According to market research report, "Refurbished Medical Equipment Market by Product (Medical Imaging, Intensive Care Equipment, OR Equipment, Patient Monitors), Application (Cardiology, Neurology, Urology, Oncology), End User (Hospitals, Diagnostic Imaging Centers)-Global Forecasts to 2025", is projected to reach USD 21.2 billion by 2025 from USD 12.1 billion in 2020, growing at a CAGR of 11.8% from 2020 to 2025. 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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