Report Overview

Rapid adoption of technological advancements in MRI technology enhancing diagnostic capabilities, expansion of healthcare infrastructure including hospitals and diagnostic centers, and rising burden of chronic diseases necessitating advanced diagnostic tools like MRI are expected to drive India MRI Systems Market during the forecast period between 2024 and 2030.

India MRI Systems Market – Industry Trends & Forecast Report, 2030

India MRI Systems Market size by value was estimated at USD 427.25 million in 2023. During the forecast period between 2024 and 2030, India MRI Systems Market size is projected to grow at a CAGR of 11.19% reaching a value of USD 952.19 million by 2030. Prominent drivers of the market include the growing importance of MRI systems in diagnosing and treating a wide range of diseases. Early and accurate diagnoses are essential for effective treatment plans, and MRI technology stands out as a leader in this arena. The demand for MRI systems is further propelled by continuous innovations. For instance, Fujifilm India's Echelon Synergy MRI machine. The advanced system boasts features like flexible positioning, reduced energy consumption, and faster exam times, all contributing to lower overall costs for healthcare facilities.

By volume, India MRI Systems Market size was estimated at 2,125.52 thousand units in 2023. During the forecast period between 2024 and 2030, India MRI Systems Market size is projected to grow at a CAGR of 12.10% reaching the volume of 5,286.26 thousand units by 2030. The past decade has witnessed a surge in medical device innovations, particularly in radiology and imaging. It has led to the rapid development of new technologies, advancements in visualization techniques, and the integration of artificial intelligence (AI). Fujifilm's Echelon Synergy again exemplifies this trend. By leveraging AI-powered deep learning reconstruction, the system reduces noise while preserving image quality, leading to a claimed 50% reduction in scan time compared to previous generation MRI systems. Advancements on the horizon include the development of more portable and cost-effective solutions, which could significantly improve access to these critical diagnostic tools in remote regions. Additionally, the integration of AI for image analysis and interpretation holds promise for enhanced diagnostic precision and streamlined workflows. With the increasing importance of MRI in accurate diagnoses and the exciting possibilities offered by advancements in technology and AI, India MRI Systems Market is poised to record robust growth in the coming years.

MRI Systems – Overview

MRI systems are advanced diagnostic tools utilizing strong magnetic fields and radio waves to produce detailed images of internal organs and tissues. Key components include a powerful magnet, radiofrequency and gradient coils, and a computer system for image processing. Known for their high-resolution, non-invasive imaging capabilities, MRIs are vital in neurology, orthopedics, cardiology, and oncology. Innovations like Fujifilm’s Echelon Synergy enhance flexibility, reduce energy use, and speed up exam times, making MRI systems more efficient and cost-effective. These advancements support their crucial role in diagnosing and monitoring a wide range of medical conditions.

India MRI Systems Market

Growth Drivers

Rising Burden of Chronic Diseases Necessitating Advanced Diagnostic Medical Devices like MRI

The India MRI Systems Market is expanding rapidly due to the increasing prevalence of chronic diseases across the country, which has created a greater demand for advanced diagnostic tools like MRI systems. These technologies are crucial for enhancing patient care by providing detailed, non-invasive imaging necessary for precise diagnosis and effective treatment planning. Innovations such as India's upcoming affordable MRI scanner, featuring nitrogen cooling and advanced magnets, aim to improve accessibility across diverse healthcare settings. This progress is essential for addressing the mounting burden of chronic diseases and improving healthcare outcomes throughout the country. MRI technology is indispensable in managing the growing challenges posed by chronic illnesses, particularly in countries like India. Its capability to deliver precise contrast resolution and detailed tissue imaging is pivotal for modern diagnostics, meeting the urgent need for advanced healthcare technologies as the population ages. Initiatives like the development of indigenous MRI solutions in India aim to make advanced diagnostics more accessible and affordable, thereby enhancing healthcare accessibility and outcomes on a national scale.

