PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1534452
PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1534452
India MRI Systems Market, By Field Strength; By Architecture; By Application; By End User; By Region, Trend Analysis, Competitive Landscape & Forecast, 2019-2030
India MRI Systems Market Size More Than Doubles at Stellar CAGR of 11.19% to Healthy Value of USD 952.19 Million
India MRI Systems Market is flourishing due to the rising burden of chronic diseases necessitating advanced diagnostic tools like MRI, expansion of healthcare facilities across the country, and adoption of technological advancements in MRI technology enhancing diagnostic capabilities.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated India MRI Systems Market size by value at USD 427.25 million in 2023. During the forecast period between 2024 and 2030, BlueWeave expects India MRI Systems Market size to expand at a CAGR of 11.19% reaching a value of USD 952.19 million by 2030. The MRI Systems Market in India is propelled by the rising importance of MRI systems in diagnosing and treating a variety of diseases, highlighting the need for early and precise diagnoses. Innovations like Fujifilm India's Echelon Synergy MRI machine are propelling the market forward with advanced features, such as AI-powered deep learning, flexible positioning, and reduced energy consumption. These developments enhance imaging quality, lower operational costs, and reduce scan times by up to 50% compared to older models.
By volume, BlueWeave estimated India MRI Systems Market size at 2,125.52 thousand units in 2023. During the forecast period between 2024 and 2030, BlueWeave expects India MRI Systems Market size by volume is projected to grow at a CAGR of 12.10% reaching the volume of 5,286.26 thousand units by 2030. The Indian Market for MRI Systems is set to benefit from the growing trend toward portable and cost-effective MRI solutions, improving access in remote regions. Additionally, the integration of AI for enhanced diagnostic accuracy and streamlined workflows will further drive the expansion of India MRI Systems Market.
Opportunity - Government promoting affordable healthcare diagnostics
In a significant step toward achieving India's vision of affordable healthcare diagnostics, the recent unveiling of the nation's first, indigenously developed MRI scanner aligns perfectly with the government's ambitious 'Ayushman Bharat' initiative. This breakthrough technology promises to revolutionize the MRI Systems Market by significantly reducing scan costs and making critical healthcare more accessible for the population. The development signifies a strategic shift for India, transforming the nation from a consumer of medical technology to a domestic innovator and producer, strengthening the healthcare ecosystem while propelling economic growth. To further this goal, SAMEER (under the Ministry of Electronics and IT) has partnered with Siemens Healthineers, echoing the government's vision for accessible healthcare. This memorandum aims to develop low-cost MRI technology, further emphasizing the importance of local manufacturing and R&D collaborations. The collaborative effort reflects a strategic approach to enhance healthcare infrastructure and promote indigenous innovation, aligning with national goals of improving diagnostic access nationwide.
Impact of Escalating Geopolitical Tensions on India MRI Systems Market
Intensifying geopolitical tensions can have a multifaceted impact on India MRI Systems Market. Tensions between countries can disrupt supply chains for critical components and technologies necessary for MRI manufacturing, resulting in volatile import costs and regulatory obstacles. The political instability can drive up prices and restrict the availability of MRI systems. Furthermore, geopolitical unrests can deter foreign investments and obstruct international collaborations that are crucial for technological advancements in MRI. The uncertainty may also shake investor confidence and postpone infrastructure projects, hindering the development of healthcare facilities equipped with MRI systems. Overall, geopolitical tensions pose significant risks to the stability and growth of India MRI Systems Market.
India MRI Systems Market
Segmental Coverage
Regional Analysis
India MRI Systems Market is divided into North India, South India, East India, and West India regions. West India holds the highest share in India MRI Systems Market and is expected to maintain its dominance over the forecast period. The region's dominance can be attributed to significant advancements in healthcare infrastructure and the widespread adoption of cutting-edge MRI technologies. Cities like Mumbai, Pune, and Ahmedabad emerge as key healthcare hubs, boasting an extensive network of multispecialty hospitals, diagnostic centers, and academic institutions, drawing patients from across the nation. The Western region's strong economic growth, substantial healthcare investments, and high levels of healthcare spending drive the demand for advanced medical technologies, including high-field MRI systems. Additionally, its strategic location and superior connectivity enhance access to global markets, further accelerating the uptake of innovative MRI systems in the region.
