Magnetic Resonance Imaging Coils Market to Reach USD 17.48 Billion by 2032, Growing at 8.47% CAGR

The global magnetic resonance imaging coils Market was valued at USD 9.13 billion in 2024 and is projected to expand to USD 17.48 billion by 2032, registering a compound annual growth rate (CAGR) of 8.47% during 2025–2032. This robust growth reflects rising demand for advanced diagnostic imaging, increasing disease burden, and continuous innovation in MRI hardware technologies across healthcare systems worldwide.

Market Growth Drivers: Technology Innovation and Rising Diagnostic Demand

Technological advancements in MRI systems, coupled with the growing prevalence of neurological and musculoskeletal disorders, are significantly accelerating market expansion. More than 50 million MRI scans are performed annually in developed economies, driving the need for high-performance coils that enhance image clarity, signal-to-noise ratio, and patient throughput. The growing adoption of 3T and 7T MRI scanners has further intensified demand for next-generation radiofrequency and gradient coils designed for ultra-high-resolution imaging.

Strategic investments are reinforcing innovation across the ecosystem. In 2024, Canon Medical Systems announced a USD 300 million R&D investment aimed at developing ultra-high-definition MRI coil technologies. Additionally, the rapid growth of outpatient imaging centers and teleradiology platforms is increasing demand for compact, lightweight, and flexible coil systems. Regulatory support in Europe and North America, including approvals for wireless and flexible coils, is also accelerating commercialization and adoption.

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Market Challenges: Cost and Regulatory Complexity

Despite strong growth momentum, the market faces notable restraints. Advanced MRI coil systems often exceed USD 100,000 per high-channel array, limiting accessibility for small and mid-sized healthcare facilities. Complex manufacturing processes, dependence on specialized materials, and the need for skilled installation and calibration increase overall operational costs. Regulatory scrutiny, particularly in the U.S., where MRI coils require FDA 510(k) clearance, has also slowed time-to-market for new entrants, with over 25% of submissions facing delays due to compliance gaps.

Segmentation Insights Highlight Specialized Demand

By type, radiofrequency (RF) coils dominated the market with a 60.8% revenue share in 2024, owing to their essential role in signal transmission and reception across a wide range of clinical applications. Gradient coils are expected to witness steady growth, driven by demand for faster image acquisition and functional MRI applications.

Neurology emerged as the leading application segment, accounting for 22.5% of market share in 2024, supported by rising cases of Alzheimer’s disease, epilepsy, and multiple sclerosis. Meanwhile, musculoskeletal and spinal imaging are projected to record the fastest growth due to aging populations and increasing orthopedic conditions. Hospitals remain the largest end users, while diagnostic imaging centers represent the fastest-growing segment due to demand for cost-effective outpatient imaging services.

Regional Outlook: North America Leads, Asia Pacific Grows Fastest

North America led the market in 2024, with the U.S. accounting for over 75% of regional revenue and performing more than 40 million MRI scans annually. Europe followed, driven by strong public healthcare investments and aging demographics. The Asia Pacific region is expected to grow at the fastest pace, fueled by expanding healthcare infrastructure, government-backed diagnostic programs in China and India, and rising adoption of advanced imaging technologies.

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Competitive Landscape and Recent Developments

Key players operating in the global magnetic resonance imaging coils market include GE HealthCare, Siemens Healthineers, Koninklijke Philips N.V., Canon Medical Systems, Esaote S.p.A., and Nova Medical, among others. Notably, in November 2024, GE HealthCare received FDA clearance for its XENOVIEW 3T Chest Coil, while Philips launched ultra-lightweight Smart Fit MR coils to enhance workflow efficiency and patient comfort.

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