India Magnetic Resonance Imaging (MRI) Market: Rapid Growth, Trends, and Opportunity Analysis

Posted by Kumar on October 17th, 2023

Introduction

In accordance with the latest report from TechSci Research titled "India Magnetic Resonance Imaging (MRI) Market-By Region, Competition, Forecast & Opportunities, 2018-2028," the Indian Magnetic Resonance Imaging (MRI) market has witnessed substantial growth. The market, which recorded a value of USD 231.01 Million in 2022, is anticipated to maintain a steady Compound Annual Growth Rate (CAGR) of 5.44% during the forecast period. Several factors have contributed to this growth, including the rising prevalence of chronic diseases, increased instances of abdominal disorders, surging demand from hospitals and imaging centers, and various government initiatives such as the Production Linked Incentive (PLI) scheme. In this comprehensive report, we delve deeper into the dynamics of the Indian MRI market, its segmentation, and the key factors driving its expansion.

Key Growth Drivers

Advanced MRI Scanning Options: The introduction of 3.0T Magnetic Resonance Imaging (MRI) systems has significantly expanded the scanning capabilities for healthcare professionals. These systems offer advanced imaging methods that are not accessible in lower-power MRI scanners. For instance, they can scan in microscopic slices as small as 1mm, aiding in the diagnosis of complex medical conditions. Moreover, 3.0T MRI systems provide more detailed images in a shorter time frame, improving efficiency and diagnosis accuracy. This technology is not limited to the conventional MRI applications but also extends to detecting diseases like prostate cancer and infections causing tissue changes, resulting in earlier and more precise diagnoses.
Market Challenges: Despite the growth opportunities, the high cost of MRI scans and a heavy dependence on imports pose significant challenges to the expansion of the Indian MRI market.

Browse over 33 market data Figures spread through 70 Pages and an in-depth TOC on "INDIA MAGNETIC RESONANCE IMAGING (MRI) MARKET" - https://www.techsciresearch.com/report/india-magnetic-resonance-imaging-market/11716.html

Segmentation of the Indian MRI Market

The Indian MRI market is extensively segmented, which allows for a comprehensive analysis of the various factors influencing its growth.

Field Strength: The market is divided into High-Field Magnetic Resonance Imaging (MRI) Systems (1.5T and 3.0T MRI Systems), Low-to-Mid-Field Magnetic Resonance Imaging (MRI) Systems (below 1.5T MRI Systems), and others. In 2022, High-Field MRI Systems, covering 69.59% of the market share, emerged as the dominant segment. These systems offer significant advantages, such as detailed imaging for various medical applications, including bones, breast, musculoskeletal, neurological, and vascular MRI.
End Users: The market caters to hospitals, imaging centers, ambulatory surgical centers, and others. Hospitals held the largest market share in 2022 at 40.60%, primarily due to the increase in hospital admissions related to heart and cancer patients. The extended use of MRI machines not only shortens hospital stays but also reduces the need for exploratory surgeries. Additionally, government initiatives like the PLI Scheme have played a pivotal role in strengthening the hospital segment's position.

Regional Analysis

West India: This region has emerged as the fastest-growing in the Indian MRI market, boasting a remarkable CAGR of 6.42%. The high population density in West India has resulted in a greater prevalence of brain and neurological diseases. Additionally, the growth of new companies and opportunities in the western part of the country has contributed to the region's dominance. The increased demand for MRI scans is aimed at providing faster and more accurate diagnoses and timely medical treatment. The region is expected to see a surge in the demand for MRI systems in the coming years, driven by population growth and an increase in manufacturing units.

What You Will Find in the Sample Report

This sample report offers an in-depth analysis of the Indian MRI market, including its current market value, growth projections, key growth drivers, and challenges. It also provides a detailed segmentation of the market based on field strength and end users, offering valuable insights into which segments are driving market growth. Furthermore, the report offers a regional analysis, highlighting the fastest-growing region in India for MRI systems.

Who Will Benefit from this Report

Healthcare Professionals: This report equips healthcare professionals with insights into the latest advancements in MRI technology and its impact on diagnosis and patient care.
Medical Equipment Manufacturers: Manufacturers can use this report to understand the market dynamics, key segments, and growth regions, allowing them to tailor their offerings to meet the needs of the Indian healthcare market.
Investors: Investors looking to capitalize on the burgeoning Indian MRI market can gain valuable insights into the market's current state and its future growth potential, thereby making informed investment decisions.
Policy Makers: Government bodies can benefit from the report by understanding the role of initiatives like the PLI Scheme and their impact on the healthcare infrastructure in India.

In conclusion, this report provides a comprehensive analysis of the Indian MRI market, shedding light on its growth drivers, challenges, and regional dynamics, making it an invaluable resource for various stakeholders in the healthcare industry..

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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