How Big is Refurbished Medical Equipment Market ? :
IMARC Group’s latest report, titled “Refurbished Medical Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the refurbished medical equipment market business growth. The report also includes competitor and regional analysis, and contemporary advancements in the market. the global refurbished medical equipment market size reached US$ 13.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 26.4 Billion by 2028, exhibiting a growth rate (CAGR) of 12.2% during 2023-2028.
What is Refurbished Medical Equipment and Uses ? :
Refurbished medical equipment are devices that are restored to their original safety and effectiveness. These devices are reconditioned and repaired, and then are installed with software and hardware updates without altering the original specifications or their intended use. They further undergo a rigorous inspection and meticulous testing to detect worn parts that are replaced to resume the effectiveness of the devices. The damaged and the old parts are also cleaned, disinfected, painted and replaced to meet the OEM specifications. As a result, these machines are available in the market at competitive prices, which have contributed to their widespread popularity across various clinics, hospitals and healthcare institutions.
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Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players being
- Philips Electronics Nederland B.V
- Block Imaging
- EverX Pty Ltd
- The General Electric Company
- Integrity Medical Systems, Inc
- Radiology Oncology Systems, Inc
- Rad Medical Associates
- Siemens Healthineers AG
- Soma Technology, Inc
Refurbished Medical Equipment Industry Growth and Demand Analysis:
The global market is primarily driven by the growing requirement for cost-effective, technologically advanced medical devices. Numerous healthcare professionals are adopting refurbished equipment as they aid them in accessing cutting-edge medical devices at extremely low prices. These devices can be procured from reliable providers to ensure optimal condition and durability of the machines. Along with this, numerous healthcare institutions are using these devices to offer affordable services to patients without compromising on quality.
Moreover, increasing privatization in the healthcare sector acts as a major growth-inducing factor. This is further facilitated by the growing incidences of chronic diseases, such as diabetes, cancer and cardiovascular disorders, and the rising geriatric population, who are more susceptible to any kind of diseases. Apart from this, increasing governmental efforts toward sustainable development, coupled with an overall rise in environmental consciousness, is further facilitating the adoption of these equipment as they aid in reducing the carbon footprint. The rising trend of medical tourism and the increasing number of partnerships among OEMs and third-party refurbishment service providers are some of the other factors contributing to the market growth.
Key Market Segmentation:
Breakup by Product Type:
- Medical Imaging Systems
- Computed Tomography Systems
- MRI Systems
- X-ray, C-arm & Radiography Equipment
- Ultrasound Systems
- Mammography Equipment
- Nuclear Medicine Devices
- Others
- Operating Equipment and Surgical Devices
- Anesthesia Machines and Agent Monitors
- Endoscopes and Microscopes
- Vascular Closure Devices
- Electrosurgical Units
- Altherectomy Devices
- Others
- Others
- Patient Monitoring Devices
- Defibrillators
- Coagulation Analyzers
- Neurology Equipment
- Endoscopy Equipment
- Others
Breakup by Application:
- Diagnostic Imaging Systems
- Minimally Invasive Devices
- Biotechnology Instruments
- Others
Breakup by End-User:
- Hospitals and Clinics
- Diagnostic Centres
- Ambulatory Surgical Centres
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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