Summary: The global refurbished medical imaging equipment market is projected to grow at an 11.50% CAGR from 2024 to 2031, driven by affordability, sustainability, and growing demand in developing countries.

Key Takeaways:

  • Affordability and environmental benefits are key factors driving market growth.
  • North America currently leads the market, but Asia-Pacific shows promising growth prospects.

The global refurbished medical imaging equipment market size is projected to grow at a compound annual growth rate (CAGR) of 11.50% from 2024 to 2031, according to a new report published by Verified Market Research. The report reveals that the market was valued at $15.88 billion in 2023 and is expected to reach $37.94 billion by the end of the forecast period.

Affordability Driving Market Growth

According to the report, one of the main factors contributing to the success of the refurbished medical imaging equipment market is its affordability. Many healthcare facilities, particularly in developing countries, are choosing to use refurbished equipment to make the most of their budget while still maintaining high-quality diagnostic capabilities. This trend is driving the market growth as more institutions are realizing the importance of affordable, yet high-quality imaging solutions.

Role of Developing Healthcare Infrastructure

The growing healthcare infrastructure in developing countries is a major factor contributing to the growth of the refurbished medical imaging equipment market. As these regions strive to enhance healthcare access and quality, there is an increasing need for cost-effective imaging solutions.

Utilizing refurbished equipment presents a practical option for healthcare providers to address patient needs while effectively managing expenses, thereby contributing to the growth of the market.

Impact of Sustainability Efforts

With a rising focus on sustainability, the market for refurbished medical imaging equipment is experiencing positive effects due to the heightened recognition of the environmental consequences of electronic waste. By refurbishing and reusing medical imaging equipment, we can significantly reduce our carbon footprint and contribute to global sustainability goals. This driver is becoming more and more crucial as both healthcare providers and patients prioritize environmentally responsible practices.

Regional Market Dynamics

North America leads the way in the refurbished medical imaging equipment market, thanks to its strong healthcare infrastructure, widespread adoption, and favorable reimbursement policies.

This dominance contributes to the growth of the market as hospitals and clinics in the United States are increasingly looking for affordable solutions. Europe is closely following the trend, with an increasing demand in countries such as Germany and the UK. Nevertheless, the healthcare systems in emerging markets in Asia-Pacific are quickly gaining ground, presenting promising growth prospects.