The global refurbished medical imaging equipment market is set to expand significantly over the next few years, with a projected compound annual growth rate (CAGR) of 11.5% from 2024 to 2031, according to a new report by Verified Market Research.

Valued at $15.88 billion in 2023, the market is expected to reach $37.94 billion by the end of the forecast period. The growth will be driven primarily by the cost-effectiveness of refurbished equipment, which appeals to healthcare facilities in both developed and emerging economies seeking to reduce expenses while maintaining diagnostic capabilities.

In emerging markets, the demand for affordable imaging solutions is rising alongside efforts to improve healthcare infrastructure. Additionally, growing environmental concerns around electronic waste are pushing healthcare providers toward sustainable practices, including the reuse of refurbished devices.

The MR segment is expected to dominate due to its high cost and long service life, making refurbished MR scanners an appealing alternative. The oncology sector, driven by the increasing prevalence of cancer, will also hold a significant market share as refurbished imaging devices provide critical diagnostic capabilities at lower costs.

However, the market faces challenges. Concerns over the quality and performance of refurbished equipment remain a significant barrier to wider adoption. Stringent regulatory requirements also complicate market entry, particularly for smaller players. Competition from new, advanced imaging technologies could hamper the market's growth, particularly in wealthier countries or regions where healthcare budgets are more flexible.

North America dominates the refurb market, largely due to its well-established healthcare infrastructure and favorable reimbursement policies, followed by Europe. Meanwhile, Asia-Pacific is emerging as a promising region for future expansion, driven by rapid healthcare development.

Verified Market Research, which published the report, is a member of the market analysis association ESOMAR, and covers over 15,000 high impact and niche markets.

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