Global Refurbished Medical Imaging Equipments Market – Industry Trends and Forecast to 2029

Global Refurbished Medical Imaging Equipments Market By Product (CT Scanners, MRI Systems, X-Ray Systems, Ultrasound, SPECT/PET Scanners, Others), End-User (Hospitals, Diagnostic Centers, Ambulatory Surgical Centers, Others) – Industry Trends and Forecast to 2029

Market Analysis and Size

The Refurbished medical imaging equipment market is developing due to the rising frequency of cancer and cardiovascular illnesses, hospital budget constraints, and increased demand for capital-intensive imaging equipment. Due to a huge patient population suffering from chronic diseases such as cancer and cardiovascular diseases around the world, as well as an increasing demand for low-cost medical equipment in developing countries due to budget constraints.

Data Bridge Market Research analyses that the refurbished medical imaging equipments market which was USD 11.7 million in 2021, would rocket up to USD 22.31 billion by 2029, and is expected to undergo a CAGR of 8.4% during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Market Definition

Medical imaging systems that have been fixed and are covered by a warranty provided by the reseller or the product's original manufacturer are known as refurbished medical imaging equipment. These equipment offers have been improved by either the reseller or the OEM to resale at a lesser cost than new equipment, and depending on the product offering, certain spare components are also given.

Report Scope and Market Segmentation

Refurbished Medical Imaging Equipments Market Dynamics

Drivers

• Increasing demand for low-cost refurbished equipment

The market is also expected to rise due to a lack of available finances for healthcare equipment and an increase in the global incidence of elderly population. Additionally, as the number of skilled individuals increases, so does the availability of services for consumers; this aspect is projected to propel the industry forward.

• Rising Number of Hospitals

The increasing budget cuts by hospitals, combined with a large inventory of old or used medical equipment, is expected to shape the growth of the global refurbished medical imaging equipment market. The growing popularity and presence of e-commerce platforms facilitate the hassle-free sale and purchase of such devices. Furthermore, buying new diagnostic imaging equipment is expensive, and increased demand for environmentally friendly products is expected to boost the global refurbished medical imaging equipment market in the coming years.

Opportunities

Increased demand for cost-effective and high-quality medical imaging equipment, improved sales support systems, OEMs' increased awareness of the circular economy, and increased disposable income are all expected to fuel the global refurbished medical imaging equipment market's growth between 2022 2029.

Restraints/Challenges

Cost-effectiveness, decreasing obsolescence, improving the age profile of the installed base, and reserving high-end imaging equipment for specialist applications are all factors to consider. The poor view of reconditioned equipment among end-users and concerns about quality, safety, and efficacy are barriers to adoption. Because of concerns about vendor unreliability, many hospitals and diagnostic facilities are hesitant to purchase used and reconditioned equipment. Original equipment manufacturers (OEMs) often prevent hospitals from purchasing refurbished equipment by stating that they will no longer service earlier models.

This refurbished medical imaging equipments market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the refurbished medical imaging equipments market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Refurbished Medical Imaging Equipments Market

COVID-19 will have an impact on the world economy in 2020, hence the analysis will look at how COVID-19 will affect the global used and refurbished medical imaging equipments market. The Refurbished Medical Imaging Equipment market will increase by a projected US$285.5 million during the analysis period, led by a revised compounded annual growth rate (CAGR) of 3.8 percent, notwithstanding the COVID-19 situation and the approaching economic slump.

Recent Development

•  From December 19-21, 2019, the second edition of Recommerce Expo will take place in New Delhi, India, and will address the numerous issues surrounding refurbished electronics and equipment. The conference's main goal will be to create a platform for manufacturers, businesses, consumers, and healthcare groups to discuss the need to create a long-term business system.
•  Sanrad Medical Systems Private Limited has announced the opening of a plant in Karnataka, India, in January 2019. The 5000-square-foot facility in Bengaluru, Karnataka, will enable the company to establish itself as India's leading provider of refurbished medical systems. This facility was created in response to increased business demand. The new facility will supply and manage X-Ray systems as well as other medical equipment.

Global Refurbished Medical Imaging Equipments Market Scope

The refurbished medical imaging equipments market is segmented on the basis of type, price range, application and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

By Product

• Computed Tomography (CT) Scanners
• Magnetic Resonance Imaging (MRI) Systems
• X-Ray Systems
• Ultrasound
• Single-Photon Emission Computed Tomography/Positron Emission Tomography (SPECT/PET) Scanners
• Others

By End-User

• Hospitals
• Diagnostic Centers
• Ambulatory Surgical Centers
• Others

Refurbished Medical Imaging Equipments Market Regional Analysis/Insights

The refurbished medical imaging equipments market is analysed and market size insights and trends are provided by country, type, price range, application and end user as referenced above.

The countries covered in the refurbished medical imaging equipments market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America is expected to hold the largest share of the global market during the projected period, followed by Europe. During the forecast period, increased mergers and acquisitions, rising demand for advanced imaging equipment, and cost-cutting strategies used by health-care facilities such as hospitals and diagnostic centres are expected to boost needfor refurbished medical imaging equipment in North America and Europe.

During the projected period of 2022-2029, the market in Asia Pacific is expected to grow at a faster CAGR. During the projection period, the region's refurbished medical imaging equipment market is predicted to develop due to an increase in patient population and key manufacturers' geographic footprint.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure growth Installed base and New Technology Penetration

The refurbished medical imaging equipments market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for refurbished medical imaging equipments market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the refurbished medical imaging equipments market. The data is available for historic period 2010-2020.

Competitive Landscape and Refurbished Medical Imaging Equipments Market Share Analysis

The refurbished medical imaging equipments market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to refurbished medical imaging equipments market.

Some of the major players operating in the refurbished medical imaging equipments market are:

• General Electric (U.S)
• Canon Medical Systems Corporation (Japan)
• Koninklijke Philips N.V. (Netherlands)
• Atlantis Worldwide LLC. (U.S)
• Block Imaging Inc. (U.S)
• Siemens Healthcare GmbH (Germany)
• Hitachi, Ltd. (Japan)
• Shimadzu Corporation (Japan)
• Carestream Health (U.S)
• Fujifilm Holding Corporation (Japan)
• Block Imaging, Inc. (U.S)
• SOMA TECH INTL (U.S)
• Avante Health Solutions (U.S)
• Hilditch Group Ltd (U.K)
• Integrity Medical Systems, Inc. (U.S)
• Radiology Oncology Systems (U.S)
• Fair-medical Inc (Japan)