According to the latest report by IMARC Group, titled “Refurbished Medical Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global refurbished medical equipment market size reached US$ 7.6 Billion in 2019. 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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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
Global Refurbished Medical Equipment Market Trends:
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. On account of the aforementioned factors, the market is expected to reach a value of US$ 12.7 Billion by 2025, exhibiting a CAGR of around 9% during 2020-2025.
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Key Market Segmentation:
The competitive landscape of the industry has been examined with the detailed profiles of the key players operating in the market. Some of these players include 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, and Soma Technology, Inc.
Breakup by Product Type:
Based on the product type, the market has been divided into medical imaging systems (computed tomography systems, MRI systems, X-ray, C-arm and radiography equipment, ultrasound systems, mammography equipment, nuclear medicine devices, and others), operating equipment and surgical devices (anesthesia machines and agent monitors, endoscopes and microscopes, vascular closure devices, electrosurgical units, atherectomy devices, and others), and others (patient monitoring devices, defibrillators, coagulation analyzers, neurology equipment, endoscopy equipment and others).
Breakup by Application:
On the basis of the application, the market has been categorized into diagnostic imaging systems, minimally invasive devices, biotechnology instruments and others.
Breakup by End-User:
Based on the end user, the market has been classified into hospitals and clinics, diagnostic centers, ambulatory surgical centers and others.
Breakup by Region:
Region-wise, the market has been divided into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others); Latin America (Brazil, Mexico and others); and Middle East and Africa.
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