The global refurbished medical equipment market is projected to grow at a compound annual growth rate of 11.8% from 2020 to 2025, according to a new report from ResearchAndMarkets.com. Such growth 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; a growing preference for eco-friendly products; and an increasing number of diagnostic centers and hospitals.
However, factors such as stringent regulations on the import and use of refurbished medical devices in certain countries; the lack of policy standardization regarding the use and sale of refurbished devices; an influx of low-cost, new medical devices, and the negative perception about the quality of refurbished medical devices are expected to restrain market growth during the forecast period. Furthermore, the COVID-19 pandemic is slated to slow down growth in the short term.
Based on application, the refurbished medical equipment market is segmented into diagnostic and therapeutic applications. Of these, the diagnostic segment accounted for the largest market share in 2019. The rising demand for diagnostic imaging procedures; the high cost of new medical imaging equipment; the growing number of target diseases; and established and government-validated refurbishment processes adopted by major OEMs are slated to drive growth of this market segment during the forecast period.