Amid the COVID-19 crisis, the global market for diagnostic imaging system is estimated over US$100 billion. Market growth is expected to be highest in developing nations. With the world-highest population in 2022, India will become the 3rd largest market in medical imaging after the US and China. The Indian government has placed healthcare as the priority and its healthcare spending has increased 10 times in the past few years. India now represents the fastest growing market for medical device industry in Asia-Pacific due to favorable reimbursement policies related to diagnostic imaging, increasing government funding and rising investment by private and public hospitals in diagnostic imaging systems.

Time Medical captures the opportunity and has built up an MRI production line in AMTZ as the first MRI manufacturing base in India. AMTZ is India’s premier medical technology park, and it is one of world’s largest medical technology manufacturing cluster. The production facility has an initial phase of annual capacity of 100 units, which will be in operation in August 2022. Time Medical will become the first “Made-in-India” MRI manufacturer for both local India and global market, especially the US, Europe, Middle East and Africa Markets where trade policies are favorable to India.

Recently, Time Medical has signed an MOU with a major India Diagnostic leader to capture the fast-growing market. That company is one of India’s largest diagnostic service providers with over 1,000 diagnostic centers throughout the country. Time Medical will be the supplier of the MRI systems at its diagnostic imaging centers. The two companies will also work together to develop mobile MRI and to provide mobile MRI screening service, as well as to develop Artificial Intelligence (AI) MRI preliminary reporting algorithm to increase the efficiency and reduce the costs of diagnosis.

Ravi Govindan, a board member of Time Medical said, ‘There is a cue of deals awaiting to be fulfilled nationwide and we are pleased that we will be a dominant player in the market. We also recently made breakthroughs in Malaysia. In addition, our neonatal MRI is expected to be FDA approved by end of the year, which will dramatically change our business revenue projections as we are the single player in the world so far that will serve a 6 billion market sector consisting of 6,000 NICU (Neonatal Intensive Care Unit) in the world.’
Time Medical continues to fulfill its goal to bring Advanced, Accessible and Affordable medical imaging services to people globally, and becomes a leading medical imaging company in Asia.