Refurbished Medical Equipment Market to Hit USD 24.41 Billion by 2029 with 7.6% CAGR | MarketsandMarkets™

DELRAY BEACH, Fla., Jan. 10, 2025 /PRNewswire/ -- The global Refurbished Medical Equipment market is expected to grow to USD 24.41 Billion by 2029, up from USD 16.93 Billion in 2024, at a CAGR of 7.6% over the forecast period. Some driving the growth of the refurbished medical equipment market include the different causes such as the increased demand for affordable healthcare, shortage of newly procured medical devices, particularly in low-income areas, demand for affordable and high-quality refurbished equipment that bridge the gap. This has enhanced the funding support offered by the government.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=770

Browse in-depth TOC on "Refurbished Medical Equipment Market"
400 - Tables
250 - Figures
420 - Pages

Notably, the refurbished medical devices have an advantage in terms of cost efficiency, so hospitals can manage their budgets much better, particularly in poorly funded healthcare systems or Enhanced Software Integration. The new-age refurbishment, with new components, makes the medical devices more durable. For example, refurbished ventilators are made from durable parts that extend their years of usage: Avante Health Solutions refurbishes their ventilators with durable parts. There are improved Regulatory Compliance, for instance, refurbished medical devices by Siemens and Philips already meet the requirements set forth by the FDA, as well as the EU MDR standards. Some updated safety features among refurbished equipment include advanced alarms and monitoring systems, along with user interfaces like some systems from Soma Tech and Meridian Medical that come with upgraded safety protocols for Refurbished patient monitors. These advances, coupled with changes on the regulatory front which simplify the pathway of refurbished products approvals.

Based on the product segment, the 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, intravenous therapy systems, and other medical equipment. Among them, medical imaging equipment account for the largest share in the Refurbished medical equipment market. This is possible as refurbished medical imaging machines save cost as compared to newly purchased models and allow hospitals and clinics to strengthen their practices in an advanced diagnostic setting economically. The need for imaging procedures across specialties, including but not limited to cardiology and oncology, has kept the market for quite steady refurbished equipment alive. Such equipment has permitted those healthcare systems in developing countries to improve their infrastructure without incurring the high upfront costs of new machines.

On the basis of application, the Refurbished medical equipment market is divided into diagnostic applications, therapeutic applications, and other applications. The diagnostic application segment holds the largest share of the market in 2023 as modern refurbished diagnostics are able to perform like brand-new diagnostics with the latest introduction of technology. This includes MRI systems, among many others, that use modern imaging techniques and software. Refurbished equipment helps address the growing need in affordable diagnostic devices as the healthcare infrastructure develops in emerging countries without compromising quality. The hospital can perform high-level diagnostic imaging procedures now, at a fraction of the cost of entirely new equipment, thereby improving diagnosis and care for patients while remaining budget-wise. Refurbished medical supplies are gaining greater acceptance in various parts of the world as regulatory agencies embrace their use. The FDA, for instance, has laid down specific regulations regarding the use and marketing of refurbished medical equipment.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=770

Prominent players in the Refurbished medical equipment market include GE Healthcare (United States), Philips Healthcare (Netherlands), Siemens Healthineers (Germany), Block Imaging International,Inc. (US), Soma Technology, Inc. (US), Avante Health Solutions (US), and Canon Medical Systems Corp. (Japan), Mindray Medical International (China), Dragerwerk AG & Co. KGAA (Germany), Whittemore Enterprises (U.S.), Stryker (US), Directmed Parts & Services (US), Medline Industries (U.S.), Traco Medical (U.S.), and Nihon Kohden Corporation (Japan).

These players have a wide range of products and also hold a strong global presence across North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Key players in the market for Refurbished medical equipment address a strategic priority in numerous ways to grow in this market. The first involves research and development expenditure to offer newest technology in refurbished products such as integration with AI in refurbished imaging systems. Second, waste reduction and contingently minimizing all the environmental impact caused due to manufacturing new devices is aligned with a favouring trend, thus propelling growth in this market. These companies provide innovative products and services globally. They concentrate on acquisitions, partnerships and collaborations to expand their market share.

GE Healthcare (US): The refurbished medical equipment by GE Healthcare are all part of the total healthcare solutions that intend to offer cost-efficiency to healthcare providers without compromising quality. It may be helpful to mention the major drivers in the refurbished equipment market, which include improvement in diagnostic imaging and therapeutic equipment- oncology and cardiology among them- as well as increasing global affordability for reliable equipment in the healthcare setting. The refurbishment of such equipment is part and parcel of developing the larger agenda of precision health and digital transformation in healthcare. Refurbished products such as Optima CT660 go through an intense process ranging from very extensive inspection and testing. Such refurbished devices continue serving clinical settings, thus avoiding the need for fresh appliances, thereby cutting down waste.

Philips Healthcare (Netherlands): Philips Healthcare has made a major breakthrough in focusing on the refurbishment of quality, sustainable systems-mainly medical equipment-as a result of its "Circular Edition" processes. The systems have introduced totally new-their own brands of MRI, CT, Ultrasound, and Mobile C-arms-to give high-performance imaging at a cost reduced by about 25% from that for wholly new systems. Thus, healthcare facilities will have the opportunity to acquire premium high-technology equipment with high savings in total cost of ownership, while still offering these facilities every advantage that comes with such technology. Their refurbished systems go through seven rigorous steps to ensure that they meet the same standard as new ones. These include replacing faulty parts with original Philips components and making the latest software upgrades.

Siemens Healthineers (Germany): Siemens Healthineers frequents the lead in refurbished medical equipment, which has witnessed tremendous growth due to cost-containment pressures and a surge in demand for high-quality equipment in newer markets. Siemens has continued to add refurbished medical devices under diverse business segments such as medical imaging and patient monitoring equipment. The company thrives on making high quality, low-cost equipment available especially for hospitals and health care providers in North America which has increased the usage of refurbished devices owing to the extremely high costs of healthcare. In addition, the company is increasing its footprints in regions like APAC and Latin America where refurbished devices can serve as economical alternatives. Expectedly, Siemens Healthineers is a successful company into the refurbished space owing to its brand as well as all the cost benefits that accrue from refurbishing equipment while being at the same performance horizons.

For more information, Inquire Now!

Related Reports:

MRI Systems Market

Cardiac Monitoring & Cardiac Rhythm Management Devices Market

Diagnostic Imaging Market

Patient Monitoring Devices Market

Minimally Invasive Surgical Instruments Market

Get access to the latest updates on Refurbished Medical Equipment Companies and Refurbished Medical Equipment Market Size

About MarketsandMarkets™:

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
USA: +1-888-600-6441
Email: [email protected]
Visit Our Website: https://www.marketsandmarkets.com/

Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg

SOURCE MarketsandMarkets