Refurbished Medical Equipment Market Revenue to Cross USD 29 Billion by 2027 - Developing Countries Occupies Nearly One-Third of the total Market Adoption - Arizton

CHICAGO, Dec. 13, 2022 /PRNewswire/ -- According to Arizton's latest research report, refurbished medical equipment market to grow at a CAGR of 11.76% during 2021-2027. Increasing demand for medical equipment in developing countries, high capital and procurement costs of medical equipment, and growing preference for eco-friendly products are the latest trends in the market.

Small and medium-sized hospitals, which are often run by doctors and have fewer than 100 beds, frequently cannot afford to purchase brand-new, expensive equipment. These facilities favor used equipment from well-known brands that costs less but offers a few years of trouble-free performance. These might be young doctors who go into business for themselves after using such devices in large hospitals. They may be conversant with the equipment models, but in the early phases of the firm, they are on a limited budget. Also, tier 3 cities may have enough patients without enough ability to pay. Such locations cannot provide sufficient return on investment (ROI) for new equipment. Nearly one-third of the medical equipment industry in developing countries is part of the refurbished medical equipment market.

Refurbished Medical Equipment Market Report Scope

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North America and Europe are the largest, most mature markets for refurbished equipment, both regions can efficiently reuse advanced technology components at the end of the equipment's service life. The most frequently reconditioned technologies are MRI and CT, which also happen to be the ones that use the greatest resources and materials in their production. However, refurbished medical imaging equipment is banned outright or tightly restricted in emerging global markets. New international regulations threaten to bar the shipment of used medical electrical equipment for refurbishment or end-of-life disassembly and recycling. By replacing bans on refurbished equipment with a regulated approach based on standards, countries can expand access to advanced medical technology while guaranteeing patients' safety and environmental sustainability.

Refurbished Medical Equipment Helping in Hospital Budget Cuts

In a constantly changing industry, medical equipment can rapidly become outdated. Purchasing a new piece of equipment comes with many upfront costs. Refurbished equipment can help to avoid high upfront costs and avoid being forced to use something that will quickly become obsolete. Being on the cutting edge of technology is more efficient and provides better customer service. Refurbished medical equipment gives that flexibility and saves a lot of money.

It extends the equipment's lifespan to save money and realize a maximum return on investment. Refurbished imaging equipment is an outstanding example of this. The hospital must be proactive about maintaining it since it is critical for operations. On top of this, software tends to need more frequent updates than hardware does. Therefore, hospitals look to extend their equipment's lifespan by installing refurbished systems with the newest software.

Vendors Insights

The global refurbished medical market is exceptionally active, with fewer global, regional, and local players offering a wide range of medical equipment. The market is less competitive as the key players have gained significant market share compared to other prominent players. The refurbished medical equipment market provides an avenue for cheaper access to healthcare delivery and reduces costs in developing countries where this equipment is purchased for use. The relevant stakeholders include original equipment manufacturers (OEMs), industry associations, standard bodies, service providers, distributors, and marketers. The refurbished medical equipment market is an attractive proposition for OEMs. It gives their equipment a longer revenue-generating lifespan while creating a steady demand for state-of-the-art equipment at multiple price points. Refurbishing medical equipment is also favorable in many developing countries without full medical coverage.

The competition among leading vendors is expected to rise during the forecast period with an increase in products offered by companies, wide geographic presence, strong distribution network & brand awareness, and the development of advanced medical equipment.

