Refurbished Medical Equipment Market

Market Overview:

The global refurbished medical equipment market size reached US$ 13.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 26.4 Billion by 2028, exhibiting a growth rate (CAGR) of 12.2% during 2023-2028.

Refurbished medical equipment refers to devices that have been restored to a reusable condition without changing their original specifications. The process of refurbishment involves the uninstallation of an old machine and a thorough servicing of all parts, followed by disinfecting, cleaning, painting and replacement of damaged or old components. The device is then sold at a considerably lower price in comparison to a new machine. Owing to these benefits, refurbished equipment finds extensive applicability across hospitals, clinics and other healthcare institutions.

The increasing privatization of the healthcare sector, along with the growing requirement for low-cost medical services, is one of the key factors driving the market growth. Furthermore, factors such as the increasing prevalence of chronic diseases and rising geriatric population are also providing a boost to the market growth. Healthcare centers are increasingly opting for alternatives to procure inexpensive medical equipment to offer a wide variety of affordable treatment services to their patients without compromising on the quality. Additionally, the expanding population base suffering from critical ailments across the globe, such as cancer and cardiovascular diseases (CVDs) is also augmenting the market growth. Also, there is widespread adoption of refurbished equipment by private hospitals in the emerging nations owing to budget constraints. Moreover, the integration of devices with the Internet of Things (IoT) and extensive efforts by both government and non-governmental organizations (NGO) to make quality healthcare facilities accessible to all, are also projected to drive the market further.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global refurbished medical equipment market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type, application and end-user.

Breakup by Product Type:

• Medical Imaging Systems
  • Computed Tomography Systems
  • MRI Systems
  • X-ray, C-arm & Radiography Equipment
  • Ultrasound Systems
  • Mammography Equipment
  • Nuclear Medicine Devices
  • Others
• Operating Equipment and Surgical Devices
  • Anesthesia Machines and Agent Monitors
  • Endoscopes and Microscopes
  • Vascular Closure Devices
  • Electrosurgical Units
  • Altherectomy Devices
  • Others
• Others
  • Patient Monitoring Devices
  • Defibrillators
  • Coagulation Analyzers
  • Neurology Equipment
  • Endoscopy Equipment
  • Others
     

Breakup by Application:

• Diagnostic Imaging Systems
• Minimally Invasive Devices
• Biotechnology Instruments
• Others
   

Breakup by End-User:

• Hospitals and Clinics
• Diagnostic Centres
• Ambulatory Surgical Centres
• Others
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the key players being 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 Coverage:

Key Questions Answered in This Report:

• How has the global refurbished medical equipment market performed so far and how will it perform in the coming years?
• What are the key regional markets?
• What has been the impact of COVID-19 on the global refurbished medical equipment market?
• What is the breakup of the market based on the product type?
• What is the breakup of the market based on the application?
• What is the breakup of the market based on the end-user?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the global refurbished medical equipment market and who are the key players?
• What is the degree of competition in the industry?