India Diagnostic Imaging Market to Grow with a CAGR of 8.31% through 2029
Increasing healthcare expenditure and technological
advancement in imaging procedures is expected to drive the India Diagnostic
Imaging Market growth in the forecast period, 2025-2029.
According to TechSci Research report, “India Diagnostic
Imaging Market -Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2029”, the India Diagnostic Imaging Market stood at USD 780.42 Million in 2023 and is
anticipated to grow with a CAGR of 8.31% in the forecast period, 2025-2029. India's
Diagnostic Imaging Market is being driven by a number of factors. The rise in
chronic diseases such as cancer and cardiovascular diseases, along with the
growing geriatric population, are key contributors. This is coupled with
technological advancements in imaging systems, increasing adoption of minimally
invasive diagnostic procedures, and government initiatives aiming to enhance
healthcare infrastructure.
The growing demand for early disease detection and the
expanding private healthcare sector are also pivotal in driving this market
forward.
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Diagnostic Imaging Market.”
India's diagnostic imaging market is a rapidly
expanding sector driven by the considerable advancements in medical technology,
growing health awareness, and increasing prevalence of chronic diseases. The
primary growth drivers in this sector include the escalating demand for early
and precise diagnosis, increased health insurance penetration, and the rise of
telemedicine services. Notably, the advent of portable and mobile imaging
technologies has made diagnostic services more accessible, especially in remote
areas. Moreover, government initiatives such as the Pradhan Mantri Jan Arogya
Yojana (PMJAY) have contributed significantly to the market's growth by
providing affordable healthcare services to vulnerable sections of society.
This has led to an increased uptake of diagnostic imaging services,
particularly in rural areas. Additionally, the government's focus on expanding
healthcare infrastructure and improving the overall quality of healthcare
services has further boosted the demand for diagnostic imaging.
Radiology is the largest segment in the diagnostic
imaging market, with advancements in magnetic resonance imaging (MRI) and
computed tomography (CT) scanning driving significant growth. Furthermore, the
ultrasound segment is expected to witness substantial growth due to its
non-invasive nature and widespread use in obstetrics and gynaecology. The
adoption of digital imaging techniques and the integration of artificial
intelligence (AI) algorithms are further enhancing the diagnostic capabilities
of these imaging modalities.
Nevertheless, the market faces several challenges,
such as the high cost of advanced imaging equipment and the lack of skilled
radiologists. Additionally, the regulatory landscape is stringent, with a
strict approval process for new equipment, which could potentially hinder the
market's growth. Efforts are being made to address these challenges by
improving affordability and accessibility, promoting skill development
programs, and streamlining regulatory processes.
Despite these challenges, the market outlook is
positive, with opportunities for growth in areas such as nuclear imaging,
interventional radiology, and the development of artificial intelligence in
diagnostic imaging. These trends are anticipated to shape the future of the
diagnostic imaging market in India, making it an attractive prospect for both
domestic and international stakeholders. Continued investments in infrastructure,
training, and technology, coupled with beneficial government initiatives and
increasing healthcare awareness, will further propel the market's expansion in
the years to come. In conclusion, the India diagnostic imaging market is at a
pivotal juncture, with substantial growth potential. Essential investment in
infrastructure, training, and technology, coupled with beneficial government
initiatives and increasing healthcare awareness, positions the market for
continued expansion in the years to come. The integration of advanced imaging
techniques, AI algorithms, and telemedicine services will transform the
landscape of diagnostic imaging, enabling more accurate and timely diagnosis,
and improving patient outcomes. The market presents a promising opportunity for
stakeholders to contribute to the advancement of healthcare in India and
address the evolving healthcare needs of the population.
The India Diagnostic Imaging Market is segmented into type,
mobility, source, application, component, end user, regional distribution, and
company.
Based on end user, the hospital and clinics segment is
poised to witness substantial growth at a healthy compound annual growth rate
(CAGR) during the forecast period. This growth can be attributed to the
comprehensive availability of advanced diagnostic imaging equipment and
machinery in hospitals, making them the preferred choice for individuals
seeking high-quality diagnostic imaging services. By offering a wide range of
state-of-the-art technologies, hospitals and clinics ensure that patients
receive accurate and timely diagnoses, leading to improved healthcare outcomes.
