PUBLISHER: The Business Research Company | PRODUCT CODE: 1436640
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436640
Refurbished medical equipment refers to equipment that is restored to its original condition without altering its initial specifications. Such equipment undergoes restoration and is reused multiple times.
Refurbished medical equipment encompasses various types, such as medical imaging equipment, operating room & surgical equipment, patient monitors, cardiology equipment, urology equipment, neurology equipment, intensive care equipment, endoscopy equipment, IV therapy systems, and others. These equipment types serve diagnostic and therapeutic purposes across diverse medical fields and are utilized by hospitals, ambulatory care centers, diagnostic imaging centers, and others.
The refurbished medical equipment market research report is one of a series of new reports from The Business Research Company that provides refurbished medical equipment market statistics, including refurbished medical equipment industry global market size, regional shares, competitors with a refurbished medical equipment market share, detailed refurbished medical equipment market segments, market trends and opportunities, and any further data you may need to thrive in the refurbished medical equipment industry. This refurbished medical equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The refurbished medical equipment market size has grown rapidly in recent years. It will grow from $13.74 billion in 2023 to $16.05 billion in 2024 at a compound annual growth rate (CAGR) of 16.8%. The growth observed in the historic period can be attributed to cost containment in healthcare, the increasing demand for affordable healthcare, the prolonged lifecycle of equipment, a focus on environmental sustainability, and improved access to advanced technology at lower costs.
The refurbished medical equipment market size is expected to see rapid growth in the next few years. It will grow to $28.71 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%. The anticipated growth during the forecast period can be linked to the persistent cost pressures in healthcare, global health challenges, resource allocation considerations, a growing emphasis on emerging markets, ongoing technology upgrades, and the obsolescence of equipment, along with a rise in telehealth and remote care. Notable trends expected in the forecast period encompass a heightened focus on environmental sustainability and circular economy practices, an increased emphasis on refurbished surgical equipment, a rise in the availability of warranty and service contracts, governmental initiatives supporting the procurement of refurbished equipment, and advancements in refurbishment technologies.
The growth of the refurbished medical equipment market has been significantly influenced by the increasing prevalence of cancer and cardiovascular diseases. In 2021, the American Cancer Society, a non-profit organization based in the United States dedicated to eliminating cancer, reported a staggering 1.9 million new cancer cases diagnosed in the country, with an estimated 608,570 cancer-related deaths. Similarly, the World Health Organization, a Switzerland-based specialized agency promoting health, revealed in June 2021 that approximately 17.9 million people succumbed to cardiovascular diseases (CVDs), accounting for 32% of global deaths. This surge in cancer and cardiovascular diseases has emerged as a key driver for the growth of the refurbished medical equipment market.
The significant contributor to the market's growth is the increasing preference for eco-friendly products. Eco-friendly products are those designed to have minimal negative impacts on the environment throughout their entire life cycle. Refurbishing medical equipment aligns with this environmentally conscious approach, providing existing equipment with a second life and diverting it from landfills. This practice reduces the demand for virgin materials and manufacturing processes, promoting sustainability in the healthcare industry. A survey conducted by GreenPrint, a US-based technology company, in March 2022 revealed that approximately 75% of millennials and 63% of Generation Z individuals are willing to pay more for environmentally sustainable products. This growing preference for eco-friendly alternatives is contributing significantly to the expansion of the refurbished medical equipment market.
Leading companies are strategically forming alliances to strengthen their positions in the refurbished medical equipment market. In October 2023, AA Medical, a US-based provider of sustainable solutions, entered into a partnership with MED-SELL.COM, a US-based provider of pre-owned medical devices. This strategic alliance aims to redefine the landscape of pre-owned medical devices and equipment, offering a broader range of solutions to meet diverse healthcare needs. The collaboration demonstrates a concerted effort to maintain a robust presence in the market.
Major players in the refurbished medical equipment market are also concentrating on technological advancements, particularly in the development of refurbishment facilities, to gain a competitive advantage. A refurbishment facility is a specialized facility where used or unwanted items are meticulously cleaned, repaired, and upgraded for resale. For instance, in April 2022, Blue Star Ltd., an Indian-based home appliances company, introduced a Medical Diagnostic Equipment Refurbishment Facility. Spanning 15,000 sq ft, this facility is equipped with advanced technology and skilled professionals to refurbish a wide array of medical equipment. The company ensures comprehensive warranty coverage and after-sales support for its refurbished equipment, providing customers with confidence in their purchases.
In February 2022, Avista Capital Partners, a US-based private equity firm, successfully acquired Probo Medical, LLC, for an undisclosed amount. This strategic move positions Avista Capital Partners to meet the growing demand for newer, high-quality refurbished equipment and accelerates its expansion in the market. Probo Medical, LLC, a US-based manufacturer of medical imaging equipment specializing in refurbished diagnostic imaging equipment, becomes part of this effort to enhance the availability of advanced and reliable refurbished medical devices.
Major companies operating in the refurbished medical equipment market report are Johnson & Johnson Services Inc., Siemens Healthineers AG, Koninklijke Philips N.V., Stryker Corporation, GE HealthCare Technologies Inc., Canon Medical Systems Corporation, Toshiba Medical Systems Corp., First Source Inc., US Med-Equip Inc., BC Technical Inc., Soma Technology Inc., DMS Topline Medical Inc., Agito Medical AS, Avante Health Solutions, Master Medical Equipment, US Medical Systems LLC, Everx Pvt. Ltd., Hilditch Group Ltd., Rosch Medical Systems Pvt. Ltd., Block Imaging International Inc., Rhombus Medical Equipment LLC, Fair Medical Co. Ltd., Future Health Concepts Inc., Altima Healthcare Services Inc., Jaken Medical Inc., Bluestone Diagnostics Inc., Integrity Medical Systems Inc., FlexrayMedical ApS, Cambridge Scientific Instrument Company, Radio Oncology Systems Inc.
North America was the largest region in the refurbished medical equipment market in 2023. Asia-Pacific is predicted to record the fastest growth over the forecast period. The regions covered in the refurbished medical equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the refurbished medical equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The refurbished medical equipment market consists of sales of refurbished X-ray machines, ultrasound systems, MRI machines, CT scanners, nuclear imaging systems, and other medical imaging equipment. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Refurbished Medical Equipment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on refurbished medical equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for refurbished medical equipment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The refurbished medical equipment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.