Fort Collins, Colorado, Jan. 15, 2024 (GLOBE NEWSWIRE) -- The Refurbished Medical Equipment Market size was valued at USD 14.2 Billion in 2022 and is expected to reach a market size of USD 42.3 Billion by 2032 at a CAGR of 11.6%.
The growing demand for refurbished medical equipment is because it is cheaper than newly manufactured medical devices, and also, as they are rebuilt according to technological needs and trends.
With the rising awareness regarding environmental damage in the medical industry, many professionals are considering buying refurbished equipment as they are upgraded and do not go through the entire production process like a new machine. This reduces the material and energy needed in manufacturing these devices, thus reducing environmental harm.
Another factor contributing to the market growth is the quality of equipment. Although the machines are refurbished, they are passed through various safety and quality checks to ensure that the refurbished device is of good quality and does not cause any harm to patients when used. Also, the refurbished devices must meet the set quality standards like ISO 13485, which regulates the end-use of these machines' refurbishing process and safety standards.
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Segmentation Overview:
The global refurbished medical equipment market has been segmented into product, application, end-user, and region. Based on product, the market segmentation comprises medical imaging, intensive care equipment, OR equipment, and patient monitors. Medical imaging accounted for a significant market share in 2022. The market is segmented based on end-users into hospitals, diagnostic imaging centers, and others. Hospitals account for a significant share of the end-user segment.
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Refurbished Medical Equipment Market Report Highlights:
- The global refurbished medical equipment market growth is anticipated at a CAGR of 11.6% by 2032.
- The demand for refurbished equipment is high due to its lower prices than new medical equipment. It has been observed that the prices of refurbished medical equipment are 50-60% lower than the cost of new equipment.
- North America holds a significant share in the refurbished medical equipment market. The United States is a major country accepting the sale and import of refurbished medical devices to cater to various needs.
- Some prominent players in the market report include Siemens Healthineers, GE Healthcare, Koninklijke Philips N.V., Blue Star Limited, Soma Technologies, Hilditch Group, Nationwide Imaging Services, Integrity Medical Systems Inc., Radiology Oncology Systems Inc., US Med-Equip, and others.
Industry Trends and Insights:
- The Indian medical devices industry is estimated to expand to USD 50 billion by 2030 by removing import reliance to 35 percent, according to the Global Trade Research Initiative (GTRI). By reducing the dependence on imports for medical equipment, the Indian economy would experience a surge in employment in medical device manufacturing and healthcare services.
- CommonSpirit Health and Siemens Healthcare collaborated to acquire Block Imaging. This acquisition offers more sustainable options and increases support from the U.S. health systems.
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Refurbished Medical Equipment Market Segmentation:
By Product: Medical Imaging, Intensive Care Equipment, OR Equipment, Patient Monitors, and Others.
By Application: Cardiology, Neurology, Urology, Oncology, Others.
By End-user: Hospitals, Diagnostic Imaging Centers, and Others.
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa.
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