India Magnetic Resonance Imaging (MRI) Market to Grow with a CAGR of 5.44% through 2028
Increase in the geriatric
population and growing demand for the early detection of orthopedic,
cardiovascular, and other conditions are propelling the growth of the magnetic
resonance imaging (MRI) systems market in India through 2028.
According to TechSci Research report, “India Magnetic Resonance
Imaging (MRI) Market-By
Region, Competition, Forecast
& Opportunities, 2018-2028”, the Indian Magnetic Resonance Imaging (MRI) market
stood at USD 231.01 Million in
2022 and is expected to grow at a steady CAGR of 5.44% during the forecast
period. The increasing prevalence of chronic diseases, rise in abdominal
problems, rising demand from hospitals & imaging centers, and a high
number of government’s initiatives like Production Linked Incentive (PLI) scheme
are some of the factors that are regarded as driving factors for India Magnetic
Resonance Imaging (MRI) market during the forecast period.
Doctors have more
scanning options with 3.0T Magnetic Resonance Imaging (MRI)s, which includes
sophisticated imaging methods which are not accessible in lower-power magnetic
resonance imaging scanners, such as the capacity to scan in microscopic slices
as small as 1mm to aid in the identification of challenging disorders. They
deliver more detailed photos in less time - often as much as 2 to 3 times
faster. Though Magnetic Resonance Imaging (MRI)s are best suited for scans of
the brain, spine, and musculoskeletal system, 3.0T Magnetic Resonance Imaging
(MRI)s may now scan for novel illnesses such as prostate cancer. 3.0T Magnetic
Resonance Imaging (MRI) is also one of the most sensitive ways of detecting
infections that induce tissue changes, such as bone and other types of
infections. All these aid physicians in making more precise diagnoses, leading
to better patient outcomes due to earlier detection. But the high cost of magnetic
resonance imaging scans and a dependency on imports are some of the factors
that can serve as an obstacle to the growth of the India Magnetic Resonance
Imaging (MRI) market.
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The India Magnetic
Resonance Imaging (MRI) market is segmented into field strength, type, device
architecture, application, end users, source, product, region, and by company. Based
on field strength, the market is fragmented into High-Field Magnetic Resonance
Imaging (MRI) Systems (1.5T Magnetic Resonance Imaging (MRI) Systems, 3.0T
Magnetic Resonance Imaging (MRI) Systems), Low-to-Mid-Field Magnetic Resonance
Imaging (MRI) Systems (<1.5T Magnetic Resonance Imaging (MRI) Systems),
& Others. High-Field Magnetic Resonance Imaging (MRI) Systems hold a
massive market share covering 69.59% in 2022. This high demand for high-field
magnetic resonance imaging systems (1.5T & 3.0T) is due to the various
advantages catered by this machinery. For example, 3.0T is useful for tiny
imaging of bones, breast magnetic resonance imaging, musculoskeletal magnetic
resonance imaging, neurological magnetic resonance imaging, and vascular magnetic
resonance imaging, all of which require meticulous attention to detail whereas
1.5T magnetic resonance imaging are tried-and-true machines that deliver
high-resolution imaging and longer 1.5T scan sequences can also increase image
quality significantly.
Based on the end user,
the market is divided into hospitals, imaging centers, ambulatory surgical
centers and others. The hospital segment seems to dominate the market in 2022,
with a share of 40.60%. The increase in hospital demand could be related to an
increase in hospital admissions due to an increase in the number of heart and
cancer patients in the country. The extended use of MRI machines may also help
to shorten hospital stays while lowering the need for exploratory surgery.
Moreover, the commencement of several government initiatives like PLI Scheme
can be another reason to dominate the hospital segment.
Based on regional
analysis, West India is the fastest growing region with a CAGR of 6.42% in the
India magnetic resonance imaging market. This is owing to the densely populated
states of West India, which have a higher rate of brain and neurological
illnesses. Also, the emergence of new companies and opportunities in the
Western part of the country is likely to be a reason for the region’s dominance
in the upcoming years. As a result, there is
a strong demand for magnetic resonance imaging scans to provide better
diagnosis and better and more timely treatment of the medical condition. Over
the next five years, however, a considerable increase in the number of people
and manufacturing units on the West side of the country may tend to accelerate
the market demand for magnetic resonance imaging systems.
The
leading companies operating in the India Magnetic Resonance Imaging (MRI) market
are:
- Siemens
Healthcare Private Limited
- Philips
India Limited
- Wipro
GE Healthcare Private Limited
- Hitachi
Medical Systems
- Canon
Medical Systems Corporation (Erbis Engineering Company Limited)
- Fujifilm
India Pvt. Ltd.
- Voxelgrids
Innovations Private Limited
- Neusoft
India
- Sanrad
Medical Systems Private Limited
- Esaoate
India Limited.
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“A growing population of senior people in India and an increase in the
number of patients with brain and neurological disorders would fuel the future
need for more effective magnetic resonance imaging systems. Additionally,
continuous initiatives to improve the efficiency of magnetic resonance imaging
systems, government-sponsored activities, and an increase in medical tourism
are expected to propel the India magnetic resonance imaging market forward
through 2028.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“India Magnetic Resonance
Imaging (MRI) Market By Field Strength (High-Field MRI Systems(1.5T MRI
Systems, 3T MRI Systems), Low-to-Mid Field MRI Systems (<1.5T MRI Systems),
Others), By Type (Fixed v/s Mobile), By Architecture (Closed MRI Systems v/s
Open MRI Systems), By Application (Brain & Neurological, Oncology, Spine
& Musculoskeletal, Abdominal, Cardiac, Others), By End User (Hospitals,
Imaging Centers, Ambulatory Surgical Centers Others), By Source (Import v/s
Domestic), By Product (Refurbished v/s New), By Region, Competition, Forecast
& Opportunities, 2018-2028F”, has evaluated the future growth potential of India Magnetic
Resonance Imaging (MRI) 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 Magnetic
Resonance Imaging (MRI) market.
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