The refurbished medical equipment market is evaluated at US$9.211 billion for the year 2019 and is projected to grow at a CAGR of 12.43% to reach US$20.916 billion in 2026.
Refurbished Medical equipment is restored medical devices that are refitted to be used in medical operations. Refurbishment intends to extend the overall life of the medical equipment, thus proving significant benefits from an environmental and social perspective. Refurbishing of medical equipment is done through reconditioning, repairing and installation, and up-gradation of certain software hardware and software components without changing the intended use of the device. Buying new medical equipment can be an expensive proposition for many Hospitals and health care centers, refurbished medical equipment serves as a cost-effective alternative for these healthcare institutions. Recent trends have indicated an increasing use of refurbished medical devices in emerging countries owing to a large population base suffering from chronic diseases and growing demand for low-cost medical equipment. Moreover, the growth in the market can be attributed to financial constraints faced by hospitals, the availability of large-scale inventory of used or old medical devices, and the growing demand for capital-intensive imaging equipment. Besides, a growing trend in medical tourism and rising private health care institutions are further driving the demand in the refurbished medical equipment market.
Furthermore, changing consumer preferences and trends towards reusable and eco-friendly solutions are augmenting the demand in the market. The demand for refurbished medical equipment is comparatively higher in the middle and low-income countries, growing demand in these markets can be attributed to poor and limited availability of health care solutions. Thus, refurbished medical equipment proves to be affordable alternatives in these countries, thereby propelling growth in the refurbished medical equipment market. However, stringent regulations on imports, negative perception about the quality of products among end-users, and lack of standardization concerning the sale and adoption of refurbished medical devices are estimated to hamper the growth in the market.
The outbreak of the novel coronavirus disease negatively impacted the Refurbished Medical Equipment market. The market was expanding at a notable rate before the market downturn but is likely to grow once the pandemic passes. The pandemic led to supply chain disruptions in the refurbished Medical Equipment market and affected the production of parts, assembly, and shipments globally. Owing to the surge in demand for medical devices, hospitals, and other healthcare institutions were stretching the lifetime of their existing equipment, thereby leading to reduced trade-ins for refurbished medical devices. For instance, GE Healthcare witnessed a 10% decline in the refurbishment of medical equipment.
The Refurbished Medical Equipment market has been segmented based on product type and geography. Geographically, the analyzers market is segmented into North American, European, Asian Pacific, South American, and the Middle East and African region.
Medical Imaging Equipment to hold a significant market share
By product type, the Refurbished Medical Equipment market has been classified into Patient monitors, Medical Imaging Equipment, Operating room and surgical equipment, Neurology Equipment, Endoscopy Equipment, Intensive Care Equipment, and Other Medical Equipment. The Medical Imaging equipment-based segment is anticipated to propel at a noteworthy CAGR until the end of the forecast period. The dominant position in the market can be attributed to the presence of a large portfolio of products under the medical imaging product line and the rising number of hospital and imaging centers across the world. Medical imaging equipment assists in taking an image of the body and facilitate the correct diagnosis of the underlying issue. As this equipments involve advanced technological systems, the cost of procuring this equipment is greater. Hence refurbished equipment provides customers with a wide array of cost-effective options, thereby driving demand in the market.
Hospital segment to hold a significant market share
By end-user, the Refurbished Medical Equipment market has been classified into Hospitals, Diagnostics centers, and others. The Hospital-based segment is anticipated to propel at a noteworthy CAGR until the end of the forecast period. The dominant market share in the Hospital sector can be attributed to the rising demand for affordable hospital treatment and the growing need for affordable solutions in emerging economies.
The Asia Pacific region to witness lucrative growth opportunities
Geographically, the distribution of the global market has been done in North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. The Asia Pacific region is expected to propel at a notable annual growth rate over the forecasted period. The factors supporting the growth in the region are the increasing demand for health care institutions and imaging centers along with a growing focus on rural health development by both government and private institutions. Additionally, increasing the privatization of health care centers, a large population base, and the growing demand for cost-effective refurbished medical equipment are estimated to drive growth in the market. Furthermore, supportive government initiatives and regulatory policies are projected to further augment the demand in the market.
Participation by market players
The market players are actively participating in form of increased investments in R&D for the launch of new innovative products to expand their market share and to meet the growing end-user requirements. For instance, GE Healthcare recently announced the acquisition of Zionexa, a leading innovator and manufacturer of oncology and neurology biomarkers. Similarly, Canon medical Solutions received FDA approval for its One-Beat Spectral Cardiac CT.
