|
Forecast Period
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2026-2030
|
|
Market Size (2024)
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USD 259.05 Million
|
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Market Size (2030)
|
USD 346.82 Million
|
|
CAGR (2025-2030)
|
4.81%
|
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Fastest Growing Segment
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High-Field MRI Systems
|
|
Largest Market
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West India
|
Market Overview
India Magnetic Resonance Imaging Market was valued
at USD 259.05 Million in 2024 and is anticipated to project impressive growth
in the forecast period with a CAGR of 4.81% through
2030. The India Magnetic Resonance Imaging (MRI) market is being propelled by
several key factors. The increasing prevalence of chronic diseases such as
cancer, neurological disorders, and cardiovascular ailments has driven the
demand for advanced diagnostic tools like MRI scanners. This trend is further
bolstered by rising healthcare infrastructure investments and a growing
awareness among both healthcare providers and patients regarding the benefits
of early and accurate diagnosis. Technological advancements in MRI technology,
including the development of high-field strength magnets and better image
resolution, are enhancing diagnostic capabilities and expanding the market. Favorable
government initiatives aimed at improving healthcare access and affordability,
along with a burgeoning medical tourism sector, are contributing to the
market's growth. As a result, the India MRI market is poised for continued
expansion, driven by these converging factors that prioritize better healthcare
outcomes and diagnostic precision.
Key Market Drivers
Rise in Abdominal Problems
Early detection of heart disease is critical as it
significantly impacts life expectancy and improves overall health outcomes.
Among the array of medical instruments available for cardiovascular
diagnostics, magnetic resonance imaging (MRI) devices stand out due to their
ability to provide detailed soft-tissue images that are essential for accurate
diagnosis, especially when traditional methods like CT scans may not suffice. MRI
technology operates by utilizing powerful magnetic pulses to manipulate water
molecules within the body, which are abundant and crucial for generating the
images. These pulses cause the molecules to temporarily align in a specific
direction and then return to their original positions, emitting signals that
are captured by the MRI machine. The machine processes these signals into
highly precise, cross-sectional images of the heart and its surrounding
tissues, offering unparalleled clarity in detecting structural abnormalities,
assessing blood flow dynamics, and evaluating tissue viability.
The precision and detail provided by MRI enable
healthcare providers to detect cardiovascular diseases at their earliest
stages, facilitating prompt intervention and personalized treatment strategies.
This capability not only enhances patient outcomes but also drives the
increasing preference for MRI in cardiovascular diagnostics. Consequently, the
demand for MRI scanners continues to grow as awareness spreads among healthcare
professionals and the public about the benefits of early detection and the
advancements in diagnostic technology. Supportive government policies, such as
incentives for medical device manufacturing and healthcare infrastructure
development, further stimulate market expansion. These factors collectively
position MRI as a cornerstone in the fight against cardiovascular diseases,
underscoring its pivotal role in improving health outcomes and prolonging lives
worldwide.
Early Detection of Cardiovascular Diseases
Early detection of heart disease is crucial for
extending life expectancy and improving health outcomes. Medical instruments
play a vital role in this process, with magnetic resonance imaging (MRI)
devices being particularly effective when traditional methods like CT scans
fall short in providing detailed soft-tissue images necessary for diagnosing
heart ailments. MRI technology utilizes powerful magnetic pulses to manipulate
water molecules, which constitute over 60% of the human body. These pulses
cause the molecules to temporarily realign and then return to their original
positions, emitting signals that are captured and translated by the MRI machine
into highly precise images of the heart and surrounding tissues.
The ability of MRI to provide such detailed images
is pivotal for early detection of cardiovascular diseases. By detecting
structural abnormalities, blood flow dynamics, and tissue viability with
unparalleled clarity, MRI enables healthcare providers to initiate timely
interventions and personalized treatment plans. This capability not only
enhances patient outcomes but also drives the preference for MRI in
cardiovascular diagnostics, thereby contributing to the expansion of the MRI
market. As awareness grows among both healthcare professionals and the general
population about the benefits of early detection and advanced diagnostic
technologies, the demand for MRI scanners continues to rise. This increasing
demand, coupled with advancements in MRI technology and supportive government
policies, further propels the market growth, making MRI a cornerstone in the
fight against cardiovascular diseases.
