Global Refurbished Medical Equipment Market, 2023-2028
Market Overview
Medical equipment plays a critical role in providing quality healthcare services to patients. Access to medical equipment is essential for the diagnosis, treatment, and management of diseases and conditions. However, the high cost of medical equipment can be a significant barrier to accessing quality healthcare services, particularly in low- and middle-income countries. This is where refurbished medical equipment comes in. Refurbished medical equipment refers to used equipment that has been restored to its original condition and is fully functional. It provides a cost-effective alternative to new equipment, making it more accessible to healthcare providers in these regions. The global refurbished medical equipment market size was valued at USD 10.9 billion in 2022 and is expected to reach USD 15.7 billion by 2028, growing at a CAGR of 6.3% during the forecast period.
The importance of refurbished medical equipment cannot be overstated. It offers several advantages over new equipment, including cost savings, environmental sustainability, and improved access to healthcare services. Refurbished equipment is typically sold at a fraction of the cost of new equipment, making it an affordable option for healthcare providers who are looking to upgrade their equipment without breaking the bank. This, in turn, helps to reduce healthcare costs and improve access to quality healthcare services. In addition, refurbished medical equipment helps to reduce waste and conserve resources, making it an attractive option for healthcare providers who are looking to reduce their environmental impact. By extending the life of medical equipment, refurbished equipment helps to reduce the amount of equipment that ends up in landfills, contributing to a more sustainable healthcare system. In recent years, advances in technology have led to an increase in the quality and reliability of refurbished medical equipment, further driving demand.
Research Coverage
The refurbished medical equipment market is a rapidly growing industry, with a wide range of products and applications. The market is segmented by product, application, end user, and region.
By product, the market is segmented into cardiology equipment, dental equipment, IVD instruments & laboratories equipment, medical imaging equipment, OR (operating room), surgical and therapeutic equipment, patient monitoring equipment, and others. Medical imaging equipment held the largest share of the market, due to the increasing demand for refurbished imaging equipment in hospitals and clinics.
The refurbished medical imaging equipment market is experiencing significant growth, driven by increasing demand for affordable and high-quality imaging solutions in hospitals and clinics. In 2022, medical imaging equipment held the largest share of the refurbished medical equipment market, and is expected to continue to dominate the market during the forecast period. As the prevalence of chronic diseases continues to rise, there is a growing need for advanced imaging solutions to support diagnosis and treatment. Refurbished medical imaging equipment provides a cost-effective solution for healthcare providers who are looking to upgrade their equipment.
In addition, advancements in technology are also driving growth in the refurbished medical imaging equipment market. As new imaging technologies emerge, healthcare providers are looking to upgrade their equipment to stay competitive and provide the best possible care to their patients. Refurbished medical imaging equipment allows healthcare providers to access the latest imaging technologies at a fraction of the cost of new equipment.
The refurbished medical equipment market is segmented into diagnostic and monitoring equipment, as well as therapeutic and surgical intervention equipment. The diagnostic and monitoring equipment segment held the largest share of the market in 2022, due to the increasing demand for refurbished diagnostic equipment in hospitals and clinics.
By end user, the market is segmented into clinical & research laboratories, clinics, physician offices & dental clinics, hospitals, radiology and medical imaging centers, and others. Hospitals contributed the largest share of the market in 2022, and are expected to continue to dominate the market during the forecast period. Hospitals are the primary users of medical equipment, and they require a wide range of equipment to provide quality care to their patients. From diagnostic imaging equipment to surgical instruments, hospitals need reliable and high-quality equipment to carry out their operations effectively. However, the cost of new medical equipment can be prohibitively expensive, which is why many hospitals are turning to refurbished medical equipment as a cost-effective alternative.
By region, the market is segmented into North America, Europe, Asia-Pacific, MEA (Middle East and Africa), and Latin America. The North American refurbished medical equipment market is a highly developed and well-funded sector, accounting for a significant share (~29.6%) of the global market. The region's healthcare system is characterized by a large number of hospitals, clinics, and healthcare facilities, which has led to a strong demand for refurbished medical equipment. The focus on innovation and technological advancements in the North American healthcare sector has also contributed to the demand for refurbished medical equipment, as healthcare providers seek to adopt the latest technologies while managing costs. The aging population in North America has led to an increase in chronic diseases, which has further driven the demand for medical equipment and devices. Additionally, the rising healthcare costs in the region have led to an increased focus on cost-saving measures, including the use of refurbished medical equipment.
Competitive Landscape
The refurbished medical equipment market is highly competitive, with several major players vying for market share. AGITO Medical A/S, Amber Diagnostics, Inc., Atlantis Worldwide, LLC, Avante Health Solutions (DRE, Inc.), Block Imaging, Inc., Canon Inc., CURA Healthcare, ElsMed Ltd., EverX Pty Ltd., Fair Medical Co., Ltd., Future Health Concepts, Inc., GE HealthCare Technologies Inc., Hilditch Group Ltd., Hitachi, Ltd., Japan Central Medical Inc., Koninklijke Philips N.V., LBN Medical ApS, Medirays Corporation, Meridian Medical Inc., MXR Imaging Inc. (Oxford Instruments plc), Pacific Health Care Imaging, LLC, Radiology Oncology Systems, Inc., Siemens Healthineers AG, Soma Technology, Inc., US Med-Equip Inc., Venture Medical ReQuip, Inc. The top companies are investing heavily in research and development to develop new and innovative products to stay ahead of the competition.
