Global Refurbished Medical Equipment Market Report 2022 to 2027: High Capital & Procurement Costs of Medical Equipment Presents Opportunities - ResearchAndMarkets.com

The "Refurbished Medical Equipment Market - Global Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.

The global refurbished medical equipment market is expected to grow at a CAGR of 11.76% during 2022-2027.

The global market is growing due to the increasing number of healthcare settings and increased access to healthcare services. The industry is growing due to the high prevalence of several acute and chronic diseases across the globe.

Refurbishment is the systematic process of making used equipment equal to or better than new. Refurbishment is rebuilding or updating with all new materials, components, or parts to restore their original (or better) working condition and appearance. The global refurbished medical equipment market grew significantly during the pre-pandemic times. However, outbreaks of diseases like bird flu, COVID-19, and Monkeypox create a massive demand for used medical equipment.

Small & medium-sized hospitals, typically doctor-owned and with less than 100 beds, often cannot afford to buy new high-end equipment. These facilities prefer refurbished equipment of reputed brands that will cost less but perform well for a few years without complaints.

These could be young doctors who become self-employed after using such devices in large hospitals. They may be familiar with the equipment models, but they are short on a budget in the early stages of the business. Also, tier 3 cities may have enough patients without enough ability to pay. Such locations cannot provide sufficient return on investment (ROI) for new equipment. Nearly one-third of the medical equipment industry in developing countries is part of the refurbished medical equipment market.

Besides important environmental benefits, refurbishing provides sustainable economic benefits by creating business and employment in the refurbished medical equipment market. Even existing equipment owners may consider refurbishing their machines rather than disposing of old ones and buying new ones if their users are comfortable using the specific model.

A refurbished asset can be re-capitalized on a depreciation schedule at half the value of new equipment. Refurbishment typically costs about half as much as buying a new one and can bring a machine back to like-new. In addition to the initial cost savings, refurbishment increases resale value and can provide tax benefits to a business, depending on how it's structured.

Apart from cost savings, user comfort with the machines they've been using is a bonus. The global refurbished medical equipment market eliminates the annoying problems faced in using a worn-down machine and avoids the learning curve associated with new equipment. Users often grow fond of their devices and love to see their trusted old machines returned to life in better shape than before. The refurbishment also sometimes allows upgrading to the newest available technology.

Key Questions Answered:

1. What is the expected refurbished medical equipment market size by 2027?

2. What is the growth rate of the global refurbished medical equipment market?

3. Who are the key companies in the global refurbished medical equipment market?

4. What are the latest refurbished medical equipment market trends globally?

5. Which region holds the largest refurbished medical equipment market share globally?

Market Dynamics

Opportunities & Trends

• Increasing Demand for Medical Equipment in Developing Countries
• High Capital & Procurement Costs of Medical Equipment
• Growing Preference for Eco-Friendly Products

Growth Enablers

• Increasing Hospital Budget Cuts
• Increasing Diagnostic Centers & Hospitals
• Large Inventory of Used or Old Medical Devices

Growth Restraints

• Negative Perception About Refurbished Medical Equipment
• Stringent Standards & Approval Mechanisms for Refurbished Medical Equipment
• Growing Ease of Leasing Medical Equipment in Lmics

Market Segmentation

by Product Type

• Medical Imaging Equipment
• IVD & Laboratories Equipment
• OR (Operating Room), Surgical and Therapeutic Equipment
• Patient Monitoring Equipment
• Cardiology Equipment
• Dental Equipment
• Others

by Application

• Diagnosis & Monitoring
• Treatment & Surgical Interventions

by End-users

• Hospitals
• Radiology/Medical Imaging Centers
• Clinics, Physician offices & Dental Clinics
• Clinical & Research Laboratories
• Others

Segmentation by Geography

• North America
• US
• Canada
• Europe
• Germany
• UK
• France
• Italy
• Spain
• APAC
• China
• Japan
• India
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East & Africa
• South Africa
• Saudi Arabia
• Turkey
• UAE

Key Vendors

• General Electric Company
• Koninklijke Philips
• Siemens Healthineers

Other Prominent Vendors

• Amber Diagnostics
• Apt Medical Systems
• Avante Health Solutions
• Block Imaging
• EverX
• Future Health Concepts
• Medirays
• Meridian Medical
• PACIFIC HEALTHCARE IMAGING
• Radiology Oncology System
• Soma Tech Intl
• US Med-Equip's
• US Medical Systems
• Venture Medical ReQuip

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