Competitive Landscape
India MRI Systems Market is fragmented, with numerous players serving the market. The key players dominating India MRI Systems Market include Canon Medical Systems Corporation, Fujifilm Holdings Corporation, GE Healthcare, Koninklijke Philips NV, Siemens Healthineers, Time Medical Holding, Sanrad Medical Systems, Esaote SpA, and Voxelgrids Innovations Private Limited. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.
The report's in-depth analysis provides information about growth potential, upcoming trends, and India MRI Systems Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India MRI Systems Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
Table of Contents
1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
2. Executive Summary
3. India MRI Systems Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Rising burden of chronic diseases necessitating advanced diagnostic tools like MRI
- 3.2.1.2. Expansion of healthcare infrastructure including hospitals and diagnostic centers
- 3.2.1.3. Technological advancements in MRI technology enhancing diagnostic capabilities
- 3.2.1.4. Increasing disposable income enabling more people to afford MRI scans
- 3.2.2. Restraints
- 3.2.2.1. High cost of MRI systems impacting affordability for smaller healthcare facilities
- 3.2.2.2. Limited availability of skilled workforce for operating and interpreting MRI scans
- 3.2.2.3. Insufficient reimbursement coverage for MRI scans under healthcare insurance in India
- 3.2.3. Opportunities
- 3.2.3.1. Government initiatives promoting affordable healthcare diagnostics
- 3.2.3.2. Growing focus on early disease detection driving demand for accurate diagnostic tools
- 3.2.4. Challenges
- 3.2.4.1. Competition from low-cost imported MRI systems affecting pricing strategies
- 3.2.4.2. Infrastructure challenges such as reliable power supply and adequate ventilation for MRI installations
- 3.2.1. Growth Drivers
- 3.3. Technological Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter's Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
4. India MRI Systems Market: Marketing Strategies
5. India MRI Systems Market Overview
- 5.1. Market Size & Forecast, 2019-2030
- 5.1.1. By Value (USD Million)
- 5.2. Market Share & Forecast
- 5.2.1. By Field Strength
- 5.2.1.1. Low to mid-field MRI Systems
- 5.2.1.2. High & Very High Field MRI Systems
- 5.2.1.3. Ultra-High Field MRI Systems
- 5.2.2. By Architecture
- 5.2.2.1. Closed MRI Systems
- 5.2.2.2. Open MRI Systems
- 5.2.3. By Application
- 5.2.3.1. Brain & Neurological MRI
- 5.2.3.2. Spine & Musculoskeletal MRI
- 5.2.3.3. Pelvic & Abdominal MRI
- 5.2.3.4. Vascular MRI
- 5.2.3.5. Breast MRI
- 5.2.3.6. Cardiac MRI
- 5.2.3.7. Others
- 5.2.4. By End User
- 5.2.4.1. Hospitals
- 5.2.4.2. Diagnostic Imaging Centers
- 5.2.4.3. Others
- 5.2.5. By Region
- 5.2.5.1. North India
- 5.2.5.2. South India
- 5.2.5.3. East India
- 5.2.5.4. West India
- 5.2.1. By Field Strength
6. North India MRI Systems Market
- 6.1. Market Size & Forecast, 2019-2030
- 6.1.1. By Value (USD Million)
- 6.2. Market Share & Forecast
- 6.2.1. By Field Strength
- 6.2.2. By Architecture
- 6.2.3. By Application
- 6.2.4. By End User
7. South India MRI Systems Market
- 7.1. Market Size & Forecast, 2019-2030
- 7.1.1. By Value (USD Million)
- 7.2. Market Share & Forecast
- 7.2.1. By Field Strength
- 7.2.2. By Architecture
- 7.2.3. By Application
- 7.2.4. By End User
8. East India MRI Systems Market
