Refurbished Medical Equipment Market Size Is Reckoned To Reach A CAGR Value Of 9.7% in 2026
The global refurbished medical equipment market was valued US$ 6.3 Bn in 2017, and is expected to register a CAGR of over 9.7%. Refurbishment is restoration of equipment or device to a reusable condition without changing the basic specifications of the device. The process of refurbishing medical devices ensures the safety and efficacy of the device so that the performance of the device is not altered.
Companies are using online platforms for selling refurbished medical equipment as these increase visibility, provide more information regarding products, allow view of reviews and feed-back, expands customer base, and offer selection from a wide variety of products. In addition, companies are strategizing on offering discounts in order to cater to growing demand for cost-effective medical equipment.
Increasing demand for refurbished medical equipment is relatively high from private hospitals, owing to lower budgets than that of government-run or funded medical facilities. Cost of personalized treatment in private hospitals is relatively higher than government or trust-run hospitals. In order to operate within budget and increase patient footfall by offering a wider range of diagnostics and treatments, many private hospitals adopt cost-effective solutions such as refurbished medical equipment.
Increasing cost of new diagnostic imaging devices and equipment such as magnetic resonance imaging (MRI), computed tomography (CT), nuclear imaging, and positron emission tomography (PET) scans along with financial constraints to buy new medical equipment in healthcare facilities are other major factors expected to drive growth of the global refurbished medical equipment market over the forecast period.
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The global refurbished medical equipment market is segmented on the basis of type, application, and region.
On the basis of type segmentation, medical imaging equipment segment is expected to contribute major revenue share and is expected to maintain its dominance over the forecast period. High cost associated with certain devices such as medical imaging, cardiovascular, and neurological equipment is a key factor driving growth of the global refurbished medical equipment market.
Among all the application segments, hospital segment is expected to be fastest growing product segment in the global refurbished medical equipment market. This revenue increase is primarily attributed to budget constraints for public as well as private hospitals in developing and under-developed regions, and rising focus on reducing capital expenditure as well as spending on new medical devices and equipment.
North America market is expected to dominate the global refurbished medical equipment market, and it accounts for largest market revenue over US$ 2,700 Mn in 2017 as compared to that of markets in other regions. Dominance by North America market is expected to continue over the forecast period and expected to grow with a CAGR over 9.5%.
Increasing aging population in countries in North America coupled with extended life expectancy is expected to translate into a sustainable demand for medical devices. Hospitals and medical facilities can purchase refurbished medical equipment at lower cost as compared to new medical equipment, thus providing more cost-effective diagnosis and treatment to patients.
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Key players operating in the global refurbished medical equipment market include Radiology Oncology Systems, Inc., Everx Pvt Ltd., Koninklijke Philips N.V., Integrity Medical Systems, Inc., Agito Medical A/S, DRE Inc., SOMA Technology, Inc., Block Imaging International, Inc., Siemens Healthineers AG, and GE Healthcare Inc.