Refurbished Medical Equipment Market by Product (Medical Imaging, Intensive Care Equipment, OR Equipment, Patient Monitors), Application (Cardiology, Neurology, Urology, Oncology), End User (Hospitals, Diagnostic Imaging Centers)-Global Forecasts to 2025

2020-05-28
Price :
Published : May-2020
No. of Pages : 214

 “The global refurbished medical equipment market is projected to grow at a CAGR of 11.8%.”

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.The growth of the global refurbished medical equipment 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 temporarily slow down due to the COVID-19 pandemic during the forecast period.

“The diagnostic segment is expected to hold the highest share in 2019.”

Based on application, the refurbished medical equipment market is segmented into diagnostic and therapeutic application segments. The diagnostic segment accounted for a larger share of the market in 2019. The rising demand for diagnostic imaging procedures, the high price of new medical imaging equipment, a growing number of target diseases, widening application of diagnostic imaging procedures, regulatory approvals in using refurbished medical equipment, low purchasing power in emerging economies, and established & government validated refurbishment processes adopted by major OEMs are factors expected to drive the growth of this market segment in the coming years.

“The medical imaging segment is expected to grow at the highest CAGR during the forecast period.”

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. The large share of this segment can be attributed to factors such as the presence of a large number of products under this segment and their high utility in the healthcare and clinical space, the ability of this equipment to last for many years, growing demand for early disease diagnosis and non-invasive diagnostic imaging, a growing number of hospitals as well as diagnostic imaging centers across the world, and the budget constrains to purchase new equipment among end users.

“North America accounted for the largest share of the market in 2019.”

In 2019, North America was the largest regional market for refurbished medical equipment. This can primarily be attributed to the presence of a large number of private healthcare facilities (including private hospitals, clinics, and diagnostic centers), increasing aging population, high incidence/prevalence of various diseases, ongoing reimbursement cuts, and favorable regulatory scenario for the sale and use of refurbished medical devices in the US are fueling the demand for refurbished medical devices.

Breakdown of supply-side primary interviews:

  • By Company Type: Tier 1–25%, Tier 2–30%, and Tier 3–45%
  • By Designation: C-level–47%, Director-level–30%, and Others–23%
  • By Region: North America–38%, Europe–30%, APAC–22%, and RoW–10%

The major players in the market include GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Block Imaging (US), SOMA TECH INTL. (US), US Med-Equip (US), Avante Health Solutions (US), Everx Pvt Ltd. (Australia), Integrity Medical Systems, Inc. (US), Radiology Oncology Systems, Inc. (US), Master Medical Equipment (US), Hilditch Group (UK), 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).

Research Coverage

This report studies the refurbished medical equipment market based on product, application, end user, and region. The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting market growth. It analyzes opportunities and challenges in the market and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micromarkets with respect to their individual growth trends and forecasts the revenue of market segments with respect to four main regions (and the respective countries in these regions).

Key Benefits of Buying the Report

This report focuses on various levels of analysis—industry trends, market shares of top players, and company profiles, which together form basic views and analyze the competitive landscape, emerging segments of the refurbished medical equipment market, and high-growth regions and their drivers, restraints, challenges, and opportunities. The report will help both established firms as well as new entrants/smaller firms to gauge the pulse of the market and garner greater market shares.

Filed in: Medical Device
Publisher : marketsandmarkets
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