Refurbished Medical Equipment and Accessories Market Highlights 2020-2029
The global refurbished medical equipment and accessories market is anticipated to grow at a notable CAGR during the forecast period, i.e., 2021 – 2029. The growth of the market can be attributed to factors such as rising demand for low-cost electronic and diagnostic equipment, and the ample economic benefits to small-scale hospitals in using refurbished medical appliances. Furthermore, growing emphasis of the governments in many developed nations, such as the U.S.A, France, Germany and the United Kingdom to deploy sustainable operational means, is expected to create significant growth opportunities for market players. Comprehensive efforts by governmental and non-governmental organizations to make affordable healthcare available to all is also foreseen to further the expansion of this market. CLICK TO DOWNLOAD SAMPLE REPORT
Based on equipment type, the segment for medical & diagnostic imaging equipment is projected to occupy the largest market share by the end of 2029 owing to the increase in demand for these devices. According to the World Health Organization (WHO), some surgical interventions can be avoided altogether if diagnostic imaging services such as ultrasound are available. Factors such as the high usefulness of diagnostic imaging equipment in various healthcare spaces, growing demand for early diagnosis of diseases, and high equipment durability are also anticipated to boost the growth of this segment. Additionally, on the basis of application, the market is segmented into diagnostic and therapeutic, out of which, the diagnostic imaging procedures segment is projected to generate the highest revenue in the year 2029 owing to the increasing number of patients and target diseases for these medical procedures, vast application of diagnostic processes and cost-effective price of imaging equipment.
Global Refurbished Medical Equipment and Accessories Market Regional Synopsis
On the basis of geographical analysis, the global refurbished medical equipment and accessories market is segmented into five major regions including North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. The market in North America is anticipated to occupy the largest share in 2021 on the back of extensive privatization of healthcare sector, larger number of refurbishment facilities and high investment in healthcare sector in the region. According to the statistics by the Organization for Economic Co-operation and Development (OECD), the United States spent the most on healthcare in 2018, accounting to 16.9% of the total GDP share. Furthermore, health spending per capita in the OECD countries is estimated to reach 10.2% of GDP by 2030. Although during the forecast period, the market in the Asia Pacific is expected to grow at the highest CAGR, owing to a larger patient pool, rising governmental concerns to provide affordable healthcare facilities to rural population, new regulatory reforms, and a high demand for refurbished medical equipment in low-budget hospitals and surgical centers.
The global refurbished medical equipment and accessories market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global refurbished medical equipment and accessories market includes the following segments:
By Equipment Type
- Medical & Diagnostic Imaging
- X-Ray Machines
- CT Scanners
- Ultrasound Systems
- MRI Machines
- Others
- Patient Monitors
- Pulse Oximeters
- Multi-Parameter Monitors
- ECG Devices
- Other Patient Monitors
- Surgical
- Acute & Intensive Care
- Cardiovascular
- Neurology
- Others
By Application
- Diagnostic
- Cardiology
- Neurology
- Oncology
- Orthopedics
- Physiology
- Obstetrics/Gynecology (OB/GYN)
- Others
- Therapeutic
- Cardiology
- Neurology
- Oncology
- Orthopedics
- Physiology
- Obstetrics/Gynecology (OB/GYN)
- Others
By End-User
- Hospitals
- Diagnostic Centers
- Ambulatory Care Centers
- Others
Growth Drivers
- Rising Number of Low Budget Healthcare Facilities
- Growing Emphasis of Healthcare Entrepreneurs on High Returns upon Low Investment
Challenges
- Inability to Meet Appropriate Quality Standards
- Negative Perception about Refurbished Medical Equipment
Top Featured Companies Dominating the Market
- General Electric Company
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Avante Health Solutions
- Siemens Healthcare GmbH
- Koninklijke Philips N.V.
- EVERX
- Soma Tech Intl.
- Hilditch Group Ltd
- Canon Medical Systems Ltd.
- Block Imaging International Inc.
- US Med-Equip, Inc.
