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The refurbished medical imaging equipment market size is forecast to increase by USD 6.74 billion, at a CAGR of 8.09% between 2023 and 2028. Market expansion is influenced by various factors, notably the rising demand for cost-effective and efficient medical imaging devices, spurred by the increasing privatization within the healthcare sector. Furthermore, the adoption of online marketing channels has facilitated increased sales. However, growth faces impediments. End-user perception of refurbished medical equipment remains negative, along with concerns regarding its quality, safety, and efficacy. Additionally, regulatory frameworks pose challenges, being unsupportive in some instances. Despite these hurdles, the market's trajectory is steered by ongoing efforts to address these concerns, such as improving the perception of refurbished equipment and enhancing regulatory compliance. Moreover, the continued focus on innovation and technological advancements promises to sustain growth momentum, ensuring the market remains resilient and adaptable in meeting evolving healthcare needs.
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Chronic diseases pose significant challenges to healthcare systems worldwide, driving demand for innovative diagnostic solutions. Diagnostic players are increasingly focusing on developing eco-friendly practices to address the growing environmental concerns associated with healthcare. These efforts include reducing waste, implementing sustainable manufacturing processes, and utilizing biodegradable materials in diagnostic tools and devices. By adopting eco-friendly practices, diagnostic players not only contribute to environmental conservation but also enhance their reputation as socially responsible organizations. This shift towards sustainability aligns with the broader healthcare industry's commitment to improving patient outcomes while minimizing its environmental footprint.
Increasing sales through online marketing is the key factor driving the growth of the global refurbished medical imaging equipment market. In healthcare settings, access to advanced medical imaging equipment is crucial for disease diagnosis, particularly for managing chronic conditions. However, the high cost of new equipment, including Research and Development (R&D) and manufacturing expenses, installation, and maintenance charges, poses a significant challenge for healthcare providers, especially in emerging economies. Refurbishment of used medical imaging equipment, such as X-ray machines, Ultrasound systems, MRI machines, CT scanners, and Nuclear medicine devices, offers a cost-effective solution.
Moreover, this trend is particularly relevant for medical imaging, In Vitro Diagnostics (IVD) and laboratories, surgical and therapeutic equipment, patient monitoring devices, and equipment in cardiology, dentistry, and other fields. Tax benefits and outsourcing contracts further incentivize the adoption of refurbished equipment. Despite the cost savings, quality assurance and regulatory standards are essential considerations. Strategic collaborations between equipment manufacturers and refurbishers can ensure sustainability and advanced technology in refurbished equipment, while warranties provide peace of mind for healthcare facilities. 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 companies is the primary trend shaping the global refurbished medical imaging equipment market growth. In healthcare settings, the use of refurbished medical imaging equipment plays a significant role in addressing budget constraints and sustainability. Refurbishment is an essential process for medical equipment, including X-ray machines, ultrasound systems, MRI machines, CT scanners, and nuclear medicine equipment, among others. This process not only reduces the capital budget for healthcare providers but also offers tax benefits. Chronic conditions require frequent disease diagnosis, making access to advanced medical imaging equipment crucial. Refurbished equipment offers an affordable solution for healthcare facilities, enabling them to provide quality patient care. Adoption rates of refurbished medical imaging equipment are increasing due to the cost savings and the availability of high-quality, refurbished equipment. Regulatory standards ensure the quality and safety of refurbished medical equipment, including imaging equipment, patient monitors, ECG machines, and vital sign monitors. Strategic collaborations between medical equipment manufacturers and refurbishment companies provide warranties and quality assurance for refurbished equipment.
Moreover, emerging economies are adopting refurbished medical imaging equipment to meet the growing demand for medical services while addressing budget constraints. Sustainability is a critical factor in the refurbishment process, as it reduces e-waste and prevents the production of new medical devices, which can cause health issues due to exposure to manufacturing waste. In summary, refurbished medical imaging equipment offers cost savings, tax benefits, and access to advanced technology for healthcare providers, while ensuring quality and safety through regulatory standards and strategic collaborations. The adoption of refurbished equipment is increasing in healthcare settings, particularly in emerging economies, as a sustainable solution to meet the demands of chronic conditions and medical events. 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. In healthcare settings, the adoption rates of refurbished medical imaging equipment and other devices face challenges due to perceptions of lower quality and reliability. Concerns over vendor support, resale value, and regulatory compliance hinder the use of refurbished equipment in disease diagnosis and patient monitoring. However, tax benefits, capital budget constraints, and outsourcing contracts offer opportunities for healthcare providers to consider refurbishment.
