India MRI Equipment Market Outlook to 2030

India MRI Equipment Market Overview

• The India MRI equipment market is valued at USD 300 million, primarily driven by the growing healthcare sector, technological advancements, and increasing demand for accurate diagnostic solutions. The market shows consistent growth due to the rising prevalence of chronic illnesses and the government's emphasis on enhancing healthcare infrastructure. Key factors such as an increasing elderly population and advancements in MRI technology, including AI integration and higher field strengths, contribute to the market's steady expansion, positioning India as a significant player in diagnostic imaging within Asia.

• Major demand centers for MRI equipment in India include metropolitan areas like Mumbai, Delhi, and Bangalore. These cities dominate due to their advanced healthcare infrastructure, high concentration of diagnostic centers, and increased healthcare awareness among the urban population. Additionally, states with growing urbanization and healthcare investment, like Tamil Nadu and Maharashtra, are also gaining prominence, backed by strong support for healthcare infrastructure and accessibility to advanced medical technologies.
• The Central Drugs Standard Control Organization (CDSCO) mandates that MRI equipment in India meet stringent regulatory standards for safety and quality. As of 2023, over 85% of MRI machines installed in hospitals had been certified compliant by CDSCO, ensuring adherence to health and safety regulations. These standards encourage high-quality imaging services, boosting market reliability and adoption.

India MRI Equipment Market Segmentation

• By Product Type: The market is segmented by product type into open MRI systems, closed MRI systems, and portable MRI systems. Recently, closed MRI systems hold a dominant market share within this segmentation. This trend is attributed to their superior image quality and higher diagnostic accuracy, especially for complex medical conditions. Closed MRI systems, typically operating at higher field strengths, are preferred for their detailed imaging capabilities, making them the primary choice for hospitals and diagnostic centers.

• By Application: The market is segmented by application into neurology, orthopedics, cardiology, oncology, and others (such as pediatric and abdominal imaging). Neurology leads in terms of market share under this segmentation, as MRI is crucial for diagnosing neurological disorders like brain tumors, strokes, and multiple sclerosis. With the rise in neurological cases, the demand for high-resolution MRI scans in neurology has surged, making this application segment highly dominant in the market.

India MRI Equipment Market Competitive Landscape

The India MRI equipment market is dominated by several key players, including prominent domestic and international manufacturers. These companies leverage technological advancements, extensive distribution networks, and strong after-sales support to maintain their competitive positions.

India MRI Equipment Market Analysis

Growth Drivers

• Increasing Healthcare Expenditure: Indias healthcare expenditure has been rising, with government spending reaching INR 86,175 crore in 2023, a significant increase from INR 76,000 crore in 2022, as reported by the Ministry of Health and Family Welfare. This increased expenditure is directed toward enhancing medical infrastructure, including MRI equipment. The Indian governments focus on strengthening healthcare accessibility is notable, with recent allocations aimed at setting up diagnostic facilities across Tier II and Tier III cities. These improvements are fostering a favorable environment for the MRI equipment market to grow within the healthcare ecosystem.
• Advancements in MRI Technology: Technological advancements in MRI have led to improved imaging capabilities, with new models offering higher resolution and faster scanning times. In 2024, Indian hospitals and diagnostic centers began incorporating 3T MRI machines, which are capable of providing detailed imaging for more accurate diagnosis. These machines are being widely adopted in major hospitals, supported by the governments push for healthcare modernization, contributing to the increase in MRI equipment installations.
• Rising Prevalence of Chronic Diseases: India has witnessed a surge in chronic diseases, with over 75 million individuals diagnosed with diabetes and over 50 million affected by cardiovascular diseases in 2023, according to the Indian Council of Medical Research (ICMR). This growing prevalence has escalated the demand for diagnostic imaging, particularly MRI, as it plays a vital role in detecting complex health issues. Increased chronic disease incidence is driving MRI equipment demand, as more healthcare providers are investing in advanced diagnostic solutions to address patient needs.

Challenges

• High Installation and Operational Costs: The installation of MRI machines in India is a significant investment, varying widely based on the technology and features offered. This high upfront cost presents a substantial challenge for smaller diagnostic centers and hospitals, particularly in rural and underserved regions. Limited subsidy options for expensive medical equipment further restrict the affordability and accessibility of MRI technology, posing a significant barrier to market expansion.
• Limited Skilled Workforce: The availability of qualified radiologists and technicians in India is insufficient to meet the growing demand for advanced medical imaging services. This shortage impacts the effective utilization of MRI technology, particularly in rural and remote areas where skilled operators are scarce. The gap in trained professionals limits operational efficiency, restricting the broader adoption and accessibility of MRI services.

India MRI Equipment Market Future Outlook

The India MRI equipment market is poised for robust growth, supported by rising healthcare awareness, technological advancements, and favorable government policies aimed at improving healthcare access. The market is expected to benefit from the adoption of portable MRI systems, especially in remote areas, and AI-enhanced imaging capabilities, which enable more accurate diagnoses and efficient workflows. Furthermore, ongoing investments in healthcare infrastructure will likely drive increased adoption of MRI equipment across hospitals and diagnostic centers in the coming years.

Future Market Opportunities

• Government Initiatives for Healthcare Infrastructure: The Indian government has launched initiatives, including the Ayushman Bharat Digital Mission, which received INR 3757 crore in funding in 2024 to support healthcare infrastructure expansion. This initiative aims to create a unified digital health infrastructure, indirectly promoting the adoption of MRI technology by providing financial and logistical support to diagnostic centers. Such government efforts increase the demand for MRI equipment as part of overall healthcare modernization.
• Expanding Private Hospital Chains: India has witnessed an expansion in private hospital chains, with over 100 new branches established in 2023. This growth enhances the demand for MRI equipment as private hospitals seek to offer comprehensive diagnostic services to attract patients. Prominent healthcare groups like Apollo and Max Healthcare are investing in advanced MRI technology to differentiate their services, thus driving equipment demand within the private sector.