(PharmaNewsWire.Com, September 10, 2021 ) [214 Pages Report] The global refurbished medical equipment market is projected to reach USD 21.2 billion by 2025 from USD 12.1 billion in 2020, growing at a CAGR of 11.8% from 2020 to 2025. The growth of the global refurbished medical equipment market can be attributed to factors such as hospital budget cuts, a large inventory of used or old medical devises, rising demand for capital-intensive diagnostic imaging equipment, e-commerce platform enhancing the ease of purchase of refurbished medical equipment, growing preference for eco-friendly products, an increasing number of diagnostic centers & hospitals, and the growing opportunities in emerging economies.
However, factors such as stringent regulations on the import and use of refurbished medical devices in certain countries, lack in the standardization of policies for the use & sale of refurbished devices, increase in the influx of low-cost new medical devices, and the negative perception about the quality of refurbished medical devices are expected to restrain the market growth. Furthermore, the growth of the market is expected to be slowed temporarily due to the COVID-19 pandemic during the forecast period.
By product, the refurbished medical imaging equipment segment is expected to hold the highest share of the market in 2019.
Based on product, the refurbished medical equipment market is segmented into medical imaging equipment, operating room & surgical equipment, patient monitors, cardiology equipment, urology equipment, neurology equipment, intensive care equipment, endoscopy equipment, IV therapy systems, and other medical equipment.
The medical imaging equipment segment was estimated to account for the highest share in 2019. The large share of this segment can be attributed to factors such as the presence of a large number of products under this segment and their high utility in the healthcare and clinical space, the ability of this equipment to last for many years, growing demand for early disease diagnosis and non-invasive diagnostic imaging, a growing number of hospitals as well as diagnostic imaging centers across the world, and the budget constrains to purchase new equipment among end users.
By application, the diagnostics segment is expected to account for the largest share of the refurbished medical equipment market in 2019.
Based on procedure, the refurbished medical equipment market is segmented into diagnostic and therapeutic procedures segments. The diagnostic procedures segment accounted for a larger share of the market in 2019.
The rising demand for diagnostic imaging procedures, the high price of new medical imaging equipment, a growing number of target diseases, widening application of diagnostic imaging procedures, regulatory approvals in using refurbished medical equipment, low purchasing power in emerging economies, and established & government validated refurbishment processes adopted by major OEMs are factors expected to drive the growth of this market segment in the coming years.
As of 2019, the key players operating in the global refurbished medical equipment market are GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Block Imaging (US), SOMA TECH INTL. (US), Avante Health Solutions (US), Hilditch Group (UK), Everx Pvt Ltd. (Australia), Integrity Medical Systems, Inc. (US), Radiology Oncology Systems, Inc. (US), Master Medical Equipment (US), US Med-Equip (US), Fair Medical Co. Ltd. (Japan), Future Health Concepts (US), US Medical Systems, LLC. (US), Nationwide Imaging Services (US), Pacific Healthcare Imaging, LLC (US), Venture Medical ReQuip, Inc. (US), Desert Tech Medical Systems (US), Hi Tech International Group, Inc. (US), CURA Healthcare (India), JAPAN CENTRAL MEDICAL, INC. (Japan), HOYU AND CO., LTD. (Japan), Sanrad Medical Systems (India), BOND JAPAN CO., LTD. (Japan), FlexrayMedical ApS (Denmark), Amber Diagnostics (US), Rhombus Medical Equipment., LLC (UAE), Blue Start Limited (India), and Cielo Co., Ltd (Japan).
GE Healthcare (US) is the leading player in the global refurbished medical equipment market. The company’s strategic initiatives for organic & inorganic growth has helped the firm garner a large share of this market. The company’s Healthcare Systems business segment provides refurbished medical equipment, and it has consistently gained revenue for the past three years, thereby augmenting sales for this market during the forecast period.
Siemens Healthineers (Germany) is the second-largest player in the global refurbished medical equipment market that offers refurbished products through its ‘ecoline’ product portfolio. The company’s Imaging and Advanced Therapeutics business segments have witnessed about 9-10% growth in the past two years. These segments offer refurbished medical imaging products. The company’s geographic expansion and growth in revenues from regions across the world are indicative of the firms' stronghold in the global refurbished medical equipment market.
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