According to Arizton’s latest research report, the refurbished medical equipment market will grow at a CAGR of 11.76% from 2021-2027. Increasing demand for medical equipment in developing countries, high capital and procurement costs of medical equipment, and growing preference for eco-friendly products are the latest trends in the market.
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The global refurbished medical equipment market is growing mainly due to the increasing number of healthcare settings globally and the increased access to healthcare services. In the medical segment, the market is growing due to the high prevalence of several acute and chronic diseases across the globe. The refurbished medical equipment market grew significantly during the pre-pandemic times. However, various new outbreaks of diseases such as bird flu, COVID-19, monkeypox, and more are expected to come, creating a large demand for medical equipment used in the market. This, in turn, drives the demand for refurbished medical equipment in the market. In the post-COVID-19 scenario, there has been a surge in demand for refurbished medical equipment, further attracting new vendors to the market. In 2022, monkeypox started spreading in several countries. Over 28,000 cases of monkeypox were recorded till mid-August 2022.
Refurbished Medical Equipment Market Report Scope
| Report Attributes | Details |
| Market Size (2027) | USD 29.68 Billion |
| Market Size (2021) | USD 15.23 Billion |
| CAGR (2021-2027) | 11.76% |
| Base Year | 2021 |
| Forecast Year | 2022-2027 |
| Segmentation Analysis | Product, Application, End-Users, and Geography |
| Geographical Analysis | North America, Europe, APAC, Latin America, and Middle East & Africa |
| Key Countries | The US, Canada, Germany, the UK, France, Italy, Spain, China, Japan, India, South Korea, Australia, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, Turkey, and the UAE |
| Market Dynamics |
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Refurbished Medical Equipment Helping in Hospital Budget Cuts
In a constantly changing industry, medical equipment can rapidly become outdated. Purchasing a new piece of equipment comes with many upfront costs. Refurbished equipment can help avoid high upfront costs and avoid being forced to use something quickly obsolete. Being on the cutting edge of technology is more efficient and provides better customer service. Refurbished medical equipment gives that flexibility and saves a lot of money.
It extends the equipment’s lifespan to save money and realizes a maximum return on investment. Refurbished imaging equipment is an outstanding example of this. The hospital must proactively maintain it since it is critical for operations. On top of this, software tends to need more frequent updates than hardware does. Therefore, hospitals look to extend their equipment’s lifespan by installing refurbished systems with the newest software.
High Capital & Procurement Costs of Medical Equipment Creating Market Opportunities
Purchasing refurbished medical equipment has many advantages. The biggest advantage is probably the cost-effectiveness of the product. However, regardless of a healthcare facility’s budget, the price of a product should never trump its quality, the company’s reputation, and, most importantly, its patients. Medical equipment typically consists of complex machines that are expensive to purchase and operate and require significant maintenance. Smaller clinics and local medical centers may not be inclined to spend many resources purchasing new equipment that can easily deplete their entire annual budget for just a few devices. Purchasing refurbished medical equipment allows healthcare providers to maximize their budget while providing quality treatment options to each patient.
There are several reasons why healthcare providers should consider investing in refurbished medical equipment. Clinics can maximize operating budgets and increase staffing while maintaining high standards of patient outcomes. Saving money is the most obvious reason for community healthcare providers to consider purchasing refurbished medical equipment. By investing in refurbished equipment, hospitals and clinics can free up much-needed funds for other uses such as staff, disposables, and medicines.
Geographical Insights
North America and Europe are the largest, most mature markets for refurbished equipment, both regions can efficiently reuse advanced technology components at the end of the equipment’s service life. The most frequently reconditioned technologies are MRI and CT, which also happen to be the ones that use the greatest resources and materials in their production. However, refurbished medical imaging equipment is banned outright or tightly restricted in emerging global markets. New international regulations threaten to bar the shipment of used medical electrical equipment for refurbishment or end-of-life disassembly and recycling. By replacing bans on refurbished equipment with a regulated approach based on standards, countries can expand access to advanced medical technology while guaranteeing patients’ safety and environmental sustainability.
Vendors Insights
The global refurbished medical market is exceptionally active, with fewer global, regional, and local players offering a wide range of medical equipment. The market is less competitive as the key players have gained significant market share compared to other prominent players. The refurbished medical equipment market provides an avenue for cheaper access to healthcare delivery and reduces costs in developing countries where this equipment is purchased for use. The relevant stakeholders include original equipment manufacturers (OEMs), industry associations, standard bodies, service providers, distributors, and marketers. The refurbished medical equipment market is an attractive proposition for OEMs. It gives their equipment a longer revenue-generating lifespan while creating a steady demand for state-of-the-art equipment at multiple price points. Refurbishing medical equipment is also favorable in many developing countries without full medical coverage.
The competition among leading vendors is expected to rise during the forecast period with increased products offered by companies, wide geographic presence, strong distribution network & brand awareness, and the development of advanced medical equipment.
Key Vendors
- General Electric Company
- Koninklijke Philips
- Siemens Healthineers
- Amber Diagnostics
- Apt Medical Systems
- Avante Health Solutions
- Block Imaging
- EverX
- Future Health Concepts
- Medirays
- Meridian Medical
- PACIFIC HEALTHCARE IMAGING
- Radiology Oncology System
- Soma Tech Intl
- US Med-Equip’s
- US Medical Systems
- Venture Medical ReQuip
Market Segmentation
Product Type: Medical Imaging Equipment, IVD & Laboratories Equipment, OR (Operating Room), Surgical and Therapeutic Equipment, Patient Monitoring Equipment, Cardiology Equipment, Dental Equipment, and Others
Application: Diagnosis & Monitoring and Treatment & Surgical Interventions
End-users: Hospitals, Radiology/Medical Imaging Centers, Clinics, Physician offices & Dental Clinics, Clinical & Research Laboratories, and Others
Geography: North America, Europe, APAC, Latin America, and Middle East & Africa
Countries Covered: the US, Canada, Germany, the UK, France, Italy, Spain, China, Japan, India, South Korea, Australia, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, Turkey, and the UAE
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