The global Refurbished Medical Equipment Market is valued at USD 13.5 Billion in 2022 and is projected to reach a value of USD 33.9 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 12.2% between 2023 and 2030.
Healthcare organizations' pressure to contain costs, the availability of Refurbished Medical Equipment, and the rise of healthcare service providers are all anticipated to contribute to the market's expansion. For instance, the American Hospital Association's data from 2022 estimates that there are about 6,093 hospitals in the United States. The number of investor-owned community hospitals, state and local government community hospitals, federal government hospitals, and non-federal psychiatric hospitals, respectively, is 2,960, 1,228, 951, 207, 635, and 112. Additionally, in 2022, there will be about 1,265 hospitals in Canada, according to Canada.ca. Consequently, many healthcare facilities are anticipated to increase demand for Refurbished Medical Equipment.
The price of refurbished equipment is less than 50% of new equipment. Most hospitals cannot afford to replace their equipment every five to seven years. Therefore, investing in refurbished equipment can result in significant capital cost savings. Vendors of used medical equipment provide post-sale service agreements similar to those for new equipment. This increases the consumer's faith in the goods. Refurbished Medical Equipment can be evaluated and certified by National Recognized Testing Laboratories (NRTLs) just as easily as new products. There are no differences between the certification procedures for new and refurbished products. The lab identifies the applicable standard(s) for a product, such as the CB Scheme, the Medical Device Directive, and the Radio Equipment Directive from the EU, as well as IEC 60601-1 for medical electrical equipment. The lab then develops a testing strategy for the apparatus based on the established standards and the known details of the product's refurbishment.
Refurbished Medical Equipment Market Size, 2022 To 2030 (USD Billion)
Hospital settings frequently require multiple units of expensive medical electrical equipment, such as MRIs, anesthesia machines, surgical equipment, scanning systems, monitors, and other products. Due to their lower costs, Refurbished Medical Equipment devices that have undergone reconditioning to make them comparable to new products are a popular choice in the market. Refurbishing equipment is a growing area of focus for many original equipment manufacturers, which is driving the market's expansion.
- In 2022, Medical Imaging Equipment held the highest revenue share in Refurbished Medical Equipment market.
- Hospitals dominated the End-User segment in 2022 for the Refurbished Medical Equipment market.
- North America dominated the Refurbished Medical Equipment market in 2022 and accounted for a revenue share of 48.3%.
Top Market Trends
- As environmental concerns gain importance, more healthcare facilities are adopting eco-friendly practices, including using Refurbished Medical Equipment. Refurbished equipment helps reduce electronic waste and carbon footprint. An example is the refurbished defibrillators, which are cost-effective and help reduce electronic waste.
- The growth of e-commerce has also impacted the Refurbished Medical Equipment market. E-commerce platforms now offer a wide range of refurbished equipment, making it convenient for healthcare facilities to browse and make purchases. These platforms often provide comprehensive information, including product specifications, warranties, and customer reviews. Such platforms include Renewal Medical Equipment, Meridian Leasing, and Redstone Healthcare.
- As technology continues to evolve, Refurbished Medical Equipment also benefits from such advancements. Refurbished equipment providers incorporate modern features and upgrades, including improved software, digital imaging capabilities, and enhanced diagnostics. For instance, refurbished endoscopy equipment now incorporates advanced imaging technologies that enhance visualization during medical procedures.
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The market for Refurbished Medical Equipment is experiencing growth restrictions due to several economic factors. First off, refurbishment is less financially feasible for healthcare providers than buying new equipment due to its high cost, which includes the pricey processes of recalibration and re-certification. Further discouraging its adoption is the absence of insurance companies' reimbursement policies for used equipment. For instance, Medicare only pays for new equipment in the United States, which restricts the market for suppliers of refurbished equipment. The healthcare sector's rapid technological advancements create a preference for the latest equipment, making older refurbished models less appealing. These financial limitations impede the market's expansion for Refurbished Medical Equipment.
The global Refurbished Medical Equipment market can be categorized on the following:
The globel Refurbished Medical Equipment market can be categorized into Product Type, End User, Region. The Market can be categorized into Operating Room Equipment & Surgical Equipment, Patient Monitors, Defibrillators, Medical Imaging Equipment, Cardiovascular & Cardiology Equipment X-ray Machines, Neurology Equipment, Endoscopy Equipment, Telemetry Systems, Neonatal Intensive Care Units, Urology Equipment, Intensive Care Equipment, IV Therapy Systems, Other Product Types based on Product Type. The Market can be categorized into Hospitals, Ambulatory Care Centers, Diagnostic Imaging Centers, Other End Users based on End User. The Market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.
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Based on Product Type
Medical Imaging is Essential for Both Diagnosing and Treating a Variety of Illnesses and Conditions
Production The medical imaging equipment category dominates the product type segment in the Refurbished Medical Equipment market for several reasons. First and foremost, medical imaging plays a vital role in diagnosing and treating a wide range of diseases and conditions. As a result, the demand for refurbished imaging equipment remains high as healthcare facilities seek to upgrade or expand their imaging capabilities. Additionally, the rapid advancements in medical imaging technology lead to constant upgrades and replacements of equipment by healthcare institutions. Refurbished medical imaging equipment provides a cost-effective solution for these facilities without compromising on quality or functionality. Examples of medical imaging equipment dominating the refurbished market include MRI, CT scanners, ultrasound, and X-ray systems. These devices are extensively used across various medical disciplines, from radiology and cardiology to oncology and orthopedics. Moreover, refurbished medical imaging equipment benefits healthcare institutions and patients. Lower costs associated with refurbished equipment allow for more accessible healthcare services and contribute to reducing overall healthcare expenses.
