India Radiology Market Research Report, 2029

The India radiology market is growing rapidly, driven by the country's expanding healthcare infrastructure and the increasing demand for high-quality diagnostic services. As the second-most populous country globally, India faces numerous health challenges, making the role of radiology more critical than ever. Radiology in India is an essential tool for diagnosing a wide array of diseases, including cancer, cardiovascular conditions, and neurological disorders. With the rise in lifestyle diseases and the need for early detection, there is a growing emphasis on improving access to imaging technologies. This has led to significant investments in both public and private healthcare facilities, with a focus on upgrading equipment and expanding the availability of services. Hospitals, diagnostic centers, and clinics are investing in advanced radiology technologies, which has spurred the adoption of modalities such as MRI, CT scans, and X-rays. India's expanding middle class and increasing awareness about health issues further contribute to the growing demand for radiology services. The country's large population also means that radiology plays an essential role in addressing public health challenges by providing vital diagnostic information. The government, through public health initiatives, supports the expansion of healthcare services, including radiology, to ensure equitable access across regions. With an expanding healthcare network and the increased focus on health and wellness, the radiology market in India is poised for substantial growth in the coming years. According to the research report, " India Radiology Market Research Report, 2029," published by Actual Market Research, the India Radiology market is anticipated to grow at more than 9.46% CAGR from 2024 to 2029. The India radiology market has witnessed significant growth in recent years, driven by key trends such as the increasing adoption of AI in radiology and the rise of digital radiography. AI-powered imaging solutions are revolutionizing diagnostics, enabling faster and more accurate readings, which is particularly beneficial in managing the country's large patient volume. Government initiatives like the National Health Policy focus on improving healthcare access, which indirectly supports the expansion of radiology services. Additionally, technological advancements in CT, MRI, and ultrasound have been integral in improving diagnostic accuracy. India's healthcare sector has also seen rapid growth in the number of private diagnostic centers, which offer affordable and accessible radiology services, particularly in urban and semi-urban areas. Teleradiology is another emerging trend, allowing remote consultations and expanding access to diagnostic services in rural regions. In terms of dominant companies, GE Healthcare, Philips Healthcare, and Siemens Healthineers are among the leading players in the Indian market, providing advanced imaging technologies and solutions. These companies are focusing on offering cost-effective solutions to cater to the price-sensitive Indian market, while also ensuring the highest standards of diagnostic quality. The government's support for public-private partnerships further encourages the growth of the sector. The rising demand for imaging services, combined with government efforts to enhance healthcare accessibility, positions India as a key player in the global radiology market.

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The India radiology market is classified into interventional radiology and diagnostic radiology. Diagnostic radiology, which involves imaging techniques like X-rays, CT scans, MRIs, and ultrasounds, dominates the market. It is primarily used for the diagnosis of a wide variety of diseases, including cancer, infections, fractures, and heart conditions. The increasing prevalence of chronic diseases such as cancer and cardiovascular issues in India has significantly boosted the demand for diagnostic radiology. Hospitals in India are investing heavily in modern diagnostic equipment to cater to the growing patient population and meet the rising demand for precise and timely diagnostics. On the other hand, interventional radiology is an emerging segment in the country, providing minimally invasive procedures such as biopsies, angioplasty, and tumor ablation. Interventional radiology is becoming more widely adopted as it offers significant benefits, including reduced recovery times, fewer complications, and faster procedures. Regarding the price point, hospitals typically offer high-end radiology services, including advanced imaging techniques, and these services are priced higher. However, India’s government health insurance schemes and private insurance options help mitigate the cost for patients. In contrast, diagnostic centers are more affordable, catering to routine diagnostic needs and offering basic imaging services like X-rays and ultrasounds. These centers play a crucial role in increasing the accessibility of radiology services, especially in semi-urban and rural areas. The combination of high-end hospitals and affordable diagnostic centers allows the radiology market in India to serve a broad spectrum of healthcare needs across different economic segments. In India, X-rays, nuclear medicine, positron emission tomography (PET), and other services like fusion imaging make up a significant portion of the radiology market. X-rays are the most widely used imaging modality in India, providing fast and effective diagnosis for a variety of conditions, such as bone fractures, pneumonia, and dental issues. As one of the most affordable diagnostic tools, X-rays remain in high demand across hospitals and diagnostic centers throughout the country. Nuclear medicine is increasingly being used for diagnosing and treating diseases like cancer, heart disease, and thyroid disorders. By using radioactive substances, nuclear medicine allows for detailed imaging of internal organs, providing crucial functional information that traditional imaging cannot. PET scans, commonly used in oncology, are gaining traction in India as they provide detailed images that help detect cancer and assess treatment effectiveness. The combination of PET and CT has further enhanced diagnostic capabilities, making it a valuable tool in cancer treatment and management. Other services, such as fusion imaging, which combines multiple imaging modalities to provide a more comprehensive view of the patient’s condition, are also becoming more prevalent in India’s radiology landscape. As the healthcare infrastructure in India continues to expand, the adoption of these advanced imaging services is expected to increase. The rising awareness of the importance of early diagnosis, coupled with the increasing prevalence of lifestyle diseases, drives demand for these imaging services, positioning them as key components in India’s healthcare ecosystem. Considered in this report • Geography: Global • Historic Year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029

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Kripa Shah

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Aspects covered in this report • Global Radiology Market with its value and forecast along with its segments • Region & country wise Radiology market analysis • Application wise Radiology distribution • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Types • Interventional Radiology • Diagnostic Radiology By Services • X-Rays • Ultrasound • Computed Tomography (CT) • Nuclear Medicine • Positron Emission Tomography (PET) • Magnetic Resonance Imaging (MRI) • Others (Fusion Imaging)

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By End-Use • Hospitals • Diagnostic Centres • Others The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to agriculture industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.