Refurbished Medical Imaging Devices Market, By Product (X-ray Machines, Magnetic Resonance Imaging Systems, Ultrasound Systems, Computed Tomography Scanners, Nuclear Imaging), End-use (Hospitals, Diagnostics Imaging Centers) & Forecast, 2024 – 2032
Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationRefurbished Medical Imaging Devices Market Size
Refurbished Medical Imaging Devices Market was valued at around USD 5 billion in 2023 and is estimated to register a CAGR of over 7.5% between 2024 & 2032. Refurbished medical imaging devices are previously owned medical imaging equipment that has been restored to a condition suitable for reuse. New medical imaging devices such as MRI machines, computed tomography scanners, and ultrasound equipment come with significant price tags.
X-ray machines can cost a lot of money. A portable one can run you anywhere from $5,000 to $60,000. If you need a stationary one, it will likely cost between $35,000 to over $200,000. MRI machines are even more expensive. They can cost from $150,000 to over $3 million. A 1.5T or 3.0T unit, which are mid-range MRI machines, can cost anywhere from $200,000 to $375,000. These high costs can make it tough for smaller clinics and healthcare facilities in developing countries to afford these machines. One way to get around the high cost is to buy refurbished medical imaging devices. These are used machines that have been fixed up and are sold at a lower price. They can help providers get the equipment they need without breaking the bank.
Furthermore, as medical imaging technology evolves, healthcare facilities often seek to upgrade their equipment to incorporate newer models and advanced features. Refurbished medical imaging devices provide a cost-efficient solution for facilities to enhance their imaging capabilities without investing in brand-new equipment. This enables them to leverage newer technologies and improve patient care quality.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Refurbished Medical Imaging Devices Market Size in 2023 | USD 5 Billion |
| Forecast Period | 2024 – 2032 |
| Forecast Period 2024 – 2032 CAGR | 7.5% |
| 2024 – 2032 Value Projection | USD 9.5 Billion |
| Historical Data for | 2018 – 2023 |
| No. of Pages | 78 |
| Tables, Charts & Figures | 154 |
| Segments covered | Product, End-use, and Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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Refurbished Medical Imaging Devices Market Trends
As we live longer, our bodies start to show signs of wear and tear. It's just a natural part of getting older. But thanks to amazing advances in medicine, we've got more ways than ever to catch and treat problems early on. And one of the most important tools we have is imaging technology. Think about it this wayas people get older, they're more likely to have health issues like heart disease, diabetes, or arthritis. And because of this, there's been a huge increase in the number of people who need imaging tests to check for these conditions. That's where refurbished medical imaging devices come in. They're a great way to make sure everyone has access to the healthcare they need. These devices are like new, but they cost less. So, hospitals and clinics can afford to buy more of them, which means more people can get the tests they need, even if they don't have a lot of money. It's a great way to keep people healthy and well-cared for as they get older.
- Furthermore, there is an increasing emphasis on sustainability and environmental responsibility across various industries, including healthcare.
- The disposal of electronic waste (e-waste) generated by obsolete medical equipment poses significant environmental challenges. By opting for refurbished medical imaging devices, healthcare facilities can contribute to minimizing e-waste and promote sustainability by extending the lifespan of existing equipment through refurbishment and reuse.
Refurbished Medical Imaging Devices Market Analysis
Based on product, the refurbished medical imaging devices industry is segmented into X-ray machines, magnetic resonance imaging (MRI) systems, ultrasound systems, CT scanners, nuclear imaging systems, and other products. The nuclear imaging systems segment is poised for significant growth at a CAGR of 8.1% during the forecast period.
- The growth in the nuclear imaging systems segment is attributed to advancements in technology, meeting the rising demand for nuclear medicine procedures in cardiology, oncology, and neurology.
- Healthcare facilities are opting for refurbished equipment to upgrade capabilities affordably, given budget constraints. Lifecycle management strategies are further stimulating adoption, enabling facilities to extend equipment lifespan while managing costs effectively.
- Rigorous testing and refurbishment processes ensure compliance with regulatory standards, offering reliable and safe imaging solutions. These factors collectively contribute to notable growth in the nuclear imaging systems segment.
Based on end-use, the refurbished medical imaging devices market is segmented into hospitals, diagnostic imaging centers, and other end-users. The hospitals segment accounted for a revenue share of 44.5% in 2023 and is estimated to follow similar trend over the coming years.
- Hospitals serve as primary hubs for diagnostic imaging procedures, stimulated by extensive healthcare services and patient volumes. Budget constraints prompt hospitals to opt for cost-effective solutions such as refurbished equipment, essential for upgrading infrastructure and keeping pace with technology.
- Refurbished devices ensure reliability and quality assurance, maintaining high standards of patient care. Additionally, hospitals prioritize sustainability, aligning with environmental initiatives by reducing electronic waste through refurbished equipment.
- These factors collectively underscore the segment's sustained growth potential.
North America market accounted for USD 2.3 billion revenue in 2023 and is predicted to witness substantial market growth over the analysis timeline.
- Advanced healthcare infrastructure and technology adoption stimulate the demand for upgraded imaging capabilities, especially amidst budget constraints. Technological advancements enhance diagnostic accuracy, while rigorous regulatory compliance ensures safety standards.
- Additionally, the focus on sustainability aligns with the adoption of refurbished devices, reducing electronic waste. These factors propel the anticipated expansion of North America's refurbished medical imaging devices segment.
Refurbished Medical Imaging Devices Market Share
The refurbished medical imaging devices industry is competitive in nature, with several large multinationals and small and mid-sized companies competing in the industry. The development and launch of novel advanced products based on different technologies is among a key market strategy. Some of the leading industry players including Canon Medical Systems Corporation, FUJIFILM Healthcare Corporation, GE Healthcare, Hitachi, Ltd, Hologic, Inc, among others have a notable presence in the market.
Some of the eminent market participants operating in the refurbished medical imaging devices industry include
- Atlantis Worldwide
- Avante Health Solutions
- Canon Medical Systems Corporation
- Carestream Health
- EverX Pty Ltd
- FUJIFILM Healthcare Corporation
- GE Healthcare
- Hitachi, Ltd
- Hologic, Inc.
- Koninklijke Philips N.V.
- Siemens Healthineers AG
Refurbished Medical Imaging Devices Industry News
- In May 2023, Siemens Healthineers and CommonSpirit Health teamed up to acquire Block Imaging, a firm renowned for its expertise in vending refurbished medical equipment and providing associated services and parts. The collaboration aimed to propel the enhancement and recycling of medical equipment, ultimately amplifying value for consumers and patients while also reducing waste. This acquisition increased the revenue and customer base of the company.
Refurbished medical imaging devices market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments
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Market, By Product
- X-ray machines
- Magnetic resonance imaging (MRI) systems
- Ultrasound systems
- Computed tomography scanners
- Nuclear imaging systems
- Other products
Market, By End-use
- Hospitals
- Diagnostic imaging centers
- Other end-users
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- UAE
- Rest of Middle East and Africa
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