Key Vendors

• General Electric Company
• Koninklijke Philips
• Siemens Healthineers
• Amber Diagnostics
• Apt Medical Systems
• Avante Health Solutions
• Block Imaging
• EverX
• Future Health Concepts
• Medirays
• Meridian Medical
• PACIFIC HEALTHCARE IMAGING
• Radiology Oncology System
• Soma Tech Intl
• US Med-Equip's
• US Medical Systems
• Venture Medical ReQuip

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Market Segmentation

Product Type

• Medical Imaging Equipment
• IVD & Laboratories Equipment
• OR (Operating Room), Surgical and Therapeutic Equipment
• Patient Monitoring Equipment
• Cardiology Equipment
• Dental Equipment
• Others

Application

• Diagnosis & Monitoring
• Treatment & Surgical Interventions

End-users

• Hospitals
• Radiology/Medical Imaging Centers
• Clinics, Physician offices & Dental Clinics
• Clinical & Research Laboratories
• Others

Geography

• North America
• US
• Canada
• Europe
• Germany
• UK
• France
• Italy
• Spain
• APAC
• China
• Japan
• India
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East & Africa
• South Africa
• Saudi Arabia
• Turkey
• UAE

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Sterilization Equipment Market -  The global sterilization equipment market was valued at USD 8.2 billion in 2021 and is expected to reach USD 13.7 billion by 2027. The sterilization process is widely used across pharma & biotech companies, medical devices companies, research laboratories, food & beverage companies, ambulatory settings, infection control service providers, etc. In healthcare, there is a huge demand for innovative medicines and therapeutic procedures for disease treatment, leading to a rise in R&D activities in research laboratories and pharma & biotech companies which, in turn, drive the sterilization equipment market growth.

