Refurbished Medical Imaging Equipment Market by Product Type (X-ray Devices, Ultrasound Systems, CT Scanners, MRI Equipment), Application (Oncology, Cardiovascular, Gynecology, Orthopedic), End-User (Hospitals, Diagnostic Centers, Ambulatory Surgical Centers), & Region for 2024– 2031
Report ID: 40275|No. of Pages: 202
Refurbished Medical Imaging Equipment Market by Product Type (X-ray Devices, Ultrasound Systems, CT Scanners, MRI Equipment), Application (Oncology, Cardiovascular, Gynecology, Orthopedic), End-User (Hospitals, Diagnostic Centers, Ambulatory Surgical Centers), & Region for 2024– 2031
Refurbished Medical Imaging Equipment Market Valuation – 2024-2031
Refurbished medical imaging equipment is typically available at 40% to 60% less than the price of new devices, making it an attractive option for healthcare facilities, especially those with budget constraints. According to the analyst from Verified Market Research, the refurbished medical imaging equipment market is estimated to reach a valuation of USD 37.94 Billion over the forecast subjugating around USD 15.88 Billion valued in 2024.
The trend towards eco-friendly practices is influencing the market, as refurbishing medical devices reduces waste and conserves resources. It enables the market to grow at a CAGR of 11.50% from 2024 to 2031.
Refurbished Medical Imaging Equipment Market: Definition/Overview
Refurbished medical imaging equipment refers to medical imaging systems that have been restored to meet safety and performance standards comparable to their original condition. These devices undergo a comprehensive refurbishment process, which includes disassembly, cleaning, repair, replacement of worn parts, software updates, and rigorous quality testing.
Unlike used equipment, which may be sold “as is” without guarantees, refurbished devices come with warranties provided by the reseller or the original manufacturer. This process ensures that the equipment is safe and effective for clinical use, making it a cost-effective alternative for healthcare facilities looking to upgrade their imaging capabilities without the expense of new devices.
Refurbished medical imaging equipment is increasingly sought after due to its affordability and reliability, especially in resource-constrained settings where budget considerations are paramount.
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How is the Increasing Prevalence of Chronic Diseases Influencing the Demand for Refurbished Medical Imaging Devices?
The increasing prevalence of chronic diseases is significantly influencing the demand for refurbished medical imaging devices. As reported by the World Health Organization (WHO),
the aging population is linked to a rise in chronic conditions, with projections indicating that by 2050, the global population aged 60 years and older will double, resulting in a higher incidence of age-related diseases such as heart disease, diabetes, and arthritis. This demographic shift necessitates enhanced diagnostic capabilities, leading healthcare facilities to seek cost-effective solutions for acquiring advanced imaging technologies. It has been observed that approximately 70% of healthcare providers are facing budget constraints, prompting them to consider refurbished equipment as a viable alternative to new devices, which can be prohibitively expensive.
Furthermore, the refurbishment process ensures that these devices meet safety and performance standards, allowing healthcare providers to enhance patient care without incurring significant capital expenditures. Consequently, the demand for refurbished medical imaging devices is being driven by the need for accessible and affordable diagnostic tools to manage the growing burden of chronic diseases effectively.
In What Ways does the Negative Perception of End-Users Affect the Adoption Rates of Refurbished Medical Imaging Equipment?
The negative perception of end-users significantly affects the adoption rates of refurbished medical imaging equipment. Concerns regarding the quality, safety, and reliability of these devices are commonly expressed, leading many healthcare providers to hesitate in their purchasing decisions. According to a report, approximately 60% of hospitals cite worries about the effectiveness and durability of refurbished equipment as a primary barrier to adoption.
Additionally, fears about potential hidden defects and uncertainties surrounding the refurbishment process contribute to this reluctance. It has been noted that original equipment manufacturers (OEMs) often exacerbate these concerns by warning healthcare facilities that they will not provide support for older models, further discouraging the purchase of refurbished devices. As a result, transparency in the refurbishment process and assurances regarding quality and performance are crucial for addressing these perceptions. Without effective strategies to mitigate these concerns, the growth of the refurbished medical imaging equipment market is likely to be hindered.
Category-Wise Acumens
What Factors Contribute to the High Demand for Refurbished MRI Equipment in the Medical Diagnostics Industry?
The substantial cost savings associated with refurbished MRI systems are being recognized as a primary motivator for healthcare facilities, particularly those operating under budget constraints. It has been reported that new MRI machines can cost millions of dollars, making refurbished options, which are typically available at 40% to 60% less than new models, an attractive alternative for hospitals and clinics seeking to maintain high-quality diagnostic capabilities without incurring excessive capital expenditures.