Expanding Healthcare Infrastructure across India

India's expanding healthcare infrastructure, particularly the growth of hospitals and diagnostic centers, is driving a significant surge in the MRI systems market. The SCAN-ERA initiative under the Make in India program is a pivotal effort aimed at developing indigenous MRI technology, which will substantially reduce the cost of these advanced diagnostic tools. Currently, the high cost of imported MRI machines limits their accessibility. However, locally manufactured systems will lower prices, making MRI scans more affordable for the broader population. This move is crucial in a country with a growing and aging population increasingly requiring sophisticated medical diagnostics. The introduction of cost-effective MRI machines will not only enhance healthcare access but also stimulate economic growth by fostering job creation and technological innovation. As hospitals and diagnostic centers across India adopt these more affordable MRI systems, the healthcare landscape is set for a transformative change. The increase in the number of MRI machines will allow for broader and more equitable access to essential diagnostic services, improving patient outcomes and supporting the country's overall healthcare goals. This expansion is poised to meet the rising demand for advanced diagnostic tools, cementing India's position in the global MRI Systems Market.

Technological Advancements in MRI Technology Enhancing Diagnostic Capabilities

SAMEER, an autonomous R&D institution under India's Ministry of Electronics and Information Technology (MeitY), is one of the major organizations in the R&D of MRI technology. Their mission is to develop a completely indigenous MRI system. MRI technology offers a non-invasive way to create detailed 3D images of the human body. It plays a crucial role in early disease detection and diagnosis across various medical fields. SAMEER's innovation focuses on developing sophisticated subsystems like RF coils, high-power amplifiers, and spectrometer systems. These advancements will enhance the precision and functionality of MRI machines, leading to more accurate diagnoses and improved patient outcomes.

Challenges

High Cost of MRI Systems

The high cost of MRI systems significantly limits affordability for smaller healthcare facilities in India, thereby restraining the growth of the MRI systems market. Imported MRI machines, which dominate the market, come with substantial price tags that smaller facilities struggle to afford. This financial barrier restricts their ability to invest in advanced diagnostic capabilities, affecting patient access to crucial MRI scans. As a result, while there is a growing demand for MRI technology across India, particularly in rural areas and smaller clinics, the cost barrier remains a significant challenge impeding market expansion and equitable healthcare access.

Impact of Escalating Geopolitical Tensions on India MRI Systems Market

Escalating geopolitical tensions among countries across regions could have a significant impact on the growth of India MRI Systems Market. These tensions can disrupt supply chains for critical components and technologies essential for MRI manufacturing, leading to fluctuating import costs and regulatory hurdles. Such instability may drive up prices and limit the availability of MRI systems. Additionally, geopolitical unrest can discourage foreign investments and hinder international collaborations vital for advancing MRI technology. This climate of uncertainty might also erode investor confidence and delay infrastructure projects, stalling the development of healthcare facilities equipped with MRI systems. Overall, geopolitical tensions threaten the stability and expansion of India's MRI systems market.

India MRI Systems Market

Segmental Coverage

India MRI Systems Market – By Field Strength

On the basis of field strength, India MRI Systems Market is divided into Low-To-Mid-Field MRI Systems, High & Very High Field MRI Systems, and Ultra High Field MRI Systems segments. The ultra-high field MRI systems offer enhanced spatial resolution without compromising image quality, making them indispensable for advanced neuroscience research, particularly in studying conditions like Alzheimer's disease and traumatic brain injury. The segment's growth is driven by increasing cases of brain tumors in India, necessitating precise diagnostics and early cancer detection. Advantages such as higher resolution, improved diagnostic accuracy, faster imaging times, and patient comfort contribute significantly to the segment's expansion, highlighting its critical role in neurology diagnostics and overall market dominance.

