Used & Refurbished Medical Equipment Market Size and Market Trends: Complete Industry Overview (2024 to 2031
Executive Summary
The global market for used and refurbished medical equipment is experiencing steady growth, with a projected CAGR of % during the forecast period. The increasing demand for cost-effective healthcare solutions and the rising prevalence of chronic diseases are driving the market growth.
Market trends in the used and refurbished medical equipment sector include the growing popularity of online marketplaces for buying and selling pre-owned equipment, the rising adoption of refurbished equipment by healthcare facilities seeking to upgrade their facilities at lower costs, and the increasing focus on sustainability and environmental responsibility in the healthcare industry.
In terms of geographical spread, North America, Asia Pacific, Europe, the USA, and China are key regions driving market growth. North America and Europe are among the largest markets for used and refurbished medical equipment, with a well-developed healthcare infrastructure and a high demand for cost-effective medical solutions. The Asia Pacific region and China are experiencing rapid market growth due to the increasing healthcare investments, expanding medical tourism industry, and growing adoption of refurbished equipment by healthcare facilities.
Overall, the used and refurbished medical equipment market is poised for significant growth in the coming years, driven by the demand for cost-effective healthcare solutions, increasing awareness of sustainability practices, and technological advancements in the healthcare industry. As healthcare facilities strive to provide high-quality care while managing costs, the market for pre-owned medical equipment continues to expand and evolve to meet these demands.
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Market Segmentation:
This Used & Refurbished Medical Equipment Market is further classified into Overview, Deployment, Application, and Region.
In terms of Components, Used & Refurbished Medical Equipment Market is segmented into:
- GE Healthcare
- Philips Healthcare
- Siemens Healthineers
- Hitachi
- Canon Medical
- Block Imaging International
- Avante Medical Surgical
- Soma Technology
- Integrity Medical Systems
- Everx Pvt Ltd
- Radiology Oncology Systems
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The Used & Refurbished Medical Equipment Market Analysis by types is segmented into:
- Medical Imaging Equipment
- Operating Room and Surgical Equipment
- Patient Monitors
- Cardiovascular & Cardiology Equipment
- Neurology Equipment
- Other Equipment
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The Used & Refurbished Medical Equipment Market Industry Research by Application is segmented into:
- Hospitals & Clinic
- Nursing Homes
- Other
In terms of Region, the Used & Refurbished Medical Equipment Market Players available by Region are:
North America:
- United States
- Canada
Europe:
- Germany
- France
- U.K.
- Italy
- Russia
Asia-Pacific:
- China
- Japan
- South Korea
- India
- Australia
- China Taiwan
- Indonesia
- Thailand
- Malaysia
Latin America:
- Mexico
- Brazil
- Argentina Korea
- Colombia
Middle East & Africa:
- Turkey
- Saudi
- Arabia
- UAE
- Korea
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Key Drivers and Barriers in the Used & Refurbished Medical Equipment Market
Key drivers in the Used & Refurbished Medical Equipment market include cost-effectiveness, increasing demand for healthcare services, and growing focus on sustainability. Barriers include concerns about product quality and safety, regulatory compliance, and limited awareness about the benefits of refurbished equipment. Challenges faced in the market include meeting stringent regulatory requirements, maintaining product quality standards, managing logistics and supply chain complexities, and overcoming resistance from healthcare professionals and institutions who are hesitant to adopt used equipment due to concerns about reliability and performance.
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Competitive Landscape
GE Healthcare is a leading player in the used and refurbished medical equipment market. The company has a long history of providing high-quality medical equipment and has a strong presence in the global healthcare industry. GE Healthcare offers a wide range of products, including imaging systems, ultrasound machines, and patient monitoring devices. The company has shown steady market growth over the years and has a large market size.
Philips Healthcare is another key player in the used and refurbished medical equipment market. The company is known for its innovative medical technology solutions and has a strong reputation in the industry. Philips Healthcare offers a diverse range of products, such as MRI machines, CT scanners, and X-ray systems. The company has experienced significant market growth and has a substantial market size.
Siemens Healthineers is a prominent player in the used and refurbished medical equipment market. The company has a rich history of delivering cutting-edge medical technology and has a solid presence in the healthcare sector. Siemens Healthineers provides a comprehensive range of products, including laboratory diagnostics, medical imaging, and healthcare IT solutions. The company has demonstrated impressive market growth and has a considerable market size.
In terms of sales revenue, GE Healthcare reported annual sales of $ billion in 2020, while Philips Healthcare had sales revenue of $19.5 billion. Siemens Healthineers reported sales revenue of €14.5 billion in the same year. These companies are key players in the used and refurbished medical equipment market, offering high-quality products and contributing to the advancement of healthcare worldwide.
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