The Refurbished Medical Equipment Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Refurbished Medical Equipment Global Market Report 2024, The refurbished medical equipment market size has grown rapidly in recent years. It will grow from $13.74 billion in 2023 to $16.05 billion in 2024 at a compound annual growth rate (CAGR) of 16.8%. The growth in the historic period can be attributed to cost containment in healthcare, rising demand for affordable healthcare, extended lifecycle of equipment, environmental sustainability, access to advanced technology at lower costs.
The refurbished medical equipment market size is expected to see rapid growth in the next few years. It will grow to $28.71 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%. The growth in the forecast period can be attributed to continued cost pressures in healthcare, global health challenges and resource allocation, increasing focus on emerging markets, technology upgrades and equipment obsolescence, rise in telehealth and remote care. Major trends in the forecast period include environmental sustainability and circular economy practices, rising focus on refurbished surgical equipment, increased availability of warranty and service contracts, government initiatives supporting refurbished procurement, advancements in refurbishment technologies.
The increase in the prevalence of cancer and cardiovascular diseases contributed to the growth of the refurbished medical equipment market. For instance, in 2021, according to American Cancer Society, a US-based non-profit organization for eliminating cancer, in the US are 1.9 million new cancer cases were diagnosed and cancer deaths are estimated to be 608,570 in 2021. Furthermore, in June 2021, according to the World Health Organization, a Switzerland-based specialized agency promoting health, an estimated 17.9 million people died from CVDs, accounting for 32% of global deaths. Thus, the rising prevalence of cancer and cardiovascular diseases was a major factor driving the refurbished medical equipment market’s growth.
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The refurbished medical equipment market covered in this report is segmented –
1) By Product: Medical Imaging Equipment, Operating Room & Surgical Equipment, Patient Monitors, Cardiology Equipment, Urology Equipment, Neurology Equipment, Intensive Care Equipment, Endoscopy Equipment, IV Therapy Systems, Other Products
2) By Application: Diagnostic, Therapeutic
3) By End User: Hospitals, Ambulatory Care Centers, Diagnostic Imaging Centers, Other End-users
Major companies operating in the refurbished medical equipment market are focused on developing technological innovations, such as refurbishment facilities, to gain a competitive edge in the market. A refurbishment facility is a specialized industrial or commercial building where used or unwanted items are cleaned, repaired, and upgraded to be sold again. For instance, in April 2022, Blue Star Ltd., an Indian-based home appliances company, launched a Medical Diagnostic Equipment Refurbishment Facility. The 15,000 sq ft facility boasts advanced technology and skilled professionals to refurbish a wide range of equipment. The company offers comprehensive warranty and after-sales support for its refurbished equipment, giving customers peace of mind.
The refurbished medical equipment market report table of contents includes:
1. Executive Summary
2. Refurbished Medical Equipment Market Characteristics
3. Refurbished Medical Equipment Market Trends And Strategies
4. Refurbished Medical Equipment Market – Macro Economic Scenario
5. Global Refurbished Medical Equipment Market Size and Growth
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26. South America Refurbished Medical Equipment Market
27. Brazil Refurbished Medical Equipment Market
28. Middle East Refurbished Medical Equipment Market
29. Africa Refurbished Medical Equipment Market
30. Refurbished Medical Equipment Market Competitive Landscape And Company Profiles
Top Major Players:
- Johnson & Johnson Services Inc.
- Siemens Healthineers AG
- Koninklijke Philips N.V.
- Stryker Corporation
- GE HealthCare Technologies Inc
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