Refurbished Medical Equipment Market Growth, Size, Trends, Share, Revenue and Future Outlook
Refurbished Medical Equipment Market Size- By Product, By Application, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Mar-2024 | Report ID: MEDE2413 | Pages: 1 - 235 | Formats*: |
| Category : Medical Devices | |||
Refurbished Medical Equipment Market Introduction and Overview
According to SPER Market Research, the Global Refurbished Medical Equipment Market is estimated to reach USD 30.56 billion by 2033 with a CAGR of 12.61%.
The report includes an in-depth analysis of the Global Refurbished Medical Equipment Market, including market size and trends, product mix, applications, and supplier analysis. Refurbished medical equipment are items that have been returned to a workable state without modifying their original specifications. The refurbishing procedure begins with the removal of an old machine and a comprehensive servicing of all elements, which is followed by disinfecting, cleaning, painting, and replacing broken or old components. The device is then sold for a far lesser price than a new machine. Due to these advantages, refurbished equipment is widely used in hospitals, clinics, and other healthcare facilities.
- Dec 2021: Block Imaging purchased Reliable Healthcare Imaging in order to set up a new repair and reprocessing facility for CT scanner tubes and HV tanks.
- July 2021: Hermes Medical Solutions and Radiology Oncology Systems have signed an agreement to provide cost-effective and creative solutions, including refurbished medical devices, to medical imaging and radiotherapy departments in the United States.
Market Opportunities and Challenges
Opportunities- Growing Requirement for Expensive Diagnostic Tools- The global market for refurbished medical equipment offers a sizable opportunity due to the growing need for capital-intensive diagnostic equipment. High-end diagnostic tools like laboratory analyzers and advanced imaging systems are becoming more and more necessary as healthcare practitioners work to improve patient outcomes and increase diagnostic capabilities. Refurbished medical equipment is a financially viable option that enables healthcare organizations to obtain advanced technologies at a reduced cost. This gives reconditioned equipment suppliers the chance to satisfy the growing need for premium diagnostic services while saving healthcare facilities money. This is an opportunity for the global market for refurbished medical equipment to meet the growing demand for expensive diagnostic equipment.
Challenges- Excessive Treatment Expenses- The global market for reconditioned medical equipment is severely constrained or challenged by the substantial taxes levied on the trade of medical goods internationally. Tariffs, import levies, and taxes are frequently applied by governments to the import and export of medical devices, including reconditioned equipment. Refurbished medical equipment becomes more expensive overall as a result of these high tariffs, making it less accessible to institutions and healthcare professionals. These financial obstacles may prevent refurbished equipment from being widely used, especially in areas with little resources or in healthcare facilities with tight budgets. Overcoming the obstacle of excessive taxes is essential to fostering the expansion of the worldwide market for reconditioned medical equipment and guaranteeing the availability of affordable healthcare options.
Market Competitive Landscape
The competitive landscape for Refurbished Medical Equipment is characterized by fierce rivalry between long-standing competitors and more recent arrivals. To obtain a competitive advantage, major market players provide a broad range of superior Refurbished Medical Equipment products and services. They provide a high priority on customer happiness by providing technical assistance, guarantees, and affordable solutions. Some of the Key Players are Agito Medical A/S, Block Imaging, DRE Medical, Inc., Everx Pvt Ltd., General Electric Company, Integrity Medical Systems, Koninklijke Philips N.V., Radiology Oncology Systems, Inc., Siemens AG, and Soma Technology.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Product, By Application, By End User |
| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe |
| Companies Covered | Agito Medical A/S, Block Imaging, DRE Medical, Inc., Everx Pvt Ltd., General Electric Company, Integrity Medical Systems, Koninklijke Philips N.V., Radiology Oncology Systems, Inc., Siemens AG, and Soma Technology. |
COVID-19 Impact on Global Refurbished Medical Equipment Market
A rise in the need for reconditioned medical equipment, like mechanical ventilators, is anticipated as a result of the COVID-19 pandemic. However, the healthcare industry is also dealing with a serious disturbance in the supply chain that has an adverse effect on reconditioned medical equipment. Refurbished medical equipment is a gadget that has been reconditioned to a level comparable to that of new equipment.
Key Target Audience:
- Hospitals and Clinics
- Diagnostic Centers
- Ambulatory Surgical Centers (ASCs)
- Medical Equipment Rental Companies
- Medical Equipment Financing Companies
Our in-depth analysis of the Refurbished Medical Equipment Market includes the following segments:
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| By Application: |
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Key Topics Covered in the Report:
- Global Refurbished Medical Equipment Market Size (FY’2024-FY’2033)
- Overview of Global Refurbished Medical Equipment Market
- Segmentation of Global Refurbished Medical Equipment Market By Product (Intensive Care Equipment, Medical Imaging, OR Equipment and Patient Monitors.)
- Segmentation of Global Refurbished Medical Equipment Market By Application (Cardiology, Neurology, Oncology and Urology.)
- Segmentation of Global Refurbished Medical Equipment Market By End User (Diagnostic Imaging Centres and Hospitals.)
