Refurbished Laboratory Equipment Market Top Players - Thermo Fisher Scientific, Inc., American Laboratory Trading, Inc., ARC Scientific LLC, American Instrument Exchange.

"Global Refurbished Laboratory Equipment Market - (By Product (Analytical Equipment (Chromatography Systems, Spectroscopy Instruments, Mass Spectrometers, Thermal Analyzers, Immunoassay Analyzers, Blood Gas Analyzers, Coagulation Analyzers, Others (elemental analyzers, particle size analyzers, etc.)), General Equipment (Centrifuges, Incubators, Ovens, Autoclaves, Safety cabinets, Others (balances & scales, shakers & stirrers, etc.)), Specialty Equipment (DNA Sequencers (PCR Instruments, Flow Cytometers, Microscopes, Bioreactors, Others (microplate readers, x-ray diffraction systems, etc.,)), Support Equipment), By End-User (Healthcare Facilities, Pharmaceutical & Biotechnology Companies, Academic & Research Institutions, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Refurbished Laboratory Equipment Market is valued at US$ 24.3 Bn in 2023, and it is expected to reach US$ 37.2 Bn by 2031, with a CAGR of 5.6% during the forecast period of 2024-2031.

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Refurbished laboratory equipment provides laboratories with a cost-effective way to acquire top-notch tools at a much-reduced price compared to new equipment. It facilitates cost-effective buying techniques while also promoting sustainability in the scientific community. Reusing and refurbishing existing instruments reduce waste generation and contribute to resource conservation, aligning with sustainable practices. Refurbished laboratory equipment undergoes thorough refurbishment processes, including repairs, upgrades, and recalibration, to ensure optimal performance. As a result, refurbished instruments often feature updated technology and functionalities, providing users with enhanced capabilities at a fraction of the cost of new equipment. The rising demand for laboratory equipment is driven by expanding research activities across various industries, including pharmaceuticals, biotechnology, and academic research. Refurbished instruments offer a cost-effective solution for meeting the growing demand for equipment in research and development laboratories.

List of Prominent Players in the Refurbished Laboratory Equipment Market:
• Thermo Fisher Scientific, Inc.
• American Laboratory Trading, Inc.
• ARC Scientific LLC
• American Instrument Exchange
• Spectralab Scientific, Inc.
• GenTech Scientific LLC
• International Equipment Trading Ltd.
• Copia Scientific Inc.
• Cambridge Scientific Instrument Company
• LabX
• Biophlox Global Pvt Ltd
• Other Market Players

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Market Dynamics:
Drivers-
A key factor propelling the refurbished laboratory equipment market is the substantial cost savings it provides in contrast to acquiring new equipment. Refurbished instruments are generally obtainable at a fraction of the cost of their brand-new counterparts, rendering them appealing choices for laboratories and research facilities constrained by budgetary limitations. Additionally, the growing focus on sustainability as well as environmental stewardship is fostering the uptake of refurbished laboratory equipment. Through the refurbishment and reuse of existing instruments, the market actively contributes to conserving resources, minimizing waste, and advocating circular economy principles.

Challenges:
Potential buyers may have lingering concerns regarding the quality and reliability of refurbished instruments compared to their brand-new counterparts. Overcoming these perceptions and building trust in the performance of the refurbished equipment remains a significant hurdle for market players. Secondly, warranty coverage for refurbished equipment is often limited compared to new instruments, which could deter some buyers who prioritize extensive warranty protection. Offering extended warranty options and comprehensive support services could mitigate this challenge and enhance the appeal of refurbished equipment. Additionally, the availability of refurbished equipment may be limited in certain regions or for specific types of instruments, potentially constraining market growth in those areas. Moreover, regulatory compliance and adherence to industry standards are crucial factors in the refurbished equipment market. Ensuring that refurbished instruments meet stringent regulatory requirements may pose challenges for manufacturers and sellers. Furthermore, the perception of refurbished equipment as outdated or inferior compared to new models could impact its acceptance among potential buyers.

Regional Trends:
The North America Refurbished Laboratory Equipment market is expected to register a major market share, primarily driven by factors including the ongoing privatization of the healthcare sector, the considerable presence of research institutions, and the substantial demand for laboratory equipment. Meanwhile, the Asia-Pacific region stands out as the fastest-growing market segment, propelled by escalated investments in healthcare infrastructure, the proliferation of research institutions, and surging demand for refurbished laboratory equipment across the region.

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Recent Developments:
• In Jan 2023, A Significant Auction of Laboratory Equipment was conducted by American Laboratory Trading & Heritage Global Partners at the Cambridge Facility of Rubius Therapeutics. Capital Recovery Group and Federal Equipment Company also provided support in the marketing and implementation of this endeavor.
• In Feb 2022, Conquer Scientific was acquired by Purity Scientific LLC, the parent company of GenTech Scientific. The merger merged two dominant players in the sector, resulting in the creation of a global leader with a strong service network, unique resources, and an exceptional inventory of reconditioned analytical equipment.

Segmentation of Refurbished Laboratory Equipment Market-
By Product-
• Analytical Equipment
o Chromatography Systems
o Spectroscopy Instruments
o Mass Spectrometers
o Thermal Analyzers
o Immunoassay Analyzers
o Blood Gas Analyzers
o Coagulation Analyzers
o Others (elemental analyzers, particle size analyzers, etc.)
• General Equipment
o Centrifuges
o Incubators
o Ovens
o Autoclaves
o Safety cabinets
o Others (balances & scales, shakers & stirrers, etc.)
• Specialty Equipment
o DNA Sequencers
o PCR Instruments
o Flow Cytometers
o Microscopes
o Bioreactors
o Others (microplate readers, x-ray diffraction systems, etc.,)
• Support Equipment
By End-User:
• Healthcare Facilities
• Pharmaceutical & Biotechnology Companies
• Academic & Research Institutions
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.