Industria
India Diagnostic Imaging Market: Driving Forces and Disruptive Trends [2028]
Introduction
The Indian diagnostic imaging market has been experiencing substantial growth and development in recent years. According to the TechSci Research report, “India Diagnostic Imaging Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029,” this market stood at USD 780.42 million in 2023 and is anticipated to grow at a compound annual growth rate (CAGR) of 8.31% during the forecast period from 2025 to 2029. This remarkable growth can be attributed to a variety of factors including the increasing prevalence of chronic diseases, the growing geriatric population, technological advancements, and various government initiatives aimed at improving healthcare infrastructure.
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Industry Key Highlights
Rise in Chronic Diseases
The rise in chronic diseases such as cancer and cardiovascular diseases is one of the primary drivers of the Indian diagnostic imaging market. Chronic diseases necessitate early detection and accurate diagnosis, which has led to an increased demand for advanced diagnostic imaging equipment. According to the International Diabetes Federation report published in 2021, the estimated number of diabetes patients in India was 74,194.7 thousand, and this number is expected to reach 92,973.7 thousand by 2030. Furthermore, the Longitudinal Ageing Study in India (LASI) released by the Union Ministry of Family and Health Welfare highlighted an increase in cardiovascular diseases among the elderly, with prevalence rates as high as 60% in certain states.
Technological Advancements
Technological advancements in imaging systems are another critical factor contributing to the market's growth. Innovations such as portable and mobile imaging technologies, digital imaging techniques, and the integration of artificial intelligence (AI) algorithms have significantly enhanced the diagnostic capabilities of imaging modalities. These advancements have made diagnostic services more accessible, especially in remote areas, thereby driving market expansion.
Government Initiatives
Various government initiatives aimed at enhancing healthcare infrastructure are also propelling the market forward. For instance, in November 2021, a sophisticated MRI facility was launched at the National Brain Research Centre (NBRC) in Haryana. Additionally, Hindustan Aeronautics Limited (HAL) donated a 32 Slice Computed Tomography (CT) scan machine to Shri Atal Bihari Vajpayee Medical College & Research Institute (SABVMC&RI) in Bengaluru in April 2021 as part of its corporate social responsibility activities. These initiatives are significantly contributing to the growth and development of the diagnostic imaging market in India.
Emerging Trends
Adoption of Minimally Invasive Diagnostic Procedures
There is an increasing adoption of minimally invasive diagnostic procedures in India. These procedures are preferred because they reduce patient recovery time, lower the risk of complications, and are generally less expensive than traditional invasive procedures. The demand for such procedures is driving the need for advanced diagnostic imaging equipment capable of supporting these techniques.
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Top 10 Companies
- Wipro GE Healthcare Private Limited
- Siemens Healthineers India
- Allengers Medical Systems Limited
- Erbis Engineering Co Limited
- Samsung India Electronics (SIEL)
- Philips India Limited
- Olympus Medical Systems India Private Limited
- Fujifilm India Private Limited
- Carestream Health India Private Limited
- Shimadzu Medicals (India) Private Limited
Competitive Analysis
The Indian diagnostic imaging market is highly competitive, with numerous domestic and international players vying for market share. Companies are focusing on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position. For instance, in April 2022, Wipro GE Healthcare launched its next-generation Revolution Aspire CT scanner in India, which is the first made-in-India CT scanner.