Refurbished Medical Imaging Equipment Market (Product Type: X-ray Devices, Ultrasound Systems, CT Scanners, MRI Equipment, and Others)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

According to Nova one advisor, the global Refurbished Medical Imaging Equipment market size is expected to hit around USD 18.7 billion by 2030 from valued at USD 7.6 billion in 2021 and growing at a CAGR of 9.8% from 2022 to 2030.

Refurbishment is the restoration of a device to its original specifications. It ranges from replacement of basic wear parts and esthetic changes to a complete end-to-end refurbishment. Demand for used and refurbished medicine equipment; and refurbished nuclear medicine equipment is rising across the globe. The refurbishment process offers safety, reliability, quality, and improved performance by extending the product lifecycle. Refurbished equipment is cost-effective, and can be used for longer periods. Refurbishment of medical imaging equipment is carried out in two ways: cosmetic refurbishment and mechanical/electrical refurbishment. Cosmetic refurbishment includes surface treatment and painting, while mechanical/electrical refurbishment comprises complete replacement or restoration of parts/components. The global refurbished medical imaging equipment market share is estimated to increase during the forecast period, due to the rise in cost constraints on hospitals and diagnostic imaging centers; and budget cuts from governing agencies for public hospitals. Furthermore, decrease in reimbursement for imaging procedures is compelling hospitals and diagnostic imaging centers to opt for low-priced and quality imaging equipment.

Report Scope of the Refurbished Medical Imaging Equipment Market

Rise in Demand for Low-priced and Quality Equipment to Drive Global Refurbished Medical Imaging Equipment Market

Various public hospitals across the globe are undergoing privatization, which has led to cost constraints. This coupled with a decrease in budgeted expenditure and reduction in reimbursement for imaging procedures has prompted hospitals to opt for affordable and quality refurbished equipment. For example, public hospitals in the Netherlands are undergoing privatization, which is likely to drive the demand for refurbished medical equipment in the country. Refurbished medical imaging equipment and parts are available at 40% to 60% of the prices of new devices. Furthermore, suppliers assure timely delivery and services. This makes refurbished medical devices a preferred choice among hospitals, diagnostic imaging centers, and private practitioners. OEMs are also offering quality refurbished equipment and parts at low costs along with a comprehensive warranty on refurbished devices.

Technological Obsolescence Boosting Demand for Refurbished Medical Imaging Equipment

Ongoing developments in imaging technologies are enabling companies to be competitive in the healthcare services market. Several healthcare providers are opting for replacement or upgrade of existing imaging equipment. Rise in demand for technically advanced imaging equipment and simultaneous cost constraints among hospitals and imaging diagnostic centers are likely to fuel the demand for refurbished imaging equipment and parts. Increase in penetration of key manufacturers in developing countries to reduce capital investment is also anticipated to propel the refurbished medical imaging equipment market in the next few years.

Rise in Application of MRI Scanners to Fuel MRI Equipment Segment

Based on product type, the global market for refurbished medical imaging equipment has been classified into X-ray devices, ultrasound systems, CT scanners, MRI equipment, and others. The MRI equipment segment dominated the global refurbished medical imaging equipment market with around 28% share in 2021. The segment is anticipated to maintain its dominance during the forecast period. Applications of MRI scanners are increasing in the diagnosis of neurological, cardiovascular, skeletomuscular, and oncology diseases. This is likely to drive the demand for MRI scanners across the globe. Introduction of open MRI scanners is also creating lucrative opportunities for market players.

Focus on Early Diagnosis of Cancer to Drive Oncology Segment

In terms of application, the global refurbished medical imaging equipment market has been segmented into oncology, cardiovascular, gynecology, orthopedic, and others. The oncology segment held major share of 25% of the global market in 2021. It is projected to remain dominant during the forecast period. Growth of the segment can be ascribed to the rise in focus on early diagnosis, expanding patient population, and increase in number of diagnostic imaging procedures to detect cancer. Additionally, presence of a large number of OEMs and rise in agreements & collaborations between end-users and service providers are the prominent factors fueling the oncology segment.

