Report ID: SQMIG35G2164
Report ID:
SQMIG35G2164 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
34
|Figures:
74
Refurbished Medical Equipment Market size was valued at USD 14.40 billion in 2022 and is poised to grow from USD 16.11 billion in 2023 to USD 39.61 billion by 2031, growing at a CAGR of 11.90% in the forecast period (2024-2031).
The global refurbished medical equipment market is experiencing significant growth and holds promising opportunities. The market insight reveals a rising demand for cost-effective healthcare solutions, increasing budget constraints faced by healthcare providers, and growing awareness of the benefits of refurbished equipment.
Refurbished medical equipment offers a viable alternative to new equipment, enabling healthcare facilities to access advanced technology at a lower cost. Moreover, stringent regulatory standards ensure the quality and safety of refurbished equipment, further driving its adoption. The market is driven by the need to enhance healthcare infrastructure in emerging economies, reduce medical equipment wastage, and promote sustainability in the healthcare sector. With a focus on quality assurance, technological advancements, and strategic partnerships, the refurbished medical equipment market is poised for continued growth and innovation.
US Refurbished Medical Equipment Market is poised to grow at a sustainable CAGR for the next forecast year.
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The global refurbished medical equipment market is segmented by type and region. Based on type, the market can be segmented into imaging equipment and patient monitoring equipment. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Refurbished Medical Equipment Market Analysis by Type
The dominant sub-segment within the type segment of refurbished medical equipment is imaging equipment. This includes refurbished X-ray machines, CT scanners, MRI machines, ultrasound systems, and other imaging devices. Imaging equipment is in high demand due to its critical role in diagnosis, treatment planning, and monitoring of various medical conditions. The refurbishment of imaging equipment allows healthcare facilities to acquire advanced technology at a lower cost, making it an attractive option for many healthcare providers.
The fastest growing sub-segment within the type segment is patient monitoring equipment. This includes refurbished devices such as patient monitors, ECG machines, vital sign monitors, and anesthesia monitors. The increasing focus on remote patient monitoring, home healthcare, and the need for continuous monitoring of patients' health parameters drive the demand for refurbished patient monitoring equipment. The affordability and availability of refurbished options make it feasible for healthcare facilities to expand their monitoring capabilities and improve patient care without incurring significant costs.
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One dominant region in the global refurbished medical equipment market is North America. The region has a well-established healthcare infrastructure, high adoption of advanced medical technologies, and a growing demand for cost-effective healthcare solutions. The presence of major market players and increased investments in the healthcare sector contribute to the dominance of this region. Additionally, the strict regulations and quality standards implemented by regulatory authorities in North America ensure the safety and efficacy of refurbished medical equipment, further boosting its demand.
One of the fastest-growing regions in the global refurbished medical equipment market is Asia Pacific. The region is witnessing rapid growth in the healthcare sector, driven by increasing healthcare expenditure, rising awareness of refurbished equipment, and the need to address the growing healthcare needs of the population. Countries like China and India are leading the market growth in this region due to their large population, expanding healthcare infrastructure, and increasing focus on affordable healthcare solutions. Moreover, government initiatives to promote medical tourism and advancements in healthcare technologies are driving the demand for refurbished medical equipment in the Asia Pacific region.
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Refurbished Medical Equipment Market Drivers
Cost-Effectiveness Of Refurbished Equipment Compared To New Equipment
Refurbished Medical Equipment Market Restraints
Perception Of Lower Reliability Or Quality Associated With Refurbished Equipment
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The global refurbished medical equipment market is characterized by a mix of established companies and emerging players. Market participants are focusing on research and development activities to enhance the efficiency and performance of refurbished medical equipment. Additionally, strategic collaborations, partnerships, and mergers and acquisitions are prevalent strategies adopted by companies to expand their market presence. The competitive environment is further influenced by factors such as technological advancements, government regulations, and the ability to provide cost-effective and sustainable solutions.
Refurbished Medical Equipment Market Top Player’s Company Profiles
Refurbished Medical Equipment Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global refurbished medical equipment market refers to the market for used medical devices that have undergone a comprehensive refurbishment process to ensure their functionality and safety. These refurbished equipment offer cost-effective solutions for healthcare providers, allowing them to access high-quality medical devices at lower prices compared to new equipment. The market is driven by the increasing demand for affordable healthcare solutions, the rising prevalence of chronic diseases, and the growing emphasis on sustainable healthcare practices. With technological advancements and stringent quality standards, refurbished medical equipment provides a viable alternative to new equipment, enabling healthcare facilities to enhance patient care while optimizing their budgets. The market is characterized by a wide range of refurbished equipment, including imaging systems, surgical instruments, patient monitors, and more.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 14.40 billion |
Market size value in 2031 | USD 39.61 billion |
Growth Rate | 11.90% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Refurbished Medical Equipment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Refurbished Medical Equipment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Refurbished Medical Equipment Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Refurbished Medical Equipment Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG35G2164