Dublin, July 08, 2024 (GLOBE NEWSWIRE) -- The "India Magnetic Resonance Imaging Market, By Region, Competition, Forecast and Opportunities, 2020-2030F" report has been added to ResearchAndMarkets.com's offering.
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.
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.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 80 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $259.05 Million |
| Forecasted Market Value (USD) by 2030 | $346.82 Million |
| Compound Annual Growth Rate | 4.8% |
| Regions Covered | India |
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
India Magnetic Resonance Imaging Market, By Field Strength:
- High-Field MRI Systems
- Low-to-Mid Field MRI System
- Others
India Magnetic Resonance Imaging Market, By Type:
- Fixed
- Mobile
India Magnetic Resonance Imaging Market, By Architecture:
- Closed MRI Systems
- Open MRI Systems
India Magnetic Resonance Imaging Market, By Application:
- Brain & Neurological
- Oncology
- Spine & Musculoskeletal
- Abdominal
- Cardiac
- Others
India Magnetic Resonance Imaging Market, By End User:
- Hospitals
- Imaging Centers
- Ambulatory Surgical Centers Others
India Magnetic Resonance Imaging Market, By Source:
- Import
- Domestic
India Magnetic Resonance Imaging Market, By Product:
- Refurbished
- New
India Magnetic Resonance Imaging Market, By Region:
- North
- South
- West
- East
For more information about this report visit https://www.researchandmarkets.com/r/nkuugz
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