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.
For more details, visit: 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 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.
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.
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.
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.
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.
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.
- What are the expected industry trends over the next three to five years?
- Which of the refurbished medical equipment application is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?