India Diagnostic Imaging Equipment Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.49 Billion |
| Market Size (2029) | USD 2.44 Billion |
| CAGR (2024 - 2029) | 10.30 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
India Diagnostic Imaging Equipment Market Analysis
The India Diagnostic Imaging Equipment Market size is estimated at USD 1.49 billion in 2024, and is expected to reach USD 2.44 billion by 2029, growing at a CAGR of 10.30% during the forecast period (2024-2029).
The COVID-19 outbreak is an unprecedented health concern and has significantly impacted the Indian diagnostic imaging equipment market. The increasing number of COVID-19 cases has increased the demand for computed tomography (CT) scanners in various cities in India which has positively impacted the demand for diagnostic imaging equipment in the country. Computed tomography of the chest plays an important role in the diagnosis and management of COVID-19. According to a study published in the Indian Journal of Medical Research in February 2021, CT chest has indicated in COVID-19-positive patients with associated co-morbidities such as cardiovascular disease, hypertension, diabetes, obesity, chronic respiratory disease, immune compromise, etc. Moreover, CT chest plays a crucial role in ruling out lung fibrosis in patients recovering from COVID-19 infection. CT chest is an indispensable diagnostic tool in COVID-19 was positively impacted the market growth. However, currently, the market is growing at a stable pace owing to a resumption of diagnosis procedures, manufacturing activities, and availability of products, and it is expected to witness a similar trend over the coming years.
The propelling factors for the growth of the Indian diagnostic imaging equipment market include the rise in the prevalence of chronic diseases, increased adoption of advanced technologies in medical imaging, and the growing geriatric population. According to the International Diabetes Federation report published in 2021, the estimated number of diabetes patients in 2021 was 74,194.7, and the number is expected to reach 92,973.7 by 2030. Additionally, as per the data in the Longitudinal Ageing Study in India (LASI), released by the Union Ministry of Family and Health Welfare on January 6, 2021, the incidence of cardiovascular diseases in the elderly is increasing, ranging from 60% in Goa, 57% in Kerala, 55% in Chandigarh, and 51% in Jammu and Kashmir. Thus, the growing prevalence of chronic diseases is expected to rise in demand for effective diagnostics equipment, thereby boosting the growth of the market over the forecast period.
Additionally, various government initiatives are expected to boost the market in the country. For instance, in November 2021, A sophisticated MRI facility was launched at the National Brain Research Centre (NBRC), Manesar, in Haryana, India. The National Brain Research Centre (NBRC) is India's premier institute dedicated to Neuroscience Research and Education, and MRI Scanner PRISMA 3T MRI from Siemens was installed at the facility. Additionally, in April 2021, Hindustan Aeronautics Limited (HAL) donated a 32 Slice Computed Tomography (CT) scan machine to Shri Atal Bihari Vajpayee Medical College & Research Institute (SABVMC&RI), Bengaluru, as part of its sustained corporate social responsibility activities.
Thus, all aforementioned factors, such as the growing burden of chronic diseases, are expected to propel the growth of the market over the forecast period. However, the high cost of diagnostic imaging procedures and equipment and the side effects of diagnostic imaging procedures is expected to restrain market growth over the forecast period.
India Diagnostic Imaging Equipment Market Trends
MRI Segment is Expected to Hold a Significant Market Share Over the Forecast Period
Magnetic resonance imaging is a medical imaging technique used in radiology to produce pictures of the body's anatomy and physiological processes. These pictures are further used to diagnose and detect the presence of abnormalities in the body. The segment is driven by the rising prevalence of chronic disease, and the senior population is expected to boost the market over the forecast period. For instance, the National Cancer Registry Programme of the Indian Council of Medical Research (ICMR) in 2022 estimates that there were 14,26,447 cancer cases across India's states and union territories in 2021, and in 2022, that number rose to 14,61,427. Thus, the demand for MRI systems will increase for the detection and diagnostics of cancer, which is expected to drive the growth of the studied market in the country.
