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
Report Attributes | Details |
Market Size (2027) | USD 29.68 Billion |
Market Size (2021) | USD 15.23 Billion |
CAGR (2021-2027) | 11.76 % |
Base Year | 2021 |
Forecast Year | 2022-2027 |
Segmentation Analysis | Product, Application, End-Users, and Geography |
Geographical Analysis | North America, Europe, APAC, Latin America, and Middle East & Africa |
Key Countries | The US, Canada, Germany, the UK, France, Italy, Spain, China, Japan, |
Key Company Vendors | General Electric Company, Koninklijke Philips, Siemens Healthineers, |
Market Dynamics | ·Increasing Hospital Budget Cuts ·Rising Number of Diagnostic Centers & Hospitals ·Large Inventory of Used or Old Medical Devices
|
Page Number | 301 |
Customization Request | If our report does not include the information you are searching for, you |
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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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