Refurbished Medical Equipment Market Size, Share, Growth Analysis, By Product, By Application, By End User, By Region

Description

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 witnessing robust growth, fueled by increasing demand for cost-effective healthcare solutions and budgetary constraints among providers. This segment offers a practical alternative to new equipment, granting healthcare facilities access to advanced technologies at reduced costs. Enhanced awareness of the benefits of refurbished devices, coupled with stringent regulatory standards ensuring quality and safety, has further bolstered their adoption. Additionally, the market is propelled by the necessity for improved healthcare infrastructure in emerging economies, alongside efforts to reduce equipment wastage and promote sustainability. As a result, the refurbished medical equipment sector is set for ongoing growth and innovation, driven by quality assurance, technological advancements, and strategic partnerships.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Refurbished Medical Equipment market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global 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.

Driver of the Global Refurbished Medical Equipment Market

A significant driver of the global refurbished medical equipment market is the cost-effectiveness associated with refurbished devices when compared to their new counterparts. Healthcare providers can acquire high-quality refurbished equipment at a fraction of the cost, which allows them to manage their budgets more effectively and allocate resources strategically. This affordability is especially crucial for healthcare facilities in developing regions and those operating under tight financial constraints, as it enables them to maintain standards of care without overextending their financial capabilities. Thus, the economic benefits of refurbished medical equipment play a pivotal role in the market's expansion.

Restraints in the Global Refurbished Medical Equipment Market

A significant challenge facing the global refurbished medical equipment market is the prevailing perception that refurbished devices may be less reliable or of inferior quality compared to new ones. This concern among healthcare providers regarding the performance and durability of refurbished equipment can hinder market growth. To counter this perception, it is essential for suppliers of refurbished medical equipment to uphold rigorous quality standards, offer extensive warranties, and implement thorough refurbishment protocols. By doing so, they can effectively build trust and confidence in the reliability and safety of these products, ultimately helping to alleviate concerns and enhance acceptance within the healthcare sector.

Market Trends of the Global Refurbished Medical Equipment Market

The global refurbished medical equipment market is witnessing a significant trend towards cost-effectiveness and sustainability, driven by the rising pressure on healthcare budgets and environmental concerns. As medical costs escalate, healthcare facilities are increasingly looking to optimize procurement by investing in refurbished equipment, which provides substantial savings compared to new devices without compromising on quality. Simultaneously, the growing emphasis on reducing healthcare waste and promoting greener practices has led organizations to prioritize environmentally friendly options. By extending the lifecycle of medical devices, refurbished equipment not only meets fiscal needs but also supports sustainability initiatives, fostering market expansion and opportunity in the sector.

Product Code: SQMIG35G2164

Introduction

Objectives of the Study
Scope of the Report
Definitions

Research Methodology

Information Procurement
Secondary & Primary Data Methods
Market Size Estimation
Market Assumptions & Limitations

Executive Summary

Global Market Outlook
Supply & Demand Trend Analysis
Segmental Opportunity Analysis

Market Dynamics & Outlook

Market Overview
Market Size
Market Dynamics
- Drivers & Opportunities
- Restraints & Challenges
Porters Analysis
- Competitive rivalry
- Threat of substitute
- Bargaining power of buyers
- Threat of new entrants
- Bargaining power of suppliers

Key Market Insights

Key Success Factors
Degree of Competition
Top Investment Pockets
Market Ecosystem
Market Attractiveness Index, 2023
PESTEL Analysis
Macro-Economic Indicators
Value Chain Analysis
Pricing Analysis
Regulatory Analysis
Technology Analysis
Case Study Analysis
Patent Analysis

Global Refurbished Medical Equipment Market Size by Product & CAGR (2024-2031)

Market Overview
Medical Imaging Equipment
- CT Scanners
- MRI Machines
- X-Ray Machines
- Nuclear Imaging Systems
- Ultrasound Systems
- Other Medical Imaging Equipment
Operating Room & Surgical Equipment
- Anesthesia Machines
- Electrosurgical Units
- Operating Room Tables & Lights
- Surgical Displays
- Other Operating Room & Surgical Equipment
Patient Monitors
- Multi-Parameter Monitors
- Fetal Monitors
- Electrocardiography Devices
- Pulse Oximeters
- Mobile Cardiac Telemetry Devices
- Non-Invasive Blood Pressure Monitors
- Other Patient Monitors
Cardiology Equipment
- Defibrillators
- Heart-Lung Machines
- Other Cardiology Equipment
Urology Equipment
- Dialysis Machines
- Lithotripsy Devices
Neurology Equipment
- EMG Machines
- EEG Machines
Intensive Care Equipment
- Ventilators
- Infant Incubators and Warmers
Intravenous Therapy Systems
Endoscopy Equipment
Other Medical Equipment

Global Refurbished Medical Equipment Market Size by Application & CAGR (2024-2031)

Market Overview
Diagnostic Applications
- Cardiology
- Urology
- Neurology
- Orthopedics
- Physiology
- Emergency Medicine
- Oncology
- Obstetrics/Gynecology
- Other Diagnostic Applications
Therapeutic Applications
- Cardiology
- Urology
- Neurology
- Orthopedics
- Physiology
- Emergency Medicine
- Oncology
- Obstetrics/Gynecology
- Other Therapeutic Applications

Global Refurbished Medical Equipment Market Size by End User & CAGR (2024-2031)

Market Overview
Hospitals
Diagnostic Imaging Centers
Ambulatory Care Centers
Other End Users

Global Refurbished Medical Equipment Market Size & CAGR (2024-2031)

North America (Product, Application, End User)
- USA
- Canada
Europe (Product, Application, End User)
- Germany
- Spain
- France
- UK
- Italy
- Rest of Europe
Asia Pacific (Product, Application, End User)
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Latin America (Product, Application, End User)
- Brazil
- Rest of Latin America
Middle East & Africa (Product, Application, End User)
- GCC Countries
- South Africa
- Rest of Middle East & Africa

Competitive Intelligence

Top 5 Player Comparison
Market Positioning of Key Players, 2023
Strategies Adopted by Key Market Players
Recent Developments in the Market
Company Market Share Analysis, 2023
Company Profiles of All Key Players
- Company Details
- Product Portfolio Analysis
- Company's Segmental Share Analysis
- Revenue Y-O-Y Comparison (2021-2023)

Key Company Profiles

GE Healthcare (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Koninklijke Philips N.V. (Netherlands)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Siemens Healthineers (Germany)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Block Imaging International, Inc. (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Soma Technology, Inc. (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Avante Health Solutions (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Hilditch Group (UK)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
EverX Pvt. Ltd. (India)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Integrity Medical Systems, Inc. (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Radiology Oncology Systems, Inc. (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Master Medical Equipment (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
US Med-Equip, Inc. (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Fair Medical Co. Ltd (Taiwan)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Future Health Concepts (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
US Medical Systems, LLC (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Nationwide Imaging Services (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Pacific Healthcare Imaging, LLC (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Venture Medical Equip, Inc. (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Desert Tech Medical Systems (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Hi Tech International Group, Inc. (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments

Refurbished Medical Equipment Market Size, Share, Growth Analysis, By Product, By Application, By End User, By Region - Industry Forecast 2024-2031