Market Trends of India Diagnostic Imaging Equipment Industry
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.
