Refurbished Medical Equipment Market : By Industry Trends, Leading Players, Size, Share, Growth, Opportunity And Forecast 2024-2033

Refurbished medical equipment is equipment that is restored to their original condition without changing their original specifications. This equipment is reused several times.

Jul 26, 2024 - 10:43

Refurbished Medical Equipment Market : By Industry Trends, Leading Players, Size, Share, Growth, Opportunity And Forecast 2024-2033

Overview and Scope
Refurbished medical equipment is equipment that is restored to their original condition without changing their original specifications. This equipment is reused several times.

Sizing and Forecast
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 in the historic period can be attributed to cost containment in healthcare, rising demand for affordable healthcare, extended lifecycle of equipment, environmental sustainability, 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 growth in the forecast period can be attributed to continued cost pressures in healthcare, global health challenges and resource allocation, increasing focus on emerging markets, technology upgrades and equipment obsolescence, rise in telehealth and remote care. Major trends in the forecast period include environmental sustainability and circular economy practices, rising focus on refurbished surgical equipment, increased availability of warranty and service contracts, government initiatives supporting refurbished procurement, advancements in refurbishment technologies.

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The refurbished medical equipment market covered in this report is segmented –

1) By Product: Medical Imaging Equipment, Operating Room & Surgical Equipment, Patient Monitors, Cardiology Equipment, Urology Equipment, Neurology Equipment, Intensive Care Equipment, Endoscopy Equipment, IV Therapy Systems, Other Products
2) By Application: Diagnostic, Therapeutic
3) By End User: Hospitals, Ambulatory Care Centers, Diagnostic Imaging Centers, Other End-users

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.

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Major Driver Impacting Market Growth
The increase in the prevalence of cancer and cardiovascular diseases contributed to the growth of the refurbished medical equipment market. For instance, in 2021, according to American Cancer Society, a US-based non-profit organization for eliminating cancer, in the US are 1.9 million new cancer cases were diagnosed and cancer deaths are estimated to be 608,570 in 2021. Furthermore, in June 2021, according to the World Health Organization, a Switzerland-based specialized agency promoting health, an estimated 17.9 million people died from CVDs, accounting for 32% of global deaths. Thus, the rising prevalence of cancer and cardiovascular diseases was a major factor driving the refurbished medical equipment market’s growth.

Key Industry Players
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.

The refurbished medical equipment market report table of contents includes:

1. Executive Summary

2. Refurbished Medical Equipment Market Characteristics

3. Refurbished Medical Equipment Market Trends And Strategies

4. Refurbished Medical Equipment Market - Macro Economic Scenario

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32. Global Refurbished Medical Equipment Market Competitive Benchmarking

33. Global Refurbished Medical Equipment Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Refurbished Medical Equipment Market

35. Refurbished Medical Equipment Market Future Outlook and Potential Analysis

36. Appendix

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