Refurbished Medical Imaging Devices Market

Global Refurbished Medical Imaging Devices Market Report: By Product (Medical Imaging Equipment, Operating Room and Surgical Equipment, Patient Monitors, Cardiology Equipment, Urology Equipment, Neurology Equipment, Intensive Care Equipment, Endoscopy Equipment, IV Therapy Systems and Others), Application (Diagnostic and Therapeutic), End Users (Hospitals, Clinics, Diagnostic Centres and Others), and Region (North America, Europe, Asia-Pacific, Latin America, Middle-East and Africa) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2023-2031.

Medical Devices | January 2024 | Report ID: EMR00447 | Pages: 301

Global Refurbished Medical Imaging Devices market is predicted to reach approximately USD 22.39 billion by 2031, at a CAGR of 10.31% from 2022 to 2031.

Medical imaging devices that have been previously owned and have undergone extensive inspection, repair, and testing to ensure they meet quality standards are referred to as refurbished medical imaging devices. These gadgets provide a more affordable option for healthcare facilities with limited funds than brand-new equipment, increasing accessibility to sophisticated medical imaging technologies. The market includes a broad variety of reconditioned equipment, such as CT, MRI, ultrasound, and X-ray scanners.

One of the key factors propelling the market's expansion is the escalating pressure on healthcare providers to upgrade their diagnostic capabilities while managing tight budgets. The refurbished medical imaging devices market addresses this challenge by providing high-quality, reliable equipment at a fraction of the cost of new systems. Additionally, the growing awareness among healthcare professionals about the environmental benefits of recycling and reusing medical equipment contributes to the market's sustainability.

 

 

Global Refurbished Medical Imaging Devices report scope and segmentation.

Report Attribute

Details

Estimated Market Value (2022)

USD 9.26 billion

Projected Market Value (2031)

USD 22.39 billion

Base Year

2022

Forecast Years

2023 – 2031

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Based on By Product, By Application, By End-User & Region.

Segments Covered

By Product, By Application, By End-User & By Region.

Forecast Units

Value (USD Billion or Million), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2023 to 2031.

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others.

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

 

Global Refurbished Medical Imaging Devices dynamics

The market is being driven by the growing need for affordable healthcare solutions, particularly in areas where resources are scarce. Medical imaging equipment refurbishment presents a feasible option for healthcare organisations seeking to improve their diagnostic capacities without having to make the large capital expenditures associated with purchasing new equipment. Furthermore, the need for refurbished devices is fuelled by the rising incidence of chronic diseases that require advanced imaging technologies in order to provide prompt and accurate diagnosis.

Furthermore, the dynamics of the market are significantly influenced by the environmental sustainability factor. Reusing and refurbishing medical imaging equipment is in line with the growing focus in healthcare on eco-friendly and sustainable practices. This environmentally conscious strategy appeals to healthcare providers who want to lessen their impact on the environment and helps refurbished devices become more widely used.

 

Global Refurbished Medical Imaging Devices drivers

  • Cost-Effective Healthcare Solutions

One of the primary drivers for the global refurbished medical imaging devices market is the increasing demand for cost-effective healthcare solutions. The refurbishment of medical imaging equipment provides a financially viable alternative for healthcare providers, particularly in emerging economies and budget-constrained healthcare systems. The lower upfront costs associated with refurbished devices enable institutions to upgrade their diagnostic capabilities without compromising on quality, meeting the rising demand for advanced imaging technologies while optimizing resource allocation.

  • Environmental Sustainability

The market for reconditioned medical imaging equipment is significantly driven by the healthcare industry's growing awareness of environmental sustainability. Reuse and refurbishment prolong the life of equipment and cut down on electronic waste, which supports environmentally friendly practices. Refurbishing medical imaging equipment fits with the objectives of healthcare providers, who are becoming more aware of the significance of implementing ecologically friendly practices. This eco-conscious approach not only attracts environmentally focused healthcare institutions but also positions refurbished devices as a socially responsible choice, thereby driving market growth.