Growing Health Expenditure
According to the Economic Survey 2021-22, the
Indian government significantly boosted its budgeted expenditure on the health
sector during the pandemic year, allocating 2.1% of GDP compared to 1.3% in the
previous fiscal year. This
increase aligns with the National Health Policy of 2017's target of achieving
2.5% of GDP in health spending by 2025. Such augmented funding underscores a
concerted effort to enhance healthcare infrastructure, including the
procurement of advanced medical equipment such as MRI systems.
The government's Production Linked Incentive (PLI)
scheme plays a pivotal role in fostering domestic manufacturing capabilities in
India, particularly in the medical devices sector. By incentivizing local
production, including MRI systems, the PLI scheme not only aims to reduce
dependency on imports but also promotes the "Made in India"
initiative. This strategic approach not only enhances self-sufficiency but also
augments the value proposition of the India MRI market by ensuring quality,
affordability, and accessibility of medical devices for healthcare providers
and patients alike. As a result, these initiatives are expected to contribute
positively to the growth trajectory of the India MRI market in the coming
years.
Rise in Prevalence of Chronic Diseases
The India MRI market is anticipated to experience
steady growth in the coming years, driven by sustained demand from hospitals,
clinics, diagnostic and imaging centers, and ambulatory surgical facilities.
This demand is primarily fueled by the rising incidence of chronic diseases
such as cancer, chronic lung diseases, cardiovascular disorders, and similar
conditions. As healthcare awareness among the population increases, there is a
growing emphasis on preventive health measures and early diagnosis, which
further supports the market's expansion. Advancements in MRI technology,
including improved imaging resolution and faster scan times, are enhancing
diagnostic capabilities and attracting more healthcare providers to invest in
MRI systems. The government's initiatives aimed at improving healthcare
infrastructure and accessibility also play a crucial role in driving market
growth. Overall, these factors collectively contribute to a promising outlook
for the India MRI market in the foreseeable future.
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Key Market Challenges
Cost and Accessibility
One of the primary challenges in the India MRI
market is the cost of equipment and accessibility to advanced MRI technology.
While MRI is essential for accurate diagnosis and treatment planning, the high
initial investment and operational costs associated with MRI systems pose a
significant barrier, particularly for smaller healthcare facilities and rural
clinics. The cost of MRI machines, including installation, maintenance, and
upgrading to newer technologies, can be prohibitive for healthcare providers
operating under budget constraints.
The operational expenses, such as electricity and
helium costs (for superconducting magnets), contribute to the overall cost of
MRI services. These factors collectively affect the affordability of MRI scans
for patients, limiting access to timely diagnostic evaluations, especially in
underserved regions.
Skilled Workforce Shortage
Another significant challenge in the India MRI
market is the shortage of skilled professionals, including radiologists, MRI
technologists, and biomedical engineers, capable of operating and maintaining
MRI systems effectively. The complexity of MRI technology requires specialized
training and expertise in image acquisition, interpretation, and quality
assurance.
The demand for skilled MRI professionals has
outpaced the supply due to factors such as inadequate training infrastructure,
limited educational programs offering specialized MRI courses, and the
migration of trained professionals to countries offering better career
opportunities. This shortage not only impacts the quality and efficiency of MRI
services but also contributes to delays in reporting and diagnosis, affecting
patient care outcomes.
Key Market Trends
Technological Advancements and Innovation
Technological advancements in MRI systems are
driving significant changes in the Indian market. Modern MRI machines now
feature higher field strengths, such as 3 Tesla and even 7 Tesla systems, which
offer improved image resolution and faster scan times. These advancements are
crucial for enhancing diagnostic accuracy and efficiency, particularly in
complex cases such as neurological disorders, cardiac imaging, and oncology. For
instance in August 2023, Union Minister of State for Science &
Technology, launched India’s inaugural indigenously developed, affordable,
lightweight, ultrafast, high-field (1.5 Tesla), next-generation Magnetic
Resonance Imaging (MRI) Scanner in New Delhi. With the introduction of this
indigenous MRI scanner, the cost of MRI scanning is expected to decrease
significantly for the general public, thereby enhancing accessibility to what
has traditionally been a costly procedure. This development will also lead to substantial
reductions in capital expenditure previously incurred through the procurement
of MRI scanners from international markets, consequently conserving foreign
exchange reserves. Innovations in software algorithms and imaging
techniques, such as functional MRI (fMRI) and diffusion-weighted imaging (DWI),
further expand the diagnostic capabilities of MRI systems.
