TORONTO--(BUSINESS WIRE)--According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, the relatively underpenetrated Indian market for diagnostic imaging systems will see a strong growth rate averaging nearly nine percent per year, increasing to a value of almost $830 million by 2016. Particularly strong growth will be seen in low-end and midrange systems purchased by small hospitals and facilities in rural areas that have not previously had imaging capability. Growth will also be seen in higher priced systems for urban facilities transitioning to higher-end CT and MRI systems and from analog to digital X-ray imaging.
Among low-end and midrange imaging systems, ultrasound systems will show the highest unit growth, with midrange system unit growth averaging over 15 percent per year and low-end 12 percent through 2016. Average selling prices will decline over this time, however, due to strong competition in this market. While GE Healthcare and Philips Healthcare account for the majority of the Indian ultrasound market, other strong players include Hitachi Aloka Medical, Toshiba Medical Systems, Samsung Medison and Siemens Healthcare. Esaote, Mindray and SonoSite are also poised for growth in this market in the upcoming years.
Despite strong unit growth, downward pressure comes from legal restrictions on the use of portable ultrasound systems being considered by many Indian states. These restrictions are being imposed to curb the use of portable ultrasound systems in the illegal sex-selective abortion of female fetuses.
The X-ray system segment will continue to be the fastest growing imaging modality in the Indian market, driven by the transition from lower-cost analog systems to higher-priced digital systems, such as direct radiography (DR) retrofits, and DR systems. Computed radiography adoption will also be high.
“A large and relatively unpenetrated market like India presents an attractive opportunity for competitors in diagnostic imaging,” said MRG Senior Analyst Isuru Silva. “There is some limitation from the international effects of the weak rupee, which raises the relative cost of large capital purchases. This situation favors competitors with local manufacturing facilities, particularly market leader GE Healthcare. As the Indian economy continues to grow and diversify, we can expect to see more manufacturing facilities serving the local market.”
Millennium Research Group’s Indian Markets for Diagnostic Imaging Systems 2012 report includes unit, average selling price and revenue information, along with market drivers and limiters and competitive landscape for magnetic resonance imaging (MRI) systems, ultrasound systems, computed tomography (CT) systems and X-ray systems in India.
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources Group company (www.DecisionResourcesGroup.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack™ projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.
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