India MRI Systems Market Size More Than Doubles at Stellar CAGR of 11.19% to Healthy Value of USD 952.19 Million

Published | 15 July 2024

India MRI Systems Market is flourishing due to the rising burden of chronic diseases necessitating advanced diagnostic tools like MRI, expansion of healthcare facilities across the country, and adoption of technological advancements in MRI technology enhancing diagnostic capabilities.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated India MRI Systems Market size by value at USD 427.25 million in 2023. During the forecast period between 2024 and 2030, BlueWeave expects India MRI Systems Market size to expand at a CAGR of 11.19% reaching a value of USD 952.19 million by 2030. The MRI Systems Market in India is propelled by the rising importance of MRI systems in diagnosing and treating a variety of diseases, highlighting the need for early and precise diagnoses. Innovations like Fujifilm India's Echelon Synergy MRI machine are propelling the market forward with advanced features, such as AI-powered deep learning, flexible positioning, and reduced energy consumption. These developments enhance imaging quality, lower operational costs, and reduce scan times by up to 50% compared to older models.

By volume, BlueWeave estimated India MRI Systems Market size at 2,125.52 thousand units in 2023. During the forecast period between 2024 and 2030, BlueWeave expects India MRI Systems Market size by volume is projected to grow at a CAGR of 12.10% reaching the volume of 5,286.26 thousand units by 2030. The Indian Market for MRI Systems is set to benefit from the growing trend toward portable and cost-effective MRI solutions, improving access in remote regions. Additionally, the integration of AI for enhanced diagnostic accuracy and streamlined workflows will further drive the expansion of India MRI Systems Market.

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Opportunity – Government promoting affordable healthcare diagnostics

In a significant step toward achieving India's vision of affordable healthcare diagnostics, the recent unveiling of the nation's first, indigenously developed MRI scanner aligns perfectly with the government's ambitious ‘Ayushman Bharat’ initiative. This breakthrough technology promises to revolutionize the MRI Systems Market by significantly reducing scan costs and making critical healthcare more accessible for the population. The development signifies a strategic shift for India, transforming the nation from a consumer of medical technology to a domestic innovator and producer, strengthening the healthcare ecosystem while propelling economic growth. To further this goal, SAMEER (under the Ministry of Electronics and IT) has partnered with Siemens Healthineers, echoing the government's vision for accessible healthcare. This memorandum aims to develop low-cost MRI technology, further emphasizing the importance of local manufacturing and R&D collaborations. The collaborative effort reflects a strategic approach to enhance healthcare infrastructure and promote indigenous innovation, aligning with national goals of improving diagnostic access nationwide.

Impact of Escalating Geopolitical Tensions on India MRI Systems Market

Intensifying geopolitical tensions can have a multifaceted impact on India MRI Systems Market. Tensions between countries can disrupt supply chains for critical components and technologies necessary for MRI manufacturing, resulting in volatile import costs and regulatory obstacles. The political instability can drive up prices and restrict the availability of MRI systems. Furthermore, geopolitical unrests can deter foreign investments and obstruct international collaborations that are crucial for technological advancements in MRI. The uncertainty may also shake investor confidence and postpone infrastructure projects, hindering the development of healthcare facilities equipped with MRI systems. Overall, geopolitical tensions pose significant risks to the stability and growth of India MRI Systems Market.

India MRI Systems Market

Segmental Coverage

Regional Analysis

India MRI Systems Market is divided into North India, South India, East India, and West India regions. West India holds the highest share in India MRI Systems Market and is expected to maintain its dominance over the forecast period. The region’s dominance can be attributed to significant advancements in healthcare infrastructure and the widespread adoption of cutting-edge MRI technologies. Cities like Mumbai, Pune, and Ahmedabad emerge as key healthcare hubs, boasting an extensive network of multispecialty hospitals, diagnostic centers, and academic institutions, drawing patients from across the nation. The Western region's strong economic growth, substantial healthcare investments, and high levels of healthcare spending drive the demand for advanced medical technologies, including high-field MRI systems. Additionally, its strategic location and superior connectivity enhance access to global markets, further accelerating the uptake of innovative MRI systems in the region.

Competitive Landscape

India MRI Systems Market is fragmented, with numerous players serving the market. The key players dominating India MRI Systems Market include Canon Medical Systems Corporation, Fujifilm Holdings Corporation, GE Healthcare, Koninklijke Philips NV, Siemens Healthineers, Time Medical Holding, Sanrad Medical Systems, Esaote SpA, and Voxelgrids Innovations Private Limited. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.

Don’t miss the business opportunity of India MRI Systems Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and India MRI Systems Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India MRI Systems Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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