Global Refurbished Medical Equipment Market Scope:
|Market size value in 2019||US$9.211 billion|
|Market size value in 2026||US$20.916 billion|
|Growth Rate||CAGR of 12.43% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Product Type, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||GE Healthcare, Koninklijke Philips N.V., Siemens Healthineers AG, Canon Medical Systems Corporation, SOMA Technology, Inc., Avante Health Solutions, Block Imaging International Inc., Atlantis Worldwide, LLC, Radiology Oncology Systems, Inc., Integrity Medical Systems, Inc|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the refurbished medical equipment market size by 2026?
A1. The global refurbished medical equipment market is projected to reach a total market size of US$20.916 billion in 2026.
Q2. What is the size of global refurbished medical equipment market?
A2. Refurbished Medical Equipment market was valued at US$9.211 billion in 2019.
Q3. What are the growth prospects for refurbished medical equipment market?
A3. The refurbished medical equipment market is projected to grow at a CAGR of 12.43% during the forecast period.
Q4. Which region holds the largest market share in the refurbished medical equipment market?
A4. The Asia Pacific region is expected to propel a notable annual growth in the refurbished medical equipment market.
Q5. What factors are anticipated to drive the refurbished medical equipment market growth?
A5. The refurbished medical equipment market growth can be attributed to financial constraints faced by hospitals, the availability of large-scale inventory of used or old medical devices, and the growing demand for capital-intensive imaging equipment.
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Refurbished Medical Equipment Market Analysis, by Product Type
5.2. Patient Monitors
5.2.1. Multi parameter Monitors
5.2.2. Pulse Oximeters
5.2.3. Non Invasive Blood Pressure Monitors
5.2.4. Electrocardiographic Devices
5.3. Medical Imaging Equipment
5.3.1. X-Ray Machines /C-Arm
5.3.2. Ultrasound Systems
5.3.3. CT Scanners
5.3.4. MRI Machines
5.4. Operating Room Equipment and Surgical Equipment
5.4.2. Anesthesia Machines
5.4.3. Medical Ventilators
5.4.4. Electrosurgical Units
5.4.5. CO2 and Agent Monitors
5.5. Neurology Equipment
5.6. Endoscopy Equipment
5.7. Intensive Care Equipment
5.8. Other Medical Equipment
6. Refurbished Medical Equipment Market Analysis, by End User
6.3. Diagnostic Centers
7. Refurbished Medical Equipment Market Analysis, by Geography
7.2. North America
7.2.1. North America Refurbished Medical Equipment Market, By Product Type, 2019 to 2026
7.2.2. North America Refurbished Medical Equipment Market, By End-User, 2019 to 2026
7.2.3. By Country
7.3. South America
7.3.1. South America Refurbished Medical Equipment Market, By Product Type, 2019 to 2026
7.3.2. South America Refurbished Medical Equipment Market, By End-User, 2019 to 2026
7.3.3. By Country
7.4.1. Europe Refurbished Medical Equipment Market, By Product Type, 2019 to 2026
7.4.2. Europe Refurbished Medical Equipment Market, By End-User, 2019 to 2026
7.4.3. By Country
7.5. Middle East and Africa
7.5.1. Middle East and Africa Refurbished Medical Equipment Market, By Product Type , 2019 to 2026
7.5.2. Middle East and Africa Refurbished Medical Equipment Market, By End-User, 2019 to 2026
7.5.3. By Country
18.104.22.168. Saudi Arabia
22.214.171.124. South Africa
7.6. Asia Pacific
7.6.1. Asia Pacific Refurbished Medical Equipment Market, By Product Type, 2019 to 2026
7.6.2. Asia Pacific Refurbished Medical Equipment Market, By End-User, 2019 to 2026
7.6.3. By Country
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. GE Healthcare
9.2. Koninklijke Philips N.V.
9.3. Siemens Healthineers AG
9.4. Canon Medical Systems Corporation
9.5. SOMA Technology, Inc.
9.6. Avante Health Solutions
9.7. Block Imaging International Inc.
9.8. Atlantis Worldwide, LLC
9.9. Radiology Oncology Systems, Inc.
9.10. Blue Star Limited
Koninklijke Philips N.V.
Siemens Healthineers AG
Canon Medical Systems Corporation
SOMA Technology, Inc.
Avante Health Solutions
Block Imaging International Inc.
Atlantis Worldwide, LLC
Radiology Oncology Systems, Inc.
Integrity Medical Systems, Inc
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