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(Health-NewsWire.Net, April 17, 2021 ) This research study involved four major activities to estimate the current size of the global refurbished medical equipment market. Exhaustive secondary research was done to collect information on the market and subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Major Market Growth Drivers:
The growth of the global used medical equipment market can be attributed to factors such as hospital budget cuts, a large inventory of used or old medical devises, rising demand for capital-intensive diagnostic imaging equipment, e-commerce platform enhancing the ease of purchase of refurbished medical equipment, growing preference for eco-friendly products, an increasing number of diagnostic centers & hospitals, and the growing opportunities in emerging economies.
Revenue Growth Analysis:
[214 Pages Report] The global refurbished medical equipment market is projected to reach USD 21.2 billion by 2025 from USD 12.1 billion in 2020, growing at a CAGR of 11.8%.
Browse and in-depth TOC on "Refurbished Medical Equipment Market"
154 – Tables
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By product, the used medical imaging equipment segment is expected to hold the highest share of the market in 2019.
Based on product, the refurbished medical equipment market is segmented into medical imaging equipment, operating room & surgical equipment, patient monitors, cardiology equipment, urology equipment, neurology equipment, intensive care equipment, endoscopy equipment, IV therapy systems, and other medical equipment. The medical imaging equipment segment was estimated to account for the highest share in 2019. The large share of this segment can be attributed to factors such as the presence of a large number of products under this segment and their high utility in the healthcare and clinical space, the ability of this equipment to last for many years, growing demand for early disease diagnosis and non-invasive diagnostic imaging, a growing number of hospitals as well as diagnostic imaging centers across the world, and the budget constrains to purchase new equipment among end users.
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By application, the diagnostics segment is expected to account for the largest share of the used medical equipment market in 2019.
Based on procedure, the refurbished medical equipment market is segmented into diagnostic and therapeutic procedures segments. The diagnostic procedures segment accounted for a larger share of the market in 2019. The rising demand for diagnostic imaging procedures, the high price of new medical imaging equipment, a growing number of target diseases, widening application of diagnostic imaging procedures, regulatory approvals in using refurbished medical equipment, low purchasing power in emerging economies, and established & government validated refurbishment processes adopted by major OEMs are factors expected to drive the growth of this market segment in the coming years.
The Asia Pacific market is expected to grow at the fastest rate in the used medical equipment market during the forecast period.
Geographically, this market is classified into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. This can be attributed to the large patient pool in the region, increasing privatization in the healthcare sector, huge patient population base, and high demand for refurbished medical equipment by low-budget hospitals and clinics.
Key Market Players:
The key players operating in the global refurbished medical equipment market are GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Block Imaging (US), SOMA TECH INTL. (US), Avante Health Solutions (US), Hilditch Group (UK), Everx Pvt Ltd. (Australia), Integrity Medical Systems, Inc. (US), Radiology Oncology Systems, Inc. (US), Master Medical Equipment (US), US Med-Equip (US), Fair Medical Co. Ltd. (Japan), Future Health Concepts (US), US Medical Systems, LLC. (US), Nationwide Imaging Services (US), Pacific Healthcare Imaging, LLC (US), Venture Medical ReQuip, Inc. (US), Desert Tech Medical Systems (US), Hi Tech International Group, Inc. (US), CURA Healthcare (India), JAPAN CENTRAL MEDICAL, INC. (Japan), HOYU AND CO., LTD. (Japan), Sanrad Medical Systems (India), BOND JAPAN CO., LTD. (Japan), FlexrayMedical ApS (Denmark), Amber Diagnostics (US), Rhombus Medical Equipment., LLC (UAE), Blue Start Limited (India), and Cielo Co., Ltd (Japan).
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GE Healthcare (US) is the leading player in the global used medical equipment market. The company’s strategic initiatives for organic & inorganic growth has helped the firm garner a large share of this market. The company’s Healthcare Systems business segment provides refurbished medical equipment, and it has consistently gained revenue for the past three years, thereby augmenting sales for this market during the forecast period.
Siemens Healthineers (Germany) is the second-largest player in the global used medical equipment market that offers refurbished products through its ‘ecoline’ product portfolio. The company’s Imaging and Advanced Therapeutics business segments have witnessed about 9-10% growth in the past two years. These segments offer refurbished medical imaging products. The company’s geographic expansion and growth in revenues from regions across the world are indicative of the firms' stronghold in the global used medical equipment market.
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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