 

Restraints:

  • Limited Warranty and Service Contracts

Limited warranty and service contract challenges are a major impediment to the market for refurbished medical imaging devices. Buyers who are considering purchasing refurbished equipment might be reluctant because they have doubts about the quality and length of the warranties as well as the availability of after-sale support. To overcome this limitation, industry participants must create clear, thorough warranty and service agreements that reassure healthcare providers about the refurbished devices' long-term dependability and upkeep.

  • Regulatory Compliance Challenges

The market is constrained by issues with regulatory compliance related to the repair and resale of medical imaging equipment. The smooth introduction of reconditioned devices into the market can be hampered by the difficult and time-consuming process of meeting strict regulatory standards and gaining the required certifications. To ensure the safety and effectiveness of refurbished medical imaging equipment, industry stakeholders, regulatory bodies, and refurbishment service providers must work together to address these regulatory challenges. This will require the establishment of clear guidelines and the streamlining of certification processes.

 

Opportunities:

  • Technological Advancements and Innovation

The market for refurbished medical imaging devices has room to grow as long as innovation and technological improvements continue. Refurbishers are able to incorporate the newest advancements in imaging technologies into their refurbished devices, guaranteeing their competitiveness against new equipment as these technologies advance. Refurbishers have a great chance to offer innovative solutions by embracing artificial intelligence, better imaging algorithms, and increased diagnostic capabilities. This will draw healthcare providers seeking affordable access to cutting-edge medical imaging technologies.

 

Segment Overview

  • By Product

The market is segmented by various medical equipment categories, catering to diverse healthcare needs. This includes Medical Imaging Equipment, encompassing devices like MRI scanners, CT scanners, ultrasound machines, and X-ray systems that play a pivotal role in diagnostic imaging. Operating Room and Surgical Equipment cover a range of tools and machines vital for surgical procedures. Patient Monitors involve devices that track vital signs during medical interventions or hospital stays. Cardiology Equipment focuses on tools related to heart health, while Urology Equipment addresses the medical needs of the urinary system. Neurology Equipment involves devices for diagnosing and treating neurological conditions, and Intensive Care Equipment includes critical care tools for patients in intensive care units. Endoscopy Equipment covers instruments for minimally invasive procedures, and IV Therapy Systems are crucial for administering intravenous treatments. The 'Others' category encompasses additional medical equipment that doesn't fall specifically into the mentioned categories.

  • By Application  

The segmentation based on application categorizes medical equipment into Diagnostic and Therapeutic categories. Diagnostic applications include devices used for identifying medical conditions and diseases, such as medical imaging equipment, patient monitors, and diagnostic tools specific to cardiology, neurology, and urology. Therapeutic applications involve equipment used in the treatment and management of various medical conditions, which may include surgical equipment, intensive care equipment, endoscopy equipment, and IV therapy systems. This segmentation reflects the dual role of medical equipment in healthcare – not only diagnosing ailments but also actively participating in the therapeutic process.

  • By End Users

End users represent the entities or facilities that utilize medical equipment, and the segmentation includes Hospitals, Clinics, Diagnostic Centers, and 'Others.' Hospitals are major consumers of a wide range of medical equipment, given their comprehensive healthcare services. Clinics, although smaller in scale compared to hospitals, also require various medical devices for primary and specialty care. Diagnostic Centers focus primarily on diagnostic procedures and often require specialized equipment. The 'Others' category encompasses diverse healthcare settings, such as ambulatory surgical centers, nursing homes, and rehabilitation facilities, highlighting the widespread application of medical equipment across the healthcare spectrum. This segmentation enables a targeted understanding of the diverse environments where medical equipment is deployed, aiding market analysis and strategy development.

