Magnetic Resonance Imaging Scanners and Accessories Industry Data Book - Magnetic Resonance Imaging, MRI Coils & Motion Tracking Systems Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030
The global Magnetic Resonance Imaging Scanners and Accessories Industry was valued at USD 13.25 billion in 2022 and is anticipated to increase at a significant CAGR of 8.2% from 2023 to 2030.
Grand View Research’s Magnetic Resonance Imaging scanners and accessories industry data book is a collection of market sizing information & forecasts, regulatory data, reimbursement structure, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
MRI Coils Market Insights
The global magnetic resonance imaging coils market size was valued at USD 7.99 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 8.9% from 2023 to 2030. The market is being driven by several factors, including increasing demand for diagnostic imaging procedures, technological advancements in magnetic resonance imaging (MRI) coil design, and the rising prevalence of chronic diseases including neurological disorders, cancer, and cardiovascular diseases. As per the WHO estimates, cardiovascular diseases are a leading cause of death, taking 17.9 million lives each year. This, in turn, is anticipated to propel the growth of enhanced imaging diagnostics, thus, fueling the growth of the industry.
Governments and private entities are increasingly investing in healthcare infrastructure to improve access to healthcare services. This also contributes to the growth of the market. For instance, the American Rescue Plan Act, signed into law in 2021, includes provisions to strengthen healthcare infrastructure and improve access to healthcare services. Furthermore, In 2021 Canadian Government announced an investment of USD 8.4 billion for the next five years to advance the healthcare infrastructure.
The COVID-19 pandemic had a significant impact on the healthcare industry, including the MRI coil industry. Many healthcare facilities experienced a significant reduction in patient volumes as a result of the pandemic. This resulted in a decline in the number of MRI scans performed, leading to reduced demand for coils. In addition, The COVID-19 pandemic disrupted global supply chains, including those for medical equipment such as MRI coils. This led to delays in the production and delivery of MRI coils, which has further reduced demand for these products.
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MRI Motion Tracking Systems Market Insights
The global MRI motion tracking systems market size was valued at USD 2.76 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 20.8% from 2023 to 2030. MRI is an efficient tool to detect aneurysms, tumors, and abnormalities in the brain and body. As per OECD, in 2020 the number of MRI units installed in the U.S. was 34.54 per million population. However, it is the growing need of the hour to develop a system that improves the stability of the image captured by MRI and reduces unnecessary rescans. Scans conducted for patients needing sedation such as pediatrics and geriatric patients with involuntary motions, often record motion artifacts, creating unclear diagnostic scans. Hence, motion tracking systems, are used to tackle such issues.
Reduced errors, improved image quality, reduced motion disturbances or artifacts, decreased scan time and frequency, undisturbed scanning workflow, and economic stability, are the advantages of these MRI motion tracking systems. Leading MRI manufacturers, such as Siemens, Phillips, and GE Healthcare, partner with motion tracking systems providers, to improve their equipment efficacy and track patient movement and provide patient position in real-time within the software. However, stringent FDA approvals for such systems have created great potential for new entrants in this less competitive market.
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Magnetic Resonance Imaging Scanners and Accessories Industry Data Book Competitive Landscape
The high price is one of the most impeding factors for the sales of these systems. The major players are focusing on minimizing the prices for medium-strength MRI systems using various methods. Technological advancements in manufacturing and the high influx of these systems in the market is expected to bring the prices down in the upcoming years.
Key players operating in the Magnetic Resonance Imaging Scanners and Accessories Industry are:
- Siemens Healthineers
- Toshiba Corporation
- Aurora Imaging Technologies, Inc.
- Koninklijke Philips N.V.
- Esaote SPA
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