Surge in Global Demand for Refurbished Medical Imaging Equipment, the Market is Projected to Hit $37.60 Billion Revenue by 2029 - Arizton

Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast 2024-2029.
According to Arizton's latest research report, the global refurbished medical equipment market [https://www.arizton.com/market-reports/refurbished-medical-equipment-market] is growing at a 12.11% during 2023-2029.

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Report Scope

Market Size (2029): $37.60 Billion

Market Size (2023): $18.54 Billion

CAGR (2023-2029): 12.11%

Historic Year: 2020-2022

Base Year: 2023

Forecast Year: 2024-2029

Market Segmentation: Product Type, Application, End-user, and Geography

Geographical Analysis: North America, Europe, APAC, Latin America, and Middle East & Africa

Medical diagnostic imaging equipment can address 70% to 80% of diagnostic issues, yet nearly two-thirds of the global population lacks access to such technology. Refurbished imaging equipment-such as X-ray machines, ultrasound systems, MRI machines, CT scanners, and nuclear medicine systems (PET, SPECT, PET/CT)-plays a vital role in providing essential diagnostic services, especially in healthcare facilities that need to deliver life-saving medical imaging. The importance of medical imaging equipment spans various medical settings, aiding healthcare professionals in confirming, evaluating, and documenting health conditions and treatment outcomes. However, many low and middle-income countries face challenges in affording and operating this technology, leading to a significant demand for refurbished imaging equipment. Additionally, there is often a shortage of trained personnel to operate such equipment, further driving this demand. To address these challenges, the World Health Organization (WHO) is working to enhance global access to medical imaging by partnering with original equipment manufacturers to improve diagnostic services worldwide. Atlantis Worldwide, a company specializing in refurbished medical equipment, reports that the US and Europe together account for over 65% of the demand for such equipment. Among medical imaging modalities, computed tomography (CT) and magnetic resonance imaging (MRI) are the most sought-after, contributing substantially to market growth. Globally, more than 100 million MRI scans are performed each year, with approximately 50,000 MRI machines installed. In the US alone, there are around 18,900 medical imaging centers, a number that continues to grow in response to the rising demand for diagnostic imaging services.

North America Was the Largest Revenue Contributor to the Global Refurbished Medical Equipment Market in 2023 With a Share of 24.87%.

North America's dominance in the refurbished medical equipment sector is driven by several factors, including an aging population, high prevalence of chronic diseases, increasing healthcare expenditure, and a shift towards advanced imaging techniques. The presence of well-established companies and a growing focus on digital medical equipment further contribute to this leadership.

Both the US and Canada permit the use and import of refurbished medical equipment, with over 7,500 hospitals and 400 healthcare systems in the region representing a significant market for these products. Rising healthcare costs, particularly for new technologies, and a growing emphasis on budget efficiency and circular economy principles are boosting demand for refurbished medical solutions.

The financial strain on healthcare systems, exacerbated by the COVID-19 pandemic, has led to increased interest in refurbished equipment as a cost-effective alternative. Circular economy policies in US healthcare settings are further driving this trend by encouraging resource optimization and reducing financial burdens. Additionally, the presence of numerous leading and emerging companies in the region ensures efficient transport and delivery of refurbished medical equipment, supporting substantial market growth.

Recent Vendor's Activities in the Global Refurbished Medical Equipment Market

In recent years, some advanced refurbished medical equipment has been launched in the global market, some of which are mentioned below:

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In 2023, GE HealthCare collaborated with reLink Medical to deliver asset management solutions to health professionals. This collaboration features a standard medical equipment deposition, refurbishment, recycling, and donating equipment.

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In 2023, Koninklijke Philips campaigned for refurbished products and increased its focus on circular solutions in Germany.

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In 2024, GE Healthcare launched a new refurbishing facility for its A1-Sure Ultrasound Systems in Bangladesh. This facility offers access to refurbished medical equipment in Tier 2 & 3 cities nationwide.

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In 2024, Stryker partnered with Project C.U.R.E-Commission on Urgent Relief Equipment-to donate medical devices and suppliers to under-resourced countries. This partnership will help build the company's brand image.

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Key Company Profiles

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GE Healthcare

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Business Overview

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Product Offerings

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Koninklijke Philips

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Siemens Healthineers

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SOMA TECH INTL

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Integrity Medical System

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EverX

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Amber Diagnostics

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Apt Medical Systems

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Avante Health Solutions

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Block Imaging

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Future Health Concepts

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PACIFIC HEALTHCARE IMAGING

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Radiology Oncology System

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US Med-Equip

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Venture Medical ReQuip

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Medirays Corporation

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HEARTLAND MEDICAL

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Victori Medical

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Whittemore Enterprises

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Master Medical Equipment

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JAPAN CENTRAL MEDICAL

Market Segmentation

Product Type

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Medical Imaging Equipment

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IVD & Laboratory Equipment

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Operating Room, Surgical & Therapeutic Equipment

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Patient Monitoring Equipment

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Cardiology Equipment

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Dental Equipment

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Other Equipment

Application

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Diagnosis & Monitoring

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Treatment & Surgical Interventions

End-user

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Hospitals

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Radiology/Medical Imaging Centers

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Clinics, Physician Offices, & Dental Clinics

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Clinical & Research Laboratories

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Other End-users

Geography

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North America

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The U.S.

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Canada

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Europe

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Germany

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France

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The U.K.

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Spain

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Italy

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APAC

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China

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India

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Japan

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South Korea

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Australia

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Latin America

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Brazil

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Mexico

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Argentina

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Middle East & Africa

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Turkey

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Saudi Arabia

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South Africa

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The UAE

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Key Questions Answered in the Report:

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