Chronic illnesses are on the rise in India, which has the world's biggest population. The emphasis on diagnosis is growing, as is the demand for better imaging, notably MRI equipment.

The domestic MRI market is expected to increase at a rate of more than 13% per year, reaching $950 million as a result of this trend.

GlobalData’s latest report, “India MRI Systems Market Size (Value, Volume, ASP) by Segments, and Forecast, 2015-2033,” reveals that India will account for about 18 per cent of the Asia-Pacific (APAC) MRI systems market in 2023.

Ayshi Ganguly, Medical Devices Analyst, GlobalData comments,

“As India grapples with the challenges posed by various diseases, MRI scanners have become crucial in enhancing patient care, enabling informed decision-making, and offering a non-invasive three-dimensional view of the human body. Multinational players such as GE Healthcare, Philips Healthcare, and Siemens Healthineers AG dominate India’s MRI Systems market.”

Due to cost and skill restrictions, MRI devices are frequently out of reach for smaller healthcare facilities. To remedy this, India will launch its own MRI scanner in October 2023.

This lightweight gadget employs nitrogen cooling and sophisticated 1.5 Tesla magnets, potentially lowering scanning costs by 30% and allowing for greater accessibility.

Ganguly concludes,

“The introduction of such homegrown devices will contribute to early diagnostics that track the spread of diseases, thereby enabling better patient monitoring and outcomes. With further clinical development of this device, India will be able to expand the scope of exports and create a favourable business environment for the healthcare sector.

Furthermore, the “Make-in-India” policy aims to boost domestic manufacturing of medical equipment and devices, thereby reducing dependence on imports in the upcoming years. Therefore, with such government initiatives to improve healthcare infrastructure, the Indian MRI systems market is all set to flourish, offering promising opportunities for domestic and international manufacturers.”