Key Questions Answered
What is the projected global market size of refurbished medical equipment by 2028
Which product segment achieves the highest performance in the refurbished medical equipment market
Within the market, which application segment has secured the leading position
Among the various end user segments, which segment has taken the leading position
Which region segment exhibits dominant control and influence
Who are the key players with the largest market share in the refurbished medical equipment market
What is the estimated global market size for the refurbished medical equipment market in 2023
What are the main factors driving the growth of the refurbished medical equipment market
What is the expected incremental growth of the refurbished medical equipment market during the forecast period
1. Scope and Methodology
1.1 Introduction
1.2 Report Scope
1.3 Research Methodology
2. Executive Summary
3. Market Overview
4. Global Refurbished Medical Equipment Market - Product Analysis
4.1 Cardiology equipment
4.2 Dental equipment
4.3 IVD instruments & laboratories equipment
4.4 Medical imaging equipment
4.5 OR (operating room), surgical and therapeutic equipment
4.6 Patient monitoring equipment
4.7 Others
5. Global Refurbished Medical Equipment Market - Application Analysis
5.1 Diagnosis & monitoring
5.2 Treatment & surgical interventions
6. Global Refurbished Medical Equipment Market - End User Analysis
6.1 Clinical & research laboratories
6.2 Clinics, physician offices & dental clinics
6.3 Hospitals
6.4 Radiology and medical imaging centers
6.5 Others
7. Global Refurbished Medical Equipment Market - Region Analysis
7.1 North America
7.2 Europe
7.3 Asia-Pacific
7.4 MEA (Middle East and Africa)
7.5 Latin America
8. Patents Analysis
9. Competitive Landscape
9.1 Competitive Scenario
9.2 Market Positioning/Share Analysis
9.3 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
10. Company Profiles
10.1 AGITO Medical A/S
10.2 Amber Diagnostics, Inc.
10.3 Atlantis Worldwide, LLC
10.4 Avante Health Solutions (DRE, Inc.)
10.5 Block Imaging, Inc.
10.6 Canon Inc.
10.7 CURA Healthcare
10.8 ElsMed Ltd.
10.9 EverX Pty Ltd.
10.10 Fair Medical Co., Ltd.
10.11 Future Health Concepts, Inc.
10.12 GE HealthCare Technologies Inc.
10.13 Hilditch Group Ltd.
10.14 Hitachi, Ltd.
10.15 Japan Central Medical Inc.
10.16 Koninklijke Philips N.V.
10.17 LBN Medical ApS
10.18 Medirays Corporation
10.19 Meridian Medical Inc.
10.20 MXR Imaging Inc. (Oxford Instruments plc)
10.21 Pacific Health Care Imaging, LLC
10.22 Radiology Oncology Systems, Inc.
10.23 Siemens Healthineers AG
10.24 Soma Technology, Inc.
10.25 US Med-Equip Inc.
10.26 Venture Medical ReQuip, Inc.
APPENDIX
DISCLAIMER
Methodology/Research Approach
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.Research Programs/Design
| Historical Data (2015-2019) |
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Market Size Estimation
Top-down and bottom-up approaches are used to validate the global Voluntary Carbon Offset market size market and estimate the market size for Company, regions segments, product segments and Application (end users).
The market estimations in this report are based on the marketed sale price of Voluntary Carbon Offset (excluding any discounts provided by the player, distributor, wholesaler or traders). The percentage splits, market share, and breakdowns of the product segments are derived on the basis of weights assigned to each of the segments on the basis of their utilization rate and average sale price. The regional splits of the overall Voluntary Carbon Offset market and its sub-segments are based on the percentage adoption or utilization of the given product in the respective region or country.
Major Company in the market is identified through secondary research and their market revenues determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top Company; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs and marketing executives. The percentage splits, market share, Growth Rate and breakdowns of the product markets are determined through using secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or other factors are not accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Market Intellix and presented in this report
The following figure shows an illustrative representation of the overall market size estimation process used for this study.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation, extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report. Extensive qualitative and further quantitative analysis is also done from all the numbers arrived at in the complete market engineering process to list key information throughout the report.
Data Source
Secondary Sources
Secondary sources include such as press releases, annual reports, non-profit organizations, industry associations, governmental agencies and customs data, etc. This research study involves the usage of widespread secondary sources, directories, databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), and TRADING ECONOMICS, and News Network, statista, Federal Reserve Economic Data, annual reports, BIS Statistics, ICIS; company house documents; CAS(American Chemical Society); investor presentations; and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and Hospitals study of the Voluntary Carbon Offset market. It was also used to obtain important information about the top companies, market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives.
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Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product Company (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end use (product buyers), and related key executives from various key companies and organizations operating in the global market.
Primary research was conducted to identify segmentation Type, product price range, product Application, key Company, raw materials supply and the downstream demand, industry status and outlook, and key market dynamics such as risks, influence factors, opportunities, market barriers, industry trends, and key player strategies.
Key Executives Interviewed
Key Data Information from Primary Sources
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