- Statistical Snap of Global Refurbished Medical Equipment Market
- Expansion Analysis of Global Refurbished Medical Equipment Market
- Problems and Obstacles in Global Refurbished Medical Equipment Market
- Competitive Landscape in the Global Refurbished Medical Equipment Market
- Impact of COVID-19 and Demonetization on Global Refurbished Medical Equipment Market
- Details on Current Investment in Global Refurbished Medical Equipment Market
- Competitive Analysis of Global Refurbished Medical Equipment Market
- Prominent Players in the Global Refurbished Medical Equipment Market
- SWOT Analysis of Global Refurbished Medical Equipment Market
- Global Refurbished Medical Equipment Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s2.2. Market size estimation2.2.1. Top-down and Bottom-up approach2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges4.2. COVID-19 Impacts of the Global Refurbished Medical Equipment Market
5. Market variable and outlook
5.1. SWOT Analysis5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats5.2. PESTEL Analysis5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape5.3. PORTER’s Five Forces5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Refurbished Medical Equipment Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Refurbished Medical Equipment Market
7. Global Refurbished Medical Equipment Market, By Product (USD Million)
7.1. Global Refurbished Medical Equipment Market Value Share and Forecast, By Product, 2024-20337.2. Intensive care equipment7.3. Medical Imaging7.4. OR Equipment7.5. Patient Monitors
8. Global Refurbished Medical Equipment Market, By Application (USD Million)
8.1. Global Refurbished Medical Equipment Market Value Share and Forecast, By Application, 2024-20338.2. Cardiology8.3. Neurology8.4. Oncology8.5. Urology
9. Global Refurbished Medical Equipment Market, By End User (USD Million)
9.1. Global Refurbished Medical Equipment Market Value Share and Forecast, By End User, 2024-2033
9.2. Diagnostic Imaging Centres
9.3. Hospital
10. Global Refurbished Medical Equipment Market Forecast, 2020-2033 (USD Million)
10.1. Global Refurbished Medical Equipment Market Size and Market Share
11. Global Refurbished Medical Equipment Market, By Product 2020-2033 (USD Million)
11.1. Global Refurbished Medical Equipment Market Size and Market Share By Product (2020-2026)
11.2. Global Refurbished Medical Equipment Market Size and Market Share By Product (2027-2033)
12. Global Refurbished Medical Equipment Market, By Application 2020-2033 (USD Million)
12.1. Global Refurbished Medical Equipment Market Size and Market Share By Application (2020-2026)
12.2. Global Refurbished Medical Equipment Market Size and Market Share By Application (2027-2033)
13. Global Refurbished Medical Equipment Market, By End User, 2020-2033 (USD Million)
13.1. Global Refurbished Medical Equipment Market Size and Market Share By End User (2020-2026)13.2. Global Refurbished Medical Equipment Market Size and Market Share By End User (2027-2033)
14. Global Refurbished Medical Equipment Market, By Region, 2020-2033 (USD Million)
14.1. Global Refurbished Medical Equipment Market Size and Market Share By Region (2020-2026)14.2. Global Refurbished Medical Equipment Market Size and Market Share By Region (2027-2033)14.3. Asia-Pacific14.3.1. Australia14.3.2. China14.3.3. India14.3.4. Japan14.3.5. South Korea14.3.6. Rest of Asia-Pacific14.4. Europe14.4.1. France14.4.2. Germany14.4.3. Italy14.4.4. Spain
14.4.5. United Kingdom
14.4.6. Rest of Europe14.5. Middle East and Africa14.5.1. Kingdom of Saudi Arabia14.5.2. United Arab Emirates14.5.3. Rest of Middle East & Africa14.6. North America14.6.1. Canada14.6.2. Mexico14.6.3. United States14.7. Latin America14.7.1. Argentina14.7.2. Brazil14.7.3. Rest of Latin America
15. Company Profile
15.1. Agito Medical A/S15.1.1. Company details15.1.2. Financial outlook15.1.3. Product summary15.1.4. Recent developments15.2. Block Imaging15.2.1. Company details15.2.2. Financial outlook15.2.3. Product summary15.2.4. Recent developments15.3. DRE Medical15.3.1. Company details15.3.2. Financial outlook15.3.3. Product summary15.3.4. Recent developments15.4. Everx Pvt Ltd.15.4.1. Company details15.4.2. Financial outlook15.4.3. Product summary15.4.4. Recent developments15.5. General Electric Company15.5.1. Company details15.5.2. Financial outlook15.5.3. Product summary15.5.4. Recent developments15.6. Integrity Medical Systems15.6.1. Company details15.6.2. Financial outlook15.6.3. Product summary15.6.4. Recent developments15.7. Koninklijke Philips N.V.15.7.1. Company details15.7.2. Financial outlook15.7.3. Product summary15.7.4. Recent developments15.8. Radiology Oncology Systems Inc.15.8.1. Company details15.8.2. Financial outlook15.8.3. Product summary15.8.4. Recent developments15.9. Siemens AG15.9.1. Company details15.9.2. Financial outlook15.9.3. Product summary15.9.4. Recent developments15.10. Soma Technology15.10.1. Company details15.10.2. Financial outlook15.10.3. Product summary15.10.4. Recent developments15.11. Others
16. List of Abbreviations
17. Reference Links
18. Conclusion
19. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Refurbished Medical Equipment Market is projected to reach USD 30.56 Billion by 2033, growing at a CAGR of 12.61% during the forecast period.
Refurbished Medical Equipment Market size from 2022. The Market is expected to reach USD 30.56 Billion by 2033, at a CAGR of 12.61% during the forecast period.
Refurbished Medical Equipment Market CAGR of 12.61% during the forecast period.
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Refurbished Medical Equipment Market size is 30.56 Billion from 2024 to 2033.
Refurbished Medical Equipment Market Segment is covered By Product, By Application, By End User.
The Medical Devices is anticipated to have the highest market share in the Refurbished Medical Equipment Market.
The key players in the market include Companies Covered Agito Medical A/S, Block Imaging, DRE Medical, Inc., Everx Pvt Ltd., General Electric Company, Integrity Medical Systems, Koninklijke Philips N.V., Radiology Oncology Systems, Inc., Siemens AG, and Soma Technology.
The device is then sold for a far lesser price than a new machine. Due to these advantages, refurbished equipment is widely used in hospitals, clinics, and other healthcare facilities.
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