Refurbished Medical Equipment: Large Inventory Of Used Or Old Medical Devices And Hospital Budget Cuts
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According MarketsandMarkets Research Report – [214 Pages Report] The global refurbished medical equipment market 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 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.
However, factors such as stringent regulations on 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.
Furthermore, the growth of the market is expected to be slowed temporarily due to the COVID-19 pandemic during the forecast period.
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Refurbished medical equipment market is segmented into medical imaging equipment, operating room & surgical equipment, patient monitors, cardiology equipment, urology equipment, neurology equipment, intensive care equipment, endoscopy equipment, IV therapy systems, and other medical equipment. 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, 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.
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, and growing emphasis on high returns on investment are some of the key factors driving the growth of this market.
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.
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GE Healthcare (US) is the leading player in the global refurbished medical equipment market. The company’s strategic initiatives for organic & inorganic growth has helped the firm garner a large share of this market. The company’s Healthcare Systems business segment provides refurbished medical equipment, and it has consistently gained revenue for the past three years, thereby augmenting sales for this market during the forecast period.
Siemens Healthineers (Germany) is the second-largest player in the global refurbished medical equipment market that offers refurbished products through its ‘ecoline’ product portfolio. The company’s Imaging and Advanced Therapeutics business segments have witnessed about 9-10% growth in the past two years. These segments offer refurbished medical imaging products. The company’s geographic expansion and growth in revenues from regions across the world are indicative of the firms’ stronghold in the global refurbished medical equipment market.
Koninklijke Philips N.V. (Netherlands) is a key player in the global refurbished medical equipment market that has pioneered the refurbishment process through its focus on the circular economy. The company held a share of 12% of its overall revenue from the circular economy and has targeted to achieve 15% of its revenue from the circular economy by 2020. It is estimated that the company projects to achieve higher double-digit growth in the refurbished medical equipment market, which constitutes annually about 60% of its circular economy revenue.
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