India MRI Systems Market – By Architecture

Based on architecture, India MRI Systems Market is bifurcated into Closed MRI Systems and Open MRI Systems segments. The closed MRI systems segment holds a higher share in the India MRI Systems Market by architecture. Closed MRI systems employ strong magnetic fields and high-frequency radio waves to acquire highly detailed images. The enclosed design enables precise selection of image slices and ensures error-free analysis. However, patients undergoing closed MRI scans may experience feelings of claustrophobia and discomfort, often exacerbated by the loud noise generated during the procedure. These issues can potentially lead to less accurate results. In response to these challenges, certain market players are dedicating efforts to develop wide-bore and open MRI systems that are better suited for claustrophobic patients. In addition, some manufacturers of pediatric MRI machines incorporate drawings and cartoons on the MRI machines to help soothe children undergoing scans, making their experience more comfortable.

India MRI Systems Market – By Application

By application, India MRI Systems Market is divided into Brain & Neurological MRI, Spine & Musculoskeletal MRI, Pelvic & Abdominal MRI, Vascular MRI, Breast MRI, and Cardiac MRI segments. The brain & neurological MRI segment holds the highest share in the India MRI Systems Market by application, due to MRI's crucial role in diagnosing and monitoring various brain-related conditions and neurological disorders. MRI technology provides high-resolution images that are essential for detecting strokes, brain tumors, multiple sclerosis, Alzheimer's, Parkinson's, epilepsy, and traumatic brain injuries. In India, increasing prevalence of neurological disorders and rising awareness among healthcare providers and patients about early detection benefits have boosted demand for Brain & Neurological MRI services. MRI's non-invasive nature, superior soft-tissue contrast, and technological advancements like higher field strengths and specialized imaging sequences further enhance its diagnostic accuracy and clinical utility, supporting improved patient care and treatment outcomes.

India MRI Systems Market – By End User

Based on end user, India MRI Systems Market is split into Hospitals and Diagnostic Imaging Centers segments. The hospitals segment holds a higher share in the India MRI Systems Market by end user, due to higher admissions for cardiac and cancer patients. MRI machines are increasingly used in hospitals to expedite patient recovery and reduce reliance on invasive procedures. Government initiatives, such as the PLI Scheme, have further bolstered the hospital sector's growth by supporting technological advancements and infrastructure development.

India MRI Systems Market – By Region

The in-depth research report on India MRI Systems Market covers the market in North India, South India, East India, and West India regions. West India accounts for the largest share in India MRI Systems Market and is expected to maintain its leadership in the market over the forecast period. The region’s dominance can be attributed to substantial growth in healthcare infrastructure and adoption of advanced MRI technologies. Key cities such as Mumbai, Pune, and Ahmedabad serve as major healthcare hubs with a dense network of multispecialty hospitals, diagnostic centers, and academic institutions, attracting patients nationwide. The Western region benefits from robust economic development, significant healthcare investments, and high healthcare spending, fostering demand for sophisticated medical technologies like high-field MRI systems. Strategic location and connectivity further facilitate access to global markets, supporting the region's rapid adoption of advanced MRI equipment and innovations.

Competitive Landscape

Major players operating in 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. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In May 2024 - Fischer Medical Ventures (FMVL), based in Chennai, pioneered India's first domestically manufactured MRI systems.

• In August 2023, FUJIFILM India introduced the Echelon Smart 1.5 Tesla MRI machine at Sarvodaya Hospital, Greater Noida West. The MRI system represents a significant technological leap in MRI, featuring a 1.5T Superconductive MRI system known for its superior image quality, made possible by FUJIFILM's advanced magnetic field technology. The machine's flexible site layout, adapted from permanent magnet MRI systems, ensures adaptable installation and operation across healthcare facilities.

Scope of the Report

By Field Strength

• Low to Mid-Field MRI Systems

• High & Very High Field MRI Systems

• Ultra-High Field MRI Systems

By Architecture

• Closed MRI Systems

• Open MRI Systems

By Application

• Brain & Neurological MRI

• Spine & Musculoskeletal MRI

• Pelvic & Abdominal MRI

• Vascular MRI

• Breast MRI

• Cardiac MRI

By End User

• Hospitals

• Diagnostic Imaging Centers

By Region

• North India

• South India

• East India

• West India