The Business Research Company’s report on the Refurbished Medical Equipment Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the refurbished medical equipment market’s growth in recent years?
The increase in the prevalence of cancer and cardiovascular diseases contributed to the growth of the refurbished medical equipment market. For instance, in May 2024, according to National cancer institute, a US-based Federal government agency , in 2024, an estimated 2,001,140 new cases of cancer will be diagnosed in the U.S., with 611,720 deaths expected from the disease. In 2022, there were almost 20 million new cases and 9.7 million cancer-related deaths worldwide. By 2040, the number of new cancer cases per year is expected to rise to 29.9 million and the number of cancer-related deaths to 15.3 million. 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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How does the future projection of the refurbished medical equipment market size compare to its historical growth?
The refurbished medical equipment market size has grown rapidly in recent years. It will grow from $15.66 billion in 2024 to $18.18 billion in 2025 at a compound annual growth rate (CAGR) of 16.1%. 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 $32.84 billion in 2029 at a compound annual growth rate (CAGR) of 15.9%. 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.
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Which key players are shaping the future of the refurbished medical equipment market?
Major companies operating in the refurbished medical equipment market include Siemens Healthineers AG, Koninklijke Philips N.V., Stryker Corporation, GE HealthCare Technologies Inc., Canon Medical Systems Corporation, Toshiba Medical Systems Corp, First Source Inc., US Med-Equip Inc., BC Technical Inc., Soma Technology Inc., DMS Topline Medical Inc., Agito Medical AS, Avante Health Solutions, Master Medical Equipment, US Medical Systems LLC, Everx Pvt Ltd., Hilditch Group Ltd., Rosch Medical Systems Pvt Ltd., Block Imaging International Inc., Rhombus Medical Equipment LLC, Fair Medical Co Ltd., Future Health Concepts Inc., Altima Healthcare Services Inc., Jaken Medical Inc., Bluestone Diagnostics Inc., Integrity Medical Systems Inc., FlexrayMedical ApS, Radio Oncology Systems Inc.
What trends will propel the growth and evolution of the refurbished medical equipment market?
Major companies are undertaking strategic alliances to maintain their strong foothold in the refurbished medical equipment market. For instance, in October 2023, AA Medical, US-based provider of sustainable solutions, partnered with MED-SELL.COM, a US-based provider of pre-owned medical devices, to redefine the pre-owned medical device and equipment solutions. This strategic alliance aims to redefine the pre-owned medical device and equipment landscape, offering a wider range of solutions and catering to diverse healthcare needs.
Which regions are expected to become dominant players in the refurbished medical equipment market?
North America was the largest region in the refurbished medical equipment market in 2024. Asia-Pacific is predicted to record the fastest growth over the forecast period. The regions covered in the refurbished medical equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What are the emerging key segments in the refurbished medical equipment market, and how are they evolving?
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
Subsegments:
1) By Medical Imaging Equipment: MRI Machines, CT Scanners, Ultrasound Machines
2) By Operating Room And Surgical Equipment: Surgical Tables, Surgical Lights, Anesthesia Machines
3) By Patient Monitors: Vital Signs Monitors, Multi-parameter Monitors, Telemetry Monitors
4) By Cardiology Equipment: ECG Machines, Defibrillators, Echocardiography Machines
5) By Urology Equipment: Urodynamics Equipment, Endoscopic Equipment, Lithotripters
6) By Neurology Equipment: EEG Machines, EMG Machines, Neurostimulators
7) By Intensive Care Equipment: Ventilators, Infusion Pumps, Patient Beds
8) By Endoscopy Equipment: Endoscopes, Video Endoscopy Systems, Sterilizers
9) By IV Therapy Systems: IV Pumps, IV Sets, Infusion Systems
10) By Other Products: Laboratory Equipment, Rehabilitation Equipment, Diagnostic Equipment
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How is the refurbished medical equipment market defined?
Refurbished medical equipment is equipment that is restored to their original condition without changing their original specifications. This equipment is reused several times.
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