What Has Driven the Growth of the Refurbished Medical Equipment Market in Recent Years?
The refurbished medical equipment market has seen considerable growth due to a variety of factors.
• There has been a swift expansion in the refurbished medical equipment market recently. This market is projected to escalate from $15.66 billion in 2024 to $18.18 billion in 2025, with a compound annual growth rate (CAGR) of 16.1%.
Factors that contributed to this growth during the historical period include methods to control healthcare costs, a surge in need for cost-effective healthcare, prolonging the lifespan of the equipment, upholding environmental sustainability, and the opportunity to possess cutting-edge technology at reduced prices.
What are the Market Size and Expected Growth Rates for the Refurbished Medical Equipment Market?
The refurbished medical equipment market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for the refurbished medical equipment market, with rapid expansion forecasted for the coming years. The market size is set to soar to $32.84 billion by 2029, with a compound annual growth rate (CAGR) of 15.9%.
Pressurized costs in healthcare, worldwide health issues and resource distribution, an amplified emphasis on emerging markets, and advancements in technology along with equipment becoming outdated are factors contributing to projected growth during the forecast period. Important trends for this period include practices involving environmental sustainability and a circular economy, increased attention towards refurbished surgical equipment, heightened availability of warranty and service contracts, government-led efforts encouraging refurbished buying, and developments in refurbishment techniques.
Which Key Drivers Are Propelling Th Refurbished Medical Equipment Market's Growth?
Rising instances of cancer and cardiovascular conditions have fostered the expansion of the refurbished medical equipment market. As per the National cancer institute, a federal agency in the U.S, it has been projected that around 2,001,140 fresh instances of cancer will be reported in the U.S. in May 2024, leading to an anticipation of 611,720 fatalities due to the disease. In 2022, nearly 20 million cancer cases were registered globally along with 9.7 million deaths associated with the condition. Looking ahead, by 2040, the annual new cancer occurrences are anticipated to touch 29.9 million and the number of deaths due to cancer is likely to reach 15.3 million. Hence, the accelerated occurrence of cancer and cardiovascular disorders is a key factor pushing the growth in the refurbished medical equipment market.
What Are The Key Segments Within The Global Refurbished Medical Equipment Market?
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
Subsegments:
1) By Medical Imaging Equipment: MRI Machines, CT Scanners, Ultrasound Machines
2) By Operating Room And Surgical Equipment: Surgical Tables, Surgical Lights, Anesthesia Machines
3) By Patient Monitors: Vital Signs Monitors, Multi-parameter Monitors, Telemetry Monitors
4) By Cardiology Equipment: ECG Machines, Defibrillators, Echocardiography Machines
5) By Urology Equipment: Urodynamics Equipment, Endoscopic Equipment, Lithotripters
6) By Neurology Equipment: EEG Machines, EMG Machines, Neurostimulators
7) By Intensive Care Equipment: Ventilators, Infusion Pumps, Patient Beds
8) By Endoscopy Equipment: Endoscopes, Video Endoscopy Systems, Sterilizers
9) By IV Therapy Systems: IV Pumps, IV Sets, Infusion Systems
10) By Other Products: Laboratory Equipment, Rehabilitation Equipment, Diagnostic Equipment
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How Are New Trends Impacting The Size Of The Refurbished Medical Equipment Market?
Leading businesses are forming strategic partnerships to sustain their formidable position in the refurbished medical equipment market. As an illustration, AA Medical, a US-based sustainable solutions provider, joined forces with MED-SELL.COM, a US-based provider of used medical devices in October 2023. The aim of this strategic collaboration is to transform the landscape of used medical devices and equipment, providing a broader array of solutions and meeting various healthcare requirements.
Who Are the Key Players in the Refurbished Medical Equipment Market?
Major companies operating in the refurbished medical equipment market include:
• 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
• Radio Oncology Systems Inc.
What are the Regional Insights into the Refurbished Medical Equipment Market?
North America was the largest region in the refurbished medical equipment market in 2024. 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.