Additionally, the long service life of MRI equipment allows for effective refurbishment, enabling older systems to be updated with modern software and hardware enhancements, thereby extending their usability and performance. According to the World Health Organization (WHO), the increasing prevalence of chronic diseases necessitates advanced imaging solutions, further fueling demand for affordable and reliable MRI equipment.
What Factors Contribute to the Increasing Demand for Refurbished Medical Imaging Equipment Specifically in Oncology Applications?
The increasing demand for refurbished medical imaging equipment in oncology applications is driven by several critical factors. The rising incidence of cancer globally has been documented, with the World Health Organization (WHO) projecting that cancer cases will reach approximately 29.5 million by 2040, necessitating enhanced diagnostic and treatment capabilities. As healthcare facilities strive to provide effective cancer care, the cost- effectiveness of refurbished imaging equipment becomes a significant consideration, especially given that new imaging systems can be prohibitively expensive. It has been reported that refurbished MRI and CT machines can be obtained at 40% to 60% lower prices than their new counterparts, making them accessible for hospitals with limited budgets.
Additionally, advancements in imaging technology have improved the performance and reliability of refurbished devices, ensuring they meet modern clinical standards for precision in cancer diagnosis and treatment planning. Enhanced imaging techniques, such as image- guided radiotherapy and hybrid imaging systems like PET/CT, are increasingly being integrated into oncology practices, further driving the demand for high-quality refurbished equipment capable of supporting these advanced applications. Consequently, the combination of rising cancer prevalence, cost considerations, and technological advancements significantly contributes to the growing demand for refurbished medical imaging equipment within the oncology segment.
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Country/Region-wise Acumens
How does the Increasing Prevalence of Chronic Diseases in North America Drive the Demand for Refurbished Medical Imaging Technologies?
The increasing prevalence of chronic diseases in North America is significantly driving the demand for refurbished medical imaging technologies. According to the U.S. National Center for Health Statistics, an estimated 1,958,310 new cancer cases and 609,820 cancer-related deaths were projected in 2023, highlighting the urgent need for effective diagnostic tools. The rising incidence of chronic conditions such as cancer, cardiovascular diseases, and diabetes
necessitates advanced imaging capabilities for accurate diagnosis and treatment planning. It has been reported that approximately 50% of the U.S. population has a chronic disease, which accounts for 86% of healthcare costs, thereby intensifying the demand for affordable imaging solutions. As healthcare facilities face budget constraints, refurbished medical imaging equipment is increasingly viewed as a cost-effective alternative that provides high- quality diagnostic capabilities without the financial burden associated with new devices.
Additionally, advancements in imaging technology have improved the performance of refurbished systems, ensuring they meet contemporary clinical standards. Consequently, the combination of rising chronic disease prevalence, cost considerations, and technological advancements is substantially contributing to the growing demand for refurbished medical imaging technologies in North America.
What Factors Contribute to the Rapid Economic Growth in the Asia Pacific Region that Supports the Refurbished Medical Imaging Equipment Market?
The rapid economic growth in the Asia Pacific region that supports the refurbished medical imaging equipment market is driven by several key factors. The region is home to approximately 60% of the world’s population, creating a substantial demand for healthcare services and advanced medical technologies. According to the Asian Development Bank (ADB), healthcare expenditure in the Asia Pacific is projected to increase significantly, with governments aiming to enhance health systems and achieve universal health coverage (UHC). It has been reported that public health spending in East Asia and the Pacific has been declining since 2011, indicating a pressing need for cost-effective solutions like refurbished medical imaging equipment to maximize limited resources.
Additionally, the increasing prevalence of chronic diseases, alongside a growing aging population, necessitates improved diagnostic capabilities, further driving demand for affordable imaging technologies. Government initiatives promoting public-private partnerships (PPPs) are also being recognized as essential for expanding access to healthcare services and facilitating investments in refurbished equipment. These factors collectively contribute to the robust growth of the refurbished medical imaging equipment market in the Asia Pacific region, as healthcare providers seek to enhance their diagnostic capabilities while managing budget constraints effectively.
Competitive Landscape
The competitive landscape of the refurbished medical imaging equipment market is characterized by a combination of specialized refurbishers, original equipment manufacturers (OEMs) selling certified pre-owned devices, and independent service organizations.
Some of the prominent players operating in the refurbished medical imaging equipment market include:
- Siemens Healthineers AG
- Canon Medical Systems Corporation
- Philips Healthcare
- GE Healthcare
- DRE Medical
- Atlantis Worldwide
- Block Imaging
- Agito Medical A/S
- Soma Technology
- EBRO Medical Technologies GmbH
- EverX Pty Ltd
- Shinmed Corporation
- Medivison
- Avante Health Solutions
- Integrity Medical Systems
- Refurbished Medical Equipment
- Technomed Services
- LA Medical Equipment
- Biomedical Imaging Services
Latest Development
- In May 2023, Siemens Healthineers AG, in partnership with CommonSpirit Health, acquired Block Imaging, Inc., a leading provider of refurbished medical equipment. This acquisition aims to enhance the repair and reuse of medical equipment, thereby reducing waste and increasing value for customers and patients.
