Global Refurbished Medical Imaging Devices Market to Grow at 9% CAGR, Driven by Demand & Sustainability 2030

The global refurbished medical imaging devices market is set to witness a growth rate of ~9% in the next 5 years. Cost effectiveness & affordability of refurbished medical imaging devices, rising demand for diagnostic imaging, improvements in restoration processes and quality assurance, growing emphasis on circular economy principles and e‑waste reduction, growing adoption in emerging markets, and favorable regulatory trends, are some of the key factors driving the refurbished medical imaging devices market. 

Refurbished medical imaging devices or used medical imaging devices are those that were previously owned by someone else and now have gone through an approved standardized refurbishment process that involves thorough inspection, appropriate repairs, worn parts replacements, recalibration, and function & quality assurance testing, to ensure original manufacturer stated performance standards and safety levels. Refurbishment of medical imaging devices allows for functional performance, and safety, at levels equivalent to new medical devices at significantly lower prices. Hospitals, diagnostic imaging centers and clinics purchase and use refurbished imaging devices to demonstrate responsible use of funds and resource sensitive applications, in addition to their benefits of sustainability, extended lifespan of the medical equipment itself, and decreases electronic waste within the health care industry. Refurbished medical devices are particularly valuable to rural hospitals, diagnostic imaging centres, and emerging markets that need affordable quality imaging devices.

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Cost effectiveness & affordability of refurbished medical imaging devices to drive market growth

An overwhelming demand for more cost-effective options in the healthcare sector is a key factor driving the refurbished medical imaging devices market. Refurbished devices are sold for significantly lower prices (~50% lower priced as compared to new equipment), thus making it affordable for smaller, inpatient hospital facilities and outpatient clinics with limited budgets. Purchasing refurbished devices allows healthcare providers to spend capital on other essential elements while acquiring tried and tested, reliable, quality imaging equipment that meets safety standards. Refurbished devices typically come with warranties and service support which improve buyer assurance. The ability to upgrade more frequently and access advanced equipment without the premium price further drive the market growth.

Growth of third-party refurbishment service providers – A key market trend

The rise of third-party refurbishment service providers is a significant trend in this market, which is propelled by the increasing demand for low-cost budget-friendly diagnostic equipment and growing access to medical imaging in emerging markets. Independent refurbishment service providers, also known as commercial refurbishers, are providing low-cost alternatives to OEM-certified systems lesser price and usually at a quicker turnaround time and with locally serviced support. Independent refurbishment service providers refurbish and resell CT, MRI, ultrasound and other modalities to satisfy small clinics and budget-strapped hospitals. Faced with increased competition, independent refurbishment service providers are improving their capabilities with quality certifications, warranty packages, and various value-added services, contributing to market growth while increasing choices for healthcare providers worldwide. For instance, in January 2022, Probo Medical, acquired REMETRONI with a view to establish their presence in North America.

Competitive Landscape Analysis

The global refurbished medical imaging devices market is marked by the presence of established and emerging market players such as GE Healthcare; Koninklijke Philips N.V.; Siemens Healthineers; Canon Medical Systems Corporation; Hitachi, Ltd.; Agito Medical; Block Imaging, Inc.; Radiology Oncology Systems; Avante Health Solutions; and Probo Medical; among others. Some of the key strategies adopted by market players include new product development, strategic partnerships and collaborations, and geographic expansion.

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Global Refurbished Medical Imaging Devices Market Segmentation

This report by Medi-Tech Insights provides the size of the global refurbished medical imaging devices market at the regional- and country-level from 2023 to 2030. The report further segments the market based on modality, application, and end user.

Market Size & Forecast (2023-2030), By Modality, USD Million

• X-ray Systems
• Ultrasound Systems
• Computed Tomography (CT) Scanners
• Magnetic Resonance Imaging (MRI) Systems
• Nuclear Imaging Systems
• Others

Others Market Size & Forecast (2023-2030), By Application, USD Million

• Oncology
• Obstetrics and Gynaecology
• Cardiology and Vascular Imaging
• Neurology
• Orthopedics
• General Imaging
• Others

Market Size & Forecast (2023-2030), By End User, USD Million

• Hospitals
• Diagnostic Imaging Centers
• Ambulatory Surgical Centers (ASCs)
• Others

Market Size & Forecast (2023-2030), By Region, USD Million

• North America
• US
• Canada
• Europe
• UK
• Germany
• France
• Italy
• Spain
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
• Latin America
• Middle East & Africa
  
  

About Medi-Tech Insights

Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services in the areas of market assessments, due diligence, competitive intelligence, market sizing and forecasting, pricing analysis & go-to-market strategy. Our methodology includes rigorous secondary research combined with deep-dive interviews with industry-leading CXO, VPs, and key demand/supply side decision-makers.

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