India Magnetic Resonance Imaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

India Magnetic Resonance Imaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

India's magnetic resonance imaging (MRI) market was valued at USD 251.59 million in 2021 and is projected to register a CAGR of 6.9% during the forecast period (2022-2027).

COVID-19 has severely affected the healthcare industry in India during the year 2020. As a result of restrictions on non-emergency procedures, elective diagnostics was on hold during the year 2020 which hampered the growth of the market studied in India. However, as researchers started studying the coronavirus infection and its diagnosis, it was observed that imaging also plays a crucial role in the diagnosis of COVID-19. Therefore, many healthcare providers started suggesting diagnostic imaging such as MRI and CT scans for people to detect COVID-19 in the early stages. Additionally, healthcare providers and researchers are uncovering more and more documented cases where the recovered COVID-19 patients show long-term effects of the disease in the lungs, heart, immune system, brain, and other organs.

According to an article titled ‘Rhino-Orbital Mucormycosis Associated with COVID-19’ published in September 2020, Magnetic resonance imaging (MRI) of the brain, orbits, and paranasal sinuses, revealed soft tissue swelling in the right preseptal, malar, premaxillary, and retrobulbar regions due to paranasal sinusitis. In one cluster from New Delhi, India, 15 admitted patients with COVID-19 infection developed bloodstream candida infections. Of these, 10 had a candida Auris infection, and six died due to the complications (60%). These complications are a result of excessive use of antibiotics and corticosteroids and are diagnosed using MRI imaging, making it an important tool to accurately detect the underlying causes behind the post-COVID-19 complications. Therefore, during the COVID-19 pandemic, the market for magnetic resonance imaging was performing at a steady growth rate, however, it was not witnessing rapid growth in India.

India is one of the most populous countries in the world and has a high burden of chronic diseases, such as cancer, coronary artery diseases, neurological diseases, and musculoskeletal diseases, among others. There is a rising demand for efficient diagnostics and treatment procedures, which is expected to boost the growth of the magnetic resonance imaging market over the forecast period.​ For instance, according to the Globocan 2020 report, India reported 1,324,413 new cases of cancer in 2020, and the total number of prevalent cases of cancer in the last five years was 2,720,251. Further, the same report projected that cancer cases will reach 1,692,968 by 2030, and 2,086,094 by 2040, which shows a massive rise in the number of cancer cases in the country. Considering these numbers, the demand for MRI systems is expected to increase in the country for detection and diagnosis which is expected to fuel the market growth.

Key Market TrendsVery High Field MRI Systems are Expected to Witness Strong Growth

The field strength of an MRI scanner is measured in Tesla or "T." When the field strength of the scanner is 7T or higher, it is referred to as a “Very high-field” or “Ultra high-field” MRI. The ability to enhance the spatial resolution at which data is captured while maintaining picture quality is a fundamental benefit of ultra-high field MRI. This opens possibilities for neuroscience especially a crucial tool for research into psychiatric disorders such as Alzheimer’s disease and mild traumatic brain injury

Moreover, other factors such as the rising burden of chronic disorders, and technological advancement are expected to further boost the market growth. According to the study published in India Journal of Public Health on Prevalence of dementia in India: A systematic review and meta-analysis in June 2021, which included 20 epidemiological studies with a total of 86,312 people, 1193 people were diagnosed with dementia throughout many Indian states. According to the findings of this study, the number of older people with dementia is 20 per 1000 people. The prevalence was higher in older age groups (75 and up) than in younger age groups (under 75). This represents that the rising prevalence of dementia in India is expected to increase the demand for early diagnosis of dementia and Alzheimer's and is expected to drive the growth of high-field MRI scanners in India as this type of MRI is widely used for neurology diagnostic purposes.

Furthermore, according to the Dementia in India 2020 report, 5.3 million Indians over the age of 60 have dementia in 2020, with the figure expected to rise to 14 million by 2050. Therefore, the rising prevalence of Alzheimer's and Dementia and the expected rise further increase the demand for better diagnosis of these diseases. In addition, the rising burden of other chronic conditions such as cancer in the country is believed to propel segment growth.

Competitive Landscape

The India magnetic resonance imaging market is highly competitive and consists of several major players. In terms of market share, a few of the major players currently dominate the market. However, with technological advancements and quality service provisions, mid-size to smaller companies are increasing their market presence by introducing new products at less prices. Companies, like Siemens Healthineers, GE Healthcare, Canon Medical Systems, and Philips Healthcare, hold a significant market share in the magnetic resonance imaging market.

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