Rising Demand for Advanced Digital Diagnostic Imaging Systems would Expect to Drive Remanufactured Medical Imaging Devices Market
According to the Food and Drug Administration, U.S., remanufacturing of medical devices is defined as the processing, conditioning, repackaging, renovating, restoring additional features/updates to finished device, which takes the scope of finished device’s performance beyond its original position i.e. better than original device. As per the European Coordination Committee of the Radiological, Electrochemical and Healthcare IT Industry (COCIR), Japan Industries Association of Radiological Systems (JIRA) AND Medical Imaging and Technology Alliance (MITA), the remanufacturing of medical imaging devices consists of the following steps: equipment selection, disassembly, packing and shipment; cleaning and disinfection; remanufacturing planning; mechanical and electrical remanufacturing; final packing, shipment and reinstallation.
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The terms remanufacturing and refurbishing of medical devices are significantly have different meanings when applied to medical devices. According to the EU regulations, when a medical device is cleaned, repaired and updated to relevant safety standards is defined as the refurbishment of medical device. Remanufacturing of medical devices include various imaging devices such as magnetic resonance imaging (MRI), computed tomography (CT), X-ray, interventional cardiology, ultrasound scanners. These medical imaging equipments are highly capital intensive both to use and purchase due to the involvement of advanced technology. Subsequently, this leads to the high demand for remanufactured medical devices. Remanufacturing of medical imaging devices is considered as an eco-friendly practice, as it avoids disposal and pollution burden.
Furthermore, these remanufacturing practices enabled hospitals to redirect tons of medical waste from confined landfills. Currently, most of the medical device manufacturers are marketing their remanufactured and refurbished medical devices as economical and eco-friendly devices. For an instance, Siemens healthcare company has an eco-friendly medical devices product portfolio, which comprises various remanufactured medical devices.
The market for global remanufactured medical devices is expected to foresee a huge growth in coming next years. The contributing factors behind such an assessment include increasing healthcare professional’s inclination towards usage of eco-friendly and economical medical devices, cost-cutting measures and broad shift towards value driven healthcare. Additionally, decline in reimbursement policies for medical imaging devices, continued dominance of remanufactured medical equipment sales and rising demand for advanced digital diagnostic imaging systems would expect to drive the market.
Moreover, several attributes such as improving private insurance scenarios for these devices and need for rationalizing healthcare budgets aiding the adoption rates of these devices among the healthcare professionals and hospitals. Consequently, these factors would expect to accentuate the growth of this market. However, the risks associated with these devices and its effectiveness could pose a challenge for the growth of this market in future.
Geographically, North America accounts for the largest market share of the overall remanufactured medical imaging devices market followed by the European region. The dominance of North America in this market is seen due to increased preference for remanufactured medical devices and presence of various market leaders, which allows easy penetration in the North America region. In the United States, diagnostic imaging centers and hospitals are the two leading buyers of these medical devices. The European remanufactured medical devices market follows North America due to extensive government support for the development of innovative medical devices for imaging procedures.
Some of the market players operating in Remanufactured Medical Imaging Devices market include GE Healthcare, Philips Healthcare, Toshiba Medical Systems, TeraRecon Inc., Shimadzu Corp., Carestream Health Inc., Hologic Inc., Hitachi Medical Corp., Medison America Inc., Siemens Healthcare and others.
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