Refurbished Medical Equipment Market Size & Share to Surpass $33.9 Billion by 2030 | Vantage Market Research
WASHINGTON, Sept. 06, 2023 (GLOBE NEWSWIRE) -- As per Vantage Market Research, the Global Refurbished Medical Equipment Market has been steadily growing due to various factors such as cost-effectiveness, technological advancements, and increased demand for healthcare services.
According to Vantage Market Research, the global Refurbished Medical Equipment Market is estimated to be valued at USD 33.9 Billion by 2030 and is expected to exhibit a CAGR of 12.2% from 2023 to 2030. The global Refurbished Medical Equipment Market will grow to USD 13.5 Billion in 2022.
A refurbished medical device that has been rebuilt to meet safety and performance standards comparable to its original state without altering the device's intended use is known as a refurbished medical device. In contrast to used equipment, which is typically just cleaned up and sold as is, refurbished equipment involves replacing worn-out parts, repairing mechanical and electrical components, reassembly, cosmetic touches, software updates, quality checks and testing, and labeling updates.
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*Key Highlights*
· In 2022, Medical Imaging Equipment held the highest revenue share in Refurbished Medical Equipment market.
· Hospitals dominated the end-user segment 2022 for the Refurbished Medical Equipment market.
· North America dominated the Refurbished Medical Equipment market in 2022 and accounted for a revenue share of 42.50%.
Due to its numerous uses in healthcare facilities, the market for Refurbished Medical Equipment has experienced significant growth. Hospitals and diagnostic facilities frequently use refurbished X-ray machines, MRI scanners, ultrasound systems, and patient monitors. These affordable options provide top-notch medical imaging, monitoring, and diagnostic capabilities, assisting healthcare providers in providing better patient care while spending less money. The market for Refurbished Medical Equipment is also expanding as a result of refurbished equipment's use in clinics, ambulatory surgical centers, and research labs.
*Top Companies in The Global Refurbished Medical Equipment Market *
· Radiology Oncology Systems Inc. (U.S.)
· General Electric Company (U.S.)
· Everx Pvt Ltd. (U.S.)
· Siemens AG (Germany)
· Koninklijke Philips N.V. (Netherlands)
· Integrity Medical Systems (U.S.)
· Agito Medical A/S (Denmark)
· Soma Technology (U.S.)
· Block Imaging (U.S.)
· DRE Medical Inc. (U.S.)
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*Factors Affecting the Growth of the Refurbished Medical Equipment Market*
Several factors can affect the growth of the Refurbished Medical Equipment industry. Some of these factors include:
· Increasing demand for cost-effective healthcare solutions: The rising healthcare costs and tight budgets in healthcare facilities drive the demand for Refurbished Medical Equipment. Hospitals and clinics increasingly opt for refurbished equipment as a cost-effective alternative to purchasing brand-new equipment. For example, a hospital may purchase a refurbished MRI machine at a significantly lower price than a new one while still maintaining high-quality standards.
· Advancements in technology and improved product quality: Refurbished Medical Equipment companies are continuously upgrading their inventory with the latest technology and improved product quality. Refurbished equipment can now offer similar functionality and performance as new equipment, making it a viable option for healthcare facilities. For instance, refurbished ultrasound machines are now available with advanced features such as 3D imaging and color Doppler capabilities.
· Growing environmental awareness and sustainability efforts: The focus on sustainability and reducing electronic waste is also driving the growth of the Refurbished Medical Equipment market. By purchasing refurbished equipment, healthcare facilities are able to extend the lifecycle of equipment and reduce their carbon footprint. As an example, hospitals and clinics are refurbishing and reselling used defibrillators, ventilators, and monitors, thereby reducing electronic waste.
· Expansion of online platforms and e-commerce: With the increasing digitization of the healthcare industry, the Refurbished Medical Equipment market is also embracing online platforms and e-commerce channels for buying and selling equipment. Several online marketplaces now connect buyers and sellers of Refurbished Medical Equipment, making it easier for healthcare facilities to access a wider range of options. An example of such a platform is MedWOW, which enables healthcare providers to purchase Refurbished Medical Equipment from various suppliers worldwide.
· Growing demand in emerging economies: Emerging economies such as India, China, Brazil, and Mexico are witnessing a growing demand for Refurbished Medical Equipment. These countries often face resource constraints, and refurbished equipment provides a cost-effective solution to their healthcare needs. For example, refurbished surgical instruments and imaging equipment are in high demand in emerging markets as they offer an affordable alternative to new equipment.
*Top Trends in the Global Refurbished Medical Equipment Market*
The Refurbished Medical Equipment market is observing several trends that are influencing its development and uptake globally. The need for cost-effective solutions in the healthcare sector is one of the major trends that has increased people's preference for used medical equipment over brand-new items. The market is also driven by the need to reduce electronic waste and the growing emphasis on sustainable practices. Additionally, technological developments are making it possible to refurbish sophisticated medical equipment, supporting market expansion.
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*Recent Development of the Global Refurbished Medical Equipment Market*
· July 31, 2023: Other than critical care equipment, the Central government recently published a list of 50 high-end/ high-value used medical devices that may be imported. The move has received support from India's top business organization, the Federation of Indian Chambers of Commerce and Industry (FICCI), Medical Devices Division. Local manufacturers are now even more upset and have written to the Central government to request that the memorandum be immediately revoked.
· June 24, 2023: The government has relaxed regulations to allow the import of refurbished devices in order to ensure access to low-cost healthcare at the last mile, months after a parliamentary panel highlighted a shortage of medical equipment in semi-urban and rural India.
