Refurbished Medical Equipment Market Demand, Opportunities and Share Analysis 2022 to 2028

According to Precision Business Insights (PBI), the latest report the global refurbished medical equipment market is expected to be worth USD 13,569.8 million in 2022 and projected to grow at an 11.5% CAGR over 2022 to 2028.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 devices, rising demand for capital-intensive diagnostic imaging equipment, e-commerce platforms that make purchasing refurbished medical equipment easier, a growing preference for eco-friendly products, an increasing number of diagnostic centers and hospitals, and growth opportunities in emerging economies. However, factors such as stringent regulations on the import and use of refurbished medical devices in some countries, a lack of standardization in policies for the use and sale of refurbished devices, an increase in the influx of low-cost new medical devices, and negative perception about the quality of refurbished medical devices are expected to limit the market growth.

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The Imaging Equipment Segment is Dominating the Refurbished Medical Equipment Market:
Based on the product type the refurbished medical equipment market has been segmented into Medical Imaging Equipment, Operating Room & Surgical Equipment, Patient Monitors, Cardiology Equipment, Urology Equipment, Neurology Equipment, EEG Machines, EMG Machines, Infant Incubators and Warmers, Endoscopy Equipment, IV Therapy Systems, Other Medical Equipment. The Imaging Equipment segment is anticipated to grow at a significant CAGR over the forecast years owing to factors such as the presence of a large number of products in 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, an increasing number of hospitals and diagnostic imaging centers worldwide, and end users' budget constraints to purchase new equipment.

The Asia Pacific Leads Refurbished Medical Equipment Market:
The Asia Pacific is expected to hold a significant market share in the global Refurbished Medical Equipment market and is projected to grow at a prominent growth rate over the forecast years, owing to the Asia-Pacific region being likely to have the most significant development in the market for reconditioned medical devices. In the middle of a pandemic, the acceptance and use of refurbished medical gadgets, such as patient monitoring devices, is projected to rise in the region's growing countries. Furthermore, regulatory policy reform is likely to assist market growth. For example, the Malaysian Medical Device Authority (MDA) established recommendations in February 2020 about the requirement of document submission for refurbished medical devices. COVID-19 is predicted to have a favorable influence on this region.

Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
Global Refurbished Medical Equipment market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In September 2020, Philips declared "Environmental, Social, and Corporate Governance (ESG) goals for 2025," which included its circular economy strategy to refresh its MRI equipment.

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The global refurbished medical equipment market detailed segmentation:
1) By Product Type
Medical Imaging Equipment
Operating Room & Surgical Equipment
Patient Monitors
Cardiology Equipmen
Urology Equipment
Neurology Equipment
Intensive Care Equipment
Endoscopy Equipment
IV Therapy Systems
Other Medical Equipment

2) By Application
Diagnostic
Therapeutic

3) By End User
Hospitals
Ambulatory Care Centers
Diagnostic Imaging Centers
Other End Users

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Key player's profiles in the refurbished medical equipment market report are Agito Medical A/S, Block Imaging, DRE Medical, Inc., Everx Pvt Ltd., General Electric Company, Integrity Medical Systems, Koninklijke Philips N.V., Radiology Oncology Systems, Inc., Siemens AG, Soma Technology.

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