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How has the refurbished medical imaging devices market size evolved in recent years?
In recent times, the market size for refurbished medical imaging devices has seen quick expansion. The growth is projected to increase from $6.34 billion in 2024 to $7 billion in 2025, representing a compound annual growth rate (CAGR) of 10.4%. This increase during the historic period can be traced back to aspects such as healthcare reimbursement policies, the needs and demands of the clinical sphere, the support and services from vendors, the safeguarding and quality of patient care, and dynamic vendor services as well as their quality.
What are the predictions for the refurbished medical imaging devices market size in the coming years?
The refurbished medical imaging devices market size is expected to see rapid growth in the next few years. It will grow to $10.25 billion in 2029 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to growing healthcare infrastructure, growing obsolescence, increasing demand for diagnostic services, demand for specialized imaging modalities and replacement cycles. Major trends in the forecast period include enhanced connectivity and interoperability, portable and point-of-care solutions, focus on cost-effectiveness and sustainability, upgradability and modularity, and compliance and quality assurance.
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What key factors are fueling the growth of the refurbished medical imaging devices market?
Anticipated growth in the refurbished medical imaging device market is attributed to the rising number of diagnostic imaging procedures. Diagnostic imaging procedures, an array of medical methods employed to view the body’s internal structures for diagnostic reasons, are growing due to an increase in preventive healthcare measures. These measures enable early disease recognition and treatment. Refurbished medical devices are gaining popularity for numerous diagnostic applications, including fracture identification, lung condition examinations, and abdomen abnormality checks. As per a study released by the Canadian Agency for Drugs and Technologies in Health, a non-profit organization based in Canada, the magnetic resonance imaging (MRI) units available across all provinces and one territory significantly increased by 30.8%, from 308 units in 2021 to 403 units in 2022. Similarly, a survey carried out on 56 private Canadian imaging facilities by the same agency revealed that the average amount of MRI scans conducted at a single private facility climbed from 4,703 scans, ranging between 531 and 12,194 in 2021-2022, to 5,178 scans, with figures reaching between 569 and 12,389 scans. Hence, the growth of the refurbished medical imaging device market is propelled by the escalating number of diagnostic imaging procedures.
How is the global refurbished medical imaging devices market divided into key segments?
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
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Who are the dominant players expanding their reach 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, General Electric Healthcare LLC, Hologic Inc., Carestream Health Inc., Canon Medical Systems Corporation, TTG Imaging Solutions Inc., Block Imaging International Inc., Avante Health Solutions LLC, Shared Imaging LLC, DRE Medical Inc., Dunlee, Soma Technology Inc., Amber Diagnostics Inc., Radiology Oncology Systems Inc., EverX Pty Ltd., Nationwide Imaging Services Inc., Atlantis Worldwide LLC, DirectMed Imaging, Integrity Medical Systems Inc.
What emerging trends are influencing the growth of the refurbished medical imaging devices market?
Several leading firms in the refurbished medical imaging devices industry are concentrating on establishing strategic alliances to achieve market competitiveness. These alliances typically involve partnerships between healthcare facilities and suppliers of medical equipment, who provide refurbished imaging devices. For instance, in October 2023, AA Medical, an American company offering sustainable solutions, announced its strategic collaborations with Tekyard, Zantek Medical, and MED-SELL.COM, all USA-based companies known for their expertise in used, refurbished technology and medical equipment. This move will strengthen AA Medical’s global healthcare asset management, medical device reprocessing, and disposition capabilities. The collaborations will capitalize on Tekyard’s disposition solutions, Zantek’s renovated biomedical devices, and MED-SELL.COM’s disposition services, and expand AA Medical’s product and service offerings worldwide, reinforcing its standing in the second-hand medical device market.
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Which geographic areas are influencing the growth of the refurbished medical imaging devices market?
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.
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