The increasing product launches by the key market players are expected to boost segment growth over the forecast period. For instance, in September 2021, ZohoCorp invested INR 35 crore in MRI technology start-up Voxelgrids, an Indian company that manufactures 1.5T MRI scanners that are portable, lightweight, and simple to install, run, and maintain, even in remote settings like small villages. Additionally, a team of scientists led by Allahabad University's director, Prof. Avinash Pandey, launched India's indigenous MRI equipment at New Delhi's Inter-University Accelerator Centre (IUAC). In September 2022, A team of scientists led by Allahabad University's director, Prof. Avinash Pandey, launched India's indigenous MRI equipment at New Delhi's Inter-University Accelerator Centre (IUAC).
Thus, all aforementioned factors, such as the growing prevalence of chronic diseases and key strategies by market players, are expected to boost the segment over the forecast period.
Oncology Segment is expected to Account for Significant Market Share during the Forecast Period
The oncology segment is expected to have significant growth in the nation, owing to the rising cancer cases and increasing technological innovations in the image diagnostics segment.
According to the study published in BMC Cancer in May 2022, in India, there are anticipated to be 26.7 million cancer-related DALYs in 2021 and 29.8 million in 2025. The burden was greatest in the northern and northeastern parts of the nation, and it was higher for men. The seven most common cancer sites-lung (10.6%), breast (10.5%), oesophagus (5.8%), mouth (5.7%), stomach (5.2%), liver (4.6%), and cervix uteri (4.3%)-contributed to more than 40% of the overall cancer burden. The large number of population affected by cancer in the nation increases the demand for the proper diagnostics of the disease for the healthcare providers to provide the proper surgical or non-surgical treatment. Thus, the rise in the demand for clinical diagnostic imaging is expected to boost the growth of the diagnostic imaging market in India over the forecast period.
Diagnostic imaging plays a vital role in interventional oncology (with rising opportunities to diagnose and treat in a targeted and minimally or non-invasive manner) as well as in chemo and radiation therapy. Tools such as CT are the highly beneficial and preferred method of imaging for many conditions, including trauma patients. Comparatively, PET is mostly preferred compared to SPECT, and hybrid medical devices are also available such as PET/CT or PET/MRI.
Several key market players focusing on diagnostic imaging in Japan are also aiding the growth of the market. For instance, in September 2021, SonoRad K40 portable ultrasound machine was unveiled by Trivitron Healthcare, an Indian company. The advanced and cutting-edge portable Color Doppler ultrasound system is powered by an RF ultrasonic metadata platform and equipped with cutting-edge technology, making it a portable, intelligent, and potent diagnostic instrument. The gadget is small and stylish and ideally suited for routine scanning. It also satisfies medical practice in the fields of oncology, gastroenterology, obstetrics and gynecology, cardiology, and point-of-care.
Thus, all aforementioned factors, such as the growing burden of cancer and product launches, are expected to boost the market over the forecast period.
India Diagnostic Imaging Equipment Industry Overview
The Indian diagnostic imaging equipment market is consolidated with the presence of a few market players. Owing to the rapid evolution of the market in the use of imaging technology, medical device companies that are able to launch new innovative equipment will be rewarded with huge benefits and forecast the growth of the diagnostic imaging equipment market. Some of the companies which are currently dominating the market are Carestream Health Inc., Fujifilm Holdings Corporation, GE Healthcare, Hitachi Medical Systems, Koninklijke Philips N.V., Shimadzu Medical, Siemens Healthcare GmBH, and Esaote SpA.
India Diagnostic Imaging Equipment Market Leaders
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Fujifilm Holdings Corporation
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GE Healthcare
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Koninklijke Philips N.V.
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Canon
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Siemens Healthcare GmBH
*Disclaimer: Major Players sorted in no particular order
India Diagnostic Imaging Equipment Market News
- April 2022: Wipro GE Healthcare announced the launch of its next-generation Revolution Aspire CT (Computed Tomography) scanner in India, which is the first made-in-India CT scanner.
- June 2022: Trivitron Healthcare intended to launch made-in-India CT-Scan and MRI in the fiscal year 2022-23. Because of its smart features, low cost, and portability, it will be used for better diagnosis in both the Indian and international markets.
