Ultra Market Research | Refurbished medical equipment market
Refurbished medical equipment market
Report ID : 955
Category : Medical-Devices
No Of Pages : 90
Published on: January 2025
Status: Published
Format :
Key Question Answer
Global Market Outlook
In-depth analysis of global and regional trends
Analyze and identify the major players in the market, their market share, key developments, etc.
To understand the capability of the major players based on products offered, financials, and strategies.
Identify disrupting products, companies, and trends.
To identify opportunities in the market.
Analyze the regional penetration of players, products, and services in the market.
Comparison of major players financial performance.
Evaluate strategies adopted by major players.
Recommendations
Introduction Refurbished medical equipment market is among the fast-moving markets in the health sector. There has been growing demand for the least expensive and high-quality medical equipment. It means devices returned to their initial operating state, by inspecting, repairing, and reconditioning them. It finds usage in hospitals, diagnostic centers, and specialty clinics and fulfills different health-related services like imaging, patient monitoring, and treatment intervention. Recent trends show that refurbished equipment is gaining popularity due to budget constraints in healthcare facilities and a growing emphasis on sustainability. The global refurbished medical equipment market size was around USD 12 billion in 2023 and is expected to grow at a CAGR of 9% from 2024 to 2030. The current scenario shows significant adoption across emerging economies, driven by increasing healthcare expenditure and awareness about affordable medical solution.
Segmentation Imaging Equipment • MRI Systems o High-Field MRI o Low-Field MRI o Others • CT Scanners o Multi-Slice CT o Single-Slice CT • Ultrasound Systems o 3D/4D Ultrasound o Doppler Ultrasound o Others • Others Patient Monitoring Devices • Vital Signs Monitors o Portable Monitors o Stationary Monitors o Others • Cardiac Monitors o ECG Monitors o Holter Monitors • Others Surgical Instruments • Endoscopic Equipment o Laparoscopes o Arthroscopes • Electrosurgical Devices o Monopolar Devices o Bipolar Devices • Others Therapeutic Devices • Dialysis Machines o Hemodialysis o Peritoneal Dialysis • Ventilators o ICU Ventilators o Portable Ventilators • Others Others • Laboratory Instruments • Hospital Furniture
List of Market Players 1. GE Healthcare (USA) 2. Siemens Healthineers (Germany) 3. Philips Healthcare (Netherlands) 4. Canon Medical Systems (Japan) 5. Fujifilm Holdings Corporation (Japan) 6. Stryker Corporation (USA) 7. Agito Medical (Denmark) 8. Soma Technology (USA) 9. Block Imaging (USA) 10. Avante Health Solutions (USA) 11. Medline Industries (USA) 12. Radiology Oncology Systems (USA) 13. Everx Pvt Ltd (India) 14. Integrity Medical Systems (USA) 15. US Med-Equip (USA)
Drivers
Several factors drive the Refurbished Medical Equipment Market. First of all, a rising cost for new medical equipment and strict budgetary constraints drive healthcare providers toward refurbished alternatives. Emerging economies prefer refurbished equipment owing to limited funds for healthcare infrastructure. The growing incidence of chronic diseases, including cardiovascular diseases and cancer, is driving the demand for diagnostic and therapeutic equipment. Refurbished devices are an economical way to meet these demands without compromising on quality. Moreover, the advancement in refurbishment technologies has improved the reliability and performance of used equipment, making them a viable option for healthcare facilities. Sustainability efforts to reduce the generation of e-waste are another factor driving the growth of this market, because reused equipment reduces environmental impact associated with the disposal of medical devices.
Restraints Despite its growth potential, the refurbished medical equipment market faces significant challenges. One major restraint is the lack of standardization and regulatory guidelines in the refurbishment process. This raises questions about the safety and efficacy of the refurbished devices, deterring their adoption among healthcare providers. Another challenge is the negative perception associated with used equipment. Many healthcare practitioners and patients view refurbished devices as inferior to new ones, despite evidence to the contrary. Moreover, the limited availability of skilled professionals for refurbishing medical equipment is a significant barrier to market growth. Moreover, the growing penetration of low-cost new medical devices in emerging markets is reducing the competitive edge of refurbished equipment. These factors collectively hamper the growth of the refurbished medical equipment sector.
Opportunity
The refurbished medical equipment market, therefore, carries substantial growth prospects. Emerging markets continue to see a healthy demand for affordable medical devices, especially in regions like Asia-Pacific and Africa. Improved healthcare infrastructure through the adoption of refurbished medical equipment by governments and non-profit organizations is another area of growth. Technological progress in refurbishment processes, through the application of AI for predictive maintenance and improved test protocols, also adds to credibility in the market. Further, a collaboration between original equipment manufacturers (OEMs) and the refurbishing company is expected to open new areas of growth for the industry in terms of assured high-quality refurbishment practices. The leasing and rental models in the healthcare sector are also on the rise, and this is an untapped market for refurbished medical equipment. These models give healthcare providers flexible options to access advanced medical devices without significant upfront investments.
