Refurbished Medical Imaging Equipment Market to Partake Significant Development by 2026

Refurbished Medical Imaging Equipment Market Growth, Trends and Forecast up to 2026

Transparency Market Research (TMR) has published a new report titled, “Refurbished Medical Imaging Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global refurbished medical imaging equipment market was valued at US$ 903.2 Mn in 2017 and is projected to expand at a CAGR of 5.4% during forecast period from 2018 to 2026. Growth of the global refurbished medical imaging equipment market is attributed to increase in demand for cost effective and high quality imaging equipment in emerging economies during the forecast period. The refurbished medical imaging equipment market in Asia Pacific is anticipated to expand at a high CAGR of 5.9%, driven by unmet needs, increase in participation of regional manufacturers, expansion strategies adopted by major manufacturers, and increased focus on research and developmental activities.

Increase in Demand for Low Cost and Quality Refurbished Medical Imaging Equipment to Propel Market

Increase in cost constraints in smaller hospitals and diagnostic centers, budget restraints from governing bodies, and decrease in reimbursement for imaging procedures are inducing health care facilities to opt for refurbished medical imaging equipment. Rise in demand in the private sector is also expected to drive the global refurbished medical imaging equipment. For instance, public hospitals and diagnostic imaging centers in the Netherlands are undergoing privatization. Low cost is the major advantage associated with the use of refurbished medical imaging equipment. The average price of refurbished equipment is 40% to 60% less than that of new equipment. Original equipment manufacturers (OEMs) provide comprehensive warranty on refurbished equipment in accordance to the service agreement.

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Favorable Sales Support and Increase in Awareness about Circular Economy to Augment Market

Based on product, the global refurbished medical imaging equipment market has been classified into CT scanners, MRI systems, X-ray systems, ultrasounds, and others. OEMs and third party providers of refurbished medical equipment have set up specific divisions for refurbished equipment. These divisions aim to provide complete customer support starting from installation of the equipment to timely maintenance. Companies such as GE Healthcare have Gold Seal Refurbishment program, which provides after sales support and installation assistance for medical imaging equipment. Siemens operates in the refurbished medical imaging equipment market through its Ecoline units and Koninklijke Philips N.V. offers refurbished equipment through the Diamond Select platform. Rise in awareness about circular economy is anticipated to present considerable opportunities to OEMs to reduce cost of operations by limiting consumption of sustainable resources. For instance, in 2017, Koninklijke Philips N.V. announced plans to increase circular economy revenue to 15% by 2020 from circular products and solutions.

Increase in R&D along with Mergers & Acquisitions to Boost Market Growth

In terms of end-user, the global refurbished medical imaging equipment market has been divided into hospitals, diagnostic centers, ambulatory surgical centers, and others. The hospitals segment is likely to account for a major share of the global market during the forecast period. The hospitals and diagnostic centers segments are expected to account for over 70.0% market share by 2026. Growth of the segments is attributed to increase in research and development activities and strategic collaborations between manufacturers and leading institutes. For instance, in February 2018, Koninklijke Philips N.V. acquired AGITO Medical, the Denmark-based provider of third-party services and refurbished imaging solutions.

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Increase in Focus of Key Players in Asia Pacific to Present Significant Opportunities

Based on region, the global refurbished medical imaging equipment market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to account for major share of the global market owing to presence of key players, and increase in research and development activities. The refurbished medical imaging equipment market in Asia Pacific was valued at US$ 177.7 Mn in 2017 and is anticipated to witness strong growth during the forecast period. Increase in focus of key players to expand business in the region, large untapped population, well-established supply chain for distribution of refurbished medical imaging equipment, and rise in awareness about health care are anticipated to fuel the growth of the refurbished medical imaging equipment market in Asia Pacific. For instance, in March 2018, Canon Medical teamed up with the Kumamoto University and the University of Bordeaux for research on DLR (Deep Learning Reconstruction), an artificial intelligence based technology in magnetic resonance imaging.

GE Healthcare, Koninklijke Philips N.V., and Siemens Healthineers AG to Lead the Market

Companies operating in the global refurbished medical imaging equipment market focus on strategic alliances with regional manufacturers to develop new products. This is expected to boost the growth of the global refurbished medical imaging market during the forecast period. In June 2017, GE Healthcare opened new repair operations center (ROC) in Oak Creek, Wisconsin. The facility will be used to carry out repair, refurbishment, and recycling activities related to its medical equipment and parts including imaging systems.

Key players covered in the global refurbished medical imaging equipment market report are GE Healthcare, Canon Medical Systems Corporation, Koninklijke Philips N.V., Atlantis Worldwide LLC., Block Imaging International, Inc., Siemens Healthineers AG, Hitachi, Ltd., Shimadzu Corporation, Carestream Health, and Fujifilm Holding Corporation, among others.

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