Magnetic Resonance Imaging (MRI), a medical imaging technology, is used in radiology to visualize detailed internal structures of tissues, bones or any other part of the body. It can be used to detect neurological, musculoskeletal, cardiovascular and oncological problems. MRI equipments require a huge installation cost, and consequently, the service charge becomes very high. The Indian MRI market is characterized by a large number of foreign players with only a handful of local manufacturers and is largely dependent on imports. The growth in aging population along with an increase in medical tourism is offering strong opportunities. The Indian Government, on its part is taking initiatives to engage in public-private partnership projects (PPP) and reduce the import duties on medical equipments. The market is expected to exhibit steady growth over the next few years.
The report begins with the introduction section which offers a brief description of the applications of MRI. The market overview section provides an insight into the global market and then moves on to the Indian market, highlighting the market size and growth. It also depicts the market segmentation in terms of different types of MRI equipments. It also provides import and export figures of MRI equipments in India in terms of both value. Regional break-up of the imports and exports have been included.
An analysis of the drivers explains the factors for growth of the industry including heavy patient flow, increase in the number of health insurances, increased healthcare spending by the Government and increasing medical tourism. The key challenges include high maintenance costs, lack of properly trained personnel and lack of affordability. The section on government initiatives highlights the PPP projects started in four states of the country. It also analyses the changes in the customs duty structure and the various healthcare schemes implemented by the Government. A brief overview of the different technological developments has been presented. Increase in applications as well as improvements in the product quality have been the key focus of researchers.
The competition section provides an overview of the competitive landscape in the industry. It shows the different segments which the companies produce. It includes a brief profile of the major players in the market along with their financials.