Market Overview
India’s Magnetic Resonance Imaging market stands at a pivotal juncture. Valued at USD 259.05 million in 2024, it is projected to climb steadily to USD 346.82 million by 2030, reflecting a 4.81% compound annual growth rate during the 2025-2030 period. This forward momentum is fueled by rising chronic-disease incidence, widening insurance coverage, and a nationwide push to modernize diagnostic infrastructure under schemes such as Ayushman Bharat and the National Health Mission. MRI’s non-invasive nature and unrivaled soft-tissue contrast make it indispensable for early detection and precise therapy planning across an expanding range of specialties.
Growth Drivers
A convergence of demographic, epidemiological, and policy factors underpins market expansion. Cardiovascular disease, cancer, diabetes, and neurodegenerative conditions account for more than two-thirds of India’s morbidity burden, and clinicians increasingly rely on cross-sectional imaging for both diagnosis and longitudinal care. Government reimbursement ceilings have been revised upward, improving the economics of acquiring and operating high-field MRI systems in tier-2 and tier-3 cities. Private equity capital continues to flow into diagnostic chains seeking scale and differentiation, while tele-reporting solutions enable radiologists to serve remote facilities, unlocking latent demand.
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Technological Landscape
Modern Indian radiology departments favor 1.5 T and 3 T scanners, yet the discussion has moved beyond mere field strength. Vendors now differentiate through gradient performance, coil ergonomics, AI-powered reconstruction, and advanced sequences. Functional MRI illuminates neural activation patterns, diffusion-weighted imaging captures microstructural change, and magnetic resonance spectroscopy probes metabolic shifts, collectively broadening the clinical reach of the modality. Machine-learning algorithms that denoise raw k-space data or automatically segment lesions are trimming scan times and easing workflow bottlenecks, thereby improving patient throughput and return on investment.
Clinical Applications
Neurology remains the workhorse segment, with MRI indispensable for stroke triage, epilepsy surgery planning, multiple-sclerosis monitoring, and dementia research. Oncology usage has surged, especially for breast, prostate, and gynecologic malignancies where multiparametric protocols refine staging and treatment selection. Musculoskeletal radiologists exploit proton-density and high-resolution 3-D sequences to clarify complex ligament tears and spinal disc herniations. Cardiac MRI, though in nascent adoption, is making inroads in tertiary centers for myocardial viability assessment and congenital heart disease work-ups, areas where echocardiography alone falls short.
Source Dynamics: Domestic vs. Imported
India’s MRI fleet was long dominated by imports from multinational giants. That balance is shifting as the Make-in-India initiative and a production-linked incentive scheme nudge local manufacturing forward. Indigenous firms such as Voxelgrids and Sanrad are leveraging collaborations with academic institutes to produce cost-optimized 1.5 T platforms. Domestic assembly lowers customs duties, shortens service response times, and allows software customization for Indian clinical protocols. By 2030, nearly half of new unit shipments are expected to originate from local factories, creating new competition on price and specification.
Regional Hotspots
Although West India currently hosts the largest installed base, the Southern region—anchored by Karnataka, Tamil Nadu, Telangana, Andhra Pradesh, and Kerala—is emerging as a formidable growth engine. Metropolitan hubs such as Bengaluru, Chennai, and Hyderabad concentrate super-specialty hospitals and research institutes that adopt cutting-edge 3 T and even investigational 7 T systems. The region’s medical-device parks, university tie-ups, and supportive state policies foster a culture of rapid technology uptake. Simultaneously, tier-2 cities like Mysuru and Coimbatore are upgrading diagnostic suites to retain local patients, further deepening regional demand.
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Competitive Landscape
The market features a blend of global heavyweights and agile domestic contenders. Siemens Healthcare, Philips India, and Wipro GE collectively command over 60% market share, capitalizing on longstanding service networks and premium brand positioning. Hitachi offers helium-efficient open MRI designs attractive to claustrophobic or bariatric patients. Esaote targets niche segments with dedicated extremity scanners, while Voxelgrids champions frugal engineering to penetrate price-sensitive rural clusters. Intensifying rivalry is evident in bundled service contracts, zero-downtime guarantees, and AI-enabled post-processing suites, each vendor seeking to tilt total cost of ownership in its favor.
