Global Refurbished Medical Equipment Market to Reach US$ 37.7 Billion by 2032, Impelled by Rising Need for Affordable Medical Equipment

April 07, 2020 | Healthcare

According to the latest report by IMARC Group, titled "Refurbished Medical Equipment Market Report by Product Type (Medical Imaging Systems, Operating Equipment and Surgical Devices, and Others), Application (Diagnostic Imaging Systems, Minimally Invasive Devices, Biotechnology Instruments, and Others), End-User (Hospitals and Clinics, Diagnostic Centres, Ambulatory Surgical Centres, and Others), and Region 2024-2032," the global refurbished medical equipment market reached a value of US$ 15.0 Billion in 2023. Refurbished medical equipment are devices that are restored to their original safety and effectiveness. These devices are reconditioned and repaired, and then are installed with software and hardware updates without altering the original specifications or their intended use. They further undergo a rigorous inspection and meticulous testing to detect worn parts that are replaced to resume the effectiveness of the devices. The damaged and the old parts are also cleaned, disinfected, painted and replaced to meet the OEM specifications. As a result, these machines are available in the market at competitive prices, which have contributed to their widespread popularity across various clinics, hospitals and healthcare institutions.

Global Refurbished Medical Equipment Market Trends:

The global market is primarily driven by the growing requirement for cost-effective, technologically advanced medical devices. Numerous healthcare professionals are adopting refurbished equipment as they aid them in accessing cutting-edge medical devices at extremely low prices. These devices can be procured from reliable providers to ensure optimal condition and durability of the machines. Along with this, numerous healthcare institutions are using these devices to offer affordable services to patients without compromising on quality. Moreover, increasing privatization in the healthcare sector acts as a major growth-inducing factor. This is further facilitated by the growing incidences of chronic diseases, such as diabetes, cancer and cardiovascular disorders, and the rising geriatric population, who are more susceptible to any kind of diseases. Apart from this, increasing governmental efforts toward sustainable development, coupled with an overall rise in environmental consciousness, is further facilitating the adoption of these equipment as they aid in reducing the carbon footprint. The rising trend of medical tourism and the increasing number of partnerships among OEMs and third-party refurbishment service providers are some of the other factors contributing to the market growth. On account of the aforementioned factors, the market is expected to reach a value of US$ 37.7 Billion by 2032, exhibiting a CAGR of 10.5% during 2024-2032.

Market Summary:

  • Based on the product type, the market has been divided into medical imaging systems (computed tomography systems, MRI systems, X-ray, C-arm and radiography equipment, ultrasound systems, mammography equipment, nuclear medicine devices, and others), operating equipment and surgical devices (anesthesia machines and agent monitors, endoscopes and microscopes, vascular closure devices, electrosurgical units, altherectomy devices, and others), and others (patient monitoring devices, defibrillators, coagulation analyzers, neurology equipment, endoscopy equipment and others).
  • On the basis of the application, the market has been categorized into diagnostic imaging systems, minimally invasive devices, biotechnology instruments and others.
  • Based on the end-user, the market has been classified into hospitals and clinics, diagnostic centres, ambulatory surgical centres and others.
  • On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
  • The competitive landscape of the industry has been examined with the detailed profiles of the key players operating in the market. Some of these players include Philips Electronics Nederland B.V., Block Imaging, EverX Pty Ltd, The General Electric Company, Integrity Medical Systems, Inc., Radiology Oncology Systems, Inc., Rad Medical Associates, Siemens Healthineers AG, and Soma Technology, Inc.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Product Type, Application, End-User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Philips Electronics Nederland B.V., Block Imaging, EverX Pty Ltd, The General Electric Company, Integrity Medical Systems, Inc., Radiology Oncology Systems, Inc., Rad Medical Associates, Siemens Healthineers AG, and Soma Technology, Inc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Refurbished Medical Equipment Market to Reach US$ 37.7 Billion by 2032, Impelled by Rising Need for Affordable Medical Equipment
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