Global Refurbished Medical Imaging Equipment Market, 2023-2028
Market Overview
Refurbished medical equipment is previously used medical equipment that has been restored to its original condition and functionality. These devices can provide a cost-effective and sustainable solution for healthcare institutions in need of new equipment, especially for smaller clinics or hospitals with limited budgets. In addition to being cost-effective, refurbished medical equipment is also a more sustainable option for healthcare institutions. By choosing to refurbish and reuse existing equipment, healthcare providers can significantly reduce the amount of waste generated by disposing of old equipment. Furthermore, the refurbishment process often involves upgrading the equipment with newer technologies and features, which can extend the lifespan of the equipment and make it more efficient and effective. This can help healthcare providers to provide better quality care to their patients while also reducing their overall operating costs.
Refurbished medical imaging equipment includes a wide range of imaging devices used for diagnostic purposes, such as X-ray machines, MRI scanners, CT scanners, ultrasound machines, and others. The refurbishment process for medical imaging equipment typically involves a thorough cleaning and inspection of the equipment, followed by repairs or replacement of any damaged or worn-out parts. The equipment is then tested to ensure that it meets all safety and performance standards before being sold or leased to healthcare providers.
The refurbished medical imaging equipment market has been growing steadily in recent years due to the increasing demand for cost-effective medical equipment. According to the latest research, the global refurbished medical equipment market size was valued at USD 2.4 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.4% from 2023 to 2028.
The market is driven by factors such as the rising demand for affordable medical equipment, increasing awareness about the benefits of refurbished medical equipment, and the growing focus on sustainable healthcare practices. The COVID-19 pandemic has also contributed to the growth of the market, as healthcare providers have been facing budget constraints and supply chain disruptions.
Research Coverage
The refurbished medical imaging equipment market includes a wide range of equipment, including C-arms, computed tomography (CT) scanners, interventional radiology (IXR) systems, magnetic resonance imaging (MRI) systems, ultrasound machines, and others. MRI systems is the largest segment of the market due to the high cost of new equipment and the increasing demand for diagnostic imaging services. Refurbished MRI systems have helped healthcare facilities reduce their expenditure and get access to diagnostic imaging in low-resource settings. For instance, new MRI machine prices can be as high as $1 million or more and high end systems can easily cost close to $3 million. Due to the high costs in some developing and underdeveloped countries, only some large public hospitals have MRI scanning machines.
There are millions of MRI procedures performed each year, making it one of the most common imaging technologies used to diagnose injuries, illnesses, and diseases. Rapid advancements in the medical imaging sector are transforming patient care and providing more accurate and faster diagnoses. However, many imaging providers are being reluctant to invest in new equipment due to cash constraints and financial concerns. Hence for many hospitals and imaging centers, refurbished medical imaging equipment has become a viable solution.
Geographically, North America held the position of being the largest market for refurbished medical imaging equipment. This region's dominance can be attributed to several factors, including the presence of advanced healthcare infrastructure, high healthcare expenditure, and a strong demand for cost-effective medical imaging solutions.
North America, comprising the United States and Canada, boasts a well-established healthcare system with a focus on technological advancements. The region is home to numerous leading medical institutions, hospitals, and diagnostic centers that heavily rely on medical imaging equipment for accurate diagnoses and treatment planning. As a result, there is a significant demand for refurbished medical imaging equipment, which offers a more affordable alternative to new equipment without compromising on quality.
Furthermore, North America's high healthcare expenditure plays a crucial role in driving the market for refurbished medical imaging equipment. The region's commitment to providing quality healthcare services and the willingness to invest in advanced medical technologies contribute to the demand for cost-effective solutions. Refurbished equipment allows healthcare providers to access state-of-the-art imaging technology at a lower cost, enabling them to enhance patient care while managing budget constraints.
Competitive Landscape
The market is highly competitive, with several established players and new entrants offering refurbished medical equipment and related services. Key companies operated in this market include Amber Diagnostics, Inc., Atlantis Worldwide, LLC, Avante Health Solutions (DRE, Inc.), Block Imaging, Inc., Canon Inc., GE HealthCare Technologies Inc., Koninklijke Philips N.V., MXR Imaging Inc. (Oxford Instruments Healthcare), Radiology Oncology Systems, Inc., Siemens Healthineers AG, Soma Technology, Inc.
