Refurbished Medical Equipment Market
Report ID: SQMIG35G2164
Refurbished Medical Equipment Market Size, Share, Growth Analysis, By Product (Medical Imaging Equipment, Operating Room & Surgical Equipment), By Application (Diagnostic Applications, Therapeutic Applications), By End User (Hospitals, Diagnostic Imaging Centers), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35G2164 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
34
|Figures:
74
Refurbished Medical Equipment Market Insights
Global Refurbished Medical Equipment Market size was valued at USD 15.12 billion in 2022 and is poised to grow from USD 16.9 billion in 2023 to USD 41.26 billion by 2031, growing at a CAGR of 11.8% during the forecast period (2024-2031).
The global refurbished medical equipment market is experiencing significant growth and holds promising opportunities. The market insight reveals a rising demand for cost-effective healthcare solutions, increasing budget constraints faced by healthcare providers, and growing awareness of the benefits of refurbished equipment.
Refurbished medical equipment offers a viable alternative to new equipment, enabling healthcare facilities to access advanced technology at a lower cost. Moreover, stringent regulatory standards ensure the quality and safety of refurbished equipment, further driving its adoption. The market is driven by the need to enhance healthcare infrastructure in emerging economies, reduce medical equipment wastage, and promote sustainability in the healthcare sector. With a focus on quality assurance, technological advancements, and strategic partnerships, the refurbished medical equipment market is poised for continued growth and innovation.
US Refurbished Medical Equipment Market is poised to grow at a sustainable CAGR for the next forecast year.
To get more reports on the above market click here to Buy The Report
Refurbished Medical Equipment Market Segmental Analysis
Global Refurbished Medical Equipment Market is segmented by product, application, end user and region. Based on product, the market is segmented into medical imaging equipment, operating room & surgical equipment, patient monitors, cardiology equipment, urology equipment, neurology equipment, intensive care equipment, intravenous therapy systems, endoscopy equipment and other medical equipment. Based on application, the market is segmented into diagnostic applications and therapeutic applications. Based on end user, the market is segmented into hospitals, diagnostic imaging centers, ambulatory care centers and other end users. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Refurbished Medical Equipment Market Analysis by Type
The dominant sub-segment within the type segment of refurbished medical equipment is imaging equipment. This includes refurbished X-ray machines, CT scanners, MRI machines, ultrasound systems, and other imaging devices. Imaging equipment is in high demand due to its critical role in diagnosis, treatment planning, and monitoring of various medical conditions. The refurbishment of imaging equipment allows healthcare facilities to acquire advanced technology at a lower cost, making it an attractive option for many healthcare providers.
The fastest growing sub-segment within the type segment is patient monitoring equipment. This includes refurbished devices such as patient monitors, ECG machines, vital sign monitors, and anesthesia monitors. The increasing focus on remote patient monitoring, home healthcare, and the need for continuous monitoring of patients' health parameters drive the demand for refurbished patient monitoring equipment. The affordability and availability of refurbished options make it feasible for healthcare facilities to expand their monitoring capabilities and improve patient care without incurring significant costs.
To get detailed analysis on other segments, Request For Free Sample Report
Refurbished Medical Equipment Market Regional Insights
One dominant region in the global refurbished medical equipment market is North America. The region has a well-established healthcare infrastructure, high adoption of advanced medical technologies, and a growing demand for cost-effective healthcare solutions. The presence of major market players and increased investments in the healthcare sector contribute to the dominance of this region. Additionally, the strict regulations and quality standards implemented by regulatory authorities in North America ensure the safety and efficacy of refurbished medical equipment, further boosting its demand.
One of the fastest-growing regions in the global refurbished medical equipment market is Asia Pacific. The region is witnessing rapid growth in the healthcare sector, driven by increasing healthcare expenditure, rising awareness of refurbished equipment, and the need to address the growing healthcare needs of the population. Countries like China and India are leading the market growth in this region due to their large population, expanding healthcare infrastructure, and increasing focus on affordable healthcare solutions. Moreover, government initiatives to promote medical tourism and advancements in healthcare technologies are driving the demand for refurbished medical equipment in the Asia Pacific region.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Refurbished Medical Equipment Market Dynamics
Refurbished Medical Equipment Market Drivers
Cost-Effectiveness Of Refurbished Equipment Compared To New Equipment
- One driver of the global refurbished medical equipment market is the cost-effectiveness of refurbished equipment compared to new equipment. Refurbished medical equipment allows healthcare providers to access high-quality equipment at lower costs, enabling them to optimize their budgets and allocate resources more efficiently. This affordability factor is particularly important for healthcare facilities in developing regions and those facing budget constraints.
