India Radiology Service Market Analysis

India Radiology Service Market Executive Summary

The India Radiology Service market is at around $72.7 Mn in 2023 and is projected to reach $277.6 Mn in 2030, exhibiting a CAGR of 17.7% during the forecast period.

Radiology, also known as diagnostic imaging, is a branch of medicine that uses imaging technology to diagnose, characterize, monitor, and treat diseases. Some of the most common imaging techniques include X-ray, MRI, ultrasound, CT scan and PET scan. Radiology is important as every sector within the healthcare field relies on radiology, including surgery, paediatrics, obstetrics, oncology, emergency medicine, to name a few. Radiology is a broader term composed of diagnostic radiology, interventional radiology, and therapeutic radiology which use radiant energy to diagnose and treat the diseases. Diagnostic radiology involves visualization of the various images of the body for evaluating symptoms, screening of illnesses, and diagnosis of diseases. Diagnostic radiology is usually non-invasive and performed without any incisions or surgical interventions. Interventional radiology is basically image-guided surgery and is used as a part of the medical treatment process. The various procedures under interventional radiology include angiography, angioplasty, embolization, gastrostomy, stent placement, catheter placement, and many more. It is often used to help treat cancer, lymphatic diseases, and vascular abnormalities. Therapeutic radiology is also referred to as radiation oncology or radiation therapy which involves treatment of cancer and other diseases using radiation.

Chronic diseases are a major public health concern in India, with cardiovascular diseases, diabetes, respiratory diseases, cancer, and mental health disorders among the top concerns. The India Radiology Service Market is thus driven by significant factors such as the increasing burden of chronic diseases, aging population, and technological advancements. However, high cost, limited access, and shortage of radiologists restrict the growth and potential of the market.

The major players of the India Radiology Service Market are Gleneagles Global Hospital, BLK Super Specialty Hospital, Apollo Hospitals, Tata Memorial Hospital, and Fortis Hospital, among others.

Market Dynamics

Market Growth Drivers

Increasing Burden of Chronic Diseases: In India, about 21% of the elderly had at least one chronic disease in 2022. Also, 17% elderly in rural areas and 29% in urban areas suffer from a chronic disease. These diseases require accurate diagnostic equipment for effective management including disease diagnosis and prognosis. Diagnostic imaging can help identify Non-Communicable Diseases (NCDs) and chronic disorder before the symptoms even appear. The Radiology Service Market grows due to its numerous advantages.

Aging Population: The population aged 60 and above in India is 153 Mn which is more susceptible to chronic conditions such as arthritis, dementia, diabetes, and chronic kidney disease. Radiology services offer a non-invasive medical imaging for effective disease management. The elderly population in the country is a target population which increases the demand for radiology services, and contributes towards the growth of the Radiology Service Market.

Rising Disposable Incomes: India’s middle-class population is growing and so are their disposable incomes. This is also leading to an increased demand for quality healthcare services with specialty areas. The patients benefit from the diagnostic centres and hospitals which are well-equipped with medical imaging techniques. The increased demand is leading to the overall market growth of the Radiology Services Market.

Market Restraints

High Cost: Radiology is an expensive field since it uses sophisticated technology, some of which can cost millions of dollars each, such as CT, MRI, and PET scanners. In addition, a large financial investment is required for routine maintenance, software updates, and the hiring of specialist technical staff in order to maintain and run these devices. Due to these considerations, radiology services are among the most expensive in the medical field, which eventually hinders the market’s growth.

Limited Access: Although the healthcare infrastructure is slowly and gradually improving in India, access to radiology services may be restricted in some rural and low-income communities. Additionally, integrating cutting-edge technology with medical imaging systems might be difficult in developing nations. Therefore, the nation will inevitably face financial difficulties, which could have a detrimental impact on the market for radiology services.

Shortage of Radiologists: The statistics of radiologists in India are alarming as it currently has approximately 20,000 radiologists to serve a population of over 1.4 Bn people. This translates to just one radiologist for every 1,00,000 individuals. This shortage of these healthcare professional experts is a considerable challenge for the healthcare sector, especially in the diagnostics. Thus, due to the insufficient radiologists, the Radiology Service Market expansion is prevented.

Regulatory Landscape and Reimbursement Scenario

In India, the primary regulatory body for pharmaceutical sector is the Central Drugs Standard Control Organization (CDSCO) and the Drug Controller General of India (DCGI) is the key official within the CDSCO. The CDSCO consistently works to achieve transparency, accountability, and standardization in its services to guarantee the safety, effectiveness, and quality of medical products that are produced, imported, and distributed throughout the nation. The Drugs & Cosmetics Act, 1940 and Rules 1945 lays out the foundation for ensuring the safety, rights and well-being of patients by regulating the manufacturing, import, sale, and distribution of drugs and cosmetics.

Under this act, CDSCO is responsible for granting license for approved drugs, conducting clinical trials, setting standards for drugs, monitoring the quality of drugs imported into the nation, and coordinating the efforts of State Drug Control Organizations by offering professional advice in an effort to standardize the enforcement of the D&C Act.

India’s healthcare reimbursement scenario is complex and evolving, with both public and private players involved. Ayushman Bharat Pradhan Mantri Jan Arogya Yojana is a national public health insurance scheme of the Government of India that aims to provide free access to health insurance coverage for low-income earners in the country. These programs offer cashless or payment benefits for certain illness-related hospital stays in affiliated hospitals. Certain demographics, such as government employees, are eligible for social health insurance programs in several states. Private insurance firms’ voluntary health insurance programs are becoming more popular. Reimbursement decisions are made according to the specific plan purchased and cover surgery, hospital stays, and occasionally, prescription drugs.

Competitive Landscape

Key Players

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

• Gleneagles Global Hospital
• BLK Super Specialty Hospital
• Apollo Hospitals
• Tata Memorial Hospital
• Fortis Hospital
• Artemis Hospitals
• Manipal Hospital
• Medanta Hospital
• Indraprastha Apollo Hospitals
• Amrita Hospital