Refurbished Medical Imaging Equipment Market Forecast to 2024 with Share & Growth Projections in Key Product Segments

Refurbished equipment are generally refined/repaired devices with improvements (structure, safety) into existing or used ones. Basically, refurbished equipment are the new version of the old equipment in terms of better safety, efficacy, and user-friendliness without changing its recommended use as per original registration. Considering the growing pollution and limited energy resources, refurbishing is preferable to extend equipment service life from an environmental standpoint.

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The global refurbished medical imaging equipment market has been segmented based on device and region. The five major categories of refurbished medical imaging equipment include magnetic resonance imaging (MRI), X-ray, computed tomography (CT), ultrasound, and nuclear imaging equipment. MRI and CT devices accounted for majority of the global refurbished medical imaging equipment market. Manufacture of MRI and CT devices require a large number of skilled personnel. Hence, it is better to refurbish the above mentioned devices at a lower cost. Major modalities used for diagnosing cardiovascular disease include CT scanners, magnetic resonance imaging (MRI), and nuclear imaging equipment. Rising incidence of chronic diseases across the globe is increasing demand for cost-effective and efficient diagnosis procedure. This in turn is driving demand for refurbished medical imaging devices. Moreover, a high number of tuberculosis (TB) patients are present in the developing and under-developed countries. Most of the demand for X-ray and MRI equipment comes from these countries as people in these countries prefer cost effective medical treatment. Hence, emerging economies are contributing significantly to the growth of the refurbished medical imaging equipment market.

Cost constraints and cost effective medical treatment are the major factors driving the market. Budget pressures are driving more prudent investments in refurbished medical imaging equipment and support services. Refurbished imaging equipment dodges the new medical device tax which encourages manufacturers, producers, and importers to invest in this market. The long life of medical devices is another factor fueling the growth of the market. Rise in incidence of several diseases such as respiratory, oral, orthopedic, and cardiovascular has increased demand for diagnosis and diagnostic equipment across the world. New global regulation threat to the shipment of used medical equipment for refurbishment and low adoption rate by physicians are the major factors hampering market growth. Environmental benefits pertaining to medical imaging equipment are likely to offer significant opportunities in the market.

Geographically, the refurbished medical imaging equipment market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to be the fastest growing market for refurbished medical imaging equipment due to low purchasing parity. High cost of digital radiology devices such as X-ray systems, MRI scanners, and CT scanners is a major deterrent for market growth in emerging countries. China and India are expected to be the largest contributors to market growth, as these countries are witnessing rapid development in health care infrastructure. In these regions, complementary systems such as ultrasound were deployed instead of the costly digital radiology devices. Several international and local companies are investing in Asia Pacific to tap the highly potential market in the region. The refurbished medical equipment market in Latin America is also likely to experience significant growth. This is attributed to rapid rise in health care infrastructure (health care budget and health care facility) and rise in disposable income of people in the region, especially Brazil and Mexico.

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Major players operating in the refurbished medical imaging equipment market include Atlantis Worldwide, Block Imaging, Siemens Healthineers, Philips Healthcare, GE Healthcare, Carestream Health, Inc., FUJIFILM Holdings Corporation, Shimadzu Corporation, Hitachi Medical Corporation, and Toshiba Corporation.

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