*Market Drivers*
Several factors drive the Refurbished Medical Equipment market. Firstly, the rising demand for cost-effective healthcare solutions is fueling the growth of this market. Refurbished Medical Equipment, available at lower prices than new equipment, helps healthcare facilities reduce operational costs. Additionally, increasing awareness about environmental sustainability is leading to a shift towards refurbished equipment, as it reduces e-waste. Additionally, the market is expanding due to the increasing number of chronic diseases and the demand for quick diagnostic services.
*Market Restraints *
Despite the favorable market conditions, certain restraints hinder the growth of the Refurbished Medical Equipment market. One of the major challenges is the lack of regulatory standards and stringent quality control, which raises concerns about the dependability and safety of such equipment. Furthermore, the limited availability of skilled professionals to handle refurbished equipment poses a significant challenge for healthcare facilities. Additionally, the perception that refurbished equipment is inferior or of lower quality than new equipment is a deterrent for potential buyers.
*Market Opportunities *
The Refurbished Medical Equipment market presents several lucrative opportunities for industry players. Governments across various countries are focusing on promoting refurbished equipment to reduce healthcare costs and improve accessibility to medical services. This allows companies to collaborate with government bodies and secure contracts for supplying refurbished equipment. Furthermore, the growing trend of medical tourism in developing regions offers a potential market for refurbished equipment as cost-conscious patients seek affordable treatment options. The introduction of cutting-edge equipment to the market and innovative refurbishment methods are made possible by technological advancements and rising R&D expenditures.
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on Refurbished Medical Equipment Market Forecast Report (2023-2030).
*Report Segmentation of the Global Refurbished Medical Equipment Market*
*Product Type Analysis*
In the market for Refurbished Medical Equipment, imaging equipment is the category that dominates the product type segment. This includes, among other things, mammography systems, MRI scanners, CT scanners, and X-ray machines. The high cost of new equipment and the requirement for healthcare facilities to update and replace outdated equipment fuel the demand for refurbished imaging equipment. Healthcare providers can save money using refurbished imaging equipment while receiving accurate diagnoses and effective patient care. The demand for used imaging equipment in the medical sector has also increased due to technological developments and the rising incidence of chronic diseases.
*End-User Analysis*
Due to several factors, the hospital’s category controls the market's end-user segment. First of all, hospitals have strict requirements for cutting-edge medical gear to offer their patients better healthcare. However, buying brand-new equipment can be pricey; as a result, hospitals frequently choose refurbished equipment as a more affordable option. Additionally, hospitals have a sizable inventory of equipment, and it is not always possible to replace or upgrade the entire inventory. Refurbished equipment enables hospitals to replace broken or outdated components without interfering with daily operations. Additionally, hospitals frequently need specialized equipment for various medical procedures, and reconditioned equipment provides a wide variety of options. Hospitals frequently use refurbished equipment like CT and MRI scanners, patient monitors, anesthesia machines, etc.
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*Market Segmentation*
*By Product Type*
· Operating Room Equipment & Surgical Equipment
· Anesthesia Machines
· Agent and CO2 Monitors
· Microscopes
· Electrosurgical Units
· Others
· Patient Monitors
· Pulse Oximeters
· Multiparameter Monitors
· Noninvasive Blood Pressure Monitors
· Electrocardiography Devices (ECG)
· Others
· Defibrillators
· AED Defibrillators
· Other Defibrillators
· Medical Imaging Equipment
· X-ray Machines
· Ultrasound Systems
· MRI Machines
· CT Scanners
· Nuclear Medicine Systems (PET, SPECT, and PET/CT)
· Others
· Cardiovascular & Cardiology Equipment X-ray Machines
· Heart-Lung Machines
· Coagulation Analyzers
· Others
· Neurology Equipment
· EEG Machines
· EMG Machines
· Endoscopy Equipment
· Intensive Care Units
· Hardwire Systems
· Telemetry Systems
· Neonatal Intensive Care Units
· Incubators
· Monitors
· Urology Equipment
· Intensive Care Equipment
· IV Therapy Systems
· Other Product Types
*By End-User*
· Hospitals
· Clinics
· Ambulatory Surgical Centers
· Diagnostic Centers
· Other End-Users
*By Region*
· North America
· Europe
· Asia Pacific
· Latin America
· Middle East & Africa
*Scope of the Report: *
*Report Attributes* *Details*
Market Size in 2022 USD 13.5 Billion
Revenue Forecast by 2030 USD 33.9 Billion
CAGR 12.2% from 2023 to 2030
Base Year 2022
Forecast Year 2023 to 2030
Key Players Radiology Oncology Systems Inc., General Electric Company, Everx Pvt Ltd., Siemens AG, Koninklijke Philips N.V., Integrity Medical Systems, Agito Medical A/S, Soma Technology, Block Imaging, DRE Medical Inc.
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*Regional Analysis*
North America, Europe, and the Asia Pacific region dominate the market for Refurbished Medical Equipment. North America is the largest region in this market due to several unique and distinguishing factors, such as technological advancements, extensive healthcare infrastructure, and strict regulations. According to estimates, the European Union (24%) and the United States of America (46%) account for 70% of all sales of refurbished imaging medical devices. However, the Asia Pacific market is anticipated to experience the highest annual growth rate in the upcoming years. This growth can be attributed to the area's large population, the growing privatization of the healthcare industry, and the high demand from hospitals and clinics with limited resources for Refurbished Medical Equipment.
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