NEW
YORK, July 31, 2024 /PRNewswire/ -- The
global refurbished medical imaging equipment market size is
estimated to grow by USD 6.74 billion
from 2024-2028, according to Technavio. The market is estimated to
grow at a CAGR of over 8.09% during the forecast period.
Increasing demand for cost-effective and efficient medical imaging
devices is driving market growth, with a trend
towards increasing adoption of eco-friendly practices.
However, negative perception of end-users about refurbished
medical equipment poses a challenge. Key market players include
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..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
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))
|
Region
Covered
|
North America, Europe,
Asia, and Rest of World (ROW)
|
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.
|
Key Market Trends Fueling Growth
Refurbishing used medical imaging equipment is a cost-effective
and eco-friendly solution for hospitals and diagnostic centers.
This process saves resources and reduces waste by extending the
life of pre-owned equipment. It also mitigates potential health
risks associated with medical device waste. According to estimates,
refurbished medical devices can cost 30%-70% less than new ones,
making them an attractive alternative for many organizations. Major
vendors, such as Siemens Healthineers and GE Healthcare, offer
refurbished medical equipment portfolios. Practice Greenhealth, an
organization promoting sustainable healthcare practices, recognizes
healthcare entities for their eco-friendly initiatives. By choosing
refurbished medical imaging equipment, businesses can reduce costs
and contribute to environmental sustainability.
The refurbished medical imaging equipment market is witnessing
significant growth, driven by the increasing adoption of advanced
technology in dental, X-ray machines, ultrasound systems, MRI
machines, CT scanners, nuclear medicine, and other imaging
equipment. Chronic conditions and medical events require diagnostic
accuracy, driving demand for high-quality, affordable solutions.
Ecofriendly practices and regulatory standards are influencing the
market, with healthcare facilities seeking sustainable,
cost-effective options. Budget constraints and tax benefits make
refurbished equipment an attractive choice for care providers.
Warranty, quality assurance, and strategic collaborations are key
considerations. Sustainability and quality standards are essential
for imaging equipment, including patient monitors, ECG machines,
and vital sign monitors. Diagnostic players are outsourcing
contracts for refurbishment, while surgical and therapeutic
equipment, IVD and laboratories, and cardiology applications also
show strong demand. Regulatory compliance, advanced technology, and
warranty guarantees ensure confidence in the healthcare
settings.
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Market Challenges
- The refurbished medical imaging equipment market may face
hindrances due to negative perceptions held by end-users. Concerns
about the quality and reliability of refurbished devices are
common, stemming from doubts about their effectiveness and safety
compared to new equipment. Factors contributing to these concerns
include worries about durability, potential hidden defects, and
uncertainties regarding the refurbishment process itself. Aesthetic
considerations and noise levels are also influential factors. To
mitigate these concerns, transparency about the refurbishment
process, quality assurance measures, and highlighting the
cost-effectiveness and environmental benefits could help improve
acceptance among end-users. Addressing these perceptions is crucial
for the growth of the refurbished medical imaging equipment market
during the forecast period.
