The global refurbished medical equipment market is expected to grow from $10.19 billion in 2021 to $11.63 billion in 2022 at a compound annual growth rate (CAGR) of 14.1%. The market is expected to grow to $20.15 billion in 2026 at a compound annual growth rate (CAGR) of 14.7%.
The details of the market are addressed in the report “Refurbished Medical Equipment Global Market Report 2022“
The refurbished medical equipment market consists of sales of refurbished medical equipment by entities (organizations, sole traders, and partnerships) that manufacture refurbished medical equipment which is used after refurbishing, restoring, and installing without changing the intended use of the first device and replacement of worn parts. These devices are checked and tested by the quality control department and they are commonly refurbished to have long-use periods.
The main types of refurbished medical equipment are medical imaging equipment, operating room & surgical equipment, patient monitors, cardiology equipment, urology equipment, neurology equipment, intensive care equipment, endoscopy equipment, IV therapy systems, others. Ultrasound systems, x-ray machines, MRI machines, and CT Scanners are a few examples of medical imaging equipment. The various applications involved are diagnostic and therapeutic.
The various end-users are hospitals, ambulatory care centers, diagnostic imaging centers, and others.
The increasing prevalence of cancer and cardiovascular diseases contributed to the growth of the refurbished medical equipment market.
For instance, according to GLOBOCAN 2020: New Global Cancer Data released by the International Agency for Research on Cancer (IARC), the global cancer burden had increased to 19.3 million cases and 10 million cancer deaths in 2020. Additionally, according to the World Heart Federation 2019, cardiovascular disease is responsible for 17.9 million deaths every year. Refurbished medical equipment is used for screening, diagnosis, staging, and follow-up of many diseases including several cancers, cardiovascular disorders, and others.
Thus, the rising prevalence of cancer and cardiovascular diseases was a major factor driving the market’s growth.
Major companies are undertaking strategic alliances to maintain their strong foothold in the refurbished medical equipment market.
For instance, in October 2020, Intalere Inc., a U.S.-based company that provides solutions such as clinical, operational, and financial for healthcare organizations, announced a new agreement with Avante Health Solutions. By this agreement, the Intalere members can get negotiated prices on Avante Health solutions’ refurbished medical imaging equipment such as CT, MRI, ultrasound, on-site repair services, and inventory of replacement parts.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the refurbished medical equipment market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the U.S.
