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What fueled the previous growth in the refurbished mri systems market?
Recent years have seen a fast-paced rise in the size of the refurbished MRI systems market. The market size is projected to increase from $0.77 billion in 2024 to $0.85 billion in 2025, experiencing a compound annual growth rate (CAGR) of 10.7%. This significant growth during the historical period is credited to the demand for cost-efficient solutions, constraints in healthcare budgets, a surge in total healthcare costs, an increased rate of chronic illnesses, and the need for leading-edge diagnostic tools.
What will be the refurbished mri systems market size in the future?
The refurbished mri systems market size is expected to see rapid growth in the next few years. It will grow to $1.27 billion in 2029 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to rising demand for affordable medical devices, increasing awareness about healthcare benefits, expanding aging population demographics, government initiatives to improve healthcare, and efforts to improve healthcare access. Major trends in the forecast period include technological advancements in refurbishment processes, rising availability of certified pre-owned MRI systems, expansion of independent refurbishing companies, enhanced focus on sustainability and eco-friendly practices, and growth in online sales channels and platforms.
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What main drivers are fueling expansion in the refurbished mri systems market?
The refurbished MRI systems market is predicted to expand, owing to the escalating need for healthcare provisions. The range of healthcare offerings includes preventive, diagnostic, therapeutic, and palliative treatments, all delivered with the aim of enhancing or sustaining individual health. The mounting necessity for these healthcare services can be attributed to an aging population, a climbing number of persistent diseases, advancements in medical equipment, and the broadening reach of healthcare. Refurbished MRI instruments play a pivotal role in addressing this swelling demand for healthcare services. They offer an economical yet quality-based solution for imaging that bolsters diagnostic potential and availability. For example, a projection by the US-based academic platform Health Affairs in June 2024, indicates that the country’s national healthcare spending will leap from $4,799.3 billion in 2023 to $5,048.8 billion in 2024, representing an approximate increase of $249.5 billion. Hence, the upscaling requirement for healthcare services is fuelling the growth trajectory of the refurbished MRI systems market.
What key areas define the segmentation of the global refurbished mri systems market?
The refurbished mri systems market covered in this report is segmented –
1) By Architecture: Closed System, Open System
2) By Field Strength: Low Field Strength, Mid Field Strength, High Field Strength
3) By End Use: Hospitals, Imaging Centers, Ambulatory Surgical Centers, Other End Users
Subsegments:
1) By Closed System: Superconducting MRI Systems, Permanent Magnet MRI Systems, Resistive Magnet MRI Systems
2) By Open System: Open-High Field MRI Systems, Open-Low Field MRI Systems
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Which leading companies are shaping the growth of the refurbished mri systems market?
Major companies operating in the refurbished MRI systems market are Hitachi Ltd., Siemens Healthineers, Koninklijke Philips N.V., GE Healthcare, Hologic Inc., Canon Medical Systems Corporation, Shimadzu Corporation, Onex Corporation (Carestream Health), Cameco Corp., Barco N.V., First Source Inc., Oxford Instruments Healthcare, Esaote SpA, Nordion Inc., Block Imaging International Inc., Meridian Leasing, Radio Oncology Systems Inc., Soma Technology Inc., Amber Diagnostics, Innovative Imaging Technologies, Avante Health Solutions, Integrity Medical Systems Inc., LBN Medical, DirectMed Parts & Service LLC, EverX Pty Ltd., Atlantis Worldwide LLC, BMI Biomedical International, TRACO Medical, Tekyard Medical
How are evolving market trends shaping refurbished mri systems Strategies?
Key players in the market for refurbished MRI systems, like gradient technology-driven high-resolution imaging, are enhancing their R&D initiatives to stay competitive. Gradient technology is pivotal in MRI because it creates high-resolution pictures by regulating changes in the magnetic field. For instance, Arnica HealthTech, an Indian supplier of MRI systems, launched the Avanto Refurbished Siemens MRI Machine in March 2024. This machine is acclaimed for its superior imaging quality and patient-centric design, and offers medical imaging of the highest quality at a reasonable cost. Characterized by Tim technology for speedy scans and Magnetom gradients for high-resolution imaging, the Avanto model also accommodates advanced procedures like diffusion-weighted and perfusion imaging. It emphasizes patient comfort, featuring a wide bore, noise reduction, and ambient lighting for a calming ambiance.
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What regions are dominating the refurbished mri systems market growth?
North America was the largest region in the refurbished MRI systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the refurbished MRI systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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