- The refurbished medical imaging equipment market faces several
challenges in various healthcare settings. Dental, X-ray machines,
ultrasound systems, MRI machines, CT scanners, nuclear
medicine equipment, and other imaging devices are in high demand
due to the rise in chronic conditions and medical events. However,
ecofriendly practices, regulatory standards, and sustainability are
key concerns. Warranty and budget constraints are major challenges
for healthcare facilities adopting advanced technology like MRI and
CT scanners. Emerging economies present opportunities but require
strategic collaborations with diagnostic players and care
providers. Sustainability and quality assurance are crucial for
refurbished equipment, which includes patient monitors, ECG
machines, and vital sign monitors. Quality standards, warranties,
and strategic collaborations ensure guarantee in healthcare
settings. Tax benefits and disease diagnosis drive the market for
medical equipment, including imaging equipment, IVD and
laboratories, surgical and therapeutic devices, and cardiology
equipment. Capital budgets and outsourcing contracts are
significant factors influencing the market.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This refurbished medical imaging equipment market report
extensively covers market segmentation by
- Product
- 1.1 X-ray imaging
- 1.2 Ultrasound systems
- 1.3 MRI
- 1.4 CT scanner imaging
- 1.5 SPECT/ PET scanners
- End-user
- 2.1 Hospitals
- 2.2 Diagnostic centers
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 Asia
- 3.4 Rest of World (ROW)
1.1 X-ray imaging- X-ray imaging is a non-invasive
diagnostic test that uses ionizing radiation to produce images of
internal body structures, making up over 50% of imaging procedures
in hospitals. Digital radiography (DR) systems, an advanced form of
X-ray technology, are gaining popularity due to their versatility
in various clinical, scientific, and industrial applications.
Mobile C-arm X-ray systems with advanced features are in high
demand for diagnostic imaging and minimally invasive surgical
procedures. Neuro-molecular imaging systems and emergency medicine
also rely heavily on X-ray technology. However, the high cost and
maintenance requirements of new digital X-ray systems have led to
increased adoption of refurbished X-ray equipment. In the US, the
Consolidated Appropriations Act of 2016 imposed reimbursement cuts
on conventional analog X-ray equipment, forcing organizations to
upgrade to more advanced computed radiography (CR) or digital
radiography (DR) systems. Refurbished X-ray devices, upgraded to CR
or DR systems, offer a cost-effective and efficient alternative for
these customers, driving the demand for refurbished general X-ray
systems during the forecast period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Research Analysis
The refurbished medical imaging equipment market is witnessing
significant growth due to the increasing prevalence of chronic
diseases and the need for advanced diagnostic tools in healthcare
facilities. Refurbishment offers cost-effective solutions for
healthcare providers facing budget constraints, as it allows them
to extend the life cycle of their medical equipment. Tax benefits
and ecofriendly practices are additional incentives driving the
adoption of refurbished equipment. Diagnostic players, IVD and
laboratories, surgical and therapeutic devices, patient monitoring,
cardiology, and regulatory standards are some of the key areas
benefiting from this trend. Outsourcing contracts and medical
events also contribute to the market's growth. Warranty, adoption
rates, and sustainability are crucial factors influencing the
market's dynamics. Emerging economies are expected to offer
significant opportunities due to their increasing focus on
healthcare infrastructure and advanced technology. Regulatory
standards and quality assurance are essential considerations for
the market's growth, ensuring the delivery of reliable and safe
medical imaging solutions.
Market Research Overview
The refurbished medical imaging equipment market is witnessing
significant growth due to the increasing prevalence of chronic
diseases and the need for advanced diagnostic tools in healthcare
settings. Refurbishment is an economical solution for healthcare
providers facing capital budget constraints, offering tax benefits
and access to high-quality, ecofriendly medical equipment.
Diagnostic players and IVD laboratories, as well as surgical and
therapeutic facilities, are adopting refurbished medical imaging
equipment for disease diagnosis. This includes X-ray machines,
ultrasound systems, MRI machines, CT scanners, and nuclear medicine
equipment. Sustainability and regulatory standards are key
considerations in the refurbishment process, ensuring the delivery
of quality assurance and warranties. Strategic collaborations
between care providers and refurbishment companies are on the rise,
offering guarantee for refurbished equipment and driving market
growth in emerging economies. Medical events and the adoption of
advanced technology further boost the market, with patient
monitors, ECG machines, vital sign monitors, and anesthesia
monitors also in high demand.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- X-ray Imaging
- Ultrasound Systems
- MRI
- CT Scanner Imaging
- SPECT/ PET Scanners
- End-user
-
- Hospitals
- Diagnostic Centers
- Geography
-
- North America
- Europe
- Asia
- Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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