2024 Global Refurbished Medical Equipment Market Report: Key Drivers, Size, and Leading Segments
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What Growth Rate is Predicted for the Refurbished Medical Equipment Market for 2024-2033?
The market size for refurbished medical equipment has seen significant expansion in the past few years. It is projected to increase from a robust $13.74 billion in 2023, to an even more remarkable $16.05 billion in 2024, reflecting a compound annual growth rate (CAGR) of 16.8%. This significant growth during the historical period can be associated with healthcare cost containment, a surge in the need for affordable healthcare, prolonged equipment lifecycle, considerations for the environment, and the opportunity to acquire cutting-edge technology at a reduced cost.
Prospects for the refurbished medical equipment market look promising with the market size anticipated to witness considerable expansion in the coming years. The growth is forecasted to reach $28.71 billion by 2028, registering a compound annual growth rate (CAGR) of 15.6%. This projected growth during the forecast period is mainly due to ongoing cost constraints in healthcare, worldwide health obstacles and resource distribution, an increased emphasis on burgeoning markets, technological advancements and equipment being phased out, along with the surge in telehealth and distant care services. Key trends for the forecast period encompass practices towards environmental sustainability and the circular economy, elevated focus on refurbished surgical devices, increased availability of warranty and service agreements, government initiatives that favour refurbished procurement, and improvements in refurbishment technologies.
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What Drivers Are Enhancing the refurbished medical equipment Market’s Growth?
Growth in the refurbished medical equipment market can be tied to the escalation in incidents of cancer and cardiovascular ailments. In 2021, the American Cancer Society, an organization based in the United States dedicated to the eradication of cancer, reported 1.9 million fresh cancer cases and projected the number of cancer deaths to reach 608,570. Moreover, as per the Switzerland-based health agency, the World Health Organization, nearly 17.9 million fatalities occurred due to cardiovascular diseases in June 2021, making up 32% of worldwide deaths. Consequently, the increasing incidents of cancer and cardiovascular ailments significantly contribute to driving the refurbished medical equipment market’s growth.
What Segments Are Central to the Refurbished Medical Equipment Market?
1) By Product: Medical Imaging Equipment, Operating Room & Surgical Equipment, Patient Monitors, Cardiology Equipment, Urology Equipment, Neurology Equipment, Intensive Care Equipment, Endoscopy Equipment, IV Therapy Systems, Other Products
2) By Application: Diagnostic, Therapeutic
3) By End User: Hospitals, Ambulatory Care Centers, Diagnostic Imaging Centers, Other End-users
What Emerging Trends Are Influencing Refurbished Medical Equipment Industry Dynamics?
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Which Geographic Locations Are Critical to the Growth of the Refurbished Medical Equipment Market?
North America was the largest region in the refurbished medical equipment market in 2023. Asia-Pacific is predicted to record the fastest growth over the forecast period. The regions covered in the refurbished medical equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Refurbished Medical Equipment Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the refurbished medical equipment market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Refurbished Medical Equipment Market Include
1. Refurbished Medical Equipment Market Executive Summary
2. Refurbished Medical Equipment Market Segments
3. Refurbished Medical Equipment Market Size And Template Market Growth Rate
4. Key Refurbished Medical Equipment Market Trends
5. Major Refurbished Medical Equipment Market Drivers
……
25. Key Mergers And Acquisitions In The Refurbished Medical Equipment Market
26. Top Refurbished Medical Equipment Companies
27. Refurbished Medical Equipment Market Opportunities And Strategies
28. Refurbished Medical Equipment Market, Conclusions And Recommendations
29. Appendix
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