Medical equipment plays a critical role in providing quality healthcare services to patients. Access to medical equipment is essential for the diagnosis, treatment, and management of diseases and conditions. However, the high cost of medical equipment can be a significant barrier to accessing quality healthcare services, particularly in low- and middle-income countries. This is where refurbished medical equipment comes in. Refurbished medical equipment refers to used equipment that has been restored to its original condition and is fully functional. It provides a cost-effective alternative to new equipment, making it more accessible to healthcare providers in these regions. The global refurbished medical equipment market size was valued at USD 10.9 billion in 2022 and is expected to reach USD 15.7 billion by 2028, growing at a CAGR of 6.3% during the forecast period.
The importance of refurbished medical equipment cannot be overstated. It offers several advantages over new equipment, including cost savings, environmental sustainability, and improved access to healthcare services. Refurbished equipment is typically sold at a fraction of the cost of new equipment, making it an affordable option for healthcare providers who are looking to upgrade their equipment without breaking the bank. This, in turn, helps to reduce healthcare costs and improve access to quality healthcare services. In addition, refurbished medical equipment helps to reduce waste and conserve resources, making it an attractive option for healthcare providers who are looking to reduce their environmental impact. By extending the life of medical equipment, refurbished equipment helps to reduce the amount of equipment that ends up in landfills, contributing to a more sustainable healthcare system. In recent years, advances in technology have led to an increase in the quality and reliability of refurbished medical equipment, further driving demand.
Research Coverage
The refurbished medical equipment market is a rapidly growing industry, with a wide range of products and applications. The market is segmented by product, application, end user, and region.
By product, the market is segmented into cardiology equipment, dental equipment, IVD instruments & laboratories equipment, medical imaging equipment, OR (operating room), surgical and therapeutic equipment, patient monitoring equipment, and others. Medical imaging equipment held the largest share of the market, due to the increasing demand for refurbished imaging equipment in hospitals and clinics.
The refurbished medical imaging equipment market is experiencing significant growth, driven by increasing demand for affordable and high-quality imaging solutions in hospitals and clinics. In 2022, medical imaging equipment held the largest share of the refurbished medical equipment market, and is expected to continue to dominate the market during the forecast period. As the prevalence of chronic diseases continues to rise, there is a growing need for advanced imaging solutions to support diagnosis and treatment. Refurbished medical imaging equipment provides a cost-effective solution for healthcare providers who are looking to upgrade their equipment.
In addition, advancements in technology are also driving growth in the refurbished medical imaging equipment market. As new imaging technologies emerge, healthcare providers are looking to upgrade their equipment to stay competitive and provide the best possible care to their patients. Refurbished medical imaging equipment allows healthcare providers to access the latest imaging technologies at a fraction of the cost of new equipment.
The refurbished medical equipment market is segmented into diagnostic and monitoring equipment, as well as therapeutic and surgical intervention equipment. The diagnostic and monitoring equipment segment held the largest share of the market in 2022, due to the increasing demand for refurbished diagnostic equipment in hospitals and clinics.
By end user, the market is segmented into clinical & research laboratories, clinics, physician offices & dental clinics, hospitals, radiology and medical imaging centers, and others. Hospitals contributed the largest share of the market in 2022, and are expected to continue to dominate the market during the forecast period. Hospitals are the primary users of medical equipment, and they require a wide range of equipment to provide quality care to their patients. From diagnostic imaging equipment to surgical instruments, hospitals need reliable and high-quality equipment to carry out their operations effectively. However, the cost of new medical equipment can be prohibitively expensive, which is why many hospitals are turning to refurbished medical equipment as a cost-effective alternative.
By region, the market is segmented into North America, Europe, Asia-Pacific, MEA (Middle East and Africa), and Latin America. The North American refurbished medical equipment market is a highly developed and well-funded sector, accounting for a significant share (~29.6%) of the global market. The region’s healthcare system is characterized by a large number of hospitals, clinics, and healthcare facilities, which has led to a strong demand for refurbished medical equipment. The focus on innovation and technological advancements in the North American healthcare sector has also contributed to the demand for refurbished medical equipment, as healthcare providers seek to adopt the latest technologies while managing costs. The aging population in North America has led to an increase in chronic diseases, which has further driven the demand for medical equipment and devices. Additionally, the rising healthcare costs in the region have led to an increased focus on cost-saving measures, including the use of refurbished medical equipment.
