The global remanufactured medical imaging devices market is anticipated to observe growth over the forecast period. Increasing demand for economic and eco-friendly medical equipments by healthcare professionals coupled with cost curbing advantage of these equipments are the major factors driving the global market. Remanufacturing of medical equipments includes conditioning, processing, renovating, repackaging and installing additional updates and features to the finished device. Furthermore, a broad shift of various healthcare institutes towards value driven healthcare, increasing demand for advance digital diagnostic imaging systems, degradation in reimbursement policies regarding medical imaging devices and constant dominance of sales of remanufactured medical equipment are also propelling the market. According to Japan Industries Association of Radiological Systems (JIRA) and Electrochemical and Healthcare IT Industry (COCIR), remanufactured medical equipments are expected to witness lucrative growth over next two decade. However, increasing cost containment pressures on healthcare institutes and risks linked with these devices are expected to restrain the market over next few years.
The entire remanufactured medical imaging devices market is segmented on the basis of product into cardiovascular and cardiology equipments, medical imaging equipments, defibrillators, patient monitors, operating room and surgical equipments, endoscopy equipments, neurology equipments, intensive care units and neonatal intensive care units. As of 2014, medical imaging equipments was one of the highest revenue generating product segment owing to the increased usage of medical imaging for diagnosis of chronic diseases such as cancer and heart disorders. Medical equipments which are remanufactured includes nuclear medicine systems, CT scanners. MRI machines, ultrasound systems and X ray machines. Defibrillators and cardiovascular and cardiology equipment segment is expected to witness lucrative growth over the forecast period owing to the rapidly increasing heart and lung disorders globally.
Geographically, the overall remanufactured medical imaging devices market is segmented into North America, Europe, Asia Pacific, Latin America and MEA. As of 2014, North America held largest market share in terms of revenue owing to the presence of various market players and increased preference for remanufactured medical equipments in this region. Hospitals and diagnostic imaging centers are the two leading end users of these medical devices in the U.S.
Additionally, owing to favorable reimbursement policies pertaining to these equipments and increasing adoption rates as a consequence of rationalizing healthcare budgets are further expected to accentuate regional growth of the global remanufactured medical imaging devices market over the forecast period. Asia Pacific is anticipated to witness lucrative growth over next few years due to extended government support for the development of medical imaging devices in this region.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.