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India Magnetic Resonance Imaging Market Size (2024 - 2029)

The magnetic resonance imaging market in India is experiencing growth, driven by factors such as increased healthcare infrastructure and the installation of advanced MRI equipment. Despite the challenges posed by the COVID-19 pandemic, which temporarily hindered adoption due to reduced inpatient and surgical volumes, significant investments and government initiatives have bolstered market expansion. The collaboration between the Indian government and major players to enhance MRI accessibility and affordability is further contributing to the market's development. Additionally, the rising prevalence of neurological disorders is fueling the demand for early diagnostic imaging, thereby supporting the market's growth trajectory.

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Market Size of India Magnetic Resonance Imaging Industry

India Magnetic Resonance Imaging Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Market Size (2024) USD 308.03 Million
Market Size (2029) USD 414.35 Million
CAGR (2024 - 2029) 6.11 %

Major Players

India Magnetic Resonance Imaging Market Major Players

*Disclaimer: Major Players sorted in no particular order

India Magnetic Resonance Imaging Market Analysis

The India Magnetic Resonance Imaging Market size is estimated at USD 308.03 million in 2024, and is expected to reach USD 414.35 million by 2029, growing at a CAGR of 6.11% during the forecast period (2024-2029).

  • COVID-19 has severely impacted the MRI industry during the pandemic. Stringent lockdown regulations, home quarantine, and postponement of non-emergency procedures resulted in a lower inpatient volume during the pandemic. Also, a decrease in the surgical volume limited the adoption rate of magnetic resonance imaging systems in India. However, significant investment, as well as the launch of a number of MRI equipment in India, is supporting the growth of this market during the pandemic. For instance, in May 2021, the Chief Minister of Andhra Pradesh launched computed tomography (CT) and magnetic resonance imaging machines at RIMS Hospitals in Ongole, Kadapa, Srikakulam, and Nellore government general hospitals with an aim to improve the accessibility to the healthcare facilities.
  • Further, the increasing number of agreements between the Government of India and other major players, including leading magnetic resonance imaging companies, for the improvement of MRI equipment is raising the adoption rate of these instruments in healthcare facilities across India. For instance, in January 2023, the IT Ministry signed an agreement with Siemens Healthineers, a prominent MRI machine company, with the aim of offering low-cost MRIs to Indians.
  • The development of healthcare infrastructure, along with the increasing installation of advanced MRI equipment, is a prime factor driving the MRI system market in India. For instance, in March 2021, Voxelgrids Innovations Private Limited launched a made in India MRI machine. This further fuels the adoption of advanced MRI instruments among healthcare professionals in India.
  • In addition, the high prevalence of certain neurological disorders in India is increasing the demand for early diagnosis and disease monitoring through neurological MRI. For instance, according to an article published by the Alzheimer's Association in January 2023, approximately 8.8 million people over the age of 60 were living with dementia in India. This further augments the demand and adoption of MRI instruments, contributing to the growth of the MR neuro imaging market in India.
  • Thus, due to the above-mentioned factors, the MRI market in India is growing.

India Magnetic Resonance Imaging Industry Segmentation

Magnetic resonance imaging is a medical imaging technique that is used in radiology to produce pictures of the anatomy and the physiological processes of the body. These pictures are further used to diagnose and detect the presence of abnormalities in the body. 

India magnetic resonance imaging (MRI) market is segmented by architecture (closed MRI systems and open MRI systems), field strength (low-field MRI systems, high-field MRI systems, very high-field MRI systems, and ultra-high MRI systems), and application (oncology, neurology, cardiology, gastroenterology, musculoskeletal, and other applications). 

The report offers the value (in USD) for the above segments.

By Architecture
Closed MRI Systems
Open MRI Systems
By Field Strength
Low Field MRI Systems
High Field MRI Systems
Very High Field MRI Systems and Ultra-high MRI Systems
By Application
Oncology
Neurology
Cardiology
Gastroenterology
Musculoskeletal
Other Applications
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India Magnetic Resonance Imaging Market Size Summary

The magnetic resonance imaging (MRI) market in India is poised for significant growth over the forecast period, driven by advancements in healthcare infrastructure and increased adoption of advanced MRI equipment. The market has shown resilience despite the challenges posed by the COVID-19 pandemic, which temporarily hindered the adoption of MRI technology due to reduced surgical volumes and postponed non-emergency procedures. However, government initiatives and investments, such as the launch of MRI machines in various states and partnerships with major players like Siemens Healthineers, have bolstered market expansion. The rising prevalence of neurological disorders and the demand for early diagnosis are further propelling the adoption of MRI systems, as evidenced by the growing number of dementia cases and brain tumors in the country.

Technological advancements, particularly in ultra-high-field MRI scanners, are enhancing diagnostic capabilities, especially in neurology and oncology. These advancements offer higher-resolution images and faster imaging times, making them invaluable for diagnosing conditions like Alzheimer's disease and brain tumors. The oncology segment, in particular, is expected to experience substantial growth due to the increasing prevalence of cancer in India, with initiatives aimed at raising cancer awareness and promoting early diagnosis further driving demand for MRI scans. The competitive landscape is characterized by the presence of major players such as Siemens Healthineers, GE Healthcare, and Philips Healthcare, while mid-size and smaller companies are gaining traction by offering innovative and cost-effective solutions.

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India Magnetic Resonance Imaging Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Introduction of Hybrid MRI Systems

      2. 1.2.2 Increasing Prevalence of Neurological Disorders

    3. 1.3 Market Restraints

      1. 1.3.1 High Cost of MRI Systems

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size by Value - USD)

    1. 2.1 By Architecture

      1. 2.1.1 Closed MRI Systems

      2. 2.1.2 Open MRI Systems

    2. 2.2 By Field Strength

      1. 2.2.1 Low Field MRI Systems

      2. 2.2.2 High Field MRI Systems

      3. 2.2.3 Very High Field MRI Systems and Ultra-high MRI Systems

    3. 2.3 By Application

      1. 2.3.1 Oncology

      2. 2.3.2 Neurology

      3. 2.3.3 Cardiology

      4. 2.3.4 Gastroenterology

      5. 2.3.5 Musculoskeletal

      6. 2.3.6 Other Applications

India Magnetic Resonance Imaging Market Size FAQs

The India Magnetic Resonance Imaging Market size is expected to reach USD 308.03 million in 2024 and grow at a CAGR of 6.11% to reach USD 414.35 million by 2029.

In 2024, the India Magnetic Resonance Imaging Market size is expected to reach USD 308.03 million.

India Magnetic Resonance Imaging Market Report Snapshots

Magnetic Resonance Imaging Market in India Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)