PUBLISHER: Grand View Research | PRODUCT CODE: 1405895
PUBLISHER: Grand View Research | PRODUCT CODE: 1405895
The global refurbished medical imaging devices market size is anticipated to reach USD 8.73 billion by 2030, registering a CAGR of 10.38% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increasing demand for cost-effective medical imaging systems, advancements in imaging technologies, presence of multiple suppliers, increasing use of eco-friendly products to minimize the e-waste, and ensure sustainability, growing prevalence of chronic disorders, rising awareness about early disease diagnosis, and high prevalence of chronic diseases. In addition, rising awareness about the benefits of refurbished medical imaging systems and availability of favorable reimbursement policies are expected to drive market growth.
Many healthcare facilities are turning to refurbished options as a more cost-effective alternative pertaining to relatively expensive medical imaging devices. These devices provide advanced technology at a fraction of the cost, allowing healthcare providers to offer top-of-the-line imaging without breaking the budget. In addition, with the constant advancement of technology, newer models are often replacing older ones, creating a steady supply of used devices that can be refurbished and sold to those who may not have the resources for the latest models. For healthcare facilities with budget constraints, such as smaller clinics and underserved areas, refurbished medical imaging devices offer an affordable solution to meet the growing demand for diagnostic imaging services.
The market is expected to grow due to rising need for affordable medical services and increasing privatization of healthcare in low- and middle-income countries, presenting a lucrative opportunity for companies to expand their market share. Moreover, rising prevalence of chronic and acute illnesses globally is expected to drive industry growth. Established medical equipment companies can leverage this market by diversifying into this sector, as no major domestic players exist. While there may be affordability challenges in small towns and rural areas, collaborations with state and central governments can be used to develop this market. Furthermore, setting up national centers to offer after-sales services can help companies build customer trust, increasing the adoption of refurbished products.