India MRI Market Boom (2024-2030): How Cancer & Neurology Are Driving 4.81% CAGR

Market Outlook

The India Magnetic Resonance Imaging (MRI) Market was valued at USD 259.05 Million in 2024 and is anticipated to reach USD 346.82 Million by 2030, growing at a CAGR of 4.81% during 2025-2030. The market is driven by increasing demand for advanced diagnostic imaging, rising prevalence of chronic diseases such as cancer and neurological disorders, and government initiatives to enhance healthcare infrastructure. According to the Indian Council of Medical Research (ICMR), cancer cases in India are projected to rise to 1.57 million by 2025, necessitating early and accurate diagnosis, which MRI systems facilitate. Additionally, the expansion of private healthcare providers and diagnostic centers is further propelling market growth.

Technological advancements, such as high-field MRI systems and AI-powered imaging solutions, are revolutionizing diagnostic accuracy and patient comfort. The growing adoption of mobile MRI units in rural and semi-urban areas is improving accessibility. However, high costs of MRI systems and a shortage of skilled radiologists remain key challenges. Despite these hurdles, increasing investments in healthcare infrastructure and rising medical tourism are expected to sustain market expansion.

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Market Driver Analysis

Rising Prevalence of Chronic Diseases Driving Demand

The growing burden of chronic diseases, particularly neurological and oncological conditions, is a primary driver of the India MRI market. According to the Global Burden of Disease (GBD) report, neurological disorders contribute to over 10% of India’s total disease burden, with stroke and epilepsy being major concerns. MRI systems are essential for the early detection and monitoring of these conditions, thereby fueling market growth. Additionally, cancer incidence in India continues to rise, with nearly 1.4 million new cases reported annually, as per the National Cancer Registry Programme. Given the critical role of MRI in detecting tumors, assessing disease progression, and guiding treatment planning, the demand for advanced MRI imaging solutions is steadily increasing.

Government Initiatives and Private Sector Investments

The expansion of healthcare infrastructure through government initiatives is significantly boosting MRI adoption across India. Programs such as Ayushman Bharat and the Pradhan Mantri Swasthya Suraksha Yojana (PMSSY) are focused on improving healthcare accessibility, leading to a higher number of MRI installations in public hospitals. Alongside government efforts, private healthcare providers are making substantial investments in diagnostic imaging. Leading hospital chains like Apollo Hospitals and Fortis Healthcare are expanding their imaging facilities, ensuring that more patients have access to high-quality MRI scans. Additionally, increasing health insurance penetration—standing at approximately 514 million policies in 2023, according to IRDAI—has made advanced diagnostic procedures like MRI more affordable for a larger population.

Technological Advancements Enhancing MRI Capabilities

Technological innovations are playing a pivotal role in the expansion of the MRI market. The transition from low-field MRI systems to high-field systems (1.5T and 3T) has significantly improved diagnostic accuracy while reducing scan times by up to 30%. These high-resolution imaging solutions are particularly beneficial for detecting complex neurological and musculoskeletal disorders. Moreover, artificial intelligence (AI) integration in MRI systems is enhancing image reconstruction and analysis, enabling radiologists to diagnose conditions more efficiently. AI-powered MRI solutions can automate image interpretation, reducing human errors and streamlining workflow in radiology departments. These advancements are making MRI technology more efficient, precise, and accessible.

Growing Demand for Mobile MRI Units in Underserved Areas

The increasing need for diagnostic imaging in remote and underserved regions has driven the demand for mobile MRI units. In tier-2 and tier-3 cities, where healthcare infrastructure remains underdeveloped, mobile MRI solutions provide an effective alternative to traditional hospital-based imaging. These units allow for on-site scanning in areas with limited access to advanced medical facilities, ensuring timely diagnosis and treatment. As healthcare providers focus on expanding services beyond metropolitan areas, mobile MRI installations are expected to rise. This trend aligns with the broader goal of improving healthcare accessibility across India, making MRI technology more widely available to diverse patient populations.

Market Trends Analysis

One of the key trends in the India MRI market is the growing adoption of high-field MRI systems (1.5T and 3T), which offer superior image resolution and faster scanning. These systems are increasingly preferred in multispecialty hospitals and diagnostic centers for detecting complex conditions like brain tumors and cardiac anomalies. Another emerging trend is the integration of AI and machine learning in MRI systems, enabling automated image analysis and reducing diagnostic errors. Companies like Siemens and GE Healthcare are launching AI-powered MRI solutions in India, enhancing workflow efficiency.

