The refurbished medical equipment market has experienced rapid growth, rising from $13.74 billion in 2023 to $16.05 billion in 2024, with a CAGR of 16.8%. This growth is driven by cost containment in healthcare, demand for affordable solutions, the extended lifecycle of equipment, and access to advanced technology at lower costs. The market is expected to reach $28.71 billion by 2028, reflecting a CAGR of 15.6%. Future growth drivers include ongoing cost pressures, global health challenges, focus on emerging markets, technology upgrades, and the rise of telehealth and remote care. Key trends include sustainability practices, a focus on refurbished surgical equipment, warranty and service contract availability, governmental support for refurbished procurement, and advancements in refurbishment technologies.
Major Driver In The Refurbished Medical Equipment Market
The refurbished medical equipment market has witnessed significant growth due to the increasing prevalence of cancer and cardiovascular diseases. In 2021, the American Cancer Society reported 1.9 million new cancer cases and estimated 608,570 cancer-related deaths in the US. Additionally, the World Health Organization highlighted that 17.9 million people died from cardiovascular diseases globally in June 2021, constituting 32% of total deaths. This rise in health issues has been a pivotal factor in propelling the growth of the refurbished medical equipment market, with market sizes of $X billion in 2023, $Y billion in 2024, and a projected $Z billion in 2028.
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Refurbished Medical Equipment Market Competitive Landscape
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.
Key Refurbished Medical Equipment Market Trend
Major companies are undertaking strategic alliances to maintain their strong foothold in the refurbished medical equipment market. For instance, in October 2023, AA Medical, US-based provider of sustainable solutions, partnered with MED-SELL.COM, a US-based provider of pre-owned medical devices, to redefine the pre-owned medical device and equipment solutions. This strategic alliance aims to redefine the pre-owned medical device and equipment landscape, offering a wider range of solutions and catering to diverse healthcare needs.
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Refurbished Medical Equipment Market Segmentation
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
By Geography:The regions covered in the refurbished medical equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the refurbished medical equipment market in 2023.
The Refurbished Medical Equipment Global Market Report 2024 furnishes information about the global refurbished medical equipment market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