The integration of artificial intelligence (AI) and
machine learning (ML) into MRI analysis is another notable trend. AI-powered
algorithms can assist radiologists in interpreting images more accurately and
efficiently, leading to faster diagnosis and reduced turnaround times. This
trend is expected to gain traction as AI technologies continue to mature and
healthcare providers seek to optimize workflow and diagnostic accuracy.
Focus on Affordable Healthcare Solutions
There is a growing emphasis on developing
affordable MRI solutions tailored to the needs of the Indian market. Domestic
manufacturers and global suppliers are introducing cost-effective MRI systems
that balance performance with affordability, catering to both urban healthcare
facilities and rural healthcare centers. Initiatives such as the government's
Production Linked Incentive (PLI) scheme for medical devices aim to promote
local manufacturing, reduce dependency on imports, and make advanced healthcare
technologies more accessible across diverse socioeconomic segments.
Segmental Insights
Field Strength Insights
Based on the Field Strength,
High-Field MRI systems are currently dominating over Low-to-Mid Field MRI
systems. High-Field MRI systems typically refer to scanners with field
strengths of 1.5 Tesla and above, whereas Low-to-Mid Field MRI systems
generally range from 0.2 Tesla to 1.2 Tesla. The dominance of High-Field MRI systems
in India can be attributed to several factors. High-Field MRI systems offer
superior image quality and resolution compared to Low-to-Mid Field systems.
This enhanced imaging capability is crucial for accurate diagnosis of complex
medical conditions across various specialties such as neurology, oncology, and
musculoskeletal imaging. The higher signal-to-noise ratio provided by
High-Field MRI enables clearer visualization of anatomical structures and
pathological changes, leading to more precise treatment planning and improved
patient outcomes.
Advancements in High-Field
MRI technology, including the development of stronger magnets, advanced coil
designs, and sophisticated imaging techniques such as functional MRI (fMRI) and
diffusion tensor imaging (DTI), have expanded the clinical applications of
these systems. Healthcare providers in India increasingly prefer High-Field MRI
systems for their ability to perform a wide range of advanced imaging studies
efficiently and accurately. The growing demand for comprehensive and timely
diagnostic services in both urban and semi-urban areas of India has driven the
adoption of High-Field MRI systems. Despite their higher initial costs and
operational expenses, the clinical benefits and diagnostic capabilities offered
by High-Field MRI systems justify their investment for many healthcare
providers and diagnostic centers in the country.
Application Insights
Based on Application, the
Brain & Neurological imaging segment is currently dominating over other specialties
such as Oncology, Spine & Musculoskeletal, Abdominal, and Cardiac imaging.
This dominance can be attributed to several key factors that highlight the
critical role of MRI in diagnosing and monitoring neurological disorders and
brain-related conditions. Brain & Neurological MRI is essential for
detecting and evaluating a wide range of conditions affecting the brain, spinal
cord, and nervous system. These conditions include stroke, brain tumors,
multiple sclerosis, neurodegenerative diseases (such as Alzheimer's and
Parkinson's disease), epilepsy, and traumatic brain injuries. The
high-resolution imaging capabilities of MRI allow for detailed visualization of
brain structures, lesions, and abnormalities, facilitating accurate diagnosis
and treatment planning.
The increasing prevalence
of neurological disorders and the growing awareness among healthcare providers
and patients about the benefits of early detection and precise diagnosis have
fueled the demand for Brain & Neurological MRI services in India. As the
healthcare infrastructure expands and diagnostic capabilities improve, there is
a rising preference for MRI over other imaging modalities due to its
non-invasive nature, lack of ionizing radiation, and superior soft-tissue
contrast. Advancements in MRI technology, including higher field strengths
(such as 1.5 Tesla and 3 Tesla systems), specialized imaging sequences (such as
diffusion-weighted imaging and functional MRI), and advanced post-processing
techniques, have enhanced the diagnostic accuracy and clinical utility of Brain
& Neurological MRI. These technological innovations allow healthcare
providers to perform detailed assessments of brain function, blood flow
dynamics, and tissue integrity, thereby facilitating early intervention and
personalized patient care.
