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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. The market is experiencing significant growth due to the increasing demand for cost-effective and efficient solutions in healthcare facilities. Advanced technology in refurbished equipment, such as digital radiography and CT scans, is making it an attractive option for many institutions. Furthermore, the adoption of eco-friendly practices in healthcare is driving the market, as refurbished equipment offers a more sustainable alternative to new equipment. However, negative perception among end-users about the quality and reliability of refurbished medical equipment remains a challenge. Regulatory standards for refurbished equipment are becoming more stringent, ensuring quality assurance and safety, thereby addressing these concerns. The emergence of emerging economies with growing healthcare sectors presents a significant opportunity for the market.
The market is witnessing significant growth due to the increasing prevalence of chronic diseases and the need for disease diagnosis in healthcare facilities. Refurbishment of medical equipment is an eco-friendly practice that offers tax benefits to healthcare providers, making it an attractive option for capital-constrained diagnostic players. The adoption rates of refurbished medical imaging equipment are increasing due to budget constraints and the availability of advanced technology that matches the performance of new equipment. Surgical and therapeutic equipment, patient monitoring devices, and medical imaging systems in cardiology are some of the segments driving the market's growth. Regulatory standards ensure quality assurance and outsourcing contracts are enabling the adoption of refurbished equipment in IVD and laboratories.
Furthermore, emerging economies are also contributing to the market's growth due to their focus on sustainability and the increasing demand for medical equipment in these regions. Warranty and adoption rates are crucial factors influencing the market's growth, with refurbished equipment offering cost-effective solutions while maintaining regulatory compliance.
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.
The X-ray imaging segment is estimated to witness significant growth during the forecast period. The market is witnessing significant growth due to the increasing demand for cost-effective solutions in the healthcare industry. Capital budgets of diagnostic players in the medical, in vitro diagnostics (IVD) and laboratories, surgical, and therapeutic sectors are increasingly being allocated towards the acquisition of refurbished medical imaging equipment. X-ray systems, particularly digital radiography (DR) systems, are gaining popularity due to their advanced features and versatility. In addition, the demand for mobile C-arm X-ray systems is on the rise, as they offer the benefits of portability and advanced imaging capabilities for use in various diagnostic procedures and minimally invasive surgical interventions. The adoption of refurbished medical imaging equipment is a strategic move for healthcare providers to reduce costs while maintaining the quality of patient care.
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The X-ray imaging segment was valued at USD 2.78 billion in 2018 and showed a gradual increase during the forecast period.
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.
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The North American market for refurbished medical imaging equipment holds a significant share due to the prevalence of conditions such as cardiovascular diseases, musculoskeletal disorders, and cancer. Favorable regulatory policies and the absence of restrictions on the sale, purchase, and usage of refurbished medical devices in the US are key factors driving market growth. The United States is the largest contributor to the region's revenue, with Canada following closely. Mexico's markets are also experiencing an uptick in annual revenue. In the US, while there are no specific FDA regulations on the resale of medical devices, the agency recommends that manufacturers use original equipment manufacturer (OEM) parts for replacement.
Furthermore, the FDA permits the sale of refurbished medical imaging equipment as long as it meets certain conditions and is not modified from its original specifications. Diagnostic players, IVD and laboratories, surgical and therapeutic equipment providers, and patient monitoring equipment manufacturers are the primary end users of refurbished medical imaging equipment in North America, with outsourcing contracts playing a crucial role in the market's growth.
Our researchers analyzed the data with 2023 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.
The increasing demand for cost-effective and efficient medical imaging devices is the key driver of the market. In healthcare settings, access to advanced medical imaging equipment is crucial for disease diagnosis and treatment, particularly in managing chronic diseases. However, the high cost of new medical imaging devices, which includes research and development expenses, manufacturing costs, installation, and maintenance charges, often hinders their affordability for healthcare providers in various settings, especially in developing countries.
Furthermore, this affordability gap has led to an increasing demand for refurbished medical imaging equipment. Refurbishment involves the restoration of used medical equipment to its original condition, providing a cost-effective solution for healthcare providers. Tax benefits and incentives offered by governments further encourage the adoption of refurbished medical imaging devices, making them an attractive alternative to new devices. Overall, refurbished medical imaging equipment plays a vital role in enhancing the diagnostic capabilities of healthcare providers while reducing costs.
The increasing adoption of eco-friendly practices is the upcoming trend in the market. In the healthcare sector, the use of refurbished medical imaging equipment has emerged as a cost-effective solution for healthcare settings, particularly in the diagnosis and management of chronic diseases. Refurbishment involves the restoration of used or pre-owned medical equipment to a functional state, offering significant benefits to both providers and patients. This process not only saves energy and resources but also prevents unnecessary waste, ensuring better access to affordable quality equipment.
Moreover, refurbishing medical devices reduces e-waste production during the manufacturing of new devices, thereby minimizing landfill and disposal issues, and contributing to a cleaner environment. For healthcare providers, such as private hospitals and diagnostic centers, the adoption of refurbished medical equipment results in substantial cost savings of up to 30%-70%, depending on the condition of the equipment. Additionally, tax benefits associated with the purchase of refurbished medical equipment further incentivize their use.
The negative perception of end-users about refurbished medical equipment is a key challenge affecting the market growth. In healthcare settings, the use of refurbished medical imaging equipment has gained traction due to the rising prevalence of chronic diseases and the need for cost-effective solutions for disease diagnosis. However, the acceptance of refurbished equipment among healthcare providers is hindered by negative perceptions regarding its quality and reliability.
Furthermore, concerns about the durability of refurbished equipment, potential hidden defects, and uncertainties about the refurbishment process itself contribute to these perceptions. Additionally, aesthetic considerations and noise levels are factors that can influence end-users' reluctance to adopt refurbished medical equipment. To mitigate these concerns, it is essential to promote transparency about the refurbishment process and implement quality assurance measures. Highlighting the cost-effectiveness and environmental benefits of refurbished medical equipment can also help improve acceptance among healthcare providers. Tax benefits for using refurbished equipment may further encourage its adoption in healthcare settings.
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.
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 market research and growth report includes detailed analyses of the competitive landscape of the market and information about key 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 is witnessing significant growth due to the increasing adoption rates in healthcare settings, particularly in the diagnosis and monitoring of chronic diseases. Refurbishment offers healthcare providers an affordable alternative to purchasing new medical equipment, providing tax benefits, and reducing capital budget constraints. Medical imaging equipment, including X-ray machines, ultrasound systems, MRI machines, CT scanners, and nuclear medicine equipment, are in high demand in hospitals, diagnostic players, IVD laboratories, surgical and therapeutic centers, and dental clinics. Eco-friendly practices and sustainability are key considerations in the refurbished medical equipment market. Refurbished equipment undergoes rigorous quality assurance processes to meet regulatory standards and comes with warranties.
Furthermore, the market is expected to grow further due to strategic collaborations between care providers and refurbishment companies, ensuring advanced technology and quality standards. Emerging economies are also adopting refurbished medical equipment due to budget constraints and the availability of high-quality, refurbished imaging equipment and patient monitors, including ECG machines, vital sign monitors, and anesthesia monitors.
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 growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the 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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