Hospitals Witnessing High Demand for Refurbished Medical Imaging Equipment

Based on end-user, the global refurbished medical imaging equipment market has been classified into hospitals, diagnostic centers, ambulatory surgical centers, and others. The hospitals segment dominated the global refurbished medical imaging equipment market in 2021 with the largest market share of around 46%. The segment is also expected to register the highest CAGR during the forecast period. Rise in demand for refurbished hospital equipment offers lucrative opportunities for manufacturers. Growth of the hospitals segment can be ascribed to budget constraints among hospitals, competitive scenario in terms of advanced service provision, and increase in number of private hospitals in Asia Pacific and emerging markets.

Regional Outlook of Refurbished Medical Imaging Equipment Market

North America held the largest volume share of around 37% of the global refurbished medical imaging equipment market in 2021. The region is expected to dominate the global market during the forecast period. This can be ascribed to the increase in presence of OEMs and third-party refurbishers in North America. Europe held around 32% value share of the global refurbished medical imaging equipment market in 2021. It is projected to be the fastest-growing region during the forecast period, owing to the rise in demand for new and efficient refurbished diagnostic imaging equipment. Asia Pacific held larger share of the market than Latin America and Middle East & Africa; however, the market in Latin America region is expected to grow at a faster pace compared to that in Middle East & Africa.

Analysis of Key Players in Global Refurbished Medical Imaging Equipment Market

The global refurbished medical imaging equipment market report includes vital information about the leading players in the market. Companies are focusing on strategies such as new product launches, mergers & acquisitions, and partnerships to strengthen their position in the market. Leading players in the global refurbished medical imaging equipment market include CANON MEDICAL SYSTEMS CORPORATION (Canon Inc.), Carestream Health (ONEX Corporation), GE Healthcare (General Electric Company), Hologic, Inc., Koninklijke Philips N.V., Shimadzu Corporation, Fujifilm Holdings Corporation, and Siemens Healthineers AG.

Key Developments in Global Refurbished Medical Imaging Equipment Market

• In April 2022, Blue Star’s wholly owned subsidiary, Blue Star Engineering & Electronics, inaugurated a medical diagnostic equipment refurbishment facility in India
• In October 2020, Intalere Inc announced a new agreement with Avante Health Solutions. According to the agreement, Intalere members can get negotiated prices on Avante Health Solutions' refurbished medical imaging equipment such as CT, MRI, ultrasound, on-site repair services, and inventory of replacement parts

Some of the prominent players in the Refurbished Medical Imaging Equipment Market include:

• CANON MEDICAL SYSTEMS CORPORATION (Canon Inc.)
• Carestream Health (ONEX Corporation)
• GE Healthcare (General Electric Company)
• Hologic, Inc.
• Koninklijke Philips N.V.
• Shimadzu Corporation
• Siemens Healthineers AG
• Fujifilm Holdings Corporation

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Refurbished Medical Imaging Equipment market

• By Product Type
• X-ray Devices
• Ultrasound Systems
• CT Scanners
• MRI Equipment
• Others
• By Application
• Oncology
• Cardiovascular
• Gynecology
• Orthopedic
• Others
• By End-user
• Hospitals
• Diagnostic Centers
• Ambulatory Surgical Centers
• Others

By Geography

North America

• U.S.
• Canada

Europe

• Germany
• France
• United Kingdom
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Rest of Latin America

Middle East & Africa (MEA)

• GCC
• North Africa
• South Africa
• Rest of Middle East & Africa

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Refurbished Medical Imaging Equipment industry analysis from 2022 to 2030 to identify the prevailing Refurbished Medical Imaging Equipment industry opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global Refurbished Medical Imaging Equipment industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Refurbished Medical Imaging Equipment industry trends, key players, market segments, application areas, and market growth strategies.