India MRI Market Analysis

India MRI Market Executive Summary

The India MRI Market is at around $120.76 Mn in 2023 and is projected to reach $227.93 Mn in 2030, exhibiting a CAGR of 9.5% during the forecast period.

Magnetic resonance imaging (MRI) is a type of diagnostic test that can create detailed images of nearly every structure and organ inside the body. It uses strong magnetic fields and radio waves to produce detailed images of the inside of the body. The MRI machine is a large, cylindrical (tube-shaped) device that generates a powerful magnetic field around the patient and emits pulses of radio waves from a scanner. Some MRI machines resemble narrow tunnels, while others are more spacious. The intense magnetic field produced by the MRI scanner causes the atoms in your body to align in the same direction. Subsequently, radio waves are emitted from the MRI machine, which disrupt this alignment, causing the atoms to return to their original positions. As the radio waves cease, the atoms revert to their initial alignment and emit radio signals. These signals are then picked up by a computer, which transforms them into an image of the area being examined. This image is displayed on a viewing monitor.

Among member countries of the Organization of Economic Co-operation and Development (OECD), India has 3.5 units available per every million of its population. The market therefore is driven by significant factors like the growing prevalence of chronic diseases, availability of advanced MRI systems, and expanding healthcare infrastructure. However, high cost, limited accessibility in rural areas, and shortage of skilled professionals restrict the growth of the market.

The leading pharmaceutical companies include Wipro GE Healthcare and Hitachi Medical Systems for MRI machines. Canon Medical Systems Corporation, Neusoft India, and Sanrad Medical Systems are also significant contributors to the MRI market, with continuous research and development activities.

Market Dynamics

Market Growth Drivers

Availability of Advanced MRI Systems: The availability of high-field 3.0T MRI systems has expanded the scanning capabilities and image quality compared to lower-field systems. These advanced MRI scanners can provide more detailed imaging for diagnosing complex medical conditions like prostate cancer and neurological disorders.

Growing Prevalence of Chronic Diseases: The increasing incidence of diseases like cancer, heart conditions, and bone and muscle disorders in India is driving up the demand for MRI scans for diagnosis and monitoring. Cancer ranks as the second leading cause of death in India, following cardiovascular diseases. The profound effects of these health issues are compelling the necessity for MRI scans to facilitate early detection, diagnosis, and evaluation of treatment outcomes.

Expanding Healthcare Infrastructure: The Indian government and private entities are actively investing in expanding healthcare infrastructure. This includes establishing new hospitals and clinics equipped with advanced medical technology, including MRI machines. This increased access to MRI facilities fuels market growth. For example, the Neurosurgery Department at the Tata Memorial Centre recently acquired state-of-the-art MRI machines, making it the first of its kind in the country.

Market Restraints

High Cost: MRI machines are incredibly expensive to purchase, install, and maintain. This poses a significant hurdle for smaller hospitals and clinics, limiting their ability to invest in this technology. The high operational costs associated with running an MRI scanner, including energy consumption and specialized personnel, further limit accessibility.

Limited Accessibility in Rural Areas: Advanced medical technology like MRI machines is often concentrated in major cities. This creates a significant disparity in access to MRI services for residents in remote and rural locations. Limited infrastructure and challenges in transporting and maintaining such equipment in these areas further restrict accessibility.

Shortage of Skilled Professionals: The shortage of qualified radiologists and MRI technicians in India is a significant obstacle to the growth of the MRI market. This shortage of skilled personnel is limiting the adoption and utilization of MRI services, particularly in rural and underserved areas of the country. The lack of trained professionals is obstructing access to MRI scans and hindering the expansion of MRI services across the nation.

Regulatory Landscape and Reimbursement Scenario

The regulatory landscape for MRI in India is overseen by the Central Drugs Standard Control Organization (CDSCO), a department under the Ministry of Health and Family Welfare. All MRI machines imported, manufactured, sold, or used in India need to be registered with the CDSCO. This process involves submitting a detailed application with technical specifications, safety data, and user manuals. CDSCO classifies medical devices based on risk, with MRI machines typically falling under the Schedule M (High-Risk) category, requiring more stringent scrutiny. There are specific regulations for importing MRI machines, including obtaining import licenses and paying applicable customs duties.

Ayushman Bharat Jan Arogya Yojana (AB-PMJAY) offers cashless and hospitalization benefits to eligible beneficiaries in government and select private hospitals. AB-PMJAY may cover MRI scans if deemed medically necessary by a doctor and performed in a designated healthcare facility within the network.

Competitive Landscape

Key Players

Here are some of the major key players in the India MRI Market:

• Wipro GE Healthcare
• Philips India
• Canon Medical Systems Corporation
• Siemens Healthcare
• Voxelgrids Innovations
• Hitachi Medical Systems
• United Imaging Healthcare
• Sanrad Medical Systems
• Neusoft India
• Esaoate India Limited