Refurbished Medical Equipment Market Worth $21.2 Billion by 2025 - Exclusive Report by MarketsandMarkets™
The global refurbished medical equipment market is projected to reach USD 21.2 billion by 2025, growing at a CAGR of 11.8%. The growth of the global refurbished medical equipment market can be attributed to factors such as hospital budget cuts, a large inventory of used or old medical devises, rising demand for capital-intensive diagnostic imaging equipment, e-commerce platform enhancing the ease of purchase of refurbished medical equipment, growing preference for eco-friendly products, an increasing number of diagnostic centers & hospitals, and the growing opportunities in emerging economies.
However, factors such as stringent regulations on the import and use of refurbished medical devices in certain countries, lack in the standardization of policies for the use & sale of refurbished devices, increase in the influx of low-cost new medical devices, and the negative perception about the quality of refurbished medical devices are expected to restrain the market growth. Furthermore, the growth of the market is expected to be slowed temporarily due to the COVID-19 pandemic during the forecast period
Based on product, the refurbished medical equipment market is segmented into medical imaging equipment, operating room & surgical equipment, patient monitors, cardiology equipment, urology equipment, neurology equipment, intensive care equipment, endoscopy equipment, IV therapy systems, and other medical equipment. The medical imaging equipment segment was estimated to account for the highest share in 2019.
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The large share of this segment can be attributed to factors such as the presence of a large number of products under this segment and their high utility in the healthcare and clinical space, the ability of this equipment to last for many years, growing demand for early disease diagnosis and non-invasive diagnostic imaging, a growing number of hospitals as well as diagnostic imaging centers across the world, and the budget constrains to purchase new equipment among end users.
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Diagnostic Imaging Centers to grow at the fastest rate in the refurbished medical equipment market during the forecast period (2020-2025)
Based on end users, the global refurbished medical equipment market has been segmented into hospitals, ambulatory surgical centers, diagnostic imaging centers, and other end users. The diagnostic imaging centers segment accounted for the highest CAGR during the forecast period 2020-2025. Owing to the favorable outlook for the diagnostic imaging industry, the growing number of diagnostic imaging centers in developing as well as developed economies, the rising prevalence of chronic diseases, and growing awareness on early diagnosis are some of the factors responsible for the high growth of this market segment.
Asia Pacific market to grow at the highest CAGR during the forecast period (2020-2025)
Geographically, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. This can be attributed to the large patient pool in the region., increasing privatization in the healthcare sector, huge patient population base, and high demand for refurbished medical equipment by low-budget hospitals and clinics.
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