India Magnetic Resonance Imaging Market Size (2024 - 2029)

The market size of Magnetic Resonance Imaging (MRI) in India is growing at a steady rate, despite the challenges posed by the COVID-19 pandemic. This growth is supported by significant investments and the launch of several MRI machines across the country. The Indian government's collaborations with major players to improve MRI equipment has also increased the adoption rate of these instruments in healthcare facilities. The development of healthcare infrastructure and the installation of advanced MRI equipment are key factors driving market expansion. Furthermore, the high prevalence of neurological disorders in India has increased the demand for early diagnosis using MRI, further augmenting the market size.

Market Size of India Magnetic Resonance Imaging Industry

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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

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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 market 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 also limited the adoption rate of magnetic resonance equipment in India. However, significant investment, as well as the launch of a number of MRI equipment in India, is also 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 (MRI) 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 between the government of India and other major players for the improvement of MRI equipment in India is raising the adoption rate of these instruments in a number of healthcare facilities in India. For instance, in January 2023, the IT Ministry signed an agreement with Siemens Healthineers with the aim of offering low-cost MRIs to Indians.
  • The increasing development of healthcare infrastructure, along with the increasing installation of advanced MRI equipment in India, is one of the prime factors for the market growth. For instance, in March 2021, Voxelgrids Innovations Private Limited launched a MRI machine in India. This further fuels the adoption rate of advanced MRI instruments among healthcare professionals in India.
  • In addition, the high prevalence of certain neurological disorders in India is also increasing the demand for early diagnosis as well as disease progression through magnetic resonance imaging. For instance, according to an article published by the Alzheimer's Association in January 2023, approximately 8.8 million people of age more than 60 years were living with dementia in India. This further augments the demand and adoption of MRI instruments for early diagnosis.
  • Thus, due to the above-mentioned factors, the market for magnetic resonance imaging 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

India Magnetic Resonance Imaging Market Size Summary

The magnetic resonance imaging (MRI) market in India has been experiencing significant growth, driven by factors such as the increasing development of healthcare infrastructure and the rising prevalence of neurological disorders. The market has been further boosted by the launch of advanced MRI equipment and greater investment in this sector. The adoption of MRI instruments has been increasing due to initiatives between the government and major players for the improvement of MRI equipment in India. However, the market was adversely affected by the COVID-19 pandemic due to strict lockdown measures and a decrease in surgical volume. Trends in the Indian MRI market include the strong growth of very high field MRI systems, which offer benefits such as enhanced spatial resolution and picture quality. These systems are particularly useful for research into psychiatric disorders like Alzheimer's disease and mild traumatic brain injury. The oncology segment is also expected to grow at a significant rate due to the increasing prevalence of cancer in India. MRI is a vital tool for cancer diagnosis and treatment, providing detailed images of internal structures to identify and evaluate tumors and abnormalities. The market is highly competitive, with several major players currently dominating. However, mid-size to smaller companies are increasing their market presence by introducing new, lower-cost products.

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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.

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