MRI, or magnetic resonance imaging, is an imaging method that 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. Additionally, an MRI helps to provide the details of the structure and functions of the brain. The human body primarily 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. Furthermore, it also generates a radiofrequency wave that 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 develop a signal that is measured by receivers, and the image of the human body is thus created. An MRI instrument consists of multiple coils that 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.
Rise in Prevalence of Cardiovascular Diseases
In 2016, 17.6 million people died of cardiovascular conditions, worldwide, as compared to 17.9 million in 2015. Cardiovascular diseases (CVDs) are disorders of the heart and the blood vessels. They include coronary heart disease, cerebrovascular disease, and rheumatic heart disease. Cardiovascular diseases is the leading cause of mortality in the U.S., followed closely by cancer and chronic respiratory diseases. According to the report, about 48% of the adult population in the U.S. is living with a form of cardiovascular disease.
Rise in Prevalence of Chronic Diseases
Chronic diseases (e.g., cardiovascular diseases, mental health disorders, diabetes, and cancer) and injuries are the leading causes of death and disability. According to U.S. Department of Health & Human Services, 6 in 10 adults in the U.S. and 4 in 10 adults in the U.S. have two or more chronic diseases, respectively. Various cost-effective prevention strategies are available; however, implementation is generally low, especially among people who are poor and those living in rural areas.
North America is projected to account for a major share of the global MRI coils market during the forecast period. According to the Organization for Economic Co-operation and Development (OECD), MRI technology is widely utilized 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 held the dominant share of the global MRI coils market in 2020. It is anticipated to retain the top position in 2031 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. The MRI coils market in Europe held the second-leading share of the global MRI coils market in 2020. The market in the region is anticipated to expand at a significant growth rate during the forecast period due to a high rate of diagnosis, robust healthcare 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, and 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 market in these regions during the forecast period.
The global MRI coils market is highly consolidated owing to the presence of several key players. Leading players operating in the global MRI coils market include:
Global MRI Coils Market, by Type
Global MRI Coils Market, by Application
Global MRI Coils Market, by End-user
Global MRI Coils Market, by Region
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MRI Coils Market
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