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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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.

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Segment Overview 

This refurbished medical imaging equipment market report extensively covers market segmentation by

1. Product 
   • 1.1 X-ray imaging
   • 1.2 Ultrasound systems
   • 1.3 MRI
   • 1.4 CT scanner imaging
   • 1.5 SPECT/ PET scanners
2. End-user 
   • 2.1 Hospitals
   • 2.2 Diagnostic centers
3. 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.

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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.

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SOURCE Technavio