India MRI Market - Forecasts from 2024 to 2029

India MRI Market - Forecasts from 2024 to 2029

The India MRI market is expected to grow at a CAGR of 13.00%, reaching a market size of US$1,106.879 million in 2029 from US$462.269 million in 2022.

Increased incidence of circulatory system-related ailments such as heart attacks, high blood pressure, and heart failure are likely to drive up the demand for the Indian MRI industry in the coming years. Additionally, the development of locally manufactured low-cost MRI equipment is underway, and demand for these machines might be considered in the future years. Furthermore, the rise of Artificial Intelligence in MRIs will greatly increase market demand for these machines. However, the rising upfront cost of MRI equipment, as well as the wide array of technical issues that come with them, make them a risky investment. Some MRI machines are also not suitable for people with metal implants or people who are large. Other options, like CT scanners, may be preferred for such individuals.

India's healthcare infrastructure is modernizing, leading to an increase in hospitals and diagnostic centers equipped with advanced imaging facilities, including MRI machines. Increased awareness among healthcare professionals and the public about the benefits of early and accurate diagnosis has led to a higher demand for MRI scans. Government initiatives to improve accessibility and affordability have also contributed to the growth of the diagnostic imaging market. Technological advancements, such as higher-field strength MRI machines and improved imaging sequences, have enhanced MRI diagnostic capabilities. India's appeal as a medical tourism destination is also attributed to its advanced diagnostic imaging capabilities.

MARKET DRIVERS:

Rising trend of diseases is anticipated in the growth of the market.

The number of fatalities owing to cardiovascular disorders has increased significantly in India. According to WHF, 60% of all deaths in India are caused due to non-communicable diseases (NCDs). NCDs consist of cardiovascular diseases, cancer, obstructive pulmonary disease, strokes, and more. In 2019, ischaemic heart disease was the leading cause of mortality in India. According to WHO, over the previous two decades, it has been responsible for the highest rise in mortality — more than 2 million people. These kinds of diseases require proper imaging equipment to diagnose and treat. Moreover, one of the Sustainable Development Goals set by the United Nations in 2015 is to reduce premature mortality from non-communicable illnesses by one-third by 2030. Cardiovascular diseases (CVD), chronic respiratory infections (CRI), cancer, and diabetes are among them. This increasing trend to combat NCDs is expected to drive the demand for the MRI market.

Technological Developments

The Indian MRI imaging sector is predicted to grow significantly as new technical breakthroughs are introduced. The use of artificial intelligence (AI) in most regions of India is projected to be a significant driver for the MRI industry. This AI system would significantly reduce imaging expenses and scan and detect problems more efficiently. AI-assisted systems have the potential to boost productivity by nearly fivefold and drastically reduce the risk of misdiagnosis. AI assistants are very simple to implement, resulting in faster patient diagnosis. Deeptek and AIkenist, for instance, have already begun implementing similar services in hospitals. As an outcome, the MRI market would witness tremendous expansion.

Furthermore, innovations like open MRI systems, software improvements, superconducting magnets, and cardiac pacemaker-compatible equipment propel the MRI industry forward. Mobile MRI system advancements are also a deciding element in the MRI industry. In addition, the growing desire for minimally invasive treatments is driving diagnostic imaging equipment development.

Key Developments:

August 2023- FUJIFILM India has installed its new Echelon Smart 1.5 Tesla MRI machine at Sarvodaya Hospital in Greater Noida West. The machine, a 1.5T Superconductive MRI system, offers patient-friendly acoustic noise reduction, operator-friendly operation support, and environment-friendly low power consumption. The machine features a high magnetic field achieved by FUJIFILM technology and a flexible site layout inherited from a permanent magnet MRI system. The installation event was attended by Japanese Ambassador Yuta Yamashita, MD Koji Wada, and Director Divyanu Gupta. The machine also provides detailed briefings on usage and safety.
November 2023- Philips has launched its innovation campus in Yelahanka, Bengaluru, with an investment of INR 500 crores. The 650,000 sq. ft. facility will house over 5,000 professionals working on innovative health technologies to improve patient experiences, health outcomes, staff experiences, and care costs. The new center will revolutionize the healthcare landscape in India and beyond, focusing on digital connectivity and technological innovation to expand access to care and achieve universal health coverage. Philips' goal is to improve the lives of 400 million people a year in underserved communities, part of its goal to improve 2.5 billion people a year by 2030.
August 2023- India's Union Minister, Dr Jitendra Singh, has launched India's first indigenously developed, affordable, lightweight, ultrafast, high field (1.5 Tesla) next-generation magnetic resonance imaging scanner. The scanner, developed by Voxelgrids Innovations Pvt Ltd, is expected to reduce costs for the common man and save foreign exchange by removing import dependency. Out of the Rs 17 Crore spent on the scanner, Rs 12 Crore was provided by DBT through BIRAC.

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