An emerging market analysis titled “Anticipated Trends, Drivers of Growth, and Obstacles in the Refurbished Medical Equipment Market” has been showcased on Report Ocean.
The “Global Refurbished Medical Equipment Market” report offers comprehensive insights into factors affecting demand, growth, opportunities, challenges, and limitations. It covers global and regional industry dynamics, including research & development, new product launches, and responses from leading players in both global and local markets. The report provides visual representations and regional breakdowns of the Refurbished Medical Equipment Market.
Global Refurbished Medical Equipment Market is valued at approximately USD 26.42 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 11.8% over the forecast period 2022-2029.
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Medical devices that have been refurbished are those that have been restored to their original operational condition and are thus free of any type of defects. Before reusing an item of medical equipment, it must require refurbishment to be checked for safety, quality, and effectiveness. The demand for refurbished equipment has been fueled by an increase in the number of private hospitals that purchase refurbished devices due to budget constraints, unfavorable reimbursement policies for various medical treatments, and an increase in initiatives taken by the top medical device manufacturers to establish refurbished facilities in developed and developing countries. Also, another factor driving the market growth is emergence of e-commerce portals as attractive platforms for refurbished medical equipment.
According to Statista, in 2019, the total number of hospitals in India was around 69,264. Of that, the total number of private hospitals was 43,486 and public hospitals was 25,778. As a result, a rising number of private hospitals will drive the demand for refurbished devices due to budget constraints. Also, growing demand for capital-intensive diagnostic imaging equipment would create lucrative opportunities for the market during forecast period. However, the lack of awareness about the benefits of these devices and lack of standardization of policies related to the sale and use of refurbished medical devices stifle market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Refurbished Medical Equipment Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the growing trend of medical tourism and the rising privatization of the healthcare sector in this region. Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as growing support from government and efficient reimbursement policies and rising number of medical facilities and centers in this region.
Major market players included in this report are:
- GE Healthcare (US)
- Siemens Healthineers (Germany)
- Koninklijke Philips N.V. (Netherlands)
- Block Imaging (US)
- SOMA TECH INTL. (US)
- US Med-Equip (US)
- Avante Health Solutions (US)
- Everx Pvt Ltd. (Australia)
- Integrity Medical Systems, Inc. (US)
- Radiology Oncology Systems, Inc. (US)
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Recent Developments in the Market:
In 2020, In order to provide complete services for the latest imaging equipment at Hamilton Health Sciences hospitals in Canada, Siemens Healthineers (Germany) and Hamilton Health Sciences (Canada) entered into a 15-year contract that has the potential for an extra 10-year extension. The transaction was worth 192 million USD.
In 2018, Koninklijke Philips announced the acquisition of AGITO Medical. Through this acquisition, company expanded its portfolio of refurbished medical equipment and parts.
Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered: Product, Application, End-User, Region
Regional Scope: North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope: Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
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The detailed segments and sub-segment of the market are explained below:
By Product:
Medical Imaging Equipment
Operating Room & Surgical Equipment
Patient Monitors
Cardiology Equipment
Urology Equipment
Neurology Equipment
Intensive Care Equipment
Endoscopy Equipment
IV Therapy Systems
Other Medical Equipment
By Application:
Diagnostic
Therapeutic
By End-User:
Hospitals
Ambulatory Care Centers
Diagnostic Imaging Centers
Other End-Users
By Region:
North America: U.S., Canada
Europe: UK, Germany, France, Spain, Italy, Rest of Europe (ROE)
Asia Pacific: China, India, Japan, Australia, South Korea, Rest of Asia Pacific (RoAPAC)
Latin America: Brazil, Mexico, Rest of Latin America (RoLA)
Rest of the World
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Report Overview:
This research offers a comprehensive exploration of the emerging trends poised to shape the future business landscape. It delves deep into the pivotal factors driving the growth of the Refurbished Medical Equipment market over the projected period. Furthermore, the report sheds light on strategic initiatives undertaken by leading industry players to fortify their market positions.
Market Dynamics:
Encompassing a global perspective, this study presents insights into the influential entities within the worldwide Refurbished Medical Equipment market. It encompasses contact details, sales figures, and global market estimates. The research draws from reputable sources and institutions, aggregating a wealth of information and insightful analysis pertaining to the global Refurbished Medical Equipment market.
Marketing Insights:
The study furnishes essential facts and statistics relevant for marketers, consultants, and decision-makers navigating the global Refurbished Medical Equipment market landscape. With comprehensive regional breakdowns, this research offers a vital resource for newcomers venturing into the global Refurbished Medical Equipment market. It encapsulates indispensable insights extracted from the Refurbished Medical Equipment Market domain, facilitating informed decision-making processes.
This report covers several key questions related to the global Refurbished Medical Equipment market, including:
- What can be expected for the Refurbished Medical Equipment market in the next decade?
- What are the primary drivers of growth in the global Refurbished Medical Equipment market?
- Which technologies are likely to experience the most rapid growth, both by market and region?
- How do opportunities within the Refurbished Medical Equipment market vary based on the size of the end market?
- What is the breakdown of Refurbished Medical Equipment by type and application?
- How have recent events such as the COVID-19 pandemic and the Russia-Ukraine conflict impacted the Refurbished Medical Equipment market?
Our most recent research report showcases the thriving expansion of the global Refurbished Medical Equipment Market and offers in-depth insights into the projected market size, share, and revenue until 2031.
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