The global remanufactured medical imaging devices market is anticipated to observe growth over the forecast period. Increasing demand for economic and eco-friendly medical equipment by healthcare professionals coupled with cost curbing advantage of these equipment are the major factors driving the global market. Remanufacturing of medical equipment 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 advanced 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 the Japan Industries Association of Radiological Systems (JIRA) and Electrochemical and Healthcare IT Industry (COCIR), remanufactured medical equipment are expected to witness lucrative growth over the next two decade. However, increasing cost-containment pressures on healthcare institutes and risks linked with these devices are expected to restrain the market over the next few years.
The entire remanufactured medical imaging devices market is segmented on the basis of product into cardiovascular and cardiology equipment, medical imaging equipment, defibrillators, patient monitors, operating room and surgical equipment, endoscopy equipment, neurology equipment, intensive care units, and neonatal intensive care units. As of 2014, medical imaging equipment was one of the highest revenue-generating product segment owing to the increased usage of medical imaging for the diagnosis of chronic diseases such as cancer and heart disorders. Medical equipment 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 the largest market share in terms of revenue owing to the presence of various market players and increased preference for remanufactured medical equipment 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 equipment 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 the 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.