 

Global Refurbished Medical Imaging Devices Overview by Region

North America stands as a significant market, driven by advanced healthcare systems and a high prevalence of chronic diseases, leading to a substantial demand for cutting-edge medical equipment. Europe follows closely, characterized by a strong emphasis on healthcare quality, technological adoption, and an aging population contributing to the need for diagnostic and therapeutic devices. The Asia-Pacific region showcases rapid market growth, attributed to expanding healthcare infrastructure, increasing medical tourism, and a rising awareness of advanced healthcare solutions. Countries like China and India play pivotal roles in this growth, driven by their large populations and ongoing efforts to enhance healthcare accessibility.

Latin America and the Middle East & Africa exhibit a mix of challenges and opportunities. In Latin America, the market is influenced by improving economic conditions, growing healthcare expenditure, and a focus on upgrading medical facilities. Meanwhile, the Middle East & Africa region is witnessing increased investments in healthcare infrastructure, particularly in the Gulf Cooperation Council (GCC) countries, driving demand for medical equipment.

 

 

Global Refurbished Medical Imaging Devices market competitive landscape

Established multinational corporations such as GE Healthcare, Siemens Healthineers, and Philips Healthcare are at the forefront, leveraging their extensive product portfolios and global reach to maintain a competitive edge. These industry giants focus on continuous research and development to introduce state-of-the-art medical imaging technologies, including advanced diagnostic equipment and therapeutic devices.

The market also features a notable presence of regional players and emerging entrants, contributing to the competitive diversity. Regional players often specialize in catering to specific geographic markets, tailoring their offerings to address local healthcare needs. Additionally, a burgeoning trend is the emergence of start-ups and niche players focusing on innovative solutions, disruptive technologies, and cost-effective alternatives. These players often carve out niches within segments such as medical imaging software, point-of-care devices, or specialized therapeutic equipment.

 

Global Refurbished Medical Imaging Devices Recent Developments

  • May 2023, Probo Medical, a prominent worldwide supplier of medical imaging equipment, components, maintenance, and services, has revealed the completion of its acquisition of National Ultrasound, Inc. The specific details of the transaction have not been disclosed.

 

Scope of global Refurbished Medical Imaging Devices report

Global Refurbished Medical Imaging Devices report segmentation

ATTRIBUTE

DETAILS

By Product

  • Medical Imaging Equipment
  • Operating Room and Surgical Equipment
  • Patient Monitors
  • Cardiology Equipment
  • Urology Equipment
  • Neurology Equipment
  • Intensive Care Equipment
  • Endoscopy Equipment
  • IV Therapy Systems
  • Others  

By Application

  • Diagnostic
  • Therapeutic

By End Users

  • Hospitals
  • Clinics
  • Diagnostic Centres
  • Others

By Vertical

  • Residential/Municipal
  • Retail & Consumer goods
  • Government
  • Industrial
  • Energy & Utilities
  • Transportation & Logistics
  • Oil & gas
  • Food & Beverages
  • Construction & Building Materials
  • Others

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request

Pricing

  • Available upon request

 

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

  • Global Refurbished Medical Imaging Devices size and forecast: To identify and estimate the market size for global Refurbished Medical Imaging Devices market segmented by Product, By Application, By End-User and by region. Also, to understand the consumption/ demand created by consumers between 2023 and 2031.
  • Market Landscape and Trends: To identify and infer the drivers, restraints, opportunities, and challenges for global Refurbished Medical Imaging Devices
  • Market Influencing Factors: To find out the factors which are affecting the market of global Refurbished Medical Imaging Devices among consumers.
  • Company Profiling:  To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

Global Refurbished Medical Imaging Devices forecast period is 2023 - 2031
According to global Refurbished Medical Imaging Devices research, the market is expected to grow at a CAGR of ~ 10.31% over the next eight years.
The possible segments in global Refurbished Medical Imaging Devices are based on by Product, By Application, By End-User & by region.
The expected market size for Global Refurbished Medical Imaging Devices is USD 9.26 billion in 2022.
The major players in the market are Siemens Healthcare Systems, GE Healthcare, Koninklijke Philips N.V. and Avante Health Solutions.