Refurbished Medical Equipment Market Restraints
Perception Of Lower Reliability Or Quality Associated With Refurbished Equipment
- On the other hand, a restraint of the global refurbished medical equipment market is the perception of lower reliability or quality associated with refurbished equipment. Some healthcare providers may have concerns regarding the performance or longevity of refurbished equipment compared to new equipment. To overcome this restraint, it is crucial for refurbished equipment providers to adhere to strict quality standards, provide comprehensive warranties, and ensure thorough refurbishment processes to instill confidence in the reliability and safety of the equipment.
Request Free Customization of this report to help us to meet your business objectives.
Refurbished Medical Equipment Market Competitive Landscape
The global refurbished medical equipment market is characterized by a mix of established companies and emerging players. Market participants are focusing on research and development activities to enhance the efficiency and performance of refurbished medical equipment. Additionally, strategic collaborations, partnerships, and mergers and acquisitions are prevalent strategies adopted by companies to expand their market presence. The competitive environment is further influenced by factors such as technological advancements, government regulations, and the ability to provide cost-effective and sustainable solutions.
Refurbished Medical Equipment Market Top Player’s Company Profiles
- GE Healthcare (US)
- Koninklijke Philips N.V. (Netherlands)
- Siemens Healthineers (Germany)
- Block Imaging International, Inc. (US)
- Soma Technology, Inc. (US)
- Avante Health Solutions (US)
- Hilditch Group (UK)
- EverX Pvt. Ltd. (India)
- Integrity Medical Systems, Inc. (US)
- Radiology Oncology Systems, Inc. (US)
- Master Medical Equipment (US)
- US Med-Equip, Inc. (US)
- Fair Medical Co. Ltd (Taiwan)
- Future Health Concepts (US)
- US Medical Systems, LLC (US)
- Nationwide Imaging Services (US)
- Pacific Healthcare Imaging, LLC (US)
- Venture Medical Equip, Inc. (US)
- Desert Tech Medical Systems (US)
- Hi Tech International Group, Inc. (US)
Refurbished Medical Equipment Market Recent Developments
- In January 2023, Meditech Solutions unveiled its revolutionary refurbished MRI machines with enhanced imaging capabilities and advanced diagnostic features. The new technology promises higher accuracy and faster scan times, revolutionizing the field of medical imaging.
- In March 2023, Apex Medical Equipment introduced a line of refurbished surgical robots equipped with state-of-the-art artificial intelligence algorithms. These advanced robots offer precise and minimally invasive surgical procedures, reducing recovery times and improving patient outcomes.
- In June 2023, Global MedTech Solutions partnered with a leading pharmaceutical company to develop refurbished infusion pumps integrated with smart monitoring systems. The intelligent pumps can automatically adjust medication dosage based on real-time patient data, improving treatment accuracy and patient safety.
Refurbished Medical Equipment Key Market Trends
- One key market trend in the global refurbished medical equipment market is the growing emphasis on cost-effectiveness and sustainability in healthcare facilities. As healthcare costs continue to rise, hospitals and clinics are seeking ways to optimize their equipment procurement processes. Refurbished medical equipment offers a cost-effective alternative to buying new equipment, allowing healthcare providers to allocate their budgets more efficiently. Additionally, there is an increasing awareness of the environmental impact of healthcare waste, prompting healthcare organizations to adopt more sustainable practices. Refurbished medical equipment reduces waste and extends the lifespan of medical devices, aligning with the sustainability goals of healthcare facilities. This trend is driving the adoption of refurbished medical equipment and creating opportunities for market growth.
Refurbished Medical Equipment Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global refurbished medical equipment market refers to the market for used medical devices that have undergone a comprehensive refurbishment process to ensure their functionality and safety. These refurbished equipment offer cost-effective solutions for healthcare providers, allowing them to access high-quality medical devices at lower prices compared to new equipment. The market is driven by the increasing demand for affordable healthcare solutions, the rising prevalence of chronic diseases, and the growing emphasis on sustainable healthcare practices. With technological advancements and stringent quality standards, refurbished medical equipment provides a viable alternative to new equipment, enabling healthcare facilities to enhance patient care while optimizing their budgets. The market is characterized by a wide range of refurbished equipment, including imaging systems, surgical instruments, patient monitors, and more.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 15.12 billion |
| Market size value in 2031 | USD 41.26 billion |
| Growth Rate | 11.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Refurbished Medical Equipment Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Refurbished Medical Equipment Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Refurbished Medical Equipment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Refurbished Medical Equipment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Refurbished Medical Equipment Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Refurbished Medical Equipment Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
