The market for refurbished medical equipment and accessories is projected to grow at a notable CAGR during the forecast period, i.e., 2021 – 2029. Increasing number of healthcare facilities is one of the major factors anticipated to bolster the growth. Growing patient pool, ease of purchase of refurbished medical devices and rising demand for diagnostic equipment drive market growth.
Research Nester released a report titled “Refurbished Medical Equipment and Accessories Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global refurbished medical equipment and accessories market in terms of market segmentation by equipment type, application, end-user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The market is segmented on the basis of equipment type into medical & diagnostic imaging, patient monitors, surgical, acute & intensive care, cardiovascular, neurology, and others, out of which, the medical & diagnostic imaging segment is projected to occupy the largest market share by the end of 2029.
The growth of the segment can be attributed to the prominent utilization of the diagnostic imaging equipment in plenty of medical applications, as these equipment are highly effective for correctly identifying a vast number of diseases. Furthermore, the growing need amongst individuals for the early diagnosis of critical diseases is also projected to drive the growth of the segment in the coming years.
The global refurbished medical equipment and accessories market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in North America in 2021 is evaluated to occupy the largest market share on the back of increase in investment in the healthcare sector, especially by the government of the United States. According to the Organization for Economic Co-operation and Development (OECD), the United States led in terms of the total healthcare expenditure in 2018, allocating 16.9% of its total GDP share. Additionally, by 2030, healthcare spending in the OECD nations will reach 10.2% of GDP.
Backed by the growing number of micro-hospitals and the need amongst the healthcare facilities to cut low on their budgets, the demand for refurbished medical equipment and accessories is estimated to spike over the forecast period. Moreover, the high-cost effectiveness of using these equipment, which allows hospitals to provide affordable treatment and lower their overall operational costs, are also foreseen to boost the market growth.
However, the negative perception about used devices is predicted to hamper the growth of the market.
This report also provides the existing competitive scenario of some of the key players of the global refurbished medical equipment and accessories market which includes company profiling of General Electric Company (NYSE: GE), Avante Health Solutions, Siemens Healthcare GmbH (ETR: SHL), Koninklijke Phillips N.V. (AMS: PHIA), EVERX, Soma Tech Intl., Hilditch Group Ltd, Canon Medical Systems Ltd., Block Imaging International Inc., and US Med-Equip, Inc.