Key Questions Answered
What is the projected global market size of refurbished medical imaging equipment by 2028
In the refurbished medical imaging equipment market, which product segment attains the foremost position
Which nature of participants segment generates the most substantial revenue
Which region segment achieves the highest performance in the refurbished medical imaging equipment market
Who are the key players with the largest market share in the refurbished medical imaging equipment market
What is the estimated global market size for the refurbished medical imaging equipment market in 2023
What are the main factors driving the growth of the refurbished medical imaging equipment market
What is the expected incremental growth of the refurbished medical imaging equipment market during the forecast period
1. Scope and Methodology
1.1 Introduction
1.2 Report Scope
1.3 Research Methodology
2. Executive Summary
3. Market Overview
4. Global Refurbished Medical Imaging Equipment Market - Product Analysis
4.1 C-arms
4.2 Computed tomography (CT) scanners
4.3 General X-ray machines
4.4 Interventional radiology (IXR) systems
4.5 Magnetic resonance imaging (MRI) scanners
4.6 Ultrasound machines
5. Global Refurbished Medical Imaging Equipment Market - Nature Of Participants Analysis
5.1 Independent service vendors (ISVs)
5.2 Original equipment manufacturers (OEMs)
6. Global Refurbished Medical Imaging Equipment Market - Region Analysis
6.1 North America
6.2 Asia Pacific
6.3 Europe
6.4 Rest of the World (ROW)
7. Patents Analysis
8. Competitive Landscape
8.1 Competitive Scenario
8.2 Market Positioning/Share Analysis
8.3 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
9. Company Profiles
9.1 Amber Diagnostics, Inc.
9.2 Atlantis Worldwide, LLC
9.3 Avante Health Solutions (DRE, Inc.)
9.4 Block Imaging, Inc.
9.5 Canon Inc.
9.6 GE HealthCare Technologies Inc.
9.7 Koninklijke Philips N.V.
9.8 MXR Imaging Inc. (Oxford Instruments Healthcare)
9.9 Radiology Oncology Systems, Inc.
9.10 Siemens Healthineers AG
9.11 Soma Technology, Inc.
APPENDIX
DISCLAIMER
Methodology/Research Approach
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.Research Programs/Design
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Market Size Estimation
Top-down and bottom-up approaches are used to validate the global Voluntary Carbon Offset market size market and estimate the market size for Company, regions segments, product segments and Application (end users).
The market estimations in this report are based on the marketed sale price of Voluntary Carbon Offset (excluding any discounts provided by the player, distributor, wholesaler or traders). The percentage splits, market share, and breakdowns of the product segments are derived on the basis of weights assigned to each of the segments on the basis of their utilization rate and average sale price. The regional splits of the overall Voluntary Carbon Offset market and its sub-segments are based on the percentage adoption or utilization of the given product in the respective region or country.
Major Company in the market is identified through secondary research and their market revenues determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top Company; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs and marketing executives. The percentage splits, market share, Growth Rate and breakdowns of the product markets are determined through using secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or other factors are not accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Market Intellix and presented in this report
The following figure shows an illustrative representation of the overall market size estimation process used for this study.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation, extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report. Extensive qualitative and further quantitative analysis is also done from all the numbers arrived at in the complete market engineering process to list key information throughout the report.
Data Source
Secondary Sources
Secondary sources include such as press releases, annual reports, non-profit organizations, industry associations, governmental agencies and customs data, etc. This research study involves the usage of widespread secondary sources, directories, databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), and TRADING ECONOMICS, and News Network, statista, Federal Reserve Economic Data, annual reports, BIS Statistics, ICIS; company house documents; CAS(American Chemical Society); investor presentations; and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and Hospitals study of the Voluntary Carbon Offset market. It was also used to obtain important information about the top companies, market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives.
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Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product Company (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end use (product buyers), and related key executives from various key companies and organizations operating in the global market.
Primary research was conducted to identify segmentation Type, product price range, product Application, key Company, raw materials supply and the downstream demand, industry status and outlook, and key market dynamics such as risks, influence factors, opportunities, market barriers, industry trends, and key player strategies.
Key Executives Interviewed
Key Data Information from Primary Sources
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