The U.S. magnetic resonance imaging (MRI) coils market is projected to reach USD 1.60 billion by 2030, growing at a CAGR of 8.76% from 2024 to 2030, according to a new report by Grand View Research, Inc. This growth is largely driven by the increasing prevalence of chronic disorders such as cancer and cardiovascular diseases in the United States. The rise in these conditions is contributing significantly to the demand for advanced diagnostic tools, particularly MRI machines and their associated components, such as MRI coils, which play a critical role in enhancing image quality and diagnostic accuracy.

For example, the Heart Failure Society of America (HFSA) reports that heart failure has become increasingly common in the U.S. Approximately 6.5 million Americans over the age of 20 are affected by heart failure, with 960,000 new cases occurring annually. Furthermore, heart failure is responsible for approximately 8.5% of all heart disease deaths in the U.S. Some estimates suggest that heart failure accounts for 36% of all deaths from cardiovascular diseases. As these statistics highlight, the rising incidence of cardiovascular diseases, especially heart failure, is a key driver of demand for MRI technology, as it is essential for diagnosing and managing heart conditions.

In addition to this, high healthcare expenditures and a growing emphasis on healthcare infrastructure and government initiatives in the U.S. are further boosting the MRI coils market. U.S. healthcare spending is projected to rise from USD 4.4 trillion (or USD 13,413 per person) in 2022 to USD 7.2 trillion (or USD 20,425 per person) by 2031. This increase in healthcare expenditure is a reflection of the growing demand for advanced medical equipment, such as MRI machines and coils. Additionally, the federal government has implemented various schemes and policies, such as Medicare and Medicaid innovations, as well as reforms to the Affordable Care Act and cost-control initiatives, which aim to make healthcare more affordable and accessible to a wider population. These efforts are driving a preference for early disease diagnosis, which in turn is expected to stimulate the growth of the MRI coils market.

Market players are also actively pursuing expansion strategies to strengthen their position in the industry. For instance, in November 2022, Canon Inc. announced the establishment of a new subsidiary, Canon Healthcare USA, Inc., to accelerate its medical business. Such initiatives are expected to enhance the company’s ability to offer advanced products and services, contributing to the overall growth of the MRI coils market in the U.S.

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U.S. Magnetic Resonance Imaging Coils Market Report Highlights

1. Radiofrequency Coils Segment:

o In 2023, the radiofrequency (RF) coils segment led the market, primarily due to their growing use in MRI procedures for the treatment of various diseases. RF coils are a crucial component of MRI machines, responsible for transmitting and receiving signals that help in the generation of high-quality images. The increasing utilization of MRI technology in clinical settings, particularly for diagnosing complex conditions such as cancer and cardiovascular diseases, has contributed to the expansion of the RF coils market. As healthcare professionals continue to rely on MRIs for disease diagnosis and monitoring, the demand for high-performance RF coils is expected to continue rising.

2. Neurology Segment:

o The neurology segment captured the largest market share in 2023, driven by growing awareness about the importance of advanced MRI coils in the diagnosis and treatment of neurological disorders. Conditions like brain tumors, multiple sclerosis, stroke, and Alzheimer's disease require accurate and detailed imaging, which MRI technology provides. As neurological diseases become more prevalent, particularly with an aging population, the demand for specialized MRI coils tailored for neurological imaging is increasing. The advancement in MRI coil technology has also enabled better resolution and higher quality imaging, which is essential for effective diagnosis and treatment planning in neurology.

3. Hospitals as the Leading End-User Segment:

o In 2023, the hospitals end-use segment held the highest share of the overall revenue. This can be attributed to the rising number of hospital admissions related to chronic diseases, including cancer, cardiovascular disease, and neurological disorders. Hospitals are the primary setting for advanced diagnostic imaging, and MRI machines are integral to managing a variety of conditions. With the increasing incidence of chronic diseases, hospitals are investing in the latest MRI technology, including high-quality coils, to provide accurate diagnoses and improve patient care. The growth in hospital admissions for these chronic conditions further accelerates the demand for MRI coils in healthcare settings.

4. Market Expansion and Geographic Reach:

o Several key market players are adopting strategies to expand their geographic reach and improve the availability of their products in diverse regions. This includes efforts to increase market penetration, enhance the distribution of MRI coils, and offer tailored solutions to meet the specific needs of healthcare facilities across different regions. By improving product availability and expanding their product portfolios, companies can better serve a broader range of healthcare providers, driving the growth of the MRI coils market.

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U.S. Magnetic Resonance Imaging Coils Market Segmentation

Grand View Research has segmented the U.S. magnetic resonance imaging coils market on the basis of product, application, and end-use:

U.S. MRI Coils Product Outlook (Revenue, USD Million, 2018 - 2030)

• Radiofrequency Coil

• Gradient Coil

U.S. MRI Coils Application Outlook (Revenue, USD Million, 2018 - 2030)

• Neurology

• Cardiovascular

• Spine & Musculoskeletal

• Pediatric

• Breast

• Abdominal

• Others

U.S. MRI Coils End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Hospitals

• Diagnostic Imaging Centers

• Ambulatory Surgical Centers

• Others

List of Key Players in the U.S. Magnetic Resonance Imaging Coils Market

• Siemens Healthineers AG

• GE Healthcare

• Koninklijke Philips N.V.

• Canon Medical Systems Corporation

• ESAOTE SPA

• MR Instruments, Inc.

• RAPID MR INTERNATIONAL, LLC.

• SCANMED, LLC.

• BRUKER

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