Challenges and Opportunities
High upfront capital expenditure—often exceeding INR 30 crore for a 3 T suite—remains the primary hurdle, compounded by helium logistics and periodic gradient-coil replacement costs. Skilled workforce shortages persist, with fewer than one radiologist per 100 000 population in several states, necessitating robust teleradiology frameworks. Yet these obstacles open doors for innovative business models: pay-per-scan leasing, cloud-based image archives that minimize on-site IT spend, and hybrid training programs blending e-learning with hands-on mentorship. Policy makers can catalyze adoption by standardizing accreditation, streamlining customs procedures for spare parts, and subsidizing power-backup solutions in grid-unstable areas.
Key Market Players
- 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
Market Segments-
- India Magnetic Resonance Imaging Market, By Field Strength:
o High-Field MRI Systems
o Low-to-Mid Field MRI System
o Others
- India Magnetic Resonance Imaging Market, By Type:
o Fixed
o Mobile
- India Magnetic Resonance Imaging Market, By Architecture:
o Closed MRI Systems
o Open MRI Systems
- India Magnetic Resonance Imaging Market, By Application:
o Brain & Neurological
o Oncology
o Spine & Musculoskeletal
o Abdominal
o Cardiac
o Others
- India Magnetic Resonance Imaging Market, By End User:
o Hospitals
o Imaging Centers
o Ambulatory Surgical Centers Others
- India Magnetic Resonance Imaging Market, By Source:
o Import
o Domestic
- India Magnetic Resonance Imaging Market, By Product:
o Refurbished
o New
- India Magnetic Resonance Imaging Market, By Region
Recent Developments –
Siemens Healthineers
· At the Asian Oceanian Congress of Radiology (AOCR) 2025 in Chennai, Siemens Healthineers showcased its latest diagnostic imaging solutions with a focus on sustainability and AI.
· The company launched the MAGNETOM Flow, a 1.5T MRI system using Dry Cool technology, which reduces liquid helium requirements to 0.7 liters from a standard 1,500 liters.
· The MAGNETOM Flow also features AI-based Deep Resolve algorithms to shorten scan times.
Philips Healthcare
· Philips launched its BlueSeal Magnet Technology at AOCR 2025. This 1.5T wide-bore magnet system is fully sealed and requires only seven liters of liquid helium, thereby reducing operational complexities.
· A report from January 2025 confirms that Philips partnered with Medtronic to provide specialized training to cardiologists and radiologists in India.
· The training program, which focuses on advanced imaging for structural heart disease, highlighted the use of AI-driven software for analyzing aortic anatomy without the use of contrast agents.
GE HealthCare
· GE HealthCare announced the SIGNA™ Sprint, an ultra-premium wide-bore 1.5T MRI system, at the International Society for Magnetic Resonance in Medicine (ISMRM) conference in May 2025.
· The SIGNA™ Sprint is designed to offer high-performance gradient technology, traditionally found in 3.0T systems, in a 1.5T machine.
· It integrates built-in AI solutions like AIR™ Recon DL and Sonic DL™ to speed up scans and enhance image quality.
Why You Should Check Out This Report
- Quantifies a USD 346.82 million opportunity by 2030 with regional break-downs
- Benchmarks the 4.81% CAGR against other Indian imaging modalities
- Maps domestic manufacturing capacity shifts and PLI incentives in detail
- Profiles 25+ hospitals and diagnostic chains driving 3 T adoption
- Analyzes emerging clinical workflows such as fMRI-guided neurosurgery
- Evaluates supply-chain risks, service contracts, and total cost of ownership
- Provides scenario-based forecasts for public, private, and PPP procurement cycles
Outlook and Future Directions
Looking ahead, India’s MRI ecosystem is poised for layered growth. Technological leapfrogging will continue, with AI-driven motion correction and synthetic contrasts lowering exam times and broadening patient eligibility. The confluence of MRI with PET tracers in hybrid systems may find oncology niches, while interventional MRI suites could transform neuro-oncology and focused-ultrasound therapies. Domestic fabs are likely to escalate magnet production, reducing foreign-exchange exposure. As health-tech startups decode vast imaging data sets, precision-medicine insights will emerge, reinforcing MRI’s role at the heart of India’s evolving diagnostic pathway. Sustained investment in infrastructure, training, and R&D will be indispensable to realize the projected USD 346.82 million market size and ensure equitable access to this life-saving technology.
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