The Future of Refurbished Medical Equipment Market

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. 

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. 

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 medical imaging equipment segment was estimated to account for the highest share in 2019. 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. 

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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. 

The rising demand for diagnostic imaging procedures, the high price of new medical imaging equipment, a growing number of target diseases, widening application of diagnostic imaging procedures, regulatory approvals in using refurbished medical equipment, low purchasing power in emerging economies. 

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 hospitals’ segment accounted for the largest share of the market in 2019. The rising adoption of refurbished medical equipment, increasing focus of hospitals on providing affordable treatment and care. 

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Geographically, this market is classified into North America, Europe, the Asia Pacific, Latin America, and the Middle East and 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.