PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1663531
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1663531
Refurbished Medical Imaging Devices Market size was valued at US$ 4,514.2 Million in 2024, expanding at a CAGR of 10.50% from 2025 to 2032.
Medical equipment that has been returned to a functioning state without altering its original specifications is referred to as refurbished. Disinfecting, cleaning, painting, and replacing old or damaged parts are all steps in the refurbishing process, which also entails removing an old machine and thoroughly servicing every component. Then, the equipment is offered for sale at a significantly reduced cost compared to a brand-new machine. These advantages make refurbished equipment widely used in clinics, hospitals, and other healthcare settings. Numerous factors are propelling the refurbished medical imaging devices market, including the growing need for affordable medical imaging devices from smaller clinics and hospitals, the availability of sizable inventories of outdated or used medical imaging equipment, the growing popularity of eco-friendly products, the expansion of hospitals and diagnostic imaging facilities, and new opportunities in developing nations. Because there are numerous vendors, the market is expanding. As a result, there is now more competition and more options for consumers.
Refurbished Medical Imaging Devices Market- Market Dynamics
Growing Elderly Population
One factor driving the expansion of the market for refurbished medical imaging devices was consumers' increasing desire for environmentally friendly items. Products classified as eco-friendly are those that, throughout their whole life cycle-from the extraction and processing of raw materials to production, packaging, transportation, usage, and disposal-have few adverse effects on the environment. Refurbishing old equipment provides it a second chance at life, keeping it out of landfills and lowering the demand for new materials and production methods, all of which contribute to sustainability. For instance, a survey conducted in March 2022 among 1,017 US adults by the US-based technology company GreenPrint found that approximately 75% of millennials and 63% of Gen Z are willing to pay more for environmentally friendly products in 2021. Thus, the market for refurbished medical imaging devices is expanding due to consumers' increasing desire for environmentally friendly items.
Refurbished Medical Imaging Devices Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 10.50% over the forecast period (2025-2032)
Based on modality segmentation, the computed tomography was predicted to show maximum market share in the year 2024
Based on end-use segmentation, hospitals were the leading segment in 2024
On the basis of region, North America was the leading revenue generator in 2024
The Global Refurbished Medical Imaging Devices Market is segmented on the basis of Modality, End Use, and Region.
On the basis of modality, the market is segregated into Ultrasound, X-ray, Magnetic Resonance Imaging, Nuclear Imaging, Computed Tomography, and Others. In 2024, the market was dominated by the Computed Tomography category. Refurbished computed tomography systems are more affordable than new ones, making them a better choice for small and medium-sized healthcare organizations. Before being offered for sale, they also go through a rigorous testing and quality check process to make sure they are in good operating order. Finally, they contribute to sustainability and the reduction of electronic waste, making them environmentally benign.
Based on end use, the market is divided into Hospitals, Clinics, Diagnostic Imaging Centers, and Others. In 2024, the hospitals category held a dominant market share. In hospital settings, refurbished medical imaging devices are becoming more and more popular because of their dependability and affordability. Many hospitals find it difficult to buy the newest technology due to the exorbitant cost of new medical imaging systems. On the other hand, refurbished gadgets can be bought for a fraction of the price of new ones, freeing up funds for other crucial hospital expenses. Furthermore, these gadgets are extremely dependable and have undergone testing and certification to match the same requirements as new equipment, guaranteeing their safety and efficacy for use in a medical facility.
Refurbished Medical Imaging Devices Market- Geographical Insights
In 2024, North America held a dominant position in the global market for Refurbished Medical Imaging Devices. The rising incidence of cancer, musculoskeletal conditions, and cardiovascular problems, as well as the favourable regulations for refurbished medical imaging devices and the decrease in insurance coverage for some medical imaging treatments, are the main causes of the Americas' share. Refurbished medical imaging devices generate substantial revenue for the US, with Canada coming in second. Furthermore, healthcare providers are responding to the Affordable Care Act's increased demand for solutions that deliver high-quality healthcare services at affordable prices. Furthermore, starting in 2017, the Consolidated Appropriations Act of 2016 reduced the reimbursement for X-rays performed using traditional analogue technology, which increased demand for affordable ways to deploy sophisticated X-ray systems.
However, throughout the projected period, the Europe region is anticipated to see the fastest CAGR. The demand for these devices is rising as a result of tight budgets and a growing number of medical treatments that aim to spend less on cutting-edge technologies while still obtaining the greatest possible benefit. Additionally, Europe's private healthcare sector is growing. Return on investment is the primary concern of private hospitals. Private hospitals are, therefore, becoming more and more in need of refurbished medical imaging devices. The main contributors to the regional market were Russia, Spain, Italy, Germany, France, and the United Kingdom. However, because of Europe's single-payer and socialized medicine healthcare system, it typically consists of larger, budget-driven medical facilities.
The market for refurbished medical imaging devices is competitive, with small and mid-sized businesses as well as a number of large international corporations. Creating and introducing new, cutting-edge items based on various technologies is one of the main market strategies. GE HealthCare, EverX Pty Ltd., Koninklijke Philips N.V., Hitachi Healthcare Systems, Siemens Healthineers, and others are a few of the top companies in the business with a significant market share. For instance, in January 2023, Radon Medical Imaging purchased Premier Imaging Medical Systems. In addition to selling new, used, or refurbished imaging and biomedical equipment, Premier is renowned for its maintenance services.
Recent Development
October 2023: The private equity firm Atlantic Street Capital bought Brown's Medical Imaging. Specialising in providing radiology offices and hospitals with equipment, maintenance, support, and servicing, Brown's Medical Imaging is the biggest supplier of radiology services and solutions in the Midwest. Specialized services in fields like urgent care, urology, pulmonology, and orthopaedics are also offered.
July 2023: Tristate Biomedical Solutions, LLC was purchased by Radon Medical Imaging. Selling and servicing new, used, and refurbished medical imaging and biomedical equipment is Tristate's area of expertise. No information has been released on the acquisition's terms.
May 2023: Block Imaging was acquired by Siemens Healthineers in partnership with CommonSpirit Health. In addition to selling reconditioned medical equipment, Block Imaging also provides associated services and components. The purchase intends to encourage medical equipment repair and reuse in order to reduce waste and provide customers and their patients with greater value.