Dublin, Sept. 20, 2024 (GLOBE NEWSWIRE) -- The "Refurbished Medical Equipment Market - Focused Insights 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The Refurbished Medical Equipment Market was valued at USD 18.94 billion in 2023, and is expected to reach USD 37.6 billion by 2029, rising at a CAGR of 12.11%.
New Technology Integration & Connectivity
Globally, healthcare settings are becoming advanced and equipped with new technologies; the providers in the refurbished medical equipment market are also centering toward technology integration in refurbished solutions to compete with new medical equipment. Upgraded refurbished medical equipment often integrates the latest technologies at a fraction of the cost of new devices. This led to an increasing demand for refurbished medical equipment. For example, GE Healthcare offers a refurbished imaging system - GoldSeal Discovery ST, integrating computed tomography (CT) and Positron Emission Tomography (PET) at affordable prices and fixed or mobile configurations.
Medical Industry Tends Towards Sustainability and Less Waste
Worldwide, the healthcare industry stands at a crossroads in an era where sustainability has become a global imperative. Based on that, government and health authorities leverage circularity to convert waste into efficiency. The World Health Organization (WHO) stated that, of the total medical waste, around 15% is considered hazardous material. The healthcare industry accounts for more than 5% of carbon emissions. These factors substantially affect the growth of refurbished medical equipment sales; however, there will be a more significant opportunity for market growth in upcoming years as the healthcare authorities leverage new norms on medical waste.
Health Facilities Seeking to Balance Budget Constraints
Healthcare equipment and services are costly for small & medium size healthcare settings. The increasing cost of medical equipment and associated services led medical facilities to look to balance budget constraints with the imperative requirements for quality patient care. The demand for cutting-edge medical equipment is constant in the ever-growing healthcare sector. However, the high cost of medical equipment often poses a high financial burden for many small and mid-sized healthcare facilities. One of the most implemented strategies by medical facilities is buying refurbished medical equipment. Such factors propel the refurbished medical equipment market growth during the forecast period.
INSIGHTS BY PRODUCT TYPE
The global refurbished medical equipment market by product type is segmented into medical imaging equipment, IVD & laboratory equipment, operating room, surgical & therapeutic equipment, patient monitoring equipment, cardiology equipment, and dental equipment. By product, the medical imaging segment dominated the global market share in 2023 and is expected to grow at a healthy CAGR during the forecast period. The segment's growth is attributed to the rising demand for medical imaging diagnosis worldwide and the cost of original or new medical imaging equipment. MRI, CT, and other medical equipment are highly demanding due to the increasing patient population. These factors contribute to the highest segmental growth. Medical diagnostic imaging equipment can resolve between 70% - 80% of diagnostic problems, but nearly 2/3 of the world's population has no access to diagnostic radiology due to cost, access, and lack of expertise. Of these factors, refurbished medical imaging equipment easily solves cost and health access issues.
INSIGHTS BY APPLICATION
The diagnosis & monitoring application segment holds the most significant share of the global refurbished medical equipment market in 2023. Globally, the rapidly rising geriatric population led to an increase in demand for diagnosis services. Diagnostics equipment is commonly used in health settings; however, new equipment costs 30% to 40% higher and is not affordable for every small and mid-sized health setting. These factors drive high demand for refurbished diagnostics equipment. Furthermore, in diagnosis, medical imaging, in-vitro diagnosis, cardiology, dental care, eye care, and clinical lab tests are highly contributing to the demand for refurbished medical equipment.
INSIGHTS BY END-USER
The global refurbished medical equipment market by end-users is segmented into hospitals, radiology/medical imaging centers, clinics, physician offices, & dental clinics, clinical & research laboratories, and others. The hospital segment holds the most significant global market share in 2023. Worldwide, hospitals are facing huge financial pressure due to high investment in equipment during the pandemic, which resulted in the hospitals seeking budget constraints and driving demand for refurbished medical equipment. In addition, the rising government support in each country to increase access to medical services resulted in an increasing number of public and private hospitals. Most public hospitals cannot import refurbished medical equipment from other countries; however, the import and purchase from domestic vendors drive the market growth.
GEOGRAPHICAL ANALYSIS
North America dominated the global refurbished medical equipment market share, accounting for a global share of over 27% in 2023. The region dominates the market share due to the growing aging population, chronic disease prevalence, healthcare expenditure, the need for advanced imaging techniques, and a major shift towards digital medical equipment. Furthermore, the rising cost burden on hospitals for integrating new technologies in medical equipment is accelerating the demand for affordable price refurbished medical equipment. Also, several leading and emerging companies are present across the region, creating easy transport and delivery of refurbished medical equipment deliveries, contributing to significant market growth.