Portable and mobile MRI systems are gaining traction, especially in rural and semi-urban regions, where fixed installations are economically unviable. The government’s focus on tele-radiology under the National Digital Health Mission (NDHM) is further supporting this trend, allowing remote diagnostics via cloud-based MRI image sharing. Additionally, refurbished MRI systems are witnessing high demand due to their cost-effectiveness, accounting for nearly 25-30% of total installations in small and mid-sized healthcare facilities.

The rise of specialty diagnostic centers focusing on neurology, cardiology, and oncology is another trend shaping the market. For instance, the number of standalone imaging centers in India has grown by over 15% in the last five years, driven by increasing diagnostic awareness. Moreover, collaborations between domestic and international players are accelerating technology transfer, with companies like Voxelgrids introducing indigenous MRI systems to reduce import dependency.

Market Challenges Analysis

Despite strong growth prospects, the India MRI market faces several challenges. The high cost of MRI systems, particularly high-field and 3T machines, limits adoption in budget-constrained public hospitals and smaller diagnostic centers. Import dependency is another major hurdle, with nearly 70% of MRI systems being sourced from international manufacturers, leading to increased costs due to customs duties and supply chain disruptions.

Another significant challenge is the shortage of trained radiologists and technicians. India has only about 13,000 radiologists for its 1.4 billion population, leading to diagnostic delays. Additionally, the high maintenance costs of MRI systems and the need for regular upgrades strain healthcare budgets.

Regulatory hurdles and lengthy approval processes for new MRI installations further slow market growth. The lack of standardized reimbursement policies for advanced imaging procedures also discourages patients from opting for MRI scans. Moreover, the limited penetration of MRI facilities in rural areas, where nearly 65% of India’s population resides, remains a critical gap.

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Segmentations

By Field Strength:

High-Field MRI Systems (1.5T, 3T)
Low-to-Mid Field MRI Systems
Others

By Type:

Fixed MRI Systems
Mobile MRI Systems

By Architecture:

Closed MRI Systems
Open MRI Systems

By Application:

Brain & Neurological
Oncology
Spine & Musculoskeletal
Abdominal
Cardiac
Others

By End User:

Hospitals
Imaging Centers
Ambulatory Surgical Centers
Others

By Source:

Import
Domestic

By Product:

Refurbished
New

Regional Analysis

The India MRI market exhibits varied growth across regions due to disparities in healthcare infrastructure and economic development. North India, particularly Delhi-NCR and Punjab, dominates the market due to high healthcare spending and the presence of leading hospitals like AIIMS and Fortis. Delhi alone accounts for over 20% of India’s high-field MRI installations.

South India, including Karnataka, Tamil Nadu, and Telangana, is another major hub, driven by advanced medical infrastructure and a high concentration of private hospitals. Bengaluru and Hyderabad are key cities with increasing MRI adoption, supported by medical tourism. Karnataka has over 500 MRI units, with a significant share in private diagnostic chains.

West India, led by Maharashtra and Gujarat, is witnessing rapid growth due to urbanization and increasing investments in healthcare. Mumbai and Pune contribute significantly, with Maharashtra housing nearly 18% of India’s MRI systems. The state government’s initiatives to upgrade district hospitals are further boosting demand.

East India, though lagging, is showing gradual improvement, with West Bengal and Odisha investing in public healthcare. Kolkata has seen a 10% annual increase in MRI installations, supported by government schemes. However, low affordability and infrastructure gaps remain challenges.

Rural India still faces low MRI penetration, but mobile and portable MRI systems are slowly bridging the gap. Government tele-radiology projects are aiding remote diagnostics, though scalability remains an issue.

Primary Catalysts and Hindrances

Catalysts:

Rising prevalence of chronic diseases (cancer, neurological disorders).
Government healthcare schemes (Ayushman Bharat, PMSSY).
Technological advancements (AI, high-field MRI).
Growth of private diagnostic chains.
Increasing medical tourism.

Hindrances:

High cost of MRI systems.
Shortage of skilled radiologists.
Import dependency and regulatory delays.
Low penetration in rural areas.
Inconsistent reimbursement policies.

Key Players Analysis

Siemens Healthcare Private Limited
Philips India Limited
Wipro GE Healthcare Private Limited
Hitachi, Ltd.
Erbis Engineering Co., Ltd
Voxelgrids Innovations Private Limited
Sanrad Medical Systems Private Limited
Esaote Asia Pacific Diagnostic Private Limited
Wipro Ge Healthcare Private Limited
Voxelgrids Innovations Private Limited

These players compete through technological innovation, partnerships, and cost-effective solutions. Domestic manufacturers like Voxelgrids are gaining traction due to government support under the "Make in India" initiative.

Future Outlook