Refurbished Medical Imaging Equipment Market is Set to Experience Revolutionary Growth by 2028

Medical imaging is a critical component of the healthcare industry for accurate treatment planning and diagnosis. Medical imaging techniques such as ultrasound, MRI, X-ray, and CT scans aid in the visualization of internal organs, thus, allowing for better patient care. The global refurbished medical imaging equipment market is expected to expand significantly due to increasing hospital budget cuts, the presence of a large inventory of used or old medical equipment, and the growing popularity and presence of e-commerce platforms, which facilitate the hassle-free sale and purchase of such devices. Furthermore, the purchase of new diagnostic imaging equipment is capital intensive, and the increased preference for environmentally friendly products is expected to boost sales growth of the global refurbished medical imaging equipment market in future. The growing number of diagnostic centers and hospitals presents enormous growth opportunities for the market.

The rising prevalence of chronic diseases, particularly among the elderly, raises the demand for medical imaging in hospitals and diagnostic centers. Multiple technological advancements and innovations improve the dependability of medical imaging, thereby increasing its use in healthcare sector. The increasing need for latest medical device in developing and under-developed nations will increase the sales growth of the refurbished medical imaging equipment market. Using refurbished imaging equipment offers a handful of advantages such as:

• It limits the use of high-end imaging equipment for specific uses only
• Improves the overall age of the installed base
• Reduces obsolescence
• More cost efficient

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Demographically, the global market is categorized into the regions of North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. Among these, North America emerged as the largest revenue generator for the refurbished medical imaging equipment market due to the presence of multiple players in this region. Increased mergers and acquisitions, increased demand for advanced imaging equipment, and cost-cutting strategies implemented by health care facilities such as hospitals and specialty clinics are expected to boost demand for refurbished medical imaging equipment in both North America and Europe regions in the near future period.

Stringent Regulations imposed by Government Bodies will Improve Future Market Growth Rates

Refurbished medical imaging equipment is restored to the same specifications as when it was purchased new. Medical imaging equipment is refurbished in two ways: cosmetically and mechanically-electrically. Painting and surface treatment are part of the cosmetic refurbishment process. Complete restoration of the equipment, including parts and other critical components, is part of the electrical-mechanical refurbishment process. Various governing bodies, including NEMA, COCIR, and the International Association of Medical Equipment Remarketers and Servicers, have validated and accepted the refurbishment process (IAMERS). According to such guidelines, the process of refurbishment needs to be conducted as per the laws mentioned by these institutes in collaboration with the original equipment manufacturers for the safety and security as well as accurate results for patient treatment. The increasing demand for high quality medical imaging equipment and cost efficient equipment for treatment purposes will further help create revenue generation opportunities for the refurbished medical imaging equipment market in the coming years.

Leading players of the global refurbished medical imaging equipment market are engaging in merger and acquisition strategies to gain a competitive edge in the overall market competition. For instance, Nationwide Imaging Services Inc. was acquired by Merry X-Ray Corporation in April 2018 for refurbishing imaging equipment and other parts in April 2018. Such efforts taken by players are likely to help players attract significant revenues in the coming years. Some of the notable players of this market include Carestream Health, GE Healthcare, Fujifilm Holding Corporation, Shimadzu Corporation, Siemens Healthineers AG, Hitachi Ltd., Canon Medical Systems Corporation, Block Imaging International Inc., Koninklijke Philips N.V., and others.

Author: Rohit Bhisey

As Head of Marketing at TMR Research, Rohit brings to the table over a decade of experience in market research and Internet marketing. His dedication, perseverance, and passion for perfection have enabled him to achieve immense success in his field. Rohit is an expert at formulating new business plans and strategies to help boost web traffic. His interests lie in writing news articles on technology,healthcare and business.

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