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Global Refurbished Medical Equipment Market By Product (Cardiology Equipment, Urology Equipment, Others), By Application (Diagnostic and Therapeutic), By End-Users (Hospitals, Others) By Region, Forecast & Opportunities to 2026

The global refurbished medical equipment market accounted for a value of USD 9.9 billion in 2019 and is projected to register growth at a CAGR of 8.9% during forecast period.

COVID-19 has impacted the refurbished medical equipment market. The outbreak of corona virus globally, there has been a shortage of essential medical equipments and devices. The cases of corona virus are increasing in the world which increases and lockdown has been imposed in order control the transmission of this virus. Providing essentials amid lockdown are very challenging and hospitals are mainly focusing on combating COVID-19. The market growth for refurbished medical equipment is likely to be slow due to corona virus.

Definition:

Refurbished medical equipments are medical equipments which are sold after using. These equipments are fully cleaned, tested, calibrated and upgraded with new components. Renovation is done for older or damaged equipments in order to bring it to workable condition. It is free of defects and less expensive.

Market Dynamics (Drivers/Opportunities):

The demand for refurbished medical equipments is growing immensely in the market. There many low budget hospitals which highly prefer refurbished equipments. The inventory for old or used medical equipments is very large. With the use of refurbished medical equipments, hospitals can provide advanced treatments at low cost. This drives growth in refurbished medical equipments during forecast period.

The capital investment in healthcare is increasing and people are demanding technological advanced infrastructure in healthcare facilities. The e-commerce platform enhances the ease for purchasing of refurbished medical equipments around the world. The increasing demand for refurbished equipments drives growth in refurbished medical equipments during forecast period.

Market Insights, by Product

On the basis of product, the refurbished medical equipment market is segmented into medical imaging equipment, operating room & surgical equipment, cardiology equipment, patient monitoring, urology equipment, neurology equipment, intensive care equipment, IV therapy system, endoscopy equipment and others. The medical imaging equipment segment accounted for largest market share in 2019 and it is estimated to dominate the market during forecast period. The products in this segment have high utility in the clinical and healthcare space. These equipments can last for many years. The demand for early diseases diagnosis is increasing rapidly and number of hospitals is increasing around the world but the installation of medical imaging is very expensive, this increases adoption of refurbished medical imaging segment and drives growth in this segment during forecast period.

Market Insights, by Application

On the basis of application, the refurbished medical equipment market is segmented into diagnostic and therapeutic application. The diagnostic segment is estimated to dominate the market during forecast period. The demand for diagnostic imaging procedures is increasing rapidly in the market. The new medical imaging equipments are very expensive to install. The number of target diseases is increasing which increases adoption of diagnostic imaging procedures. Thus, drives growth in diagnostic segment during forecast period.

Market Insights, by End-Users

On the basis of end-users, the refurbished medical equipment market is segmented into hospitals, ambulatory care centers, diagnostic imaging centers and others. The hospitals segment is estimated to dominate the market during forecast period. The focus of hospitals on providing affordable treatment is increasing in the world. The hospitals are focusing on high return on investment. The adoption of new medical imaging equipment is very expensive and it can increase the cost of treatment. This increases demand and adoption of refurbished medical imaging equipment in hospitals. Thus, drives growth in hospitals segment during forecast period.

Regional Insights

Asia-Pacific region is estimated to be register growth at highest CAGR during forecast period. The large population leads to large number of patients in this region. The privatization of healthcare facilities is increasing and the adoption of refurbished equipments is very high in such healthcare facilities to provide cost effective treatment to people. These equipments are less expensive. The adoption of refurbished equipments is very high in this region thus, drives growth in Asia-Pacific region in refurbished medical equipments market during forecast period.

Key Companies & Market Share Insights

The key market players in refurbished medical equipments industry are GE Healthcare, Koninklijke Philips N.V., Siemens healthineers, Block Imaging International Inc., Soma Technology Inc., Avante Health Solutions, Hilditch Group, Everx Pvt., Ltd., Integrity Medical Systems, Radiology Oncology Systems Inc., Master Medical Equipment, US Med-Equip Inc., Fair Medical Co., Future Health Concepts and US Medical Systems, Llc.

Segments Covered in the Report

This report forecasts The Global Refurbished Medical Equipments Market, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2026. For the purpose of this study, Our Company has segmented the global refurbished medical equipments market report on the basis of product, application and end-users.

Refurbished Medical Equipment Market Size & Forecast (2017-2026)