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Regional Insights
In the India Magnetic Resonance Imaging (MRI)
market, the Western region is currently dominating over the North, South, and
East regions. The Western region of India, which includes states such as
Maharashtra, Gujarat, and Rajasthan, has witnessed significant growth and
development in healthcare infrastructure, including the adoption of advanced
diagnostic technologies like MRI. Several factors contribute to the dominance
of the Western region in the MRI market. Cities like Mumbai, Pune, and
Ahmedabad are major healthcare hubs with a high concentration of multispecialty
hospitals, diagnostic centers, and medical institutions. These urban centers
attract patients from across the country and neighboring regions for
specialized medical services, including MRI diagnostics.
The Western region benefits from robust economic
development, substantial investments in healthcare facilities, and a high level
of healthcare expenditure compared to other regions. The presence of corporate
hospitals, medical colleges, research institutes, and healthcare clusters in
cities like Mumbai and Pune has bolstered the demand for advanced medical
technologies, including high-field MRI systems. The Western region's strategic
location and connectivity facilitate easier access to international markets for
importing MRI equipment and technologies. This accessibility to global
suppliers and partnerships contributes to the rapid adoption of cutting-edge
MRI technology in the region.
Recent Developments
- In August 2023, FUJIFILM
India, unveiled the first installation of the Echelon Smart 1.5 Tesla MRI
machine at Sarvodaya Hospital, Greater Noida West. This advanced MRI system
from FUJIFILM India incorporates features designed to enhance patient comfort
through acoustic noise reduction (Smart Comfort), support operational
efficiency for healthcare providers, and promote environmental sustainability
with its low power consumption. The device represents a significant advancement
in MRI technology, offering a 1.5T Superconductive MRI system renowned for its high
image quality, achieved through FUJIFILM's cutting-edge magnetic field
technology. It features a flexible site layout inherited from permanent magnet
MRI systems, ensuring versatility in installation and operation within
healthcare facilities.
Key Market Players
- Siemens Healthcare Private
Limited
- Philips India Limited
- Wipro GE Healthcare Private
Limited
- Hitachi, Ltd.
- Erbis Engineering Co., Ltd
- Voxelgrids Innovations Private
Limited
- Sanrad Medical Systems Private
Limited
- Esaote Asia Pacific Diagnostic
Private Limited
- Wipro Ge Healthcare Private
Limited
- Voxelgrids Innovations Private
Limited
|
By Field Strength
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By Type
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By Architecture
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By Application
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By End User
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By Source
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By Product
|
By Region
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- High-Field MRI Systems
- Low-to-Mid Field MRI System
- Others
|
|
- Closed MRI Systems
- Open MRI Systems
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- Brain & Neurological
- Oncology
- Spine & Musculoskeletal
- Abdominal
- Cardiac
- Others
|
- Hospitals
- Imaging Centers
- Ambulatory Surgical Centers Others
|
|
|
|
Report Scope:
In this report, the India Magnetic Resonance
Imaging Market has been segmented into the following categories, in addition to
the industry trends which have also been detailed below:
- India Magnetic Resonance
Imaging Market, By
Field Strength:
o High-Field MRI Systems
o Low-to-Mid Field MRI System
o Others
- India Magnetic Resonance
Imaging Market, By
Type:
o Fixed
o Mobile
- India Magnetic Resonance
Imaging Market, By
Architecture:
o Closed MRI Systems
o Open MRI Systems
- India Magnetic Resonance
Imaging Market, By
Application:
o Brain & Neurological
o Oncology
o Spine & Musculoskeletal
o Abdominal
o Cardiac
o Others
- India Magnetic Resonance
Imaging Market, By
End User:
o Hospitals
o Imaging Centers
o Ambulatory Surgical Centers
Others
- India Magnetic Resonance
Imaging Market, By
Source:
o Import
o Domestic
- India Magnetic Resonance
Imaging Market, By
Product:
o Refurbished
o New
- India Magnetic Resonance
Imaging Market, By
Region:
o North
o South
o West
o East
Competitive Landscape
Company Profiles: Detailed analysis of the major companies
present in the India Magnetic Resonance Imaging Market.
Available Customizations:
India Magnetic Resonance Imaging Market report
with the given market data, TechSci Research offers customizations according
to a company's specific needs. The following customization options are
available for the report:
Company Information
- Detailed analysis and
profiling of additional market players (up to five).
India Magnetic Resonance Imaging Market is an
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