Global Refurbished Medical Equipment Market, By Product (Medical Imaging Equipment, Operating Room and Surgical Equipment, Patient Monitors, Cardiology Equipment, Urology Equipment, Neurology Equipment, Intensive Care Equipment, Endoscopy Equipment, IV Therapy Systems and Others), Application (Diagnostic and Therapeutic), End Users (Hospitals, Clinics, Diagnostic Centres and Others) - Industry Trends and Forecast to 2030.
Refurbished Medical Equipment Market Analysis and Size
Growth in the public and private investments to strengthen the healthcare industry especially in the developing countries will foster the growth of global refurbished medical device market. Rising prevalence of chronic diseases will further propel growth in the demand for refurbished medical devices. Growing demand for low cost medical devices and ever-rising geriatric population will further create lucrative market growth opportunities.
Data Bridge Market Research analyzes that the global refurbished medical equipment market which was USD 10.8 billion in 2022, is expected to reach USD 21.4 billion by 2030, and is expected to undergo a CAGR of 12.4% during the forecast period 2023 to 2030. “Medical Imaging Equipment” dominates the product segment of the global refurbished medical equipment market owing to the surge in the number of people suffering from chronic obstructive pulmonary disease. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Refurbished Medical Equipment Market Scope and Segmentation
|
Report Metric
|
Details
|
|
Forecast Period
|
2023 to 2030
|
|
Base Year
|
2022
|
|
Historic Year
|
2021 (Customizable to 2015-2020)
|
|
Quantitative Units
|
Revenue in USD Million, Volumes in Units, Pricing in USD
|
|
Segments Covered
|
Product (Medical Imaging Equipment, Operating Room and Surgical Equipment, Patient Monitors, Cardiology Equipment, Urology Equipment, Neurology Equipment, Intensive Care Equipment, Endoscopy Equipment, IV Therapy Systems and Others), Application (Diagnostic and Therapeutic), End Users (Hospitals, Clinics, Diagnostic Centres and Others)
|
|
Countries Covered
|
U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia- Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, Rest of Middle East & Africa
|
|
Market Players Covered
|
Johnson & Johnson Services, Inc. (US), GENERAL ELECTRIC COMPANY (US), Koninklijke Philips N.V. (Netherland), CANON MEDICAL SYSTEMS CORPORATION (Japan), Siemens Healthcare Private Limited (Germany), Block Imaging (US)
|
|
Market Opportunities
|
|
Market Definition
Refurbished medical equipment are the medical devices that are free from any kind of defects as these are restored to their original working condition. Refurbishment is a process of checking the effectiveness, quality and safety of the medical devices before re-using the equipment.
Global Refurbished Medical Equipment Market Dynamics
Drivers
- Growth in the Public and Private Investments to Strengthen the Healthcare Industry
The growth in public and private investments to strengthen the healthcare industry acts as a significant driver in the global refurbished medical equipment market. Governments, healthcare organizations, and private investors are increasingly allocating funds to enhance healthcare infrastructure, improve patient care, and address the growing demand for cost-effective medical equipment solutions. This investment influx enables the adoption of refurbished medical equipment, which offers substantial cost savings without compromising on quality. It supports healthcare facilities in resource-constrained regions, promotes sustainability, and expands access to essential medical devices. Overall, the increasing investments in healthcare infrastructure drive the demand for refurbished medical equipment, propelling the growth of the global market.
- Rising Prevalence of Chronic Diseases
The rising prevalence of chronic diseases serves as a significant driver in the global refurbished medical equipment market. With an increasing burden of chronic conditions such as cardiovascular diseases, cancer, and respiratory disorders, there is a growing need for medical equipment to diagnose, monitor, and treat these ailments. Refurbished medical equipment offers a cost-effective alternative to new equipment, making it more accessible to healthcare providers and facilities. This enables them to meet the rising demand for quality healthcare services while managing budget constraints. As a result, the market for refurbished medical equipment is witnessing growth due to the escalating prevalence of chronic diseases worldwide.
Opportunity
- Rising Demand for Capital Intensive Diagnostic Equipment
The rising demand for capital-intensive diagnostic equipment presents a significant opportunity in the global refurbished medical equipment market. As healthcare providers strive to enhance diagnostic capabilities and improve patient outcomes, there is a growing need for advanced imaging systems, laboratory analyzers, and other high-cost diagnostic equipment. Refurbished medical equipment offers a cost-effective solution, allowing healthcare facilities to access sophisticated technologies at a lower price point. This creates opportunities for providers of refurbished equipment to meet the increasing demand for high-quality diagnostic solutions while providing cost savings to healthcare institutions. The market for refurbished medical equipment can leverage this opportunity to cater to the rising demand for capital-intensive diagnostic equipment worldwide.
