Newark, New Castle, USA, April 20, 2023 (GLOBE NEWSWIRE) — As per the report by Growth Plus Reports, the global Refurbished Medical Equipment Market size is valued at US$ 14.69 billion and is expected to reach US$ 40.73 billion in 2031, at a CAGR of 11.5% during the forecast period, 2023-2031
The global refurbished medical equipment market was valued and expected to rise during the forecast period with a significant rise in revenue share. Refurbished medical equipment is processed under inspection, testing, repair, and cleaning for cost-effectiveness and safer-to-use solution.
Recent Development in the Market:
- In May 2021, to provide cost-effective and creative solutions, including reconditioned medical devices, to Medical Imaging and Radiotherapy Departments in the US, Hermes Medical Solutions and Radiology Oncology Systems engaged in a partnership.
- In December 2021, Block Imaging acquired Reliable Healthcare Imaging to open a new facility for repairing and reprocessing CT scanner tubes and HV tanks.
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Refurbished Medical Equipment Market Scope
|Market size value in 2022||US$ 14.69 billion|
|Revenue forecast in 2031||US$ 40.73 billion|
|Growth Rate||CAGR of 11.5% from 2023 to 2031|
|Base Year for Estimation||2022|
|Segments Covered||Product Type, End User, and Region.|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa|
- The latest technological advancements and cost-effectiveness are driving the demand.
- The rising demand for hospitals in emerging economies is boosting market revenue growth.
- Several government initiatives and population awareness are expanding market revenue share rapidly.
Market Drivers and Restraints:
The decrease in the high cost of healthcare services and the capital investment required to deliver them at a reasonable price are fueling the market’s revenue growth. Furthermore, the technical advancements in healthcare facilities are driving the demand for refurbished medical equipment in hospitals and healthcare sectors.
However, the lack of awareness of refurbished medical equipment, quality, and safety concerns, are expected to restrain the market revenue growth.
Segmentation By Product Type
Based on product type, the global refurbished medical equipment market is segmented into the operating room and surgical equipment, medical imaging equipment, and patient monitors. The medical imaging equipment segment accounts for the largest market revenue share due to the high expense of diagnostic imaging devices and the rising abundance of vendors.
Segmentation By End-User
Based on the end-user, the global refurbished medical equipment market is segmented into hospitals, ambulatory surgical centers, diagnostic centers, and others. The hospital segment accounts for the largest revenue share in the global market. This large revenue share is due to being the primary customers for this equipment for safer and better healthcare facilities.
Regional Growth Dynamics
Based on the region, the global refurbished medical equipment market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounts for the largest revenue share in the global market due to its wide range of equipment, rising demand for cost-effective medical equipment, and increasing prevalence of chronic diseases.
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A list of the market player operating in the global refurbished medical equipment market are:
- Siemens Healthineers
- Avante Health Solutions
- GE Healthcare
- Koninklijke Philips N.V.
- Radiology Oncology Systems Inc.
The report analyzes basic market fundamentals and dynamics, strategies, key investment areas, regional growth analytics, revenue forecast, significant market players, and collaborations. The study also provides a comprehensive discussion of the future of the global refurbished medical equipment market.
Table of Content
- Market Ecosystem
- Timeline Under Consideration
- Historical Years – 2021
- Base Year – 2022
- Forecast Years – 2023 to 2031
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trends (COVID-19 Perspective)
- Key Players & Competitive Positioning (2022)
- Regulatory Landscape
- MARKET DYNAMICS
REFURBISHED MEDICAL EQUIPMENT MARKET TOC
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- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on ‘Strategic Developments’ registered by leading players of the market
- Distributor Landscape Assessment
- Pricing Intelligence
- Customer Base Assessment
- Investment & Initiatives Analysis
- ‘Business Profile’ of Key Players
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