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Table of Content

1 RESEARCH METHODOLOGY

2 RESEARCH OBJECTIVES

3 RESEARCH PROCESS

4 SCOPE & COVERAGE

4.1 MARKET DEFINITION

4.1.1 INCLUSIONS

4.1.2 EXCLUSIONS

4.1.3 MARKET ESTIMATION CAVEATS

4.2 BASE YEAR

4.3 SCOPE OF THE STUDY

4.3.1 MARKET SEGMENTATION BY PRODUCT

4.3.2 MARKET SEGMENTATION BY APPLICATION

4.3.3 MARKET SEGMENTATION BY END-USERS

4.3.4 MARKET SEGMENTATION BY GEOGRAPHY

5 REPORT ASSUMPTIONS & CAVEATS

5.1 KEY CAVEATS

5.2 CURRENCY CONVERSION

5.3 MARKET DERIVATION

6 MARKET AT A GLANCE

7 PREMIUM INSIGHTS

7.1 MARKET OVERVIEW

8 INTRODUCTION

8.1 OVERVIEW

9 MARKET OPPORTUNITIES & TRENDS

9.1 INCREASING DEMAND FOR MEDICAL EQUIPMENT IN DEVELOPING COUNTRIES

9.2 HIGH CAPITAL & PROCUREMENT COSTS OF MEDICAL EQUIPMENT

9.3 GROWING PREFERENCE FOR ECO-FRIENDLY PRODUCTS

10 MARKET GROWTH ENABLERS

10.1 INCREASING HOSPITAL BUDGET CUTS

10.2 INCREASING DIAGNOSTIC CENTERS & HOSPITALS

10.3 LARGE INVENTORY OF USED OR OLD MEDICAL DEVICES

11 MARKET GROWTH RESTRAINTS

11.1 NEGATIVE PERCEPTION ABOUT REFURBISHED MEDICAL EQUIPMENT

11.2 STRINGENT STANDARDS & APPROVAL MECHANISMS FOR REFURBISHED MEDICAL EQUIPMENT

11.3 GROWING EASE OF LEASING MEDICAL EQUIPMENT IN LMICS

12 MARKET LANDSCAPE

12.1 MARKET OVERVIEW

12.2 MARKET SIZE & FORECAST

12.2.1 INSIGHTS BY GEOGRAPHY

12.2.2 INSIGHTS BY PRODUCT SEGMENTATION

12.2.3 INSIGHTS BY APPLICATION SEGMENTATION

12.2.4 INSIGHTS BY END-USER SEGMENTATION

12.3 FIVE FORCES ANALYSIS

12.3.1 THREAT OF NEW ENTRANTS

12.3.2 BARGAINING POWER OF SUPPLIERS

12.3.3 BARGAINING POWER OF BUYERS

12.3.4 THREAT OF SUBSTITUTES

12.3.5 COMPETITIVE RIVALRY

13 PRODUCT

13.1 MARKET SNAPSHOT & GROWTH ENGINE

13.2 MARKET OVERVIEW

13.3 MEDICAL IMAGING EQUIPMENT

13.3.1 MARKET OVERVIEW

13.3.2 MARKET SIZE & FORECAST

13.3.3 MEDICAL IMAGING EQUIPMENT MARKET BY GEOGRAPHY

13.4 IVD & LABORATORIES EQUIPMENT

13.4.1 MARKET OVERVIEW

13.4.2 MARKET SIZE & FORECAST

13.4.3 IVD & LABORATORIES EQUIPMENT MARKET BY GEOGRAPHY

13.5 OR (OPERATING ROOM), SURGICAL, & THERAPEUTIC EQUIPMENT

13.5.1 MARKET OVERVIEW

13.5.2 MARKET SIZE & FORECAST

13.5.3 OR, SURGICAL, & THERAPEUTIC EQUIPMENT MARKET BY GEOGRAPHY

13.6 PATIENT MONITORING EQUIPMENT

13.6.1 MARKET OVERVIEW

13.6.2 MARKET SIZE & FORECAST

13.6.3 PATIENT MONITORING EQUIPMENT MARKET BY GEOGRAPHY

13.7 CARDIOLOGY EQUIPMENT

13.7.1 MARKET OVERVIEW

13.7.2 MARKET SIZE & FORECAST

13.7.3 CARDIOLOGY EQUIPMENT BY GEOGRAPHY

13.8 DENTAL EQUIPMENT

13.8.1 MARKET OVERVIEW

13.8.2 MARKET SIZE & FORECAST

13.8.3 DENTAL EQUIPMENT MARKET BY GEOGRAPHY

13.9 OTHERS

13.9.1 MARKET OVERVIEW

13.9.2 MARKET SIZE & FORECAST

13.9.3 OTHER MARKET BY GEOGRAPHY

14 APPLICATION