India Diagnostic Imaging Equipment Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Rise in the Prevalence of Chronic Diseases
- 4.2.2 Increased Adoption of Advanced Technologies in Medical Imaging
- 4.2.3 Growing Geriatric Population
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4.3 Market Restraints
- 4.3.1 High Cost of Diagnostic Imaging Procedures and Equipment
- 4.3.2 Side Effects of Diagnostic Imaging Procedures
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4.4 Porter Five Forces
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD Million)
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5.1 By Modality
- 5.1.1 MRI
- 5.1.2 Computed Tomography
- 5.1.3 Ultrasound
- 5.1.4 X-Ray
- 5.1.5 Nuclear Imaging
- 5.1.6 Other Modalities
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5.2 By Application
- 5.2.1 Cardiology
- 5.2.2 Oncology
- 5.2.3 Neurology
- 5.2.4 Orthopedics
- 5.2.5 Gastroenterology
- 5.2.6 Gynecology
- 5.2.7 Other Applications
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5.3 By End-User
- 5.3.1 Hospital
- 5.3.2 Diagnostic Centers
- 5.3.3 Other End-Users
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Fujifilm Holdings Corporation
- 6.1.2 GE Healthcare
- 6.1.3 Canon
- 6.1.4 Koninklijke Philips N.V.
- 6.1.5 Shimadzu Medical
- 6.1.6 Siemens Healthcare GmBH
- 6.1.7 Esaote SpA
- 6.1.8 Mindray Medical International
- 6.1.9 Voxelgrids Innovations Private Limited
- 6.1.10 Neusoft Medical Systems Co., Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
India Diagnostic Imaging Equipment Industry Segmentation
As per the scope of the report, diagnostic medical imaging is a common technique to help visualize physical diagnosis among the clinical community. For diagnostic purposes, these systems are used to image the body to obtain a correct diagnosis and determine future care. Medical imaging is the technique or process of creating visual illustrations of the inner body for clinical examination and medical interpolation, along with the visual representation of the function of certain organs or tissues. The India Diagnostic Imaging Equipment Market is Segmented by Product Type (MRI, Computed Tomography, Ultrasound, X-Ray, Nuclear Imaging, Other Modalities), Application (Cardiology, Oncology, Neurology, Orthopedics, Gastroenterology, Gynecology, Other Applications), End-User (Hospital, Diagnostic Centers, Other End-Users). The report offers the value (in USD million) for the above segments.
| By Modality | MRI |
| Computed Tomography | |
| Ultrasound | |
| X-Ray | |
| Nuclear Imaging | |
| Other Modalities | |
| By Application | Cardiology |
| Oncology | |
| Neurology | |
| Orthopedics | |
| Gastroenterology | |
| Gynecology | |
| Other Applications | |
| By End-User | Hospital |
| Diagnostic Centers | |
| Other End-Users |
India Diagnostic Imaging Equipment Market Research FAQs
How big is the India Diagnostic Imaging Equipment Market?
The India Diagnostic Imaging Equipment Market size is expected to reach USD 1.49 billion in 2024 and grow at a CAGR of 10.30% to reach USD 2.44 billion by 2029.
What is the current India Diagnostic Imaging Equipment Market size?
In 2024, the India Diagnostic Imaging Equipment Market size is expected to reach USD 1.49 billion.
Who are the key players in India Diagnostic Imaging Equipment Market?
Fujifilm Holdings Corporation, GE Healthcare, Koninklijke Philips N.V., Canon and Siemens Healthcare GmBH are the major companies operating in the India Diagnostic Imaging Equipment Market.
What years does this India Diagnostic Imaging Equipment Market cover, and what was the market size in 2023?
In 2023, the India Diagnostic Imaging Equipment Market size was estimated at USD 1.34 billion. The report covers the India Diagnostic Imaging Equipment Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the India Diagnostic Imaging Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
India Diagnostic Imaging Equipment Industry Report
Statistics for the 2024 India Diagnostic Imaging Equipment market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. India Diagnostic Imaging Equipment analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