Trend One of the new trends in the Refurbished Medical Equipment Market is the integration of digital technologies for improving the refurbishment process. Companies are making use of IoT and blockchain to better track equipment history and maintenance records, thus creating transparency and reliability. Other new emerging trends are related to online marketplaces and trading platforms specifically aimed at refurbished medical equipment. Centralized places provide easier accessibility and coordination between a buyer and a seller in making a procurement easier. Also, green initiatives pursued by manufacturers and refurbishers have also received widespread acclaim towards achieving sustainability all over the globe. Additionally, there is an increasing emphasis on extending the warranty and service packages for refurbished equipment, providing added assurance to buyers. This trend is helping bridge the trust gap and driving wider adoption of refurbished devices in healthcare facilities.
Approved Products • Siemens Healthineers SOMATOM CT Scanner (Refurbished) • GE Healthcare LOGIQ Ultrasound System (Pre-Reg) • Philips EPIQ CVx Ultrasound Machine (Pipeline) • Fujifilm FDR Go PLUS Mobile X-Ray (Registered) • Canon Aquilion Prime SP CT System (Regulatory Approval)
Key Target Audience • Hospitals • Diagnostic Centers • Specialty Clinics • Rehabilitation Centers • Medical Device Distributors • Government and Non-Government Organizations
FAQs
The market encompasses the sale of restored medical devices that meet operational standards at a reduced cost.
It is driven by cost-effectiveness, sustainability, and increasing demand for affordable healthcare solutions.
North America and Europe currently dominate, with significant growth expected in Asia-Pacific
Lack of standardization, negative perception, and competition from low-cost new devices
Companies like GE Healthcare, Siemens Healthineers, and Philips Healthcare lead the market.
1. Introduction 1.1 Report Description 1.2 Research Methodology 1.2.1 Data Mining 1.2.2 Market Modeling and Forecasting 1.2.3 Data Validation 1.2.4 Industry Analysis
2. Market Dashboard
3. Market Overview 3.1 Market Definition and Scope 3.2 Market Segmentation 3.2.1 By Equipment Type • Imaging Equipment o MRI Systems High-Field MRI Low-Field MRI Others o CT Scanners Multi-Slice CT Single-Slice CT o Ultrasound Systems 3D/4D Ultrasound Doppler Ultrasound Others o Others • Patient Monitoring Devices o Vital Signs Monitors Portable Monitors Stationary Monitors Others o Cardiac Monitors ECG Monitors Holter Monitors o Others • Surgical Instruments o Endoscopic Equipment Laparoscopes Arthroscopes o Electrosurgical Devices Monopolar Devices Bipolar Devices o Others • Therapeutic Devices o Dialysis Machines Hemodialysis Peritoneal Dialysis o Ventilators ICU Ventilators Portable Ventilators o Others • Others 3.2.2 By End-User • Hospitals o General Hospitals o Specialty Hospitals • Diagnostic Centers o Independent Diagnostic Centers o Hospital-Based Diagnostic Centers • Specialty Clinics • Others 3.2.3 By Distribution Channel • Online Platforms • Offline Stores • Others 3.2.4 By Geography • North America o United States o Canada • Europe o Germany o France o United Kingdom o Rest of Europe • Asia Pacific o China o Japan o India o Southeast Asia o Rest of Asia Pacific • Latin America o Brazil o Rest of Latin America • Middle East & Africa (MEA) o GCC o North Africa o South Africa o Rest of Middle East & Africa
5.Global Refurbished Medical Equipment Market by Equipment Type 5.1 Introduction 5.2 Market Size and Growth Rate by Equipment Type (2024-2030) 5.2.1 Imaging Equipment 5.2.2 Patient Monitoring Devices 5.2.3 Surgical Instruments 5.2.4 Therapeutic Devices 5.2.5 Others
6. Global Refurbished Medical Equipment Market by End-User 6.1 Introduction 6.2 Market Size and Growth Rate by End-User (2024-2030) 6.2.1 Hospitals 6.2.2 Diagnostic Centers 6.2.3 Specialty Clinics 6.2.4 Others
7. Global Refurbished Medical Equipment Market by Distribution Channel 7.1 Introduction 7.2 Market Size and Growth Rate by Distribution Channel (2024-2030) 7.2.1 Online Platforms 7.2.2 Offline Stores 7.2.3 Others
8. Global Refurbished Medical Equipment Market by Geography 8.1 Introduction 8.2 Market Size and Growth Rate by Region (2024-2030) 8.2.1 North America 8.2.2 Europe 8.2.3 Asia Pacific 8.2.4 Latin America 8.2.5 Middle East & Africa (MEA)
10. List of Tables and Figures • Table 1: Global Refurbished Medical Equipment Market by Equipment Type, 2024-2030 • Table 2: Global Refurbished Medical Equipment Market by End-User, 2024-2030 • Table 3: Global Refurbished Medical Equipment Market by Distribution Channel, 2024-2030 • Table 4: Global Refurbished Medical Equipment Market by Region, 2024-2030 • Figure 1: Market Share by Equipment Type, 2024 • Figure 2: Market Share by Region, 2024 • Figure 3: Competitive Landscape Analysis
Research Methodology
The process of market research at Ultra Market Research is an iterative in application and usually follows following path. Information from secondary used to build data models, then results from data models are validated from primary participants. Then cycle repeats where, according to inputs from primary participants, additional secondary research is done, and new Information is again incorporated into data model. The process continues till desired level of Information is not generated
To calculate the market size, the report considers the revenue generated from the sales of Ultra Market Research providers. The revenue generated from the sales of Ultra Market Research has been calculated through primary and secondary research. The report also presents the key players operating in the Ultra Market Research market across the globe identified through secondary research and a corresponding detailed analysis of the top vendors in the market. The market size calculation also includes distribution channel segmentation determined using secondary sources and verified through primary sources.