Additionally, these facilities often have multidisciplinary teams of healthcare
professionals who collaborate to provide comprehensive and personalized care to
patients. Moreover, hospitals and clinics invest in continuous research and
development, staying at the forefront of medical advancements and ensuring that
their patients have access to cutting-edge treatments and therapies. Through a
patient-centric approach, these healthcare institutions strive to improve the
overall well-being and quality of life for individuals in need of medical care.
Based on region, the Western region of India,
encompassing major cities like Mumbai and Pune, has emerged as the dominant
force in the Indian Diagnostic Imaging Market due to a multitude of key
factors. Renowned for their advanced medical facilities, state-of-the-art
hospitals, and cutting-edge diagnostic centers, these cities provide a solid
foundation for the region's healthcare infrastructure. The high concentration
of population in this region further emphasizes the urgent need for extensive
medical facilities to cater to the diverse healthcare needs of the residents. In
addition to its impressive medical infrastructure, the Western region of India
also stands out for its significant wealth and investment in healthcare. This
has led to a surge in demand for innovative and sophisticated diagnostic
imaging systems, as the region strives to provide the best possible healthcare
services to its residents. Moreover, the presence of highly educated and
health-conscious consumers in this region plays a pivotal role in driving the
increased demand for top-notch diagnostic imaging services.
With a relentless commitment to quality and
excellence, the Western region of India continues to set new benchmarks in the
field of diagnostic imaging. By constantly pushing the boundaries of technology
and embracing the latest advancements, this region remains at the forefront of
the Indian Diagnostic Imaging Market. Its unwavering dedication to providing
superior healthcare services has established it as a prominent leader, serving
as an inspiration for other regions in India and beyond.
Major companies operating in India Diagnostic Imaging
Market are:
- Wipro GE Healthcare Private
Limited
- Siemens Healthineers India
- Allengers Medical Systems
Limited
- Erbis Engineering Co Limited
- Samsung India Electronics
(SIEL)
- Philips India Limited
- Olympus Medical Systems India
Private Limited
- Fujifilm India Private
Limited
- Carestream Health India
Private Limited
- Shimadzu Medicals (India)
Private Limited
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“The future of the diagnostic imaging market in India
is poised for substantial growth, driven by several key factors. The ageing
population in the country is increasing, leading to a higher demand for
diagnostic services. Additionally, the rising prevalence of chronic diseases
further fuels the need for accurate and efficient diagnosis through imaging
technologies. Furthermore, the continuous advancements in technology, including
the integration of artificial intelligence (AI), are expected to propel the
market even further. AI integration in diagnostic imaging offers improved
precision, speed, and efficiency, enabling healthcare professionals to make
more accurate diagnoses and provide targeted treatment plans. Moreover, the
Indian government's initiatives focused on healthcare infrastructure
development play a crucial role in the expansion of the diagnostic imaging
market. Increased investments in healthcare facilities and equipment create a
favorable environment for the adoption of advanced imaging technologies. Considering
these factors, the diagnostic imaging market in India is expected to experience
significant expansion in the coming years, providing improved healthcare
outcomes for the population and creating opportunities for industry players.,”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“India Diagnostic
Imaging Market By Type (X-Ray Imaging Solutions, Ultrasound Systems, MRI
Systems, CT Scanners, Nuclear Imaging Solutions, Mammography, Others), By Mobility
(Portable, Standalone), By Source (Domestic, Import), By Application
(Cardiology, Oncology, Neurology, Orthopedics, Gastroenterology, Gynecology,
Others), By Component (OEM, Refurbished), By End User (Hospitals & Clinics,
Diagnostic Centers, Ambulatory Care Centers, Others), By Region, Competition,
Forecast & Opportunities, 2019-2019F”, has evaluated the future growth potential of India Diagnostic Imaging
Market and provides statistics & information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in India Diagnostic Imaging
Market.
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