However, refurbished medical equipment, including X-ray machines, ultrasound systems, MRI machines, CT scanners, nuclear medicine devices, and patient monitors (ECG, vital sign, and anesthesia), can provide advanced technology at more affordable prices. Strategic collaborations and quality assurance measures, such as warranty coverage and regulatory compliance, can enhance the sustainability of refurbished medical equipment in chronic condition management and medical events. Emerging economies also present significant growth potential for refurbished medical imaging and in vitro diagnostic (IVD) and laboratory equipment in surgical and therapeutic applications, such as cardiology, dental, and cardiology. Thus, quality, safety, and durability concerns have an adverse effect on the growth of the global refurbished imaging medical equipment market.
The market forecasting 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 market growth analysis strategies.
Market Customer Landscape
Companies 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, and C arms.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the X-ray imaging segment will be significant during the forecast period. In healthcare settings, the diagnosis and management of chronic diseases have led to a significant increase in the utilization of medical imaging equipment. Refurbishment of used medical equipment, such as X-ray machines, ultrasound systems, MRI machines, CT scanners, and nuclear medicine devices, has become a popular solution for healthcare providers due to tax benefits and budget constraints. The refurbishment process ensures the equipment meets quality standards and regulatory requirements.
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The X-ray imaging segment was valued at USD 2.78 billion in 2018. Advanced technology, such as digital radiography (DR) systems, is driving the adoption rates of medical imaging equipment in various clinical, scientific, and industrial applications. Sustainability and quality assurance are essential considerations for healthcare facilities, leading to strategic collaborations with refurbishment companies and outsourcing contracts for medical equipment maintenance. Medical events, such as disease diagnosis and patient monitoring, require various imaging equipment and IVD and laboratory devices. Surgical and therapeutic procedures, including cardiology, dental, and anesthesia monitors, rely on high-quality patient monitors, ECG machines, and vital sign monitors. Warranty and quality standards are crucial factors in the selection and implementation of refurbished equipment. Emerging economies are adopting advanced medical imaging technology to improve healthcare services, leading to a growing demand for refurbished equipment. Regulatory standards ensure the safety and effectiveness of medical imaging equipment, while sustainability and cost savings make refurbished equipment an attractive option for healthcare providers. This is expected to drive the demand for refurbished general X-ray systems during the forecast period.
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Asia is estimated to contribute 37% 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 refurbished medical imaging equipment market in North America is primarily driven by the rising prevalence of cardiovascular diseases, musculoskeletal disorders, and cancer among care providers' patient populations.
Additionally, favorable regulatory policies and decreasing insurance coverage for certain imaging procedures contribute to the market's growth. In the United States, the sale, purchase, and utilization of refurbished medical devices are unregulated. However, the Food and Drug Administration (FDA) advises manufacturers to use original equipment manufacturer (OEM) parts for device repairs. A guarantee of quality and functionality is crucial for care providers when considering refurbished medical imaging equipment. Such factors will increase the market growth and forecasting in this region during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
Diagnostic Imaging Market in Europe: Diagnostic Imaging Market in Europe by Type and Geography - Forecast and Analysis
Robotic Medical Imaging Systems Market: Robotic Medical Imaging Systems Market by Product and Geography - Forecast and Analysis
Ultrasound Equipment Market: Ultrasound Equipment Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Germany, UK, China, Japan - Size and Forecast
The Refurbished Medical Imaging Equipment market is a significant segment in the healthcare industry. This market deals with the sale and maintenance of pre-owned medical imaging equipment. The demand for refurbished medical imaging equipment is driven by several factors, including cost-effectiveness, accessibility, and the availability of advanced technology at affordable prices. Medical imaging equipment includes various types of devices such as Magnetic Resonance Imaging (MRI), Computed Tomography (CT), Ultrasound, and Digital X-ray machines. These devices are essential tools for diagnosing and treating various medical conditions. The market for refurbished medical imaging equipment is diverse and includes various stakeholders such as hospitals, diagnostic centers, clinics, and individual practitioners. The market is also characterized by a competitive landscape with numerous players offering a range of services, including sales, repair, and maintenance of refurbished medical imaging equipment. The market for refurbished medical imaging equipment is expected to grow at a steady pace due to the increasing demand for cost-effective healthcare solutions and the availability of advanced technology at affordable prices. Additionally, the market is driven by the increasing number of diagnostic centers and hospitals, particularly in developing countries, and the growing trend towards outsourcing medical equipment maintenance and repair services.
Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.09% |
Market growth 2024-2028 |
USD 6.74 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.32 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
Asia at 37% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, 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 N.V., 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 forecast, 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 |
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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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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