Refurbished Medical Equipment Market Size, Share, Industry Trends and Forecast to 2030

Refurbished Medical Equipment Market Size & CAGR in 2021

The global refurbished medical equipment market is expected to have a growth rate of 4.2% CAGR from 2021 to 2028. The market size is anticipated to reach USD 12.5 billion by 2028. The increasing demand for cost-effective medical equipment solutions and the rising focus on sustainable healthcare practices are driving the growth of the refurbished medical equipment market.

COVID-19 Impact on the Refurbished Medical Equipment Market

The COVID-19 pandemic significantly impacted the refurbished medical equipment market. Due to the global healthcare crisis, hospitals and healthcare facilities faced budget constraints and were looking for cost-effective solutions to equip themselves with the necessary medical equipment. This led to a surge in demand for refurbished medical equipment as a more affordable alternative to new devices. Despite the challenges posed by the pandemic, the refurbished medical equipment market experienced steady growth as healthcare providers sought to maintain quality healthcare delivery within limited budgets.

Refurbished Medical Equipment Dynamics

The refurbished medical equipment market is driven by factors such as the increasing emphasis on sustainable healthcare practices, cost-effectiveness, and the rising demand for advanced medical devices. Healthcare facilities are opting for refurbished equipment to reduce costs while ensuring quality patient care. Moreover, the growing awareness about the environmental impact of medical waste generated by disposing of old equipment is prompting healthcare providers to adopt refurbished solutions. The market dynamics are further influenced by technological advancements, regulatory requirements, and the evolving healthcare landscape.

Segments and Related Analysis

The refurbished medical equipment market can be segmented based on product type, end-user, and geography. Product types include imaging equipment, operating room equipment, patient monitors, defibrillators, and others. End-users of refurbished medical equipment include hospitals, diagnostic imaging centers, ambulatory surgery centers, and others. Geographically, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

By Region Analysis

In 2021, North America dominated the refurbished medical equipment market, followed by Europe and Asia Pacific. The North American region's strong market position can be attributed to the presence of well-established healthcare infrastructure, high adoption of advanced medical technologies, and favorable reimbursement policies. Europe and Asia Pacific are also significant markets for refurbished medical equipment due to increasing healthcare expenditure, growing awareness about cost-effective solutions, and rising demand for sustainable healthcare practices.

Key Market Players and Competitive Landscape

Key players in the refurbished medical equipment market include GE Healthcare, Siemens Healthineers, Philips Healthcare, Toshiba Medical Systems, and Agito Medical. These companies are actively involved in product development, strategic partnerships, and mergers & acquisitions to strengthen their market position and expand their product offerings. The competitive landscape of the refurbished medical equipment market is characterized by intense competition, technological innovation, and a focus on quality assurance.

Recent Happenings in the Refurbished Medical Equipment Market

The refurbished medical equipment market has witnessed several recent developments aimed at expanding market reach and enhancing product offerings. In 2021, GE Healthcare launched a new line of refurbished medical equipment with advanced features and enhanced performance. Siemens Healthineers announced a strategic partnership with a leading refurbishment company to improve the availability of refurbished medical devices in key markets. These developments highlight the growing importance of refurbished medical equipment in the healthcare industry and the continuous efforts of market players to meet the evolving needs of healthcare providers.