India's MRI systems market to reach $950 mn by 2030: Report

NEW DELHI: The domestic magnetic resonance imaging (MRI) systems market will continue to grow at a compound annual growth rate of over 13 per cent to reach $950 by 2030, according to a report on Thursday.

Being home to the largest population in the world, India has an alarmingly increasing rise in chronic and lifestyle diseases. With an increasing emphasis on medical diagnosis before treatments and a growing demand for advanced imaging tools, the need for MRI systems has emerged as an indispensable tool in the field of diagnostics.

The report by GlobalData, a leading data and analytics company, revealed that India will account for about 18 per cent of the Asia-Pacific (APAC) MRI systems market in 2023.

"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,” said Ayshi Ganguly, Medical Devices Analyst at GlobalData, in a statement.

The market for MRI systems doesn’t cater to small healthcare centres in semi-urban and rural areas due to the high initial setup cost and maintenance. Additionally, the lack of skilled technicians often makes it challenging to operate high-end MRI systems.

This drives the requirement for an alternative device that is more accessible and cost-effective for the majority of the Indian population.

As a result, India launched its first very own manufactured MRI scanner, which will be available for clinical research from October 2023. This high-speed device is well-equipped with customised software and hardware that makes it lightweight.

This indigenous scanner uses nitrogen as a coolant instead of the scarcely available helium. The use of more advanced 1.5 Tesla magnets is expected to potentially reduce scanning costs by 30 per cent.

“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,” Ganguly said.

“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,” she added.