecast period.

Based on region, the market across North America generated around one-third of the global MRI coils market share in 2021, and is anticipated to retain the lion’s share by 2031. The Asia-Pacific region, at the same time, would portray the fastest CAGR of 8.0% during the forecast period. The other provinces analyzed through the report include Europe and LAMEA.

The key market players analyzed in the global MRI coils market report include Canon Inc., SCANMED LLC, ESAOTE SPA, General Electric Company, Koninklijke Philips N.V., MONTERIS MEDICAL, AURORA HEALTHCARE US CORP, MR INSTRUMENTS INC, RAPID MR INTERNATIONAL, and SIEMENS AG.

These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players. 

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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”

About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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