VENDOR LANDSCAPE
GE Healthcare, Koninklijke Philips, and Siemens Healthineers are the three leading companies accounting for more than 60% of the global refurbished medical equipment market. These vendors continuously develop and invest in refurbishment medical equipment development and are expected to dominate the market with continued engagement in the advancement of refurbished medical equipment. EverX, SOMA TECH INTL, and Integrity Medical Systems are some rapidly growing vendors in the refurbished medical equipment market. These companies have a wide geographical reach, diversified product portfolio, and a strong focus on innovation and research activities.
Recent Vendor's Activities in the Global Refurbished Medical Equipment Market
In recent years, some advanced refurbished medical equipment have been launched in the global market, some of which are mentioned below:
- In 2023, GE HealthCare collaborated with reLink Medical to deliver asset management solutions to health professionals. This collaboration features a standard medical equipment deposition, refurbishment, recycling, and donating equipment.
- In 2023, Koninklijke Philips campaigned for refurbished products, increasing its focus on circular solutions in Germany.
- In 2024, GE Healthcare launched a new refurbishing facility for its A1-Sure Ultrasound Systems in Bangladesh. This facility offers access to refurbished medical equipment in Tier 2 & 3 cities nationwide.
- In 2024, Stryker partnered with Project C.U.R.E - Commission on Urgent Relief Equipment - to donate medical devices and suppliers to under-resourced countries. This partnership will help build the company's brand image.
- In 2023, Siemens Healthineers and CommonSpirit Health formed a joint venture and acquired Block Imaging, a US-based company pioneering refurbished medical imaging equipment, parts, and services. With this acquisition, the company aims to increase refurbished medical equipment sales in the US market.
Key Company Profiles
- GE Healthcare
- Koninklijke Philips
- Siemens Healthineers
- SOMA TECH INTL
- Integrity Medical System
- EverX
Other Prominent Vendors
- Amber Diagnostics
- Apt Medical Systems
- Avante Health Solutions
- Block Imaging
- Future Health Concepts
- Pacific Healthcare Imaging
- Radiology Oncology System
- US Med-Equip
- Venture Medical ReQuip
- Medirays Corporation
- Heartland Medical
- Victori Medical
- Whittemore Enterprises
- Master Medical Equipment
- Japan Central Medical
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 150 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $18.94 Billion |
| Forecasted Market Value (USD) by 2029 | $37.6 Billion |
| Compound Annual Growth Rate | 12.1% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1: Refurbished Medical Equipment Market Overview
- Executive Summary
- Key Findings
Chapter 2: Refurbished Medical Equipment Market
- Global: Projected Revenue of Refurbished Medical Equipment Market (2020-2029; $ Billions)
Chapter 3: Refurbished Medical Equipment Market Prospects & Opportunities
- Refurbished Medical Equipment Market Opportunities & Trends
- Refurbished Medical Equipment Market Drivers
- Refurbished Medical Equipment Market Constraints
Chapter 4: Refurbished Medical Equipment Market Segmentation Data
Global: Projected Revenue by Product Type (2020-2029; $ Billions)
- Medical Imaging Equipment
- IVD & Laboratories Equipment
- Operating Room, Surgical & Therapeutic Equipment
- Patient Monitoring Equipment
- Cardiology Equipment
- Dental Equipment
- Other Products
Global: Projected Revenue by Application (2020-2029; $ Billions)
- Diagnosis & Monitoring
- Treatment & Surgical Interventions
Global: Projected Revenue by End-user (2020-2029; $ Billions)
- Hospitals
- Radiology/Medical Imaging Centers
- Clinics, Physician Offices & Dental Clinics
- Clinical & Research Laboratories
- Other End-users
Chapter 5: Key Regions Overview
- North America: Projected Revenue of Refurbished Medical Equipment Market (2020-2029; $ Billions)
- APAC: Projected Revenue of Refurbished Medical Equipment Market (2020-2029; $ Billions)
- Latin America: Projected Revenue of Refurbished Medical Equipment Market (2020-2029; $ Billions)
- Middle East & Africa: Projected Revenue of Refurbished Medical Equipment Market (2020-2029; $ Billions)
Chapter 6: Refurbished Medical Equipment Industry Overview
- Refurbished Medical Equipment Market - Competitive Landscape
- Refurbished Medical Equipment Market - Key Vendor Profiles
- Refurbished Medical Equipment Market - Other Prominent Vendors
- Refurbished Medical Equipment Market - Key Strategic Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/y4trc1
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