  1. Research Framework
    • Market Definition and Product Overview
    • Market Segmentation
  2. Research Methodology
    • Qualitative Research
      • Primary & Secondary Sources
    • Quantitative Research
      • Primary & Secondary Sources
    • Breakdown of Primary Research Respondents, By Region
      • Secondary Research
      • Primary Research
    • Breakdown of Primary Research Respondents, By Industry Participants
      • Market Size Estimation
      • Assumption for the Study
      • Market Breakdown & Data Triangulation
  1. Executive Summary
    • Market Snapshot
  2. Industry Insights
    • Industry ecosystem analysis
      • Value Chain Analysis
    • Industry impact and forces
      • Growth Drivers
      • Challenges &Restraints
      • Opportunities
    • Disruptive Technological Analysis
    • Regulatory framework
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
    • Growth potential analysis, 2019
    • Porter’s Five forces analysis
    • Pricing Analysis
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
  1. COVID – Impact Analysis
    • North America
    • Europe
    • Asia Pacific
    • Middle East & Africa
    • South America
  2. Refurbished Medical Equipment Market, By Product, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Medical Imaging Equipment
  • Operating Room & Surgical Equipment
  • Cardiology Equipment
  • Patient Monitoring
  • Urology Equipment
  • Neurology Equipment
  • Intensive Care Equipment
  • IV Therapy System
  • Endoscopy Equipment
  1. Refurbished Medical Equipment Market, By Application, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Diagnostic
  • Therapeutic
  1. Refurbished Medical Equipment Market, By End-Users, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Hospitals
  • Ambulatory Care Centers
  • Diagnostic Imaging Centers
  • Others
  1. Refurbished Medical Equipment Market, By Region, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • North America Market Size & Forecast To 2026
    • Market Overview
    • COVID-19 Impact
    • By Product
    • By Application
    • By End-Users
    • By Country
      • USA
        • By End-Users
      • Canada
      • Mexico
    • South America Market Size & Forecast To 2026
      • Market Overview
      • COVID-19 Impact
      • By Product
      • By Application
      • By End-Users
      • By Country
        • Brazil
          • By End-Users
        • Argentina
        • Chile
        • Rest of South America
      • Europe Market Size & Forecast To 2026
        • Market Overview
        • COVID-19 Impact
        • By Product
        • By Application
        • By End-Users
        • By Country
          • UK
            • By End-Users
          • Germany
          • France
          • Italy
          • Rest of Europe
        • APAC Market Size & Forecast To 2026
          • Market Overview
          • COVID-19 Impact
          • By Product
          • By Application
          • By End-Users
          • By Country
            • China
              • By End-Users
            • India
            • Japan
            • South Korea
            • Australia
            • Rest of APAC
          • Middle East & Africa Market Size & Forecast To 2026
            • Market Overview
            • COVID-19 Impact
            • By Product
            • By Application
            • By End-Users
            • By Country
              • Saudi Arabia
                • By End-Users
              • UAE
              • Qatar
              • Kuwait
              • South Africa
              • Rest of Middle East & Africa
  1. Competitive Landscaping
    • Competitive Benchmarking
      • Market Share Analysis, 2019
      • Global Presence and Growth Strategies
        • Mergers & Acquisitions
        • New Product Launches
        • Investments Trends
        • R&D Initiatives
  1. Company Profile
    • US Medical Systems, Llc
      • Company Overview
      • Financial Overview
      • Product Portfolio
      • Recent Developments
      • SWOT Analysis
      • Strategic Outlook
    • GE Healthcare
    • Koninklijke Philips N.V.
    • Siemens Healthineers
    • Block Imaging International Inc.
    • Soma Technology Inc.
    • Avante Health Solutions
    • Hilditch Group
    • Everx Pvt. Ltd.
    • Integrity Medical Systems
    • Radiology Oncology Systems Inc.
    • Master Medical Equipment
    • US Med-Equip Inc.
    • Fair Medical Co.
    • Future Health Concepts
  2. Appendix
    • Interrelated Market

Research Methodology

1.1     Research Methodology

The process of market research at PAN Market Consulting is very intuitive being iterative in nature and usually follows the path where Information gathered from secondary research is used to build data models, which are than validated from primary participants. Then same cycle repeats where, according to inputs from primary participants, additional secondary research is done, and new information type is again incorporated into data model. The process continues till desired level of information is not generated.

To calculate the market size, the report considers the revenue generated from the sales of the product/services. The revenue generated from the sales of product/services has been calculated through primary and secondary research. The report also analyses the key players operating in the market at the global level which are identified through secondary research and a corresponding detailed analysis of the top vendors in the market. The market size calculation also includes product segmentation determined using secondary sources and verified through primary sources.

1.2     Secondary Research

The secondary research source that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • Internal and external proprietary databases, relevant patent and regulatory databases
  • National government documents, statistical databases and market reports
  • News articles, press releases and web-casts specific to the companies operating in the market

The source for secondary research includes but is not limited to Factiva, Hoovers and Statista

SecondaryResearch

1.3     Primary Research

We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate data and analysis. A typical research interview fulfills the following end users:

  • It provides first-hand information on the market size, market trends, growth trends, competitive landscape, future outlook etc.
  • Helps in validating and strengthening the secondary research findings
  • Further develops the analysis team’s expertise and market understanding
  • Primary research involves E-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies

The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/ product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts, research analysts specializing in specific markets
  • Key opinion leaders specializing in different areas corresponding to different industry end users

1.4     Models

Where no hard data is available, we use modeling and estimates in order to produce comprehensive data sets. A rigorous methodology is adopted in which the available hard data is cross referenced with the following data products to produce estimates:

  • Demographic data: Population split by segment
  • Macro-economic indicators: GDP, etc.
  • Industry indicators: Expenditure, product stage & infrastructure, sector growth and facilities.

Data is then cross checked by the expert panel.

1.4.1 Company Share Analysis Model

Company share analysis is used to derive the size of global market. As well as study of revenues of companies for last three to five years also provide the base for forecasting the market size and its growth rate. This model is built in following steps:

ResearchMethodology1

1.4.2 Revenue Based Modeling

Revenue based models can be built in two ways – Top-Down or Bottom-Up irrespective of industry. Market size estimated from company share analysis acts as a validation point for bottom-up approach whereas it acts as starting point for top-down approach.

ResearchMethodology2

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