Global Refurbished Medical Imaging Equipment Market – Snapshot
Refurbished medical imaging equipment are restored to the original specification when these were purchased new. Medical imaging equipment are refurbished in two ways; cosmetic refurbishment and mechanical-electrical refurbishment. The cosmetic refurbishment process includes painting and surface treatment. The electrical-mechanical refurbishment process comprises complete restoration of the equipment, including parts and other critical components. The refurbishment process is validated and accepted through various governing bodies such as COCIR, NEMA, and International Association of Medical Equipment Remarketers and Servicers (IAMERS). In 2017, the global refurbished medical imaging equipment market was valued at US$ 903.2 Mn and is projected to expand at a CAGR of 5.4% from 2018 to 2026.
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Refurbished medical imaging equipment are considered cost effective alternatives to new equipment, as these are 30% to 60% cheaper. This allows smaller diagnostic facilities to lower operational cost and helps in reducing waste generation. Refurbishment of medical imaging equipment is carried out in accordance to the Good Refurbishment Practices (GRP). According to the guidelines, “Refurbishment process has to be carried out according to the original product description and service procedures as mentioned by the OEMs (original equipment manufacturer).
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The global refurbished medical imaging equipment market has been segmented based on product, end-user, and region. In terms of product, the product type is further segmented into CT scanners, MRI systems, X-ray systems, ultrasounds, and others. Based on end-user, the global refurbished medical imaging equipment market has been divided into hospitals, diagnostic centers, ambulatory surgical centers, and others. Rise in demand for cost-effective and high quality medical imaging equipment, improvement in sales support systems, increase in awareness about circular economy from OEMs, and surge in disposable income are factors likely to fuel the growth of the global refurbished medical imaging equipment market during the forecast period.