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The refurbished medical imaging equipment market size is estimated to grow at a CAGR of 7.63% between 2022 and 2027. The market size is forecast to increase by USD 5,892.42 million. The growth of the market depends on several factors, including the increasing demand for cost-effective and efficient medical imaging devices, the increasing privatization in the healthcare sector, and the increasing sales through online marketing.
This refurbished medical imaging equipment market report extensively covers market segmentation by product (X-ray imaging, ultrasound systems, MRI, CT scanner imaging, and SPECT/ PET scanners), end-user (hospitals and diagnostic centers), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing sales through online marketing are notably driving the market growth, although factors such as concerns regarding quality, safety, and efficacy may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing sales through online marketing is the key factor driving the growth of the global refurbished medical imaging equipment market. Vendors in the global regenerative medical imaging market are increasingly engaging in online sales, marketing, and promotional activities to increase sales and increase the accessibility of their products. The focus of online services is to provide providers with advantages such as minimizing set-up, sales, and operating costs. In addition, vendors market their playback devices in a variety of ways, including holding promotional events at various medical institutions, participating in industry trade shows, and sponsoring various medical events. There is a growing trend of online marketing to attract new customers to purchase devices.
Many vendors, including Atlantis Worldwide and Block Imaging, sell refurbished medical imaging equipment along with their accessories online. The marketing strategies of vendors, such as discounted pricing and promotional offers on single and bulk purchases of imaging devices, increase the number of online sales. In addition, there are no time limitations to purchasing a product online, as customers can purchase the product at their convenience. Also, the manufacturers provide a warranty and guarantee even for the products offered online. Hence, the increase in online marketing services is expected to contribute to the sales of refurbished medical imaging equipment during the forecast period.
Increasing consultation services and support by vendors is the primary trend shaping the global refurbished medical imaging equipment market growth. The vendors in the global refurbished medical imaging equipment market have started offering consultation, planning, system installation, configuration, and other technical services to their customers. This helps vendors and OEMs to design and incorporate new parts and technologies in the refurbished devices, according to the end-user preferences. The global vendors are offering high-quality, eco-friendly systems with a warranty, ideal service plans, and real-time support to attract more customers.
Furthermore, Philips Healthcare also offers training and education, financial and leasing, business consultancy, and clinical services, including maintenance and repair. Also, GE Healthcare provides transformational medical technologies and services, as well as consulting services. These services and support by the manufacturers drive the market growth.
Concerns regarding quality, safety, and efficacy are a major challenge impeding the growth of the global refurbished medical imaging equipment market. Wrong interpretations in the output of the medical image led to increased risks for patients and affect the credibility of the staff. Furthermore, the reluctance of OEMs or manufacturers to share their updated software and technologies with third-party vendors of medical equipment has consistently made it difficult for refurbishing firms to provide maintenance services for the devices. All these factors are estimated to restrict the growth of the global refurbished medical imaging equipment market.
In addition to the quality issues, the distributors of refurbished medical imaging equipment do not offer full product warranties like new devices. In some instances, systems fail due to the usage of non-OEM parts, raising safety concerns for the staff as well as the patients. Thus, quality, safety, and durability concerns have an adverse effect on the growth of the global refurbished imaging medical equipment market.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Refurbished Medical Imaging Equipment Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AGITO Medical: The company offers refurbished medical imaging equipment such as Mammography, Ultrasound, C arms.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the X-ray imaging segment will be significant during the forecast period. An X-ray is a non-invasive test that produces images of the internal structures of a body by exposing the body to a small dose of ionizing radiation. X-ray imaging is the most common test used in more than 50% of the imaging procedures in hospitals. There is an increasing demand for refurbished X-ray devices, which is mainly attributed to the rising popularity of digital radiography (DR) systems.
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The X-ray imaging segment was valued at USD 2,621.88 million in 2017 and continued to grow until 2021. Advanced digital X-ray systems are increasingly used in various clinical, scientific, and industrial applications. Moreover, there is an increased demand for mobile C-arm X-ray systems with advanced features to use in a variety of diagnostic imaging and minimally invasive surgical procedures. The increasing applications of X-ray systems in neuro-molecular imaging systems and emergency medicine are driving the demand for advanced X-ray systems. The emerging markets are witnessing increasing upgrading of analog X-ray systems to digital X-ray systems. Digital X-ray systems are expensive and are classified as capital equipment that requires budget allocation and high maintenance, which makes this equipment costly. Due to this, many hospitals and diagnostic centers are looking for a cost-effective solution for the adoption of advanced X-ray systems. Refurbished X-ray devices, which are upgraded to advanced CR or DR systems, are a cost-effective and efficient alternative for these customers. This is expected to drive the demand for refurbished general X-ray systems during the forecast period.
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North America is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The major share of North America is attributed to the increase in cardiovascular diseases, musculoskeletal disorders, and cancer; favorable regulatory policy for refurbished medical imaging equipment; and reducing insurance coverage for some medical imaging procedures.
The United States is the largest earner in the region, followed by Canada. Currently, the markets in Mexico are also witnessing an increase in revenue generated annually. In the US, the sale, purchase, and usage of refurbished medical devices are unrestricted. There are no FDA regulations on the resale of medical devices unless there are modifications in the original specifications of the device. The FDA, however, recommends that manufacturers replace the parts of the devices only from OEM and not from other sources. Such factors will increase the market growth in this region during the forecast period.
COVID-19 had a negative impact on the regional refurbished medical imaging equipment market as the supply chain network for medical imaging came to a halt in the first half of 2020, which decreased regional sales in early 2020. However, in January 2021, lockdown restrictions in various countries were somewhat relaxed, which helped in the resumption of business activities. With the lifting of lockdown restrictions across the region, the vendors were able to cater to the demand for refurbished medical imaging equipment. Hence, the resumption of various preclinical studies and pharmaceutical operations is expected to boost the growth of the market in North America during the forecast period.
The refurbished medical imaging equipment market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global refurbished medical imaging equipment market as a part of the global healthcare equipment market. The parent, global healthcare equipment market covers products and companies engaged in research and development (R&D) of a variety of product categories, including capital equipment, instruments, implants, accessories, and consumables that are used for the diagnosis, monitoring, and treatment of various diseases. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Refurbished Medical Imaging Equipment Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.63% |
Market growth 2023-2027 |
USD 5,892.42 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.97 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 33% |
Key countries |
US, Germany, UK, China, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
AGITO Medical, Avante Health Solutions, Block Imaging Inc., EverX Pty Ltd., Fair Medical Co. Ltd., GE Healthcare Technologies Inc., Hi Tech International Group Inc., Hilditch Group Ltd, Integrity Medical Systems Inc., Koninklijke Philips NV, MASTER MEDICAL SYSTEMS PVT LTD, Nationwide Imaging Services Inc, Pacific Healthcare Imaging, Radiology Oncology Systems Inc., Siemens Healthineers AG, SOMA TECH INTL, Ultra Imaging Solutions LLC., US Med Equip, Venture Medical ReQuip Inc., and WHITTEMORE ENTERPRISES INC. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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