Refurbished medical imaging equipment market poised for growth

April 23, 2024
by HealthCare Business News
The global market for refurbished medical imaging equipment is projected to expand by $5.892 billion from 2023 to 2027, growing at a compound annual growth rate (CAGR) of over 7.63%, reports Technavio.

This growth is largely driven by healthcare providers' need for cost-effective diagnostic tools due to increasing budget limitations. Hospitals are the primary end-users, with heightened demand for products such as X-ray machines, ultrasound systems, MR machines, and CT scanners.

The refurbished equipment market offers a sustainable and environmentally friendly alternative, adhering to advanced technological standards and regulatory requirements that ensure both quality assurance and patient safety. This aspect is especially critical in emerging economies, where adoption rates are climbing. These regions benefit from strategic collaborations that provide warranties and guarantees, contributing to the market’s expansion.

However, the market faces challenges, notably hospitals' hesitation toward purchasing refurbished units due to concerns about their quality and reliability. OEMs often restrict sales, and the equipment typically has a lower resale value, which can deter potential buyers. Additionally, there are prevailing negative perceptions among physicians, patients, and institutions regarding refurbished medical imaging equipment.

In North America, the market experiences significant growth spurred by an increase in chronic diseases such as cardiovascular disorders and musculoskeletal conditions. The adoption of refurbished medical imaging equipment is further encouraged by favorable regulatory policies and the potential for considerable cost savings, which are appealing to healthcare facilities operating under financial constraints.

Overall, the refurbished medical imaging equipment market is crucial for the healthcare sector, providing cost-effective solutions that support sustainable practices while ensuring the availability of essential diagnostic capabilities.