Refurbished Medical Imaging Equipment Market size to increase by USD 5892.42 million between 2022 to 2027, Market Segmentation by Product and Geography, Technavio

NEW YORK, April 17, 2024 /PRNewswire/ -- The global refurbished medical imaging equipment market size is estimated to grow by USD 5892.42 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of over 7.63% during the forecast period. The refurbished medical imaging equipment market faces challenges due to hospitals' reluctance to buy, as they perceive the quality and reliability as inferior. OEMs restrict sales, and the low resale value is a concern. Physicians, patients, and institutions have negative views. Keywords: dental, X-ray, ultrasound, MRI, CT, nuclear medicine, healthcare, ecofriendly, chronic conditions, medical events, warranty, adoption rates, budget constraints, refurbished equipment, healthcare facilities, advanced technology, regulatory standards, emerging economies, sustainability, quality assurance, imaging equipment, patient monitors, ECG, vital sign monitors, anesthesia monitors, quality standards, warranties, collaborations, care providers, guarantee, healthcare settings, chronic diseases, refurbishment, tax benefits, diagnosis, medical equipment, healthcare providers, capital budget, diagnostic players, outsourcing contracts, medical imaging, IVD, laboratories, surgical, therapeutic.

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The Product segment emerges as the fastest-growing segment in the refurbished medical imaging equipment market

The Refurbished Medical Imaging Equipment Market experiences significant growth in the healthcare sector, with hospitals being the major end-users. Dental clinics, X-ray machines, Ultrasound systems, MRI machines, CT scanners, and Nuclear medicine equipment are in high demand due to the rise in chronic conditions, medical events, and the increasing number of breast cancer cases. Budget constraints drive the adoption of refurbished equipment in healthcare facilities. Sustainability and ecofriendly practices are essential considerations, with advanced technology and regulatory standards ensuring quality assurance and patient safety. Emerging economies show increasing adoption rates, with strategic collaborations between diagnostic players and care providers offering warranties, guarantees, and tax benefits. Imaging equipment, patient monitors, ECG machines, and anesthesia monitors are also in demand, with quality standards and warranties ensuring reliability and accuracy. The market includes IVD and laboratories, surgical and therapeutic equipment, and cardiology applications. Outsourcing contracts facilitate cost savings and efficient medical imaging services.

The Refurbished Medical Imaging Equipment Market in North America is experiencing significant growth due to the rise in chronic conditions such as cardiovascular diseases, musculoskeletal disorders, and cancer. Dental X-ray machines, Ultrasound systems, MRI machines, CT scanners, Nuclear medicine equipment, and other imaging devices are in high demand in the healthcare sector. Ecofriendly practices and regulatory policy favoring refurbished equipment are driving adoption rates, especially in healthcare facilities with budget constraints. Advanced technology refurbished equipment, including patient monitors, ECG machines, and vital sign monitors, offer quality assurance and warranties, making them attractive alternatives for care providers. Strategic collaborations between diagnostic players and refurbishment companies ensure guarantee and sustainability in healthcare settings. Emerging economies in the region, such as Mexico, are also witnessing increased revenue from medical imaging, patient monitoring, and IVD and laboratories. Regulatory standards ensure quality, and tax benefits offer additional incentives for the adoption of refurbished medical equipment. Sustainability and cost savings are key factors in the adoption of refurbished medical imaging equipment, including surgical and therapeutic devices, in the healthcare industry.

Commenting on the market trends, a Senior Analyst of Technavio, stated," Refurbished medical imaging equipment, including X-ray machines, CT scanners, and MRI systems, offers ecofriendly solutions for healthcare facilities. It saves resources, reduces e-waste, and lowers costs by 30%-70%. Dental, nuclear medicine, and imaging equipment are commonly refurbished. Regulatory standards ensure quality, and warranties provide guarantees. Adoption rates increase due to budget constraints and sustainability concerns. Emerging economies and strategic collaborations drive market growth. Tax benefits and advanced technology further boost demand."

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Analyst Review

The Refurbished Medical Imaging Equipment Market plays a significant role in the healthcare sector, particularly in emerging economies, where budget constraints often limit the adoption of advanced technology for chronic disease diagnosis and treatment. This market offers tax benefits for healthcare providers through the refurbishment of used medical imaging equipment, such as MRI machines and CT scanners. Disease diagnosis in cardiology and other specialties relies heavily on medical imaging, making the sustainability and quality assurance of these systems crucial. Refurbished equipment undergoes rigorous regulatory standards to ensure ecofriendly practices and maintain patient safety. Diagnostic players and healthcare facilities outsource contracts for refurbishment to ensure warranty coverage and keep up with the latest technology trends. IVD and laboratories, surgical and therapeutic equipment also benefit from refurbishment. Overall, the refurbished medical imaging equipment market contributes to the adoption of sustainable practices in the healthcare sector while providing cost-effective solutions for chronic condition management.

Market Overview

The Refurbished Medical Imaging Equipment market is a significant segment in the healthcare industry, providing cost-effective solutions for diagnostic and therapeutic applications. This market consists of various types of equipment such as MRI, CT, X-ray, and ultrasound systems. Refurbished medical imaging equipment undergoes thorough testing and certification processes to ensure optimal performance and safety. Providers of these services often offer on-site installation, training, and maintenance services. The demand for refurbished medical imaging equipment is driven by the increasing need for affordable healthcare solutions, advancements in technology, and the growing aging population. Companies such as Cardiology Consultants, Mediq, and Capitol Medical Solutions are key players in this market. The market is expected to grow at a steady pace due to the continuous demand for high-quality, cost-effective medical imaging solutions.

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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.

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SOURCE Technavio