Report

India Magnetic Resonance Imaging (MRI) market stood at USD231.01 million in 2022 and is expected to grow at a steady CAGR of 5.44% during the forecast period. The India Magnetic Resonance Imaging (MRI) market is driven by an increase in the elderly population of India. Additionally, one of the essential elements driving the growth of this market is advancements in technology. Software companies have introduced novel software to accelerate MRI scans which will resolve the issue of long waiting hours. During an operation, this MRI-guided navigation device generates high-resolution images to target a specific location while leaving the healthy surrounding tissue intact. These reasons are expected to have a positive result on the market growth.
Furthermore, a high magnetic field, radio waves, and a computer is used in cardiac magnetic resonance imaging (MRI) to obtain comprehensive images of the structures within and around the heart. Physicians use cardiac MRI to detect and monitor the cardiac illness. They utilize it to assess the structure and function of the heart in individuals. Cardiac MRI does not use radiation and can provide the greatest images of the heart in some cases. As a result, the India Magnetic Resonance Imaging (MRI) market is expected to rise rapidly.
Rise in Abdominal Problems
The abdomen is imaged using a high magnetic field, radio waves, and a computer to obtain detailed pictures of the internal body. It can be used to diagnose or track treatment progress for several abdominal and pelvic diseases. MRI may also be used to monitor a pregnant patient and her baby securely. Bad lifestyle practices like the consumption of alcohol and tobacco and the absence of any physical workout are likely to increase the abdominal problems in the country. Abovementioned factors are contributing to the increased demand for MRI market in India in the forecast period.
Early Detection of Cardiovascular Diseases
Heart disease can be detected early using a variety of medical instruments. A preventative plan can extend life expectancy if heart diseases are detected earlier. A magnetic resonance imaging device, sometimes known as an MRI scanner, is employed when a CT scan cannot give the soft-tissue detection required to diagnose a heart ailment. The technology uses intense magnetic pulses to disperse the water molecules that comprise more than 60% of the human body. The energy produced by these water molecules returns to their original position, is measured by the machine, and translated into an incredibly detailed image of the heart. This is how early detection of cardiovascular diseases, and their rising preference can aid market expansion.
Growing Health Expenditure
According to the Economic Survey 2021-22, the central and state governments' budgeted expenditure on the health sector in the pandemic year reached 2.1% of GDP, up from 1.3% the previous fiscal year. This puts the government on track to meet its goal of 2.5% of GDP in health spending by 2025, as set out in the National Health Policy of 2017. Moreover, the government's production linked incentive scheme (PLI) scheme is another way of promoting the domestic manufacturing of medical devices like MRI systems in India. This scheme is also an excellent way to encourage the "Made in India" products, hence adding value to the India MRI market.
A Rise in Prevalence of Chronic Diseases
The India MRI market is predicted to grow steadily in the future years, thanks to continued demand from hospitals, clinics, diagnostic and imaging centers, and other ambulatory surgical systems. This is due to the increased prevalence of chronic diseases such as cancer, chronic lung disease or respiratory problems, cardiovascular disease, and other comparable ailments. People's increasing emphasis on maintaining their health and well-being could be another element driving the market growth.
Market Segmentation
The India magnetic resonance imaging market is segmented based on field strength, type, architecture, application, end user, source, product, region, and company. Based on field strength, the market can be split into high-field MRI systems (1.5T MRI Systems, 3.0T MRI Systems), low to mid-field MRI systems (<1.5T MRI Systems) & Others. Based on type, the market can be divided into fixed and mobile. Based on architecture, the market is divided into closed MRI systems and open MRI systems. Based on application, the market can be segmented into brain & neurological, oncology, spine & musculoskeletal, abdominal, cardiac, and others. Based on end user, the market is split into hospitals, imaging centers, ambulatory surgical centers, and others. Based on source, the market is divided into domestic & import. Based on product, the market segmented into new & refurbished.
Company Profiles
Siemens Healthcare Private Limited, Philips India Limited, Wipro GE Healthcare Private Limited, Hitachi Medical Systems, Canon Medical Systems Corporation (Erbis Engineering Company Limited), Shanghai United Imaging Healthcare Co., Ltd., Voxelgrids Innovations Private Limited, Neusoft India, Sanrad Medical Systems Private Limited, Esaote India Limited, are among the key market players in the India Magnetic Resonance Imaging (MRI) Market.
Years considered for this report:
Historical Years: 2018-2021
Base Year: 2022
Estimated Year: 2023E
Forecast Period: 2024F-2028F
Report Scope:
In this report, India magnetic resonance imaging market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- India Magnetic Resonance Imaging Market, By Field Strength:
o High-Field MRI Systems (1.5T MRI Systems, 3T MRI Systems)
o Low to Mid-Field MRI Systems (<1.5T MRI Systems)
o Others
- India Magnetic Resonance Imaging Market, By Type:
o Fixed
o Mobile
- India Magnetic Resonance Imaging Market, By Device Architecture:
o Closed MRI Systems
o Open MRI Systems
- India Magnetic Resonance Imaging Market, By Application:
o Brain and Neurological
o Oncology
o Spine and Musculoskeletal
o Abdominal
o Cardiac
o Others
- India Magnetic Resonance Imaging Market, By End User:
o Hospitals
o Imaging Centers
o Ambulatory Surgical Centers
o Others
- India Magnetic Resonance Imaging Market, By Source:
o Import
o Domestic
- India Magnetic Resonance Imaging Market, By Product:
o Refurbished
o New
- India Magnetic Resonance Imaging Market, By Region:
o South
o North
o West
o East

Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in India magnetic resonance imaging (MRI) market.
Available Customizations:
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to five).