[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. 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.
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.
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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 was estimated to account for the highest share 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.
Based on end users, the global refurbished medical equipment market has been segmented into hospitals, ambulatory surgical centers, diagnostic imaging centers, and other end users. The hospitals' segment accounted for the largest share of the market in 2019.
The rising adoption of refurbished medical equipment, increasing focus of hospitals on providing affordable treatment and care, and growing emphasis on high returns on investment are some of the key factors driving the growth of this market.
Key Market Players
As of 2019, the key players operating in the global refurbished medical equipment 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).