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.