Kenneth Research has evaluated the current market opportunities in MRI Market in India in the healthcare industry for the forecast period 2022-2031, which also includes the ongoing industry trends and innovations that will help industry players to attain their business targets. Apart from that, the inclusive data on market size, market share and forecast, growth opportunities and challenges for the market players, along with the worldwide analysis on regions- North America, Latin America, Europe, Asia Pacific and Middle East & Africa, has also been provided in the report.
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In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
Healthcare Companies and Private Service Providers to have a minimal damage Caused by Inflation:
As US govt. remains committed to quality by spending more in the Medicaid and Medicare programs, incentives by govt. to medical devices, pharma companies and biotech to benefit the market players in short and long term goals. In 2021, U.S. spent $12,318/person on healthcare- highest amongst all OECD countries followed by Germany at $7,383. The federal government commitment towards healthcare systems to enable market players expanding their revenues and mitigating the risk posed by the inflation.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
MRI market in India is expected to grow at a healthy rate as the awareness for MRI tests increase and also technological advancements make MRI suitable for treating wide variety of diseases.
The report begins with an introduction which explains the characteristics of MRI and the various applications of MRI in the medical field. In the market overview section market size in terms of value as well as volume has been depicted along with the growth rate. It also gives segmentation of the MRI market. It also contains the buying behavior of customers for selecting MRI. Further the report gives region specific demand for MRI and the total installed MRI equipments in India.
In the next section drivers and challenges has been highlighted. Drivers include increasing demand from hospitals and imaging centers which boosts the MRI market. Increase in health insurance and per capita disposable income also makes MRI treatment more affordable. Growth in medical tourism increases the demand for MRI tests in India as tests are far cheaper in India than US. Also, as the country places more emphasis on the healthcare segment in this budget, it is likely to see strengthening of the government hospital infrastructure. Again as the patients and doctors become more aware MRI tests are likely to find more acceptance. The challenges identified include currency fluctuation where the profit margin of the manufacturer takes a hit. Also, as MRI tests are out of range for majority of the patients as it is still costly for an average Indian.
In the next section the value of MRI equipments imported and exported has been highlighted (for last 5 years). It also highlights the major importers and exporters of the industry. The section on Government participation highlights the various steps taken by the government which has impacted the industry. These steps include public private partnership, reduction in import duties for medical equipments and various government health insurance schemes. The section on technological improvements gives a picture about the various technological upgradations that has impacted the industry. The trends section gives an idea of the various trends in the current market. These include rising popularity of the refurbished MRI equipments as Indian consumers are still cost conscious especially smaller hospitals from tier 2 and tier 3 cities, MRI installation in various state hospitals in a public private partnership model and how tele-radiology has led to positive growth in the MRI industry
The competition section begins with a Porter’s five forces model which analyses the dynamics of the market. The major players in the market have been profiled which includes a financial summary for each of the players. Key ratios and key contacts are also listed. The last section offers strategic recommendations for the players in the ventilator market
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The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of MRI Market in India by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Players
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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