Refurbished Medical Imaging Equipment Market to Grow at 9.1% CAGR during Forecast Period: TMR Study

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Sep 26, 2022, 20:30 ET

Growing number of privately owned hospitals in Asia Pacific and other developing markets, together with rising demand for refurbished hospital equipment, are likely to present manufacturers with attractive growth prospects
Market participants are likely to benefit from attractive growth prospects brought on by the advent of open MRI scanners

WILMINGTON, Del., Sept. 27, 2022 /PRNewswire/ -- In 2021, the global refurbished medical imaging equipment market size was worth US$ 7.1 Bn. The global market is likely to progress at 9.1% CAGR during the forecast period, from 2022 to 2031. By 2031, the global refurbished medical imaging equipment market is anticipated to touch value of US$ 18.3 Bn. Due to the rising need for imaging devices for the diagnosis of numerous illnesses, the global market for refurbished medical imaging equipment is anticipated to expand quickly in the coming years. With the exception of a few illnesses, medical imaging technology including MRI, X-ray, and CT scan scanners is widely utilized to identify practically every problem.

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The performance of refurbished medical imaging equipment is on par with that of brand-new equipment, which is expected to propel future market outlook for refurbished medical imaging equipment. Around the world, an increase in illnesses is increasing demand for refurbished medical imaging equipment. Since they do not have to spend outrageous amounts of money on new equipment, many hospitals rely on refurbished medical imaging equipment. Market players are predicted to benefit economically from this.

Based on religion, North America accounted for over 37% of the global market in 2021 and is expected to account for the largest revenue share in refurbished medical imaging equipment market. The region is anticipated to lead the global market during the forecast period. In North America, OEMs and third-party refurbishers are becoming more prevalent, which is likely to drive the regional market.

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Key Findings of Market Report

Due to rising cost constraints on various diagnostic imaging facilities and hospitals, as well as budget cuts by governing bodies for public hospitals, the global market is anticipated to expand. Hospitals and diagnostic imaging facilities are also being pushed to choose affordable and high-quality imaging equipment due to a decline in reimbursement for imaging operations.
Refurbished medical imaging devices and parts can be purchased for 40% to 60% less than brand-new ones. Additionally, vendors guarantee prompt services and deliveries. Hospitals, diagnostic imaging facilities, as well as private practitioners now end up choosing refurbished medical equipment for their patients. OEMs are also providing affordable, high-quality refurbished parts and equipment, as well as a full guarantee on refurbished equipment.
Many healthcare organizations prefer to improve or substitute their existing imaging technology. The need for refurbished imaging equipment and parts is projected to rise as the demand for technologically advanced imaging equipment and associated cost restraints amongst hospitals and imaging diagnostic centers increase.

Global Refurbished Medical Imaging Equipment Market: Growth Drivers

Depending on product type, the MRI equipment category held a 28% market share in 2021. It is predicted that the category will remain dominant during the forecast timeframe. The use of MRI scanners in the diagnosis of skeletomuscular, oncological, neurological, and cardiovascular illnesses is growing. This is probably going to increase demand for MRI scanners all around the world.
The oncology category accounted for a significant 25% of the global market based on application in 2021 and is expected to account for a considerable market share for refurbished medical imaging equipment. It is expected to continue to have a strong position during the forecast period. Expanding patient base, growing emphasis on early diagnosis, and rising number of cancer diagnostic imaging processes are all likely to contribute to the segment's growth.

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Global Refurbished Medical Imaging Equipment Market: Key Players

Some of the key market players are

Fujifilm Holdings Corporation
Koninklijke Philips N.V.
Canon Medical Systems Corporation
Siemens Healthineers AG
Hologic, Inc.
GE Healthcare

Global Refurbished Medical Imaging Equipment Market: Segmentation

Product Type

X-ray Devices
Ultrasound Systems
CT Scanners
MRI Equipment
Others

Application

Oncology
Cardiovascular
Gynecology
Orthopedic
Others

End User

Hospitals
Diagnostic Centers
Ambulatory Surgical Centers
Others

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