Market Snapshot:
In the medical sector used and refurbished equipment is becoming much popular due to its cost-effectiveness compared to new devices or equipment. Most private hospitals around the world are purchasing used or refurbished equipment to offer quality care to their patients. In countries like India, more than 90 percent of private hospitals come under the SME segment and patients are also looking for cost-effective treatments or medical services has accelerated the growth of refurbished or used equipment. Imaging equipment like CT and MRI is the most popular and highly demanded equipment among medium-scale healthcare facilities. Refurbished equipment is virtually new, restored to original manufacturer condition, and also comes with a warranty and guaranteed parts replacement if a part fails, which inspires the hospitals or diagnostic centers to purchase refurbished equipment instead of new costly equipment.
Highlights from Used and Refurbished Medical Equipment Market Study
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The key Players profiled in the report are Meridian Medical Inc. (India), Fair Medical (Japan), Anda Medical (Canada), Hospital Mart (United Kingdom), Master Medical Equipment (United States), Hilditch Group Ltd (United Kingdom), Soma Tech Intl (United States), Everx Pvt Ltd (United States), Integrity Medical (United States), SonderCare (Canada) and GE Healthcare (United States). Additionally, other players that are part of this comprehensive study are Siemens Healthineers (Germany) and DRE Medical Equipment (United States).
Geographic Breakdown and Segment Analysis
The Global Used and Refurbished Medical Equipment market presents a comprehensive analysis of the Used and Refurbished Medical Equipment market by product type (Medical Imaging, Critical Care Equipment, Endoscopes, Surgical Equipment, Heart & Lung Machine and Others), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Used and Refurbished Medical Equipment industry. Investors and Players can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Used and Refurbished Medical Equipment market
Analyst at AMA have segmented the market study of Global Used and Refurbished Medical Equipment market by Type, Application and Region.
Influencing Trend:
High Growth of Medical Imaging and Critical Care Equipment Worldwide
Market Growth Drivers:
Surging Demand for Used or Refurbished Medical Equipment in the Private and Small & Medium Segment Hospitals
Challenges:
Quality and Durability of Used and Refurbished Medical Equipment
Restraints:
Ban on Import of Used or Refurbished Medical Equipment in Some Countries
Opportunities:
Rapidly Increasing Hospitals in the Tier-2 and 3 Towns of Developing Countries
Market Developments Activities:
In 2020, Probo Medical acquired medical equipment companies, Elite Medical Technologies, and Future Medical Equipment. The acquired companies are specialized in de-installation, purchasing, and sales of pre-owned medical equipment across the imaging modalities and equipment types. With this acquisition, Probo will be able to provide refurbished medical devices and equipment to their customer.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Used and Refurbished Medical Equipment Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End-Users and Others