India Diagnostic Imaging Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

The India diagnostic imaging equipment market is expected to grow with a CAGR of 10.3% during the forecast period.

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 Market Competitor Analysis

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.

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