India Diagnostic Imaging Equipment Market Size

India Diagnostic Imaging Equipment Market Analysis

The India diagnostic imaging equipment market is expected to grow with a CAGR of 10.3% during the forecast period.

The COVID-19 outbreak is an unprecedented health concern and has significantly impacted the Indian diagnostic imaging equipment market. The increasing number of COVID-19 cases has increased the demand for computed tomography (CT) scanners in various cities in India which has positively impacted the demand for diagnostic imaging equipment in the country. Computed tomography of the chest plays an important role in the diagnosis and management of COVID-19. According to a study published in the Indian Journal of Medical Research in February 2021, CT chest has indicated in COVID-19-positive patients with associated co-morbidities such as cardiovascular disease, hypertension, diabetes, obesity, chronic respiratory disease, immune compromise, etc. Moreover, CT chest plays a crucial role in ruling out lung fibrosis in patients recovering from COVID-19 infection. CT chest is an indispensable diagnostic tool in COVID-19 was positively impacted the market growth. However, currently, the market is growing at a stable pace owing to a resumption of diagnosis procedures, manufacturing activities, and availability of products, and it is expected to witness a similar trend over the coming years.

The propelling factors for the growth of the Indian diagnostic imaging equipment market include the rise in the prevalence of chronic diseases, increased adoption of advanced technologies in medical imaging, and the growing geriatric population. According to the International Diabetes Federation report published in 2021, the estimated number of diabetes patients in 2021 was 74,194.7, and the number is expected to reach 92,973.7 by 2030. Additionally, as per the data in the Longitudinal Ageing Study in India (LASI), released by the Union Ministry of Family and Health Welfare on January 6, 2021, the incidence of cardiovascular diseases in the elderly is increasing, ranging from 60% in Goa, 57% in Kerala, 55% in Chandigarh, and 51% in Jammu and Kashmir. Thus, the growing prevalence of chronic diseases is expected to rise in demand for effective diagnostics equipment, thereby boosting the growth of the market over the forecast period.

Additionally, various government initiatives are expected to boost the market in the country. For instance, in November 2021, A sophisticated MRI facility was launched at the National Brain Research Centre (NBRC), Manesar, in Haryana, India. The National Brain Research Centre (NBRC) is India's premier institute dedicated to Neuroscience Research and Education, and MRI Scanner PRISMA 3T MRI from Siemens was installed at the facility. Additionally, in April 2021, Hindustan Aeronautics Limited (HAL) donated a 32 Slice Computed Tomography (CT) scan machine to Shri Atal Bihari Vajpayee Medical College & Research Institute (SABVMC&RI), Bengaluru, as part of its sustained corporate social responsibility activities.

Thus, all aforementioned factors, such as the growing burden of chronic diseases, are expected to propel the growth of the market over the forecast period. However, the high cost of diagnostic imaging procedures and equipment and the side effects of diagnostic imaging procedures is expected to restrain market growth over the forecast period.