Competitive Landscape
The refurbished medical equipment market is highly competitive, with several major players vying for market share. AGITO Medical A/S, Amber Diagnostics, Inc., Atlantis Worldwide, LLC, Avante Health Solutions (DRE, Inc.), Block Imaging, Inc., Canon Inc., CURA Healthcare, ElsMed Ltd., EverX Pty Ltd., Fair Medical Co., Ltd., Future Health Concepts, Inc., GE HealthCare Technologies Inc., Hilditch Group Ltd., Hitachi, Ltd., Japan Central Medical Inc., Koninklijke Philips N.V., LBN Medical ApS, Medirays Corporation, Meridian Medical Inc., MXR Imaging Inc. (Oxford Instruments plc), Pacific Health Care Imaging, LLC, Radiology Oncology Systems, Inc., Siemens Healthineers AG, Soma Technology, Inc., US Med-Equip Inc., Venture Medical ReQuip, Inc. The top companies are investing heavily in research and development to develop new and innovative products to stay ahead of the competition.
Table of Contents
Table of Contents
Figures and Tables
1. Introduction
1.1 Definition
1.2 Market Segment
2. Research Methodology
2.1 Primary Research
2.2 Secondary Research
2.3 Information Sources
3. Market Overview
4. Global Refurbished Medical Equipment Market – Product Analysis
4.1 Cardiology equipment
4.2 Dental equipment
4.3 IVD instruments & laboratories equipment
4.4 Medical imaging equipment
4.5 OR (operating room), surgical and therapeutic equipment
4.6 Patient monitoring equipment
4.7 Others
5. Global Refurbished Medical Equipment Market – Application Analysis
5.1 Diagnosis & monitoring
5.2 Treatment & surgical interventions
6. Global Refurbished Medical Equipment Market – End User Analysis
6.1 Clinical & research laboratories
6.2 Clinics, physician offices & dental clinics
6.3 Hospitals
6.4 Radiology and medical imaging centers
6.5 Others
7. Global Refurbished Medical Equipment Market – Region Analysis
7.1 North America
7.2 Europe
7.3 Asia-Pacific
7.4 MEA (Middle East and Africa)
7.5 Latin America
8. Company Profiles
8.1 AGITO Medical A/S
8.2 Amber Diagnostics, Inc.
8.3 Atlantis Worldwide, LLC
8.4 Avante Health Solutions (DRE, Inc.)
8.5 Block Imaging, Inc.
8.6 Canon Inc.
8.7 CURA Healthcare
8.8 ElsMed Ltd.
8.9 EverX Pty Ltd.
8.10 Fair Medical Co., Ltd.
8.11 Future Health Concepts, Inc.
8.12 GE HealthCare Technologies Inc.
8.13 Hilditch Group Ltd.
8.14 Hitachi, Ltd.
8.15 Japan Central Medical Inc.
8.16 Koninklijke Philips N.V.
8.17 LBN Medical ApS
8.18 Medirays Corporation
8.19 Meridian Medical Inc.
8.20 MXR Imaging Inc. (Oxford Instruments plc)
8.21 Pacific Health Care Imaging, LLC
8.22 Radiology Oncology Systems, Inc.
8.23 Siemens Healthineers AG
8.24 Soma Technology, Inc.
8.25 US Med-Equip Inc.
8.26 Venture Medical ReQuip, Inc.
DISCLAIMER
Companies Mentioned
AGITO Medical A/S
Amber Diagnostics, Inc.
Atlantis Worldwide, LLC
Avante Health Solutions (DRE, Inc.)
Block Imaging, Inc.
Canon Inc.
CURA Healthcare
ElsMed Ltd.
EverX Pty Ltd.
Fair Medical Co., Ltd.
Future Health Concepts, Inc.
GE HealthCare Technologies Inc.
Hilditch Group Ltd.
Hitachi, Ltd.
Japan Central Medical Inc.
Koninklijke Philips N.V.
LBN Medical ApS
Medirays Corporation
Meridian Medical Inc.
MXR Imaging Inc. (Oxford Instruments plc)
Pacific Health Care Imaging, LLC
Radiology Oncology Systems, Inc.
Siemens Healthineers AG
Soma Technology, Inc.
US Med-Equip Inc.
Venture Medical ReQuip, Inc.