The research study involves four major activities to estimate the current size of the global refurbished medical equipment market. Exhaustive secondary research was done to collect information on the market and subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
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Major Market Growth Drivers:
The growth of the global refurbished medical devices market can be attributed to factors such as hospital budget cuts, a large inventory of used or old medical devises, rising demand for capital-intensive diagnostic imaging equipment, e-commerce platform enhancing the ease of purchase of refurbished medical equipment, growing preference for eco-friendly products, an increasing number of diagnostic centers & hospitals, and the growing opportunities in emerging economies. However, factors such as stringent regulations on the import and use of refurbished medical devices in certain countries, lack in the standardization of policies for the use & sale of refurbished devices, increase in the influx of low-cost new medical devices, and the negative perception about the quality of refurbished medical devices are expected to restrain the market growth. Furthermore, the growth of the market is expected to be slowed temporarily due to the COVID-19 pandemic during the forecast period.
Revenue Growth Analysis:[214 Pages Report] The global refurbished medical equipment market is projected to reach USD 21.2 billion by 2025 from USD 12.1 billion in 2020, growing at a CAGR of 11.8% from 2020 to 2025.
Browse and in-depth TOC on” Refurbished Medical Equipment Market”
154 – Tables
23 – Figures
214 – Pages
The medical imaging equipment segment accounted for the largest share of the Refurbished Medical Equipement Market in 2019
Based on product, the refurbished medical equipment market is segmented into medical imaging equipment, operating room & surgical equipment, patient monitors, cardiology equipment, urology equipment, neurology equipment, intensive care equipment, endoscopy equipment, IV therapy systems, and other medical equipment. The medical imaging equipment segment accounted for the largest share of the market in 2019.
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Diagnostic Imaging Centers to grow at the fastest rate in the Refurbished Medical Devices Market during the forecast period (2020-2025)
Based on end users, the global Refurbished Medical Devices Market has been segmented into hospitals, ambulatory surgical centers, diagnostic imaging centers, and other end users. The diagnostic imaging centers segment accounted for the highest CAGR during the forecast period 2020-2025. Owing to the favorable outlook for the diagnostic imaging industry, the growing number of diagnostic imaging centers in developing as well as developed economies, the rising prevalence of chronic diseases, and growing awareness on early diagnosis are some of the factors responsible for the high growth of this market segment.
Asia Pacific market to grow at the highest CAGR during the forecast period (2020-2025)
Geographically, the Refurbished Medical Devices Market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. This can be attributed to the large patient pool in the region., increasing privatization in the healthcare sector, huge patient population base, and high demand for refurbished medical equipment by low-budget hospitals and clinics.
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Key Market Players:
The key players operating in the global Refurbished Medical Devices Market are GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Block Imaging (US), SOMA TECH INTL. (US), Avante Health Solutions (US), Hilditch Group (UK), Everx Pvt Ltd. (Australia), Integrity Medical Systems, Inc. (US), Radiology Oncology Systems, Inc. (US), Master Medical Equipment (US), US Med-Equip (US), Fair Medical Co. Ltd. (Japan), Future Health Concepts (US), US Medical Systems, LLC. (US), Nationwide Imaging Services (US), Pacific Healthcare Imaging, LLC (US), Venture Medical ReQuip, Inc. (US), Desert Tech Medical Systems (US), Hi Tech International Group, Inc. (US), CURA Healthcare (India), JAPAN CENTRAL MEDICAL, INC. (Japan), HOYU AND CO., LTD. (Japan), Sanrad Medical Systems (India), BOND JAPAN CO., LTD. (Japan), FlexrayMedical ApS (Denmark), Amber Diagnostics (US), Rhombus Medical Equipment., LLC (UAE), Blue Start Limited (India), and Cielo Co., Ltd (Japan).