- In March 2023, GE Healthcare introduced the GoldSeal Discovery ST, a refurbished imaging system that integrates computed tomography (CT) and Positron Emission Tomography (PET). This system is designed to offer advanced imaging capabilities at a more affordable price, catering to healthcare facilities with budget constraints.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2021-2031 |
| Growth Rate | CAGR of 11.50% from 2024 to 2031 |
| Base Year for Valuation | 2024 |
| Historical Period | 2021-2023 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Players | Siemens Healthineers AG, Canon Medical Systems Corporation, Philips Healthcare, GE Healthcare, DRE Medical, Atlantis Worldwide, Block Imaging, Agito Medical A/S, Soma Technology, EBRO Medical Technologies GmbH, and EverX Pty Ltd. |
| Customization | Report customization along with purchase available upon request |
Refurbished Medical Imaging Equipment Market, By Category
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
Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Research Methodology of Verified Market Research:
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
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Customization of the Report
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Frequently Asked Questions
1 INTRODUCTION OF GLOBAL REFURBISHED MEDICAL IMAGING EQUIPMENT MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL REFURBISHED MEDICAL IMAGING EQUIPMENT MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL REFURBISHED MEDICAL IMAGING EQUIPMENT MARKET, BY PRODUCT
5.1 Overview
5.2 X-ray Devices
5.3 Ultrasound Systems
5.4 CT Scanners
5.5 MRI Equipment
5.6 Others
6 GLOBAL REFURBISHED MEDICAL IMAGING EQUIPMENT MARKET, BY APPLICATION
6.1 Overview
6.2 Oncology
6.3 Cardiovascular
6.4 Gynecology
6.5 Orthopedic
6.6 Others
7 GLOBAL REFURBISHED MEDICAL IMAGING EQUIPMENT MARKET, END-USER
7.1 Overview
7.2 Hospitals
7.3 Diagnostic Imaging Centers
7.4 Ambulatory Care Centers
7.5 Other
8 GLOBAL REFURBISHED MEDICAL IMAGING EQUIPMENT MARKET, BY GEOGRAPHY
8.1 Overview
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 U.K.
8.3.3 France
8.3.4 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Rest of Asia Pacific
8.5 Rest of the World
8.5.1 Latin America
8.5.2 Middle East and Africa
9 GLOBAL REFURBISHED MEDICAL IMAGING EQUIPMENT MARKET COMPETITIVE LANDSCAPE
9.1 Overview
9.2 Company Market Ranking
9.3 Key Development Strategies
10 COMPANY PROFILES
10.1 GE Healthcare
10.1.1 Overview
10.1.2 Financial Performance
10.1.3 Product Outlook
10.1.4 Key Developments
10.2 Block Imaging
10.2.1 Overview
10.2.2 Financial Performance
10.2.3 Product Outlook
10.2.4 Key Developments
10.3 Agito Medical A/S
10.3.1 Overview
10.3.2 Financial Performance
10.3.3 Product Outlook
10.3.4 Key Developments
10.4 Siemens Healthcare systems
10.4.1 Overview
10.4.2 Financial Performance
10.4.3 Product Outlook
10.4.4 Key Developments
10.5 Integrity Medical Systems
10.5.1 Overview
10.5.2 Financial Performance
10.5.3 Product Outlook
10.5.4 Key Developments
10.6 Koninklijke Philips N.V.
10.6.1 Overview
10.6.2 Financial Performance
10.6.3 Product Outlook
10.6.4 Key Developments
10.7 Everx Pvt Ltd.
10.7.1 Overview
10.7.2 Financial Performance
10.7.3 Product Outlook
10.7.4 Key Developments
10.8 JAPAN CENTRAL MEDICAL, INC
10.8.1 Overview
10.8.2 Financial Performance
10.8.3 Product Outlook
10.8.4 Key Developments
10.9 CURA Healthcare
10.9.1 Overview
10.9.2 Financial Performance
10.9.3 Product Outlook
10.9.4 Key Developments
10.10 Radiology Oncology Systems, Inc.
10.10.1 Overview
10.10.2 Financial Performance
10.10.3 Product Outlook
10.10.4 Key Developments
11 KEY DEVELOPMENTS
11.1 Product Launches/Developments
11.2 Mergers and Acquisitions
11.3 Business Expansions
11.4 Partnerships and Collaborations
12 Appendix
12.1 Related Research
Report Research Methodology
Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.
This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
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| Supplier side |
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Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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