Future Outlook of the Refurbished Medical Imaging Devices Market: Growth, Trends, and Emerging Opportunities Explored
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What is the Expected Growth Rate of the Refurbished Medical Imaging Devices Market Based on Industry Projections?
In recent times, the market size of refurbished medical imaging devices has seen significant growth. It is expected to rise from $6.34 billion in 2024 to $7 billion in 2025, reflecting a compound annual growth rate (CAGR) of 10.4%. The growth during the historical period can be credited to factors such as healthcare reimbursement policies, clinical necessities and demands, vendor assistance and services, patient safety and quality of care, as well as vendor dynamics and service quality.
In the coming years, the market of refurbished medical imaging devices is poised to experience rapid expansion, with its value expected to hit $10.25 billion in 2029. The projected CAGR of 10.0% can be associated with the evolution of healthcare infrastructure, an increase in obsolescence, a rise in the need for diagnostic services, a growing appetite for specialized imaging modalities, and product replacement timing. The forecast period is expected to present trends such as increased connectivity and interoperability, the adoption of portable and point-of-care solutions, an emphasis on cost-efficiency and sustainability, focus on upgradeability and modularity, as well as adherence to compliance and quality assurance.
What External and Internal Drivers Are Contributing to the Growth of the Refurbished Medical Imaging Devices Market’s Growth?
The growth of the refurbished medical imaging device market is anticipated to be driven by the rising number of diagnostic imaging procedures. These procedures, which involve multiple medical methods to visualize the body’s inner structures for the sake of diagnosis, are expanding as a result of the growing acceptance of preventive healthcare measures. This growth allows for earlier detection and treatment of health issues. Refurbished medical equipment is typically utilized for a wide range of diagnostic uses, such as identifying fractures, evaluating lung conditions through chest examination, and checking for abnormalities in the abdomen. For example, a report by the Canadian Agency for Drugs and Technologies in Health, a professional non-profit organization in Canada, stated in December 2023 that the count of magnetic resonance imaging (MRI) units in all provinces and one territory increased significantly by 30.8%, from 308 units in 2021 to 403 units in 2022. Furthermore, a survey by the Canadian Agency for Drugs and Technologies in Health, a government office in Canada, revealed that the average number of MRI scans, a type of diagnostic imaging procedure, at a single private facility in Canada increased from 4,703, with a range of 531 to 12,194 in 2021 to 2022, to 5,178, with a range of 569 to 12,389 scans. Hence, the rise in diagnostic imaging procedures is propelling the growth of the refurbished medical imaging device market.
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What Companies Are At the Forefront of Innovation in the Refurbished Medical Imaging Devices Market?
Major companies operating in the refurbished medical imaging devices market are:
• Hitachi Ltd.
• Toshiba Medical Systems Corporation
• Siemens Healthineers AG
• Koninklijke Philips N.V.
• Stryker Corporation
How Are Emerging Trends in Consumer Behavior Affecting the Refurbished Medical Imaging Devices Market?
Major firms in the market for refurbished medical imaging devices are strategically aligning themselves with other companies to strengthen their position. Collaborations between healthcare facilities and suppliers of medical equipment are a key part of these partnerships, with refurbished imaging hardware being a prime focus. For example, AA Medical, a provider of sustainable solutions from the US, established strategic alliances in October 2023 with Tekyard, a company known for its work with used, refurbished technology and medical equipment, Zantek Medical which provides biomedical devices that are both refurbished and biomed-certified, and MED-SELL.COM which trades in pre-owned medical equipment. These partnerships aim to elevate AA Medical’s proficiency in healthcare asset management, medical device reprocessing, and disposition. They plan to enhance AA Medical’s global product and service exposure and solidify its standing within the pre-owned medical device sector. Additionally, they will capitalize on the specialized skills of Tekyard’s disposition solutions, Zantek’s refurbished biomedical devices, and the disposition services of MED-SELL.COM.
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What Are the Key Components of the Refurbished Medical Imaging Devices Market, and How Do Its Segments Perform?
The refurbished medical imaging devices market covered in this report is segmented –
1) By Product: X-Ray Machines, Magnetic Resonance Imaging (MRI) Systems, Ultrasound Systems, Computed Tomography Scanners, Nuclear Imaging Systems, Other Products
2) By Application: Diagnostic, Therapeutic
3) By End Users: Hospitals, Clinics, Diagnostic Centers, Other End Users
Subsegments:
1) By X-Ray Machines: Analog X-Ray Machines, Digital X-Ray Machines
2) By Magnetic Resonance Imaging (MRI) Systems: Closed MRI Systems, Open MRI Systems
3) By Ultrasound Systems: Portable Ultrasound Systems, Cart-Based Ultrasound Systems
4) By Computed Tomography Scanners: Single Slice CT Scanners, Multi-Slice CT Scanners
5) By Nuclear Imaging Systems: PET Scanners, SPECT Scanners
6) By Other Products: Mammography Machines, C-Arms
What Regions Are Propelling Growth in the Refurbished Medical Imaging Devices Industry?
North America was the largest region in the refurbished medical imaging devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the refurbished medical imaging devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
How Is the Refurbished Medical Imaging Devices Market Categorized and Defined in the Industry?
Refurbished medical imaging devices refer to pre-owned medical imaging equipment that has been restored to a condition that meets manufacturer specifications or industry standards for quality and performance. These devices are utilized to optimize asset utilization, improve efficiency, and cost-effectively provide high-quality patient care.
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