Secondary Research
The secondary research source that are typically referred to include, but are not limited to:
Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
Internal and external proprietary databases, relevant patent and regulatory databases
National government documents, statistical databases and market reports
News articles, press releases and web-casts specific to the companies operating in the market
The source for secondary research includes but is not limited to: Factiva, Hoovers and Statista
Inner Circle Represents – Stage of Research Process
Middle Circle Represents – Source of Information
Outer Circle Represents – Information Derived from that source
Primary Research We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate data and analysis. A typical research interview fulfills the following functions:
It provides first-hand Information on the market size, market trends, growth trends, competitive landscape, future outlook etc.
Helps in validating and strengthening the secondary research findings
Further develops the analysis team’s expertise and market understanding
Primary research involves E-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies
The participants who typically take part in such a process include, but are not limited to:
Industry participants: CEOs, VPs, marketing/ distribution channel managers, market intelligence managers and national sales managers
Purchasing managers, technical personnel, distributors and resellers
Outside experts: Investment bankers, valuation experts, research analysts specializing in specific markets
Key opinion leaders specializing in different areas corresponding to different industry distribution channels
Models Where no hard data is available, we use modeling and estimates in order to produce comprehensive data sets. A rigorous methodology is adopted in which the available hard data is cross referenced with the following data distribution channels to produce estimates:
Demographic data: Population split by segment
Macro-economic indicators: GDP, etc.
Industry indicators: Expenditure, distribution channel stage & infrastructure, sector growth and facilities.
Data is then cross checked by the expert panel.
2..1 Company Share Analysis Model
Company share analysis is used to derive the size of United Kingdom market. As well as study of revenues of companies for last three to five years also provide the base for forecasting the market size and its growth rate. This model is built in following steps: 2..2 Revenue Based Modeling
Revenue based models can be built in two ways – Top-Down or Bottom-Up irrespective of industry. Market size estimated from company share analysis acts as a validation point for bottom-up approach where as it acts as starting point for top-down approach.
2.1 Research Limitations Inflation is not a part of pricing in this report. Prices of Global Healthcare Claims Management Market and its derivatives vary in each region and hence similar revenue ratio does not follow for each individual region. The same price for each distribution channel has been taken into account while estimating and forecasting market revenue Globally. Regional average price has been considered while breaking down this market by application in each region. This report provides market size of Global Healthcare Claims Management Market for the past year and forecasts for the next six years. Global Healthcare Claims Management Market size is given in terms of revenue. Market revenue is defined in USD Million. Market numbers are given on the basis of different Global Healthcare Claims Management Market categories. Market size and forecasts for each major application is provided in the context of Global market. The numbers provided in this report are derived on the basis of demand for Global Healthcare Claims Management Market from different application industries in different regions.
Segmentation Imaging Equipment • MRI Systems o High-Field MRI o Low-Field MRI o Others • CT Scanners o Multi-Slice CT o Single-Slice CT • Ultrasound Systems o 3D/4D Ultrasound o Doppler Ultrasound o Others • Others Patient Monitoring Devices • Vital Signs Monitors o Portable Monitors o Stationary Monitors o Others • Cardiac Monitors o ECG Monitors o Holter Monitors • Others Surgical Instruments • Endoscopic Equipment o Laparoscopes o Arthroscopes • Electrosurgical Devices o Monopolar Devices o Bipolar Devices • Others Therapeutic Devices • Dialysis Machines o Hemodialysis o Peritoneal Dialysis • Ventilators o ICU Ventilators o Portable Ventilators • Others Others • Laboratory Instruments • Hospital Furniture
