By: Staff report
Several reports indicate continued growth in the medical imaging equipment market as well as the refurbished medical equipment market. The factors fueling the growth of those markets should also continue to power the expansion of the medical imaging parts market in coming years.
Transparency Market Research reports that the global refurbished medical imaging equipment market size was recently valued at $7.1 billion. Refurbished medical imaging devices require parts which points to growth of the imaging parts market.
“The global market is likely to progress at 9.1% CAGR during the forecast period, from 2022 to 2031,” the report states. “By 2031, the global refurbished medical imaging equipment market is anticipated to touch value of $18.3 billion. Due to the rising need for imaging devices for the diagnosis of numerous illnesses, the global market for refurbished medical imaging equipment is anticipated to expand quickly in the coming years. With the exception of a few illnesses, medical imaging technology including MRI, X-ray and CT scan scanners is widely utilized to identify practically every problem.”
The performance of repaired and refurbished medical imaging equipment is on par with that of brand-new equipment, which is expected to propel these markets. Around the world, an increase in illnesses is increasing demand. Since they do not have to spend large amounts of money on new equipment, many hospitals rely on parts to repair devices in a health care facility or purchase refurbished medical imaging equipment.
North America is expected to be a strong region of growth in the coming decade.
“North America accounted for over 37% of the global market in 2021 and is expected to account for the largest revenue share in the refurbished medical imaging equipment market,” according to Transparency Market Research. “The region is anticipated to lead the global market during the forecast period. In North America, OEMs and third-party refurbishers are becoming more prevalent, which is likely to drive the regional market.”
Global Market Insights reports that it expects the overall medical imaging market to grow at a compound annual growth rate (CAGR) of 5.5% from 2023 to 2032 after being valued at $40 million in 2022.
Global Medical Insights also states that the North America medical imaging market is projected to experience a 5.3% CAGR from 2023 to 2032. The increased investment in new devices suggests that there will be a need for imaging parts in the future in order to maintain and repair devices as they age.
Transparency Market Research, in a separate report, states that the global medical imaging equipment services market is expected to reach $29.2 billion by the end of 2031. Firms that provide medical imaging equipment services depend on imaging parts in order to serve their clients.
