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.
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:
Our in-depth analysis of the global refurbished medical equipment and accessories market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing number of low budget healthcare facilities is one of the major factors driving market growth.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2021-2029.
Negative perception about refurbished equipment and inappropriate maintenance of quality standards by some companies are estimated to hamper market growth.
Asia Pacific region will provide more business opportunities for market growth on the back of growing patient pool in the region.
The major players of the market are General Electric Company, Avante Health Solutions, Siemens Healthcare GmbH, EVERX, Koninklijke Philips N.V., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by equipment type, application, end-user and by region.
With respect to end-users, the hospitals segment is anticipated to hold the largest market share owing to the rise in adoption of refurbished medical equipment and emphasis of hospitals to offer affordable treatment.
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