- 8.1. Market Size & Forecast, 2019-2030
- 8.1.1. By Value (USD Million)
- 8.2. Market Share & Forecast
- 8.2.1. By Field Strength
- 8.2.2. By Architecture
- 8.2.3. By Application
- 8.2.4. By End User
9. West India MRI Systems Market
- 9.1. Market Size & Forecast, 2019-2030
- 9.1.1. By Value (USD Million)
- 9.2. Market Share & Forecast
- 9.2.1. By Field Strength
- 9.2.2. By Architecture
- 9.2.3. By Application
- 9.2.4. By End User
10. Competitive Landscape
- 10.1. List of Key Players and Their Offerings
- 10.2. India MRI Systems Company Market Share Analysis, 2023
- 10.3. Competitive Benchmarking, By Operating Parameters
- 10.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
11. Impact of Escalating Geopolitical Tensions on India MRI Systems Market
12. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
- 12.1. Canon Medical Systems Corporation
- 12.2. Fujifilm Holdings Corporation
- 12.3. GE Healthcare
- 12.4. Koninklijke Philips NV
- 12.5. Siemens Healthineers
- 12.6. Time Medical Holding
- 12.7. Sanrad Medical Systems
- 12.8. Esaote SpA
- 12.9. Voxelgrids Innovations Private Limited
- 12.10. Other Prominent Players
13. Key Strategic Recommendations
14. Research Methodology
- 14.1. Qualitative Research
- 14.1.1. Primary & Secondary Research
- 14.2. Quantitative Research
- 14.3. Market Breakdown & Data Triangulation
- 14.3.1. Secondary Research
- 14.3.2. Primary Research
- 14.4. Breakdown of Primary Research Respondents, By Region
- 14.5. Assumptions & Limitations
*Financial information of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.
List of Figures
- Figure 1 India MRI Systems Segmentation
- Figure 2 India MRI Systems Market Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2023
- Figure 4 India MRI Systems Market Size, By Value (USD Million), 2019-2030
- Figure 5 India MRI Systems Market Share, By Field Strength, By Value, 2019-2030
- Figure 6 India MRI Systems Market Share, By Architecture, By Value, 2019-2030
- Figure 7 India MRI Systems Market Share, By Application, By Value, 2019-2030
- Figure 8 India MRI Systems Market Share, By End User, By Value, 2019-2030
- Figure 9 North India MRI Systems Market Size, By Value (USD Million), 2019-2030
- Figure 10 North India MRI Systems Market Share, By Field Strength, By Value, 2019-2030
- Figure 11 North India MRI Systems Market Share, By Architecture, By Value, 2019-2030
- Figure 12 North India MRI Systems Market Share, By Application, By Value, 2019-2030
- Figure 13 North India MRI Systems Market Share, By End User, By Value, 2019-2030
- Figure 14 South India MRI Systems Market Size, By Value (USD Million), 2019-2030
- Figure 15 South India MRI Systems Market Share, By Field Strength, By Value, 2019-2030
- Figure 16 South India MRI Systems Market Share, By Architecture, By Value, 2019-2030
- Figure 17 South India MRI Systems Market Share, By Application, By Value, 2019-2030
- Figure 18 South India MRI Systems Market Share, By End User, By Value, 2019-2030
- Figure 19 East India MRI Systems Market Size, By Value (USD Million), 2019-2030
- Figure 20 East India MRI Systems Market Share, By Field Strength, By Value, 2019-2030
- Figure 21 East India MRI Systems Market Share, By Architecture, By Value, 2019-2030
- Figure 22 East India MRI Systems Market Share, By Application, By Value, 2019-2030
- Figure 23 East India MRI Systems Market Share, By End User, By Value, 2019-2030
- Figure 24 West India MRI Systems Market Size, By Value (USD Million), 2019-2030