Restraint/Challenge
- High Cost of Treatment
The high taxes imposed on the international trading of medical devices pose a significant restraint or challenge in the global refurbished medical equipment market. Governments often impose tariffs, import duties, and taxes on the import and export of medical devices, including refurbished equipment. These high taxes increase the overall cost of refurbished medical equipment, making it less affordable for healthcare providers and institutions. Such financial barriers can limit the adoption of refurbished equipment, particularly in resource-constrained regions or healthcare facilities with budget constraints. Overcoming the challenge of high taxes is crucial to promote the growth of the global refurbished medical equipment market and ensure the accessibility of cost-effective healthcare solutions.
Recent Developments
- In December 2021, Block Imaging acquired Reliable Healthcare Imaging to open a new repair and reprocessing facility for CT scanner tubes and HV tanks
- In May 2021, Hermes Medical Solutions and Radiology Oncology Systems entered into an agreement to deliver cost-efficient and innovative solutions including refurbished medical devices to Medical Imaging and Radiotherapy Departments in the US.
Global Refurbished Medical Equipment Market Scope
The global refurbished medical equipment market is segmented on the basis of product, application and end users. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Medical imaging equipment
- X-ray machines
- Ultrasound systems
- Mri machines
- Ct scanners
- Nuclear imaging systems
- Other medical imaging equipment
- Operating room and surgical equipment
- Anaesthesia machines
- Operating room tables and lights
- Surgical displays
- Electrosurgical units
- Other operating room and surgical equipment
- Patient monitors
- Multi-parameter monitors
- Electrocardiography devices
- Pulse oximeters
- Mobile cardiac telemetry devices
- Non-invasive blood pressure monitors
- Foetal monitors
- Other patient monitors
- Cardiology equipment
- Heart-lung machines
- Defibrillators
- Other cardiology equipment
- Urology equipment
- Dialysis machines
- Lithotripsy devices
- Neurology equipment
- Eeg machines
- Emg machines
- Intensive care equipment
- Ventilators
- Infant incubators and warmers
- Endoscopy equipment
- Others
Application
- Diagnostic
- Cardiology
- Urology
- Neurology
- Orthopaedics
- Physiology
- Emergency Medicine
- Oncology, Obstetrics/Gynaecology (ob/gyn)
- Other Diagnostic Applications
- Therapeutic
End Users
- Hospitals
- Diagnostic Centres
- Clinics
- Others
Global Refurbished Medical Equipment Market Regional Analysis/Insights
The global refurbished medical equipment market is analyzed and market size insights and trends are provided by country, product, application and end users as referenced above.
The countries covered in the global refurbished medical equipment market report are the U.S., Canada, Mexico, Peru, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Hungary, Lithuania, Austria, Ireland, Norway, Poland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Vietnam, Rest of Asia Pacific, South Africa, Saudi Arabia, U.A.E, Kuwait, Israel, Egypt, Rest of Middle East and Africa
North America dominates the global refurbished medical equipment market because of the strong base of healthcare facilities, the strong presence of major players in the market, increasing cases of chronic conditions and rising number of research activities in this region.
Asia-Pacific is expected to witness significant growth during the forecast period of 2023 to 2030 due to the increase in the government initiatives to promote awareness, growing research activities in the region, availability of massive untapped markets, large population pool, and the growing demand for quality healthcare in the region.
The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, Porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed Base and New Technology Penetration
The global refurbished medical equipment market also provides you with detailed market analysis for every country's growth in healthcare expenditure for capital equipment, installed base of different kinds of products for the global refurbished medical equipment market, the impact of technology using lifeline curves and changes in healthcare regulatory scenarios and their impact on the global refurbished medical equipment market. The data is available for the historic period 2015-2020.
Competitive Landscape and Global Refurbished Medical Equipment Market Share Analysis
The global refurbished medical equipment market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the market.
Some of the major players operating in the global refurbished medical equipment market are:
- Johnson & Johnson Services, Inc. (US)
- GENERAL ELECTRIC COMPANY (US)
- Koninklijke Philips N.V. (Netherland)
- CANON MEDICAL SYSTEMS CORPORATION (Japan)
- Siemens Healthcare Private Limited (Germany)
- Block Imaging (US)
SKU-