Based on End-User
Refurbished Medical Equipment Allows Hospitals to Expand their Facilities and Services While Adhering to Budget Constraints
Hospitals dominate the end-user segment of the market for Refurbished Medical Equipment for various factors. First, hospitals need various medical equipment to meet their patients' varied needs. They heavily depend on refurbished equipment. As a result, they get high-quality healthcare tools and devices at a lower price. Second, by using Refurbished Medical Equipment, hospitals can increase their offerings while staying within their financial means. For instance, a hospital might use refurbished MRI machines or surgical tools to offer cutting-edge diagnostic and treatment options without making a significant financial commitment. Hospitals are the main category in the market for Refurbished Medical Equipment because they frequently have a higher patient volume, which increases demand for medical equipment.
Based on Region
North America Expected to Dominate the Market in the Forecast Period
Due to various unique factors, North America is the largest region in the Refurbished Medical Equipment market. Firstly, a well-established healthcare infrastructure and the high adoption rate of advanced medical technologies drive market growth. North American countries like the United States and Canada have robust regulatory frameworks that ensure quality control and safety standards are met, boosting consumer confidence in Refurbished Medical Equipment. This region has witnessed remarkable developments in the Refurbished Medical Equipment market. For instance, manufacturers in North America have introduced innovative refurbishing techniques such as multi-stage testing processes, advanced diagnostic technologies, and upgraded components to enhance equipment performance and lifespan. Developing efficient repair and maintenance services has also contributed to the market's growth by addressing any potential concerns or issues with refurbished equipment.
North American companies are actively involved in collaborations and partnerships with healthcare organizations and service providers, helping them stay at the forefront of medical technology advancements. These collaborations foster research and development, bring about cost-effective solutions, and ensure the availability of a wide range of high-quality Refurbished Medical Equipment. Furthermore, North America's robust regulatory framework ensures the safety and reliability of refurbished equipment. The region has stringent quality control measures and certification requirements, assuring healthcare professionals and patients of the equipment's performance and functionality. This commitment to quality has established North America as a trusted source for Refurbished Medical Equipment globally, further stimulating growth in this market.
Intense competition from established players and recent entrants defines the market's competitive landscape for Refurbished Medical Equipment. Major market players offer a wide variety of high-quality Refurbished Medical Equipment products and services to gain a competitive edge. They strongly emphasize client satisfaction by offering reasonable solutions, warranties, and technical support. In addition, market participants frequently use mergers and acquisitions, strategic partnerships, and product innovation to increase their market presence. Shortly, it is anticipated that the market for Refurbished Medical Equipment will experience significant growth as healthcare facilities look for affordable alternatives.
The key players in the global Refurbished Medical Equipment market include - Radiology Oncology Systems Inc. (U.S.), General Electric Company (U.S.), Everx Pvt Ltd. (U.S.), Siemens AG (Germany), Koninklijke Philips N.V. (Netherlands), Integrity Medical Systems (U.S.), Agito Medical A/S (Denmark), Soma Technology (U.S.), Block Imaging (U.S.), DRE Medical Inc. (U.S.) among others.
Recent Market Developments
- On July 31, 2023, other than critical care equipment, the Central government recently published a list of 50 high-end/high value used medical devices that may be imported. The move has received support from India's top business organization, the Federation of Indian Chambers of Commerce and Industry (FICCI), Medical Devices Division. Local manufacturers are even more upset and have written to the Central government to request that the memorandum be revoked.
- On June 24, 2023, the government relaxed regulations to allow the import of refurbished devices to ensure access to low-cost healthcare at the last mile, months after a parliamentary panel highlighted a shortage of medical equipment in semi-urban and rural India.
- In December 2022, Block Imaging purchased Reliable Healthcare Imaging to open a brand-new facility to repair and reprocess CT scanner tubes and HV tanks.
- In May 2021, Hermes Medical Solutions and Radiology Oncology Systems agreed to provide cost-effective and creative solutions, including Refurbished Medical Equipment, to Medical Imaging and Radiotherapy Departments in the US.
Segmentation of the Global Refurbished Medical Equipment Market
- Product Type (Operating Room Equipment & Surgical Equipment, Patient Monitors, Defibrillators, Medical Imaging Equipment, Cardiovascular & Cardiology Equipment X-ray Machines, Neurology Equipment, Endoscopy Equipment, Telemetry Systems, Neonatal Intensive Care Units, Urology Equipment, Intensive Care Equipment, IV Therapy Systems, Other Product Types)
- End User (Hospitals, Ambulatory Care Centers, Diagnostic Imaging Centers, Other End Users)
- Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest Of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
- Radiology Oncology Systems Inc. (U.S.)
- General Electric Company (U.S.)
- Everx Pvt Ltd. (U.S.)
- Siemens AG (Germany)
- Koninklijke Philips N.V. (Netherlands)
- Integrity Medical Systems (U.S.)
- Agito Medical A/S (Denmark)
- Soma Technology (U.S.)
- Block Imaging (U.S.)
- DRE Medical Inc. (U.S.)
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