14.1 MARKET SNAPSHOT & GROWTH ENGINE

14.2 MARKET OVERVIEW

14.3 DIAGNOSIS & MONITORING

14.3.1 MARKET OVERVIEW

14.3.2 MARKET SIZE & FORECAST

14.3.3 DIAGNOSIS & MONITORING MARKET BY GEOGRAPHY

14.4 TREATMENT & SURGICAL INTERVENTIONS

14.4.1 MARKET OVERVIEW

14.4.2 MARKET SIZE & FORECAST

14.4.3 TREATMENT & SURGICAL INTERVENTIONS MARKET BY GEOGRAPHY

15 END-USER

15.1 MARKET SNAPSHOT & GROWTH ENGINE

15.2 MARKET OVERVIEW

15.3 HOSPITALS

15.3.1 MARKET OVERVIEW

15.3.2 MARKET SIZE & FORECAST

15.3.3 HOSPITAL MARKET BY GEOGRAPHY

15.4 RADIOLOGY/ MEDICAL IMAGING CENTERS

15.4.1 MARKET OVERVIEW

15.4.2 MARKET SIZE & FORECAST

15.4.3 RADIOLOGY/MEDICAL IMAGING CENTER MARKET BY GEOGRAPHY

15.5 CLINICS, PHYSICIAN OFFICES, & DENTAL CLINICS

15.5.1 MARKET OVERVIEW

15.5.2 MARKET SIZE & FORECAST

15.5.3 CLINICS, PHYSICIAN OFFICES, & DENTAL CLINICS MARKET BY GEOGRAPHY

15.6 CLINICAL & RESEARCH LABORATORIES

15.6.1 MARKET OVERVIEW

15.6.2 MARKET SIZE & FORECAST

15.6.3 CLINICAL & RESEARCH LABORATORIES MARKET BY GEOGRAPHY

15.7 OTHERS

15.7.1 MARKET OVERVIEW

15.7.2 MARKET SIZE & FORECAST

15.7.3 OTHER MARKET BY GEOGRAPHY

16 GEOGRAPHY

16.1 MARKET SNAPSHOT & GROWTH ENGINE

16.2 GEOGRAPHIC OVERVIEW

17 NORTH AMERICA

17.1 MARKET OVERVIEW

17.2 MARKET SIZE & FORECAST

17.2.1 NORTH AMERICA MARKET BY PRODUCT

17.2.2 NORTH AMERICA MARKET BY APPLICATION

17.2.3 NORTH AMERICA MARKET BY END-USER

17.3 KEY COUNTRIES

17.3.1 US: MARKET SIZE & FORECAST

17.3.2 CANADA: MARKET SIZE & FORECAST

18 EUROPE

18.1 MARKET OVERVIEW

18.2 MARKET SIZE & FORECAST

18.2.1 EUROPE MARKET BY PRODUCT

18.2.2 EUROPE MARKET BY APPLICATION

18.2.3 EUROPE MARKET BY END-USER

18.3 KEY COUNTRIES

18.3.1 GERMANY: MARKET SIZE & FORECAST

18.3.2 FRANCE: MARKET SIZE & FORECAST

18.3.3 UK: MARKET SIZE & FORECAST

18.3.4 SPAIN: MARKET SIZE & FORECAST

18.3.5 ITALY: MARKET SIZE & FORECAST

19 APAC

19.1 MARKET OVERVIEW

19.2 MARKET SIZE & FORECAST

19.2.1 APAC MARKET BY PRODUCT

19.2.2 APAC MARKET BY APPLICATION

19.2.3 APAC MARKET BY END-USER

19.3 KEY COUNTRIES

19.3.1 CHINA: MARKET SIZE & FORECAST

19.3.2 INDIA: MARKET SIZE & FORECAST

19.3.3 JAPAN: MARKET SIZE & FORECAST

19.3.4 SOUTH KOREA: MARKET SIZE & FORECAST

19.3.5 AUSTRALIA: MARKET SIZE & FORECAST

20 LATIN AMERICA

20.1 MARKET OVERVIEW

20.2 MARKET SIZE & FORECAST

20.2.1 LATIN AMERICA MARKET BY PRODUCT

20.2.2 LATIN AMERICA MARKET BY APPLICATION

20.2.3 LATIN AMERICA MARKET BY END-USER

20.3 KEY COUNTRIES

20.3.1 BRAZIL: MARKET SIZE & FORECAST

20.3.2 MEXICO: MARKET SIZE & FORECAST

20.3.3 ARGENTINA: MARKET SIZE & FORECAST

21 MIDDLE EAST & AFRICA

21.1 MARKET OVERVIEW

21.2 MARKET SIZE & FORECAST

21.2.1 MIDDLE EAST & AFRICA MARKET BY PRODUCT

