MRI market in India to grow at 4.81% CAGR
The Magnetic Resonance Imaging (MRI) market in India has shown remarkable growth and transformation, with a valuation of USD 259.05 million in 2024. Driven by technological advancements, increased healthcare infrastructure, and rising demand for advanced diagnostic tools, the market is expected to grow at a CAGR of 4.81% through 2030.
MRI is crucial in modern healthcare for its non-invasive imaging capabilities, providing detailed visuals of soft tissues, organs, and vascular structures, essential for accurate diagnosis and treatment planning across various medical fields.
Impact of Covid-19
The Covid-19 pandemic significantly impacted the MRI market in India. Strict lockdown measures, home quarantines, and postponed non-emergency procedures led to reduced inpatient volumes. Consequently, the adoption of MRI equipment saw a downturn. However, substantial investments and the introduction of new MRI machines have helped stabilize the market. For example, in May 2021, Andhra Pradesh’s Chief Minister inaugurated new CT and MRI machines across several government hospitals, enhancing healthcare accessibility.
Government and industry collaborations
Partnerships between the Indian government and major industry players are fostering the adoption of MRI equipment. In January 2023, the IT Ministry signed an agreement with Siemens Healthineers to provide low-cost MRIs, illustrating efforts to make advanced diagnostic tools more accessible. Similarly, the launch of innovative MRI machines by companies like Voxelgrids Innovations Private Limited in March 2021 highlights the ongoing development in this sector.
High prevalence of neurological disorders
India’s high prevalence of neurological disorders is also driving the demand for MRI. The Alzheimer’s Association reported that approximately 8.8 million people aged 60 and above were living with dementia in India as of January 2023. This highlights the increasing need for early diagnosis and monitoring of neurological conditions, boosting the demand for MRI.
Technological advancements in MRI
Technological innovation plays a pivotal role in shaping the MRI market. Modern MRI systems feature high-field magnets (1.5 Tesla to 3 Tesla and above), offering superior image quality and resolution. These advancements are essential for improving diagnostic accuracy in neurology, oncology, orthopedics, cardiology, and other specialties.
Specialized imaging sequences
Advanced MRI technologies include functional MRI (fMRI), diffusion-weighted imaging (DWI), and magnetic resonance spectroscopy (MRS). These imaging techniques provide detailed insights into tissue function, microstructural changes, and metabolic activity, significantly enhancing diagnostic capabilities.
Future outlook
The future of the MRI market in India looks promising with continued investments in technology and infrastructure. Collaborative efforts between the public and private sectors, academia, and healthcare providers are essential for advancing MRI technology, expanding access to underserved populations, and driving innovations tailored to local healthcare needs. As the healthcare landscape evolves, investment in MRI technology will play a crucial role in improving healthcare outcomes and meeting the growing demand for advanced diagnostic imaging across India.
The India Magnetic Resonance Imaging Market is poised for significant growth, driven by technological advancements, government initiatives, and increasing healthcare infrastructure. While challenges like high initial investment and maintenance costs persist, strategic investments and collaborative efforts can address these issues. The shift towards domestic manufacturing and the dominance of the Southern region further underscore the market’s potential. With continued investment and innovation, the MRI market in India is set to play a crucial role in improving healthcare outcomes and meeting the growing demand for advanced diagnostic imaging. TechSci Research
