Wilmington, Delaware, United States, Aug. 04, 2023 (GLOBE NEWSWIRE) -- The global refurbished medical imaging equipment is projected to be valued at USD 18.3 Bn by 2031, up from US$ 7.1 Bn in 2021.
Extensive clinical use of imaging devices in the diagnosis of various conditions is a key factor fueling the refurbished medical imaging equipment market. Medical imaging equipment, such as MRI machines, X-ray machines, and CT scan machines, are widely used in the diagnosis of almost every medical condition, except a few mild sicknesses.
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Functional ability of refurbished medical equipment is as good as original equipment. Increase in number of health conditions is fueling the demand for refurbished medical imaging equipment across the world. Several healthcare institutions and hospitals use refurbished medical equipment, as they do not have the budget to spend on new equipment. These factors are propelling market development.
Refurbishment is the restoration of a device to its original specifications. It includes replacement of basic worn out parts and esthetic changes to complete end-to-end refurbishment.
Growth Drivers
- Rise in demand for low cost and quality medical equipment is fueling the refurbished medical imaging equipment market
- Need to replace obsolete medical equipment with advanced imaging devices in hospitals and imaging diagnostic centers is augmenting market growth
Regional Landscape
North America accounted for the leading share of around 37% of the global market in terms of volume in 2021. The region is anticipated to dominate the global market during the forecast period. Growth of the market in North America can be attributed to rise in presence of third-party refurbishers and OEMs.
Europe is projected to emerge as the fastest-growing market for refurbished medical equipment in the next few years. This can be ascribed to rise in demand for new and efficient refurbished diagnostic imaging equipment in the region.
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Key Findings of Study
Rise in Demand for Low Cost and Quality Equipment Fueling Market Size – Various public hospitals are undergoing privatization, resulting in reduced budgets for necessary medical equipment. Thus, decrease in budget and reduction in reimbursement for imaging procedures have led hospitals to install affordable and quality refurbished equipment. For example, increasing privatization of public hospitals in the Netherlands is likely to drive the demand for refurbished medical equipment in the country. This is because refurbished medical imaging equipment and components are available at 40% to 60% of the price of new devices.
Timely delivery and services from refurbished medical imaging equipment make them the preferred choice among hospitals, private practitioners, and diagnostic imaging centers.
Technological Obsolescence Propelling Adoption of Refurbished Medical Imaging Equipment – Rise in demand for technologically advanced imaging equipment and budget constraints of imaging diagnostic centers and hospitals are likely to fuel the adoption of refurbished imaging equipment and components.
Rise in Demand for MRI Scanners to Drive MRI Equipment Segment – In terms of product type, the MRI equipment segment accounted for leading market share of 28% in 2021. The trend is anticipated to continue during the forecast period. Growth of the segment can be attributed to increase in applications of MRI scanners in the diagnosis of cardiovascular, neurological, skeletomuscular, and oncology diseases. Initiatives of product manufacturers leading to the advent of open MRI scanners is also creating lucrative market opportunities.
Rise in Focus for Early Diagnosis of Cancer Fueling Market Value – Based on application, the oncology segment accounted for 25% share of the market in 2021. The trend is anticipated to continue during the forecast period. Growth of the segment can be ascribed to rise in focus on early diagnosis, expanding patient pool, and increase in the number of diagnostic imaging procedures to detect cancer. Additionally, surge in business alliances and collaborations between end-users and service providers are the key factors propelling the oncology segment.
Competitive Analysis
The global landscape is consolidated, with a few large players controlling majority market share. Companies in the refurbished medical imaging equipment market are focusing on new product launches, M&As, and partnerships to consolidate their position.
Prominent players in the refurbished medical imaging equipment market include CANON MEDICAL SYSTEMS CORPORATION, GE Healthcare, Koninklijke Philips N.V., and Siemens Healthineers AG.
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The global refurbished medical imaging equipment market has been segmented as follows:
Global Refurbished Medical Imaging Equipment Market, by Product Type
- X-ray Devices
- Ultrasound Systems
- CT Scanners
- MRI Equipment
- Others
Global Refurbished Medical Imaging Equipment Market, by Application
- Oncology
- Cardiovascular
- Gynecology
- Orthopedic
- Others
Global Refurbished Medical Imaging Equipment Market, by End-user
- Hospitals
- Diagnostic Centers
- Ambulatory Surgical Centers
- Others
Global Refurbished Medical Imaging Equipment Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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