21.2.2 MIDDLE EAST & AFRICA MARKET BY APPLICATION

21.2.3 MIDDLE EAST & AFRICA MARKET BY END-USER

21.3 KEY COUNTRIES

21.3.1 TURKEY: MARKET SIZE & FORECAST

21.3.2 SAUDI ARABIA: MARKET SIZE & FORECAST

21.3.3 SOUTH AFRICA: MARKET SIZE & FORECAST

21.3.4 UAE: MARKET SIZE & FORECAST

22 COMPETITIVE LANDSCAPE

22.1 COMPETITION OVERVIEW

22.2 MARKET SHARE ANALYSIS

22.2.1 GE HEALTHCARE

22.2.2 KONINKLIJKE PHILIPS

22.2.3 SIEMENS HEALTHINEERS

23 KEY COMPANY PROFILES

23.1 GE HEALTHCARE

23.1.1 BUSINESS OVERVIEW

23.1.2 PRODUCT OFFERINGS

23.1.3 KEY STRATEGIES

23.1.4 KEY STRENGTHS

23.1.5 KEY OPPORTUNITIES

23.2 KONINKLIJKE PHILIPS

23.3 SIEMENS HEALTHINEERS

24 OTHER PROMINENT VENDORS

24.1 AMBER DIAGNOSTICS

24.1.1 BUSINESS OVERVIEW

24.1.2 PRODUCT OFFERINGS

24.2 APT MEDICAL SYSTEMS

24.3 AVANTE HEALTH SOLUTIONS

24.4 BLOCK IMAGING

24.5 EVERX

24.6 FUTURE HEALTH CONCEPTS

24.7 MEDIRAYS

24.8 MERIDIAN MEDICAL

24.9 PACIFIC HEALTHCARE IMAGING

24.10 RADIOLOGY ONCOLOGY SYSTEMS

24.11 SOMA TECH INTL

24.12 US MED-EQUIP

24.13 US MEDICAL SYSTEMS

24.14 VENTURE MEDICAL REQUIP

25 REPORT SUMMARY

25.1 KEY TAKEAWAYS

25.2 STRATEGIC RECOMMENDATIONS

26 QUANTITATIVE SUMMARY

26.1 MARKET BY PRODUCT

26.1.1 NORTH AMERICA MARKET BY PRODUCT

26.1.2 EUROPE MARKET BY PRODUCT

26.1.3 APAC MARKET BY PRODUCT

26.1.4 LATIN AMERICA MARKET BY PRODUCT

26.1.5 MIDDLE EAST & AFRICA MARKET BY PRODUCT

26.2 MARKET BY APPLICATION

26.2.1 NORTH AMERICA MARKET BY APPLICATION

26.2.2 EUROPE MARKET BY APPLICATION

26.2.3 APAC MARKET BY APPLICATION

26.2.4 LATIN AMERICA MARKET BY APPLICATION

26.2.5 MIDDLE EAST & AFRICA MARKET BY APPLICATION

26.3 MARKET BY END-USER

26.3.1 NORTH AMERICA MARKET BY END-USER

26.3.2 EUROPE MARKET BY END-USER

26.3.3 APAC MARKET BY END-USER

26.3.4 LATIN AMERICA MARKET BY END-USER

26.3.5 MIDDLE EAST & AFRICA MARKET BY END-USER

26.4 MARKET BY GEOGRAPHY

26.4.1 MEDICAL IMAGING EQUIPMENT MARKET BY GEOGRAPHY

26.4.2 IVD & LABORATORY EQUIPMENT SEGMENT BY GEOGRAPHY

26.4.3 OR, SURGICAL, & THERAPEUTIC EQUIPMENT MARKET BY GEOGRAPHY

26.4.4 PATIENT MONITORING EQUIPMENT MARKET BY GEOGRAPHY

26.4.5 CARDIOLOGY EQUIPMENT MARKET BY GEOGRAPHY

26.4.6 DENTAL EQUIPMENT MARKET BY GEOGRAPHY

26.4.7 OTHER MARKET BY GEOGRAPHY

26.4.8 DIAGNOSIS & MONITORING MARKET BY GEOGRAPHY

26.4.9 TREATMENT & SURGICAL INTERVENTIONS MARKET BY GEOGRAPHY

26.4.10 HOSPITAL MARKET BY GEOGRAPHY

26.4.11 RADIOLOGY/MEDICAL IMAGING CENTERS SEGMENT BY GEOGRAPHY

26.4.12 CLINICS, PHYSICIAN OFFICES, & DENTAL CLINICS MARKET BY GEOGRAPHY

26.4.13 CLINICAL & RESEARCH LABORATORIES MARKET BY GEOGRAPHY

26.4.14 OTHER MARKET BY GEOGRAPHY

27 APPENDIX

27.1 ABBREVIATIONS

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