India MRI Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Closed, Open), And By Application (Cerebal, Abdominal, Cardiac, Vascular, Others), And By States - Forecasts From 2021 To 2026

Published:  Dec 2021 Report Code: KSI061612496 Pages: 116

The India MRI market is projected to witness a compound annual growth rate of 9.34% to grow to US$441.082 million by 2026, from US$236.100 million in 2019. Magnetic Resonance Imaging is also known as MRI systems, are used for medical imaging applications, and it is also used for monitoring and diagnostics of several conditions. The market is expected to surge in the country, due to the rise in the prevalence rate of chronic diseases, abdominal problems, rising healthcare expenditures, and other related factors. Moreover, the rise in the number of the older and geriatric population opting for MRI solutions is also expected to surge, due to the favorable government schemes and rise in disposable income. For instance, in 2018, the Government of India announced the launch of a novel healthcare scheme, known as Ayushman Bharat Yojana, which had been intended to help to provide free access to health insurance to lower-income populations. Several state governments in the country have also been providing novel and advanced MRI solutions to their customers. For instance, in July 2021, the Punjab Government announced the launch of a novel project, under which CT, MRI centers would come up in around 25 government hospitals. The government would build novel diagnostic and monitoring centers and would purchase novel MRI systems. These developments are expected to play a key role in the market growth, in the coming years.

india mri market

Increasing Rate Of Chronic Diseases

According to the data given by the Union Ministry of Family and Health Welfare, two in every three people in the country has been suffering from certain chronic disease. The Ministry’s report had also stated that approx. 23% of the population 60 years and above have some sort of multi-morbidities. Moreover, according to the data given by the World Health Organization, chronic diseases are a cause of around 53% of deaths in the country. MRI tests are used in the creation of images and virtual representations of a person’s body. With the increasing disposable income, rising healthcare expenditure, and favorable government schemes, patients suffering from chronic diseases, such as cancer, diabetes, heart problems, and others, have been opting for MRI systems for various applications. Several firms and corporations have been making a significant impact in the market, in the past few years. For instance, Sanrad Medical Systems is one of the major retailers in the country. The company has been providing advanced and high-quality MRI scanners and systems to its customers in the country. The company has been selling products to some of the major MRI producers and developers. These trends and developments are projected to have an imperative role in the market growth, in the coming years.

COVID-19 Impact on India MRI Market

The outbreak of the COVID-19 pandemic affected the Indian MRI market negatively. The pandemic shifted the focus of the healthcare sector on the COVID-19 pandemic, while the diagnosis and treatment facilities for other patients were halted. During the peak of the COVID-19 crisis in India, outpatient departments of various hospitals were closed in India and only COVID-19 patients were being treated, besides some non-COVID emergency cases. In addition, there were many cases where the COVID-19 got spread among the hospital staff and the hospital got turned into a containment zone. In April 2020, Wockhardt Hospital witnessed the spread of COVID-19 among its staff and got declared as a coronavirus containment zone. Such incidents further harmed the MRI market in India during the pandemic. The limited access to healthcare providers due to the COVID-19 pandemic and related lockdowns resulted in a significant market decline across all diagnostic imaging markets. This impacted the Indian MRI market as well and hence resulted in a decreased demand for India MRI.

India MRI Market Scope:

Report Metric Details
 Market size value in 2019  US$236.100 million
 Market size value in 2026  US$441.082 million
 Growth Rate  CAGR of 9.34% from 2019 to 2026
 Base year  2019
 Forecast period  2021–2026
 Forecast Unit (Value)  USD Million
 Segments covered  Type, Application, And States
 Regions covered  Gujarat, Maharashtra, Tamil Nadu, Delhi, Others
 Companies covered  General Electric Company, Siemens Healthcare Pvt. Ltd., Canon Medical Systems   Corporation, Koninklijke Philips N.V., Hitachi Ltd., Voxelgrids
 Customization scope  Free report customization with purchase

 

Key Market Segments

  • By Type
    • Closed
    • Open
  • By Application
    • Cerebal
    • Abdominal
    • Cardiac
    • Vascular
    • Others
  • By States
    • Gujarat
    • Maharashtra
    • Tamil Nadu
    • Delhi
    • Others
1. INTRODUCTION
1.1. Market Definition
1.2. Market Segmentation

2. RESEARCH METHODOLOGY  
2.1. Research Data
2.2. Assumptions

3. EXECUTIVE SUMMARY
3.1. Research Highlights

4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis

5. INDIA MRI MARKET BY TYPE
5.1. Introduction
5.2. Closed
5.3. Open

6. INDIA MRI MARKET BY APPLICATION 
6.1. Introduction
6.2. Cerebal
6.3. Abdominal
6.4. Cardiac
6.5. Vascular
6.6. Others

7. INDIA MRI MARKET BY STATES
7.1. Introduction
7.2. Gujarat
7.3. Maharashtra
7.4. Tamil Nadu
7.5. Delhi
7.6. Others

8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix

9. COMPANY PROFILES
9.1. General Electric Company
9.2. Siemens Healthcare Pvt. Ltd.
9.3. Canon Medical Systems Corporation
9.4. Koninklijke Philips N.V.
9.5. Hitachi Ltd.
9.6. Voxelgrids

General Electric Company

Siemens Healthcare Pvt. Ltd.

Canon Medical Systems Corporation

Koninklijke Philips N.V.

Hitachi Ltd.

Voxelgrids

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