- Figure 25 West India MRI Systems Market Share, By Field Strength, By Value, 2019-2030
- Figure 26 West India MRI Systems Market Share, By Architecture, By Value, 2019-2030
- Figure 27 West India MRI Systems Market Share, By Application, By Value, 2019-2030
- Figure 28 West India MRI Systems Market Share, By End User, By Value, 2019-2030
List of Tables
- Table 1 India MRI Systems Market Size, By Value (USD Million), 2019-2030
- Table 2 India MRI Systems Market Share, By Field Strength, By Value, 2019-2030
- Table 3 India MRI Systems Market Share, By Architecture, By Value, 2019-2030
- Table 4 India MRI Systems Market Share, By Application, By Value, 2019-2030
- Table 5 India MRI Systems Market Share, By End User, By Value, 2019-2030
- Table 6 North India MRI Systems Market Size, By Value (USD Million), 2019-2030
- Table 7 North India MRI Systems Market Share, By Field Strength, By Value, 2019-2030
- Table 8 North India MRI Systems Market Share, By Architecture, By Value, 2019-2030
- Table 9 North India MRI Systems Market Share, By Application, By Value, 2019-2030
- Table 10 North India MRI Systems Market Share, By End User, By Value, 2019-2030
- Table 11 South India MRI Systems Market Size, By Value (USD Million), 2019-2030
- Table 12 South India MRI Systems Market Share, By Field Strength, By Value, 2019-2030
- Table 13 South India MRI Systems Market Share, By Architecture, By Value, 2019-2030
- Table 14 South India MRI Systems Market Share, By Application, By Value, 2019-2030
- Table 15 South India MRI Systems Market Share, By End User, By Value, 2019-2030
- Table 16 East India MRI Systems Market Size, By Value (USD Million), 2019-2030
- Table 17 East India MRI Systems Market Share, By Field Strength, By Value, 2019-2030
- Table 18 East India MRI Systems Market Share, By Architecture, By Value, 2019-2030
- Table 19 East India MRI Systems Market Share, By Application, By Value, 2019-2030
- Table 20 East India MRI Systems Market Share, By End User, By Value, 2019-2030
- Table 21 West India MRI Systems Market Size, By Value (USD Million), 2019-2030
- Table 22 West India MRI Systems Market Share, By Field Strength, By Value, 2019-2030
- Table 23 West India MRI Systems Market Share, By Architecture, By Value, 2019-2030
- Table 24 West India MRI Systems Market Share, By Application, By Value, 2019-2030
- Table 25 West India MRI Systems Market Share, By End User, By Value, 2019-2030
- Table 26 Canon Medical Systems Corporation Company Overview
- Table 27 Canon Medical Systems Corporation Financial Overview
- Table 28 Fujifilm Holdings Corporation Company Overview
- Table 29 Fujifilm Holdings Corporation Financial Overview
- Table 30 GE Healthcare Company Overview
- Table 31 GE Healthcare Financial Overview
- Table 32 Koninklijke Philips NV Company Overview
- Table 33 Koninklijke Philips NV Financial Overview
- Table 34 Siemens Healthineers Company Overview
- Table 35 Siemens Healthineers Financial Overview
- Table 36 Time Medical Holding Company Overview
- Table 37 Time Medical Holding Financial Overview
- Table 38 Sanrad Medical Systems Company Overview
- Table 39 Sanrad Medical Systems Financial Overview
- Table 40 Esaote SpA Company Overview
- Table 41 Esaote SpA Financial Overview
- Table 42 Voxelgrids Innovations Private Limited Company Overview
- Table 43 Voxelgrids Innovations Private Limited Financial Overview
- Table 44 Other Prominent Players